Baker Hughes Data Shows US Drilling Activity Slows The total number of total active drilling rigs in the United States fell 12 this week, according to new data from Baker Hughes published on Friday. The total rig count fell to 759 this week—146 rigs higher than the rig count this time in 2022 and 316…
Western Sanctions Lowers Russia’s Energy Revenues Russia’s monthly budget revenues from oil and gas fell in January to their lowest level since August 2020 under the impact of Western sanctions on its most lucrative export, Finance Ministry data showed on Friday. Monthly tax and customs revenue from energy sales declined 46% in a year –…
NEPZA Working With Abuja Chamber to Attract FDI to Gemstones Industry The Managing Director of the Nigeria Export Processing Zones Authority, NEPZA, Adesoji Adesugba, has revealed that the agency was working with the Abuja Chamber of Commerce and Industry, ACCI, and the ‘Best Centre,’ that specialised in the training of gemologists, to widen the scope…
NNPC Ltd Seals $740m Contract with Daewoo as Kaduna Refinery Begins Operation. The Nigerian National Petroleum Company Limited signed a deal with Daewoo for the maintenance of the Kaduna Refining and Petrochemical Company Limited (KRPC). The contract sum for the deal is valued at $740.6m. Speaking at the agreement signing event held at the NNPC…
Transafam to Increase Electricity Generation by 240MW in 2023 The Transcorp Group says its Transafam Power Limited will increase its electricity generation by an additional 240 megawatts, MW, this year. Transafam Power recently increased electricity generation from 48MW to 188MW in less than two years following the rehabilitation of a unit of its production plant….
Mainland Oil slashes petrol prices, accelerates services Nigeria’s newest major marketer, Mainland Oil and Gas Company Limited, has accelerated petrol retail services at all its over 54 stations across the country. The company has also slashed the prices of the product at its retail outlets even at a time most other marketers have taken advantage…
NCDMB Begins Year 2023 with Platinum Level Ranking Higher and higher soars the Nigerian Content Development and Monitoring Board (NCDMB) as it shatters the records again, emerging “a Level 5 Platinum Level organization” in a summary report of the Bureau of Public Service Reforms (BPSR) Self-assessment Tool (SAT) released in Yenagoa on Wednesday. According to…
NCDMB Pledges Continuous Support to Local Content Development in Africa The Nigerian Content Development and Monitoring Board (NCDMB) is ever ready to support other African nations in developing and implementing local content policies as a strategy for improving indigenous participation and value optimization from hydrocarbons and mineral resources. The Executive Secretary NCDMB, Engr. Simbi Kesiye…
Participation for SAIPEC 2023 grows with further attending delegations confirmed from Namibia, Guyana, Senegal and Tanzania and other countries across the globe The seventh edition of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC), hosted by the Petroleum Technology Association of Nigeria (PETAN) will return to the Eko Convention Center, Lagos next month (13-17…
MER Jan. 2023 The Russia-Ukraine war, Covid-19 related restrictions in China, and disrupted global supply chains which fuel inflation to record high, have all impacted on the prospects of economic growth post-pandemic era. According to Galt & Taggart in its 2023 investment outlook, “these developments coupled with the aggressive monetary tightening observed in most major…