NEITI Report: NNPC Working with Stakeholders to Investigate, Reconcile Financial Records The Nigerian National Petroleum Company Limited (NNPC) Limited has said it is working with the Nigeria Extractive Industries Transparency Initiative (NEITI) and other key stakeholders in the reconciliation committee set up by President Bola Tinubu to investigate, review and reconcile the financial records on…
FG’s Power Plants Remain Dormant after Huge Investments The Federal Government in its quest to address the perennial power challenge in the country has over the years invested billions worth of naira in building power plants across the country to boost power generations. However, despite the huge investments made on these power plants, many of…
Higher Profit-Based Tax Doubles Russia’s Oil and Gas Revenues Russia’s oil and gas revenues jumped in October, due to a cyclical surge in the profit-based tax, and more than doubled from September to $17.6 billion (1.635 trillion Russian rubles), data from the Russian finance ministry showed on Friday. For September, the total Russian revenues from…
African Gas Has the Potential to do well in Europe – Wale Tinubu Group Chief Executive Officer at Oando Plc, Wale Tinubu has said that African gas will do well in European markets. He said this during a panel discussion at the recently concluded AfriCarribean Trade and Investment Forum (ACTIF). According to Tinubu, about 100…
Sinopec Signs New 27-Year LNG Supply Deal with QatarEnergy State-owned Chinese firm Sinopec (600028.SS) signed a new 27-year liquefied natural gas (LNG) supply and purchase agreement with QatarEnergy, the two companies said on Saturday. Under the agreement, the two companies will cooperate on the second phase of the Gulf Arab state’s North Field expansion project,…
U.S. Manufacturers Stumble in Setback for Diesel Demand U.S. manufacturers reported an unexpectedly widespread fall in business activity in October, postponing the sector’s exit from the prolonged downturn that began in late 2022. Industrial energy consumption appeared to be steadying over the summer but the anticipated rebound will now be pushed back into 2024. The…
Fresh Leaks from NEPL’s OML66 Well Sack Fishermen in Bayelsa Massive oil and gas leaks from a high-pressure wellhead on OML66 operated by the NNPC Exploration and Production Limited, NEPL, a Subsidiary of the Nigeria National Petroleum Company Limited, have displaced fishermen in Okpoama, Brass Local Government Area of Bayelsa State. NEPL which was formally…
Discos Licences Valid Till 2028, Not 2023 – NERC The Nigerian Electricity Regulatory Commission (NERC) has cautioned that the licenses of the 11 electricity distribution companies (DisCos) expire in 2028, not 2023, despite President Bola Tinubu’s criticism of the performance of most of the successor utility companies ten (10) years after the privatization deal. This…
Maersk to Sack 10,000 Workers as Shipping Boom Unravels Shipping group A.P. Moller-Maersk reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices, sending its shares tumbling. Maersk, which controls about one-sixth of global container…
Reps to Probe Fuel Subsidy from 1999-2023 The Chairman, House of Representatives Committee on Petroleum Resources (Downstream), Ikeagwuonu Ugochinyere, has vowed on behalf of the Committee to conduct a comprehensive audit of the petrol subsidy regime from 1999-2023. Speaking at the inaugural meeting of the Committee in Abuja on Friday, Ugochinyere said the implementation of…