CNOOC’s Profits Decline by 12.6% in 2023 Following Record-Breaking 2022. Chinese energy giant CNOOC Ltd (0883.HK) reported a 12.6% decrease in net income for 2023 compared to its record-high earnings in the previous year. This decline was attributed to lower hydrocarbon prices, although the company’s emphasis on cost management and reserve expansion helped alleviate the…
Oil Prices Decline Amid Prospects of Gaza Ceasefire and Dollar Strength. Oil prices experienced a decline on Friday, influenced by the potential for a ceasefire in Gaza that could alleviate geopolitical tensions in the Middle East. Additionally, the strengthening of the U.S. dollar and a decrease in U.S. gasoline demand contributed to the downward pressure…
Kerosene Price Surges to N1,340 Per Litre in February, Reports NBS. The National Bureau of Statistics (NBS) has reported a rise in the average retail price of kerosene from N1,329 per litre in January to N1,340 per litre in February this year, reflecting a 0.86% increase. The data was published in the NBS National Household…
NCDMB Oversees NLNG Train 7 Progress During Monitoring Visit in South Korea. The Nigerian Content Development and Monitoring Board (NCDMB) is presently conducting on-site monitoring visits to South Korea as part of its oversight duties for the Nigeria Liquefied Natural Gas (NLNG) Train 7 project. Scheduled from March 18 to 22, 2024, this visit aims…
AfDB-Supported Energy Projects in Egypt and Cote d’Ivoire Earn Prestigious Infrastructure and Energy Awards. Two transformative projects, supported by the African Development Bank (AfDB), have been honored with prestigious awards at the IJ global awards ceremony held in London, United Kingdom. These accolades underscore the significant contributions of the AfDB to sustainable energy development in…
Nigeria unveils 2,200 Marshals to secure Mining Sites. The Nigerian Government on Thursday unveiled a 2,200 Mines Marshal to secure mining sites across the country, combat illegal mining, and ensure compliance with mining laws. Minister of Solid Minerals, Dele Alake, who unveiled the Mines Marshal, said it is in fulfillment of a major plank of…
Nigerian Navy deploys ships, helicopters for rescue services The Nigerian Navy has deployed seven ships and two helicopters to provide effective maritime search and rescue services on the country’s waters. The deployment included other facilities and a patrol vessel of the Nigerian Maritime Administration and Safety Agency. The flag officer commanding (FOC), Western…
Tinubu appoints Mobereola as new NIMASA DG. President Bola Tinubu has approved the appointment of Dr. Dayo Mobereola as the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), for a renewable two term of four years, each. According to a statement by the Special Adviser to the President on Media & Publicity,…
NEITI Report: N10.143 Trillion Shared Among Three Tiers of Government in 2023. According to the latest report from the Nigeria Extractive Industries Transparency Initiative (NEITI), the three tiers of government in Nigeria – federal, state, and local – shared a total of N10.143 trillion from the Federation Account as statutory revenue allocations in the year…
NDDC Set to Transfer Ondo Power Project Operations to TCN Ahead of Launch. The Governing Board of the Niger Delta Development Commission (NDDC) proudly announces the completion of the 132/33kv electricity sub-station at Ode-Erinje in Okitipupa Local Government Area of Ondo State. This signals the imminent inauguration of this vital infrastructure. Additionally, this achievement paves…
