Oil Rises for Third Day as Rate Hike Concerns Ease Oil rose for a third straight day on Wednesday as investor concern eased about U.S. interest rate hikes and an industry report pointed to a drop in U.S. crude inventories. Comments from U.S. Federal Reserve Chair Jerome Powell on Tuesday were seen as less hawkish…
Morrow Signs Mou with AI Startup Optimeering Norwegian cleantech companies Morrow Batteries ASA (Morrow) and Optimeering AS have joined forces to develop AI-driven automation software for short-term power market operations. The production must at any time align with the consumption for the power system to be stable. Norway used to have a large surplus of…
EGYPS 2023: Join Magellan X to understand safety and sustainability challenges in the Oil and Gas industry. Download Convention Program here – Egypt International Exhibition Centre, Cairo, Egypt Magellan X is gearing up to join eminent influencers of the Oil, Gas and Energy sector at EGYPS 2023, (The Egypt Petroleum Show) from 13 to 15…
Maersk Reports Record $81.5bn Revenue, $29.3bn Profit In 2022 A.P. Moller – Maersk has reported exceptional financial results for the year 2022. Despite the abnormal market conditions caused by the COVID-19 pandemic, the company said it managed to deliver solid performance across all its businesses, resulting in the best financial result in its history. In…
FEC Approves Award of Contract for Oloibiri Museum and Research Center Sixty-six years after the discovery of crude oil in commercial quantities at Oloibiri, Bayelsa State by Shell D’Arcy, the Federal Government through the Federal Executive Council (FEC) on Wednesday awarded the Phase-1 Engineering, Procurement & Construction contract for Oloibiri Museum & Research Centre (OMRC)…
Examining Challenges Affecting Crude Oil Production in Nigeria By Ikenna Omeje Nigeria’s crude oil production is faced with numerous challenges, which in recent years, have resulted in low production, thereby affecting the country’s revenue. Oil export accounts for about 70 percent of Nigeria’s revenue and about 90 percent of its foreign exchange earnings. According to…
IMF Urges Nigeria to Consider Extending Banknote Swap Deadline The International Monetary Fund said on Wednesday that Nigeria should consider extending a deadline to swap old banknotes because of the disruption to trade and payments being caused by a shortage of new notes. Nigerians have to turn in 1,000-, 500- and 200-naira notes by Friday,…
FG Blames Profiteering Marketers for Hike in Petrol Price The Federal Government has blamed the rising cost of petrol on the rush by petroleum marketers to make illicit profits from the hardship of Nigerians. Minister of State for Petroleum Resources, Chief Timipre Sylva, made it known to State House Correspondents after the Federal Executive Council…
Supreme Court Restrains FG from Enforcing Old Naira Deadline Supreme Court on Wednesday halted the move by the Federal Government of Nigeria to ban the use of the old naira notes from February 10, 2023. A seven-member panel led by Justice John Okoro halted the movement of the federal government in a ruling in an…
Fuel Scarcity: NNPCL Begins Direct Supply of Petrol to IPMAN The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the management of the Nigerian National Petroleum Company Ltd. (NNPCL) has allocated petrol to its members directly to ease scarcity. [custom-related-posts title=”Related Posts” none_text=”None found” order_by=”title” order=”ASC”] Mr. Chinedu Okoronkwo, the National President of IPMAN, confirmed…