Oil Heads for Weekly Gain after OPEC+ Cut Oil rose about 1% on Friday and was headed for a second consecutive weekly gain supported by OPEC+’s decision to make its largest supply cut since 2020 despite concern about recession and rising interest rates. The cut from the Organization of Petroleum Exporting Countries and allies including…
FG to add 817MWs to national grid to boost power supply –TCN The Federal Government says plans are ongoing to add additional 817 Megawatts (MWs) of electricity to the national grid to boost power supply witin the FCT and its environs. Mr Sule Abdulaziz, the Managing Director of Transmission Company of Nigeria (TCN), said this…
OPEC Daily Basket Price Stood at $90.68 a Barrel Monday The price of OPEC basket of 13 crudes stood at $90.68 a barrel on Monday, September 3, 2022, compared with $92.34 the previous Friday, according to OPEC Secretariat calculations. [custom-related-posts title=”Related Posts” none_text=”None found” order_by=”title” order=”ASC”] The OPEC Reference Basket of Crudes, ORB, is…
Senate Directs NLNG to Pay Host Communities N18.4b Compensation Within 2 Months The attention of Nigeria LNG Limited (NLNG) has been drawn to a resolution said to have been passed by the Senate, following the consideration of a report by its Committee on Ethics, Privileges and Public Petitions, sequel to a petition relating to compensation…
OPEC+ Agrees Deep Cuts to Oil Production Despite Pressure from US OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more. The cut could spur a recovery in…
Crude Oil Theft: NNPCL Shuts Down 395 Unauthorised Refineries linked to Oil Theft In an effort to stop oil theft in Nigeria, the Nigerian National Petroleum Company Limited (NNPCL) announced that 395 illegal refineries had been shut down. The Group Managing Director of NNPCL, Mr Mele Kyari, made this statement during a meeting with the…
Europe may Avoid Gas Disaster this Winter, next could be Worse -Trafigura Executive Europe may avoid a gas disaster this winter, thanks to signs of demand reduction and solid inventories, but next winter could be worse as the balance of gas will be much less, a top executive at energy trader Trafigura said on Tuesday….
Africa Sees Record Venture Capital Investment, Bucking Global Decline African startups attracted a record $3.5 billion in venture capital investment in the first half of this year, bucking a global decline in dealmaking linked to worldwide economic turmoil, data released by an industry group showed on Tuesday. The funding, raised by 300 different companies, represents…
NNPC Ltd Records Impressive Financial Performance, Grows Profit By 135% To N674.1bn The Nigerian National Petroleum Company Limited (NNPCL), Group Chief Executive Officer, Mallam Mele Kyari made it known that the company has recorded an impressive performance, “Today I’m happy to announce that the Board of NNPC has approved 2021 audited financial statements and NNPC…
Transport Minister, Mu’azu Visits NIMASA, Ensuring Disbursement of CVFF Mu’azu Jaji Sambo, Minister of Transportation visited headquarters of Nigerian Maritime Administration and Safety Agency (NIMASA) in Apapa, Lagos, pledging collaboration and ensuring disbursement of Cabotage Vessel Financing Fund (CVFF). It was the Minister’s first official visit to the agency since his appointment in July. Over…