Nigeria Customs Slashes Exchange Rate for Import Duty The Nigeria Customs Service (NCS) has announced a reduction in the exchange rate for import duty collection, setting it at N1,147 per dollar compared to the previous rate of N1,238 per dollar. This latest adjustment reflects a decrease of N91.1 since the last revision made on April…
CNL Warns Against False Recruitment Information Chevron Nigeria Limited (CNL), the operator of the Nigerian National Petroleum Company Limited (NNPCL) and CNL Joint Venture, has issued a cautionary statement regarding the circulation of false recruitment information purportedly originating from CNL and Chevron Corporation. Reports have emerged of misleading job advertisements and fraudulent job offers being…
Shell Agrees to Supply Methanol to $3.8 Billion Brass Methanol Plant in Bayelsa In a crucial development for Nigeria’s energy sector, Ekperikpe Ekpo, the Minister of State for Gas, announced that the Federal government has secured an agreement with Shell (SHEL.L) to provide gas supply to its proposed $3.8 billion methanol plant in Brass, Bayelsa…
Federation Account Sees Significant Increase in Revenue, Over N7 Trillion Collected in Six Months The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has announced a substantial increase in revenue collection for the Federation Account. A total of N7.31 trillion was accrued between July and December 2023, reflecting a positive trend compared to the N5.244 trillion…
YEAC-Nigeria Launches Off-Grid Electricity Initiative for Niger Delta Communities In a bid to provide sustainable livelihoods and deter illegal oil activities, the Youth and Environmental Advocacy Centre (YEAC-Nigeria) has introduced solar-powered mini off-grid electricity to communities in the Niger Delta region. The unveiling of the YEAC-Nigeria Community Energy and Development Ltd/Gte in Port Harcourt saw…
Oil Prices Surge Amid Reports of Israeli Strike on Iran Oil prices soared on Friday following reports of a significant escalation in tensions between Israel and Iran, raising concerns about potential disruptions to oil supplies from the Middle East. Benchmark contracts experienced a sharp increase of over $3 before slightly retracting. As of 0615 GMT,…
PRESS RELEASE: NCDMB Lauds SNEPCO, Bayelsa Govt, as Digital Library Is Inaugurated at Niger Delta University The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe has commended Shell Nigeria Exploration and Production Company (SNEPCo) and the Bayelsa State Government for the completion and inauguration of a Learning Centre and…
Chevron Ventures into Renewable Energy with $500 Million Fund Chevron Corp.’s venture arm has unveiled its third fund, the Future Energy Fund III, with a hefty commitment of $500 million dedicated to investing in renewable energy technologies. This move marks Chevron’s strategic pivot towards diversification and forward-thinking innovation. The Future Energy Fund III allows Chevron…
Invest in African Energy Forum Seeks Collaboration, Investment to Power Africa’s Future The upcoming Invest in African Energy (IAE) forum aims to be a turning point for Africa’s energy sector, fostering collaboration between global investors and Africa’s rapidly growing energy markets. This exclusive two-day event, held from May 14-15, 2024, at The Westin Paris, Vendôme,…
Federal Government Teams Up with PETAN to Boost Nigeria’s Oil and Gas Sector The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has signaled the Federal Government’s commitment to partnering with the Petroleum Technology Association of Nigeria (PETAN) to revitalize Nigeria’s oil and gas industry amidst concerns over declining production and the imperative of…