TotalEnergies and its partners have inaugurated projects in Borno, Benue, Kaduna, Gombe, Delta and Anambra states as part of the oil marketing company’s Batch 4 Corporate Social Responsibility (CSR) projects. A statement hoisted on the company’s website on Sunday indicated that the projects comprised fully equipped solar-powered science laboratory, water treatment plants to solar-powered ICT […]
The Airline Operators of Nigeria (AON) on Monday alerted the public that the lingering scarcity of JetA1 fuel, also known as aviation fuel, would further exacerbate flight reschedules and cancellations now being experienced by air travellers unless urgent steps are taken by government to address the problem. The Chairman, United Nigeria Airline and the spokesperson […]
The Nigerian Ports Authority (NPA) on Wednesday disclosed that 10 ships loaded with Premium Motor Spirit (PMS), also known as petrol, bulk wheat, base oil, general cargo, bulk fertilizer and bulk sugar had arrived Lagos ports to finally berth. The port regulator also hinted that another 20 ships at the ports were discharging fuel, bulk […]
The Independent Petroleum Marketers Association of Nigeria (IPMAN), has called on the Federal Government to immediately pay marketers their bridging claims estimated at about N500 billion to enable them commence the lifting of petroleum products from the nation’s depots in order to end fuel scarcity. The IPMAN Public Relations Officer, Mallam Yakubu Suleiman, was quoted […]
Latest reports by the Organisation of Petroleum Exporting Countries (OPEC) have indicated that Nigeria’s crude oil exports in the first quarter this year were 22.658 million barrels lower than the approved quota for the country. This implies that despite the Nigerian government’s desire to boost revenue, the country lost about of N1.22 trillion based on […]
The Nigeria Extractive Industries Transparency Initiative (NEITI) on Thursday reported that four revenue agencies, namely the Nigeria National Petroleum Company Limited, Federal Inland Revenue Service, Department of Petroleum Resources and Ministry of Mines and Steel Development, generated N28.02 trillion into the Federation Account from 2017 and 2019. The agency made this disclosure in its just […]
Seplat Energy Plc, one of Nigeria;s independent energy companies, has announced its unaudited results for the three months ended 31 March 2022, recording a rise in profit before tax by 197.8 per cent to N34.7bn from N10.6bn year-on-year. The company also generated cash from its operations to the tune of N74.4bn from N1.7bn year-on-year, rising […]
The International Monetary Fund (IMF) has advised the Nigerian government to end its fuel subsidy regime in order for the country to benefit from the current rise in oil prices at the international market. The Washington-based institution which gave this advice in a report titled ‘Africa Faces New Shock as War Raises Food and Fuel […]
The World Bank Group has projected that as the Sub-Saharan African (SSA) faces new economic growth challenges compounded by the Russian invasion of Ukraine, after gradually recovering from the Covid-19 pandemic’s impacts, Nigeria and Angola’s economies’ outlook looks bright as both countries are expected to sustain growth trajectory due to rising oil prices and good […]
Oil prices dropped in the early hours of Friday, falling below $100 a barrel, as the International Energy Agency (IEA) started a second release from its emergency stockpile that will add 60 million barrels of crude to the market. The agency’s release is coming in addition to the millions of barrels released by the US […]