FEC approves N117bn for Oloibiri Oil and Gas Museum in Bayelsa The Federal Executive Council (FEC) has approved N117 billion for the construction of Oloibiri oil museum in Bayelsa State. The Minister of State for Petroleum Resources, Timipre Sylva, made this known when he briefed State House correspondents on the outcome of the council meeting,…
Angola Seeks to Boost Infrastructures Without Public Finances Risks Angola’s finance minister, Vera Daves, has said the country needs to go in two fronts to boost and develop its infrastructure projects through cheap funding. Vera Daves, who was speaking at the Angola/Spain Business forum in Luanda recently, listed the creation of efficient base infrastructures for…
Oil and Gas Industry plays a Vital Role towards cutting Emissions – OPEC Sec Gen The Secretary General of OPEC, Mr. Haitham Al Ghais has said that energy transition requires the involvement of all forms of energy, including oil and gas, to help lower emissions. He called on the the hydrocarbons industry to continue investing…
Brazil’s Petrobras Oil Sales up slightly in Fourth Quarter Brazilian state-run oil company Petrobras has said its total sales volumes grew slightly in the last three months of 2022, up 0.6% from a year earlier. Reuters reports that Petroleo Brasileiro SA, as the company is formally known, sold 3.07 million barrels of oil equivalent (boe)…
IMF Calls on Nigeria to Remove Fuel Subsidy by Mid-2023 The International Monetary Fund (IMF) has urged the Nigerian government to deliver on its commitment to remove fuel subsidies by mid-2023. In a recent report by The Washington-based lender titled ‘IMF Executive Board Concludes 2022 Article IV Consultation with Nigeria’ it stated that Nigeria’s economy…
BP Sees Profits Double To Record £23bn Energy giant BP has announced record-breaking financial results, as profits more than double to £23 billion ($27.7bn) following Russia’s invasion of Ukraine. BP’s profits follow results from rival energy companies including Shell, who last week announced recording earnings of nearly $40 billion last week. Benard Looney, BP’s chief…
Nigeria, Gateway to African Blue Economy – Korean Envoy The Deputy Minister for Overseas Koreans and Consular Affairs, Republic of Korea, Choi Yeong, says Nigeria is the gateway to unlocking the potentials of the African Continent’s Blue Economy. Choi Yeong who made the assertion during a courtesy call on NIMASA Management in Lagos led by…
5 Communities to Benefit from Lagos Solar Mini Energy Project Lagos State government and its development partners; A4&T Power Solutions Limited and Ikeja Electric Plc have said 12,500 residents in five communities in the Epe axis would benefit from the solar mini energy project embarked upon by the state government. Lagos State Governor Babajide-Sanwo-Olu,…
Nigerdock migrates to Solar, displaces 40% of Daytime Energy use Nigerian Maritime company, Nigerdock, has said it is displacing 40% of its daytime energy use following recent solar installations at its Snake Island office in Lagos state. Nigerdock’s Chief Executive Officer, Maher Jarmakani who disclosed this in a statement, noted that the migration to solar…
Equatorial Guinea names Antonio Oburu Ondo as Minister of Mines and Hydrocarbons Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo has named industry veteran Antonio Oburu Ondo as the country’s new minister of mines and hydrocarbons as part of a cabinet reshuffle. Oburu Ondo, a former managing director of the country’s state-owned oil company GEPetrol, replaces…
