Oil prices fell sharply on Friday after China unveiled retaliatory tariffs against about $75 billion worth of U.S. goods, marking the latest escalation of a protracted trade dispute between the world’s two largest economies. Brent crude futures LCOc1, the international benchmark for oil prices, fell 88 cents to $59.04 a barrel by 1327 GMT. U.S….
The Department of Petroleum Resources (DPR), Warri Zonal Office, says it has sanctioned two petrol stations and two gas plants in Delta over alleged sharp practices. The affected stations are: Akpos Petroleum Limited, G-Palash Nigeria Limited and Onejire Gas Plant all located in Ughelli as well as Somil Energy and Gas Ltd. Mrs Gladys Idahosa,…
… to collaborate with N/Assembly on NC Act Amendment The Nigerian Content Development and Monitoring Board (NCDMB) have put fundamentals in place for the attainment of the Nigerian Content 10-Year Roadmap, which would enable the nation to start reaping the full benefits of its oil and gas resources, with clear linkage to other sectors of…
The Managing Director Transmission Company of Nigeria (TCN), Usman Gur Mohammed, on Thursday disclosed that the TCN recommended that one of the 11 distribution companies (DisCOs) in the company be liquidated. Mohammed disclosed this to the new Minister of Power, Engr. Mamman Sale and the Minister of State, Goddy Jedy Agba, at their inaugural briefings…
The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mr Mohammad Barkindo, has congratulated Mr Timipre Sylva on his appointment as Nigeria’s Minister of State for Petroleum Resources. Barkindo disclosed this in a statement issued on Wednesday. He described the newly-appointed minister is a veteran of the oil industry in Nigeria, where he…
The Nigeria Extractive Industries Transparency Initiative (NEITI) says that 692 million barrels of crude oil was produced in the country in 2017. NEITI disclosed this in its report, entitled, “pilot study on commodity trading for 2017” and released in Abuja, on Thursday. “The total crude oil production for 2017 was 692 million barrels. Out of…
President of Shipowners Association of Nigeria (SOAN), Dr Mkgeorge Onyung, says the Shipping Expo exhibition will create more employment and investment opportunities toward boosting the nation’s economy. Onyung, who made the disclosure at a news briefing in Lagos on Thursday, said that the theme of the expo: “The Ocean Blue Economy and National Development”, was…
The Nigerian Electricity Regulatory Commission (NERC) said the planned increase in tariff was done through consultation with Electricity Distribution Companies (DisCos) and stakeholders in the sector. Prof. John Momoh, Chairman of NERC, said this to newsmen on Thursday in Abuja during the assumption of office of the new Minister of Power, Mr Sale Mamman. NERC on…
A major player in the oil and gas industry, Exxon Mobil, has attributed its landmark achievements in the Nigerian oil and gas sector to the Nigerian National Petroleum Corporation (NNPC), noting that the result-oriented leadership provided by the corporation has helped a great deal in growing the energy sector in Nigeria. The Chairman and Managing…
The newly inaugurated Minister of State, Petroleum, Mr Timipre Silva, has pledged his readiness to work with all to ensure a viable oil and gas sector. Silva made this known when he was received by the Permanent Secretary, Directors and heads of all the Parastatal agencies under the ministry, in Abuja, on Wednesday. “Thank you…