NEITI: Nigeria lost 619.7m barrels of crude to oil thieves from 2009 to 2020. The Nigeria Extractive Industries Transparency Initiative (NEITI) on Wednesday said, Nigeria lost over 619.7 million barrels of crude oil valued at $46.16 billion or N16.25 trillion from 2009 to 2020 from theft and sabotage, amounting to losing over 140,000 barrels of crude…
Nigeria to join continental trade initiative — AfCFTA’s boss The Executive Secretary, National Working Committee, African Continental Free Trade Area, Nigeria, Segun Awolowo, has expressed the readiness of the country to join the second phase of the Guided Trade Initiative. The initiative by AfCFTA is a solution-oriented approach that aims to facilitate trade between interested…
U.S. Pipeline Gas Exports to Mexico Hit a Record-High The United States exported record-high volumes of natural gas via pipelines to Mexico in June 2023, beating the previous record from June 2021, the U.S. Energy Information Administration (EIA) said on Tuesday. America’s pipeline gas exports to Mexico averaged a record high of 6.8 billion cubic…
U.S. Shale Oil Production Growth Getting Increasingly Difficult: Report The average U.S. shale output per well may have doubled over the past decade, but those crazy growth days are now behind us, according to a new report released on Tuesday by Enverus Intelligence Research (EIR), a subsidiary of Enverus. “The U.S. shale industry has been…
Germany Sees Natural Gas Prices Remaining High for Years Germany expects natural gas prices to remain high until at least 2027, the government said on Wednesday in a report on the measures to mitigate high energy costs for households. Since the beginning of this year, when the so-called price brake was introduced, the federal government…
No Intention to Increase Petrol Pump Price – NNPC Limited The Nigerian National Petroleum Company (NNPC) Limited has said that it has no intention of increasing the price of Premium Motor Spirit (PMS), popularly known as petrol. Petrol subsidy was removed by President Bola Tinubu in May, allowing the forces of demand and supply to…
Gas expansion projects to gulp $20bn yearly – FG The Federal Government, on Monday, said about $20bn annual investments would be needed to achieve the desired gas expansion projects in Nigeria and deepen the use of gas across the country. It disclosed this through the Nigeria Extractive Industries Transparency Initiative (NEITI) at the Decade of…
Diesel price hits N950/litre, manufacturers fear shutdowns, job losses Oil marketers, on Monday, said the foreign exchange crisis in Nigeria and the recent implementation of a 7.5 per cent Value Added Tax on Automotive Gas Oil, popularly called diesel, had pushed up the cost of the commodity to between N900 and N950/litre in many states….
SNEPCo boss projects gas shortage by 2030 Executive Summary: The Managing Director of Shell Nigeria Exploration and Production Company Limited, Elohor Aiboni, has warned that Nigeria could face a gas supply shortage of three billion cubic feet per day by 2030. Despite having the largest proved gas reserves in Africa, Aiboni highlights that gas demand…
NIMASA: Ratified conventions and the much sought after SPOMO Act Between 2020 and 2023, the Nigerian Maritime Administration and Safety Agency (NIMASA) has brought the country to speed in the maritime world with ratification of 6 conventions. Under the Dr Bashir Yusuf Jamoh OFR, led Management NIMASA in the last three years have doubled Nigeria’s…