An economist, Prof. Sheriffdeen Tella, has urged the Federal Government to institute a long-term national plan that will strengthen economic diversification to enhance revenue generation. Tella, Professor of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun, said this while reacting to the crash in crude oil price. President Muhammadu Buhari recently set up a committee to review…
The price of Premium Motor Spirit, also known as petrol, has crashed from N145 to N112.26 per a litre following the continued fall in the price of crude oil. According to in the Petroleum Products Pricing Regulatory Agency, PPPRA, the price of fuel dropped to the current level as refiners now incur less cost than…
Houston, Texas, USA (13 March 2020) – The Offshore Technology Conference (OTC) recognizes the unprecedented global challenge associated with the current COVID-19 pandemic. The health and safety of our partners, attendees, exhibitors, staff, and community are of the utmost importance, and our hearts go out to all who have been affected. Considering the rapidly changing…
The Executive Secretary of the Nigerian Content Development and Monitoring Board, (NCDMB) Engr. Simbi Wabote, on Monday commissioned the Compact Manifold & Energy Services Limited, (CMES) Flanges and Fittings Limited, (CFFL) in Benin City, Edo State. CMES is an indigenous oilfield service company that provides services to the oil and gas industry including engineering,…
The amount spent on petrol imported into the country dropped by 42 per cent to N1.71tn in 2019, data obtained from the National Bureau of Statistics have shown. The N1.71tn represented 10.75 per cent of the amount spent on all imported goods last year, compared to 2018 when petrol accounted for 22.4 per cent of…
Mr Mele Kyari, Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) has urged Nigerians to prepare for more tough time in few months following the crash in the prices of crude oil due to outbreak of coronavirus. Kyari gave the advice at a consultative roundtable meeting organised by the Central Bank of…
The Senate on Tuesday mandated its joint Committees on Finance, National Planning, Petroleum Upstream and Appropriation to engage the executive, economic experts to obtain information on current crash of crude oil price in international market. Senate’s decision is hinged on a point of order by Senate Leader, Abdullahi Yahaya (APC -Kebbi) on the need for…
Dr Oluwole Adeuyi, Chairman, Nigeria Energy Forum (NEF 2020) says the upcoming roundtable would focus on how to facilitate investments in sustainable electrification, clean energy growth and efficient energy technologies. Adeuyi said on Wednesday in Lagos that the two days forum would also focus on how to achieve the Sustainable Development Goal 7 in the…
The management of Ikeja Electric (IE) on Wednesday appealed to customers over the ongoing power shortage being experienced in its operational network. Mr Felix Ofulue, Head, Corporate Communications, IE, said in Ikeja that the power shortage was being experienced across the country due to low gas supply to electricity generation companies. Ofulue said: “We are…
The Global oil demand will all but stall this year as the coronavirus outbreak is expected to hit economies in various regions, Organisation of the Petroleum Exporting Countries (OPEC) says. Demand will only inch up by 60,000 barrels per day (bpd) to an average of 99.7 million bpd, down from the OPEC previous growth forecast…