Despite a warning by the Auditor-General of the Federation, Anthony Ayine, that the Excess Crude Account, ECA, is being operated “illegally”, data from the National Bureau of Statistics, NBS, shows that the account grew by N70 billion last November. The ECA is an account used to save oil revenues above a base amount derived from a…
All countries that were granted waivers from the United States to continue buying a certain amount of Iranian oil imports are complying with U.S. sanctions, a senior Iranian energy official said, noting that Tehran was hopeful to find new buyers. The United States withdrew from a nuclear deal with Iran last year and snapped sanctions…
The Rivers State Government says not less than 18,000 youths will be engaged during the construction and completion of the Nigerian Liquefied Natural Gas, NLNG, Train 7 project. The Rivers State Commissioner for Employment Generation and Economic Empowerment, Dr. Leloonu Nwibubasa, said this in Port Harcourt while addressing newsmen. Nwibubasa explained that a strategic action…
The Nigerian National Petroleum Corporation, NNPC, Monday, stated that combined, the country’s refineries have not undergone Turn Around Maintenance, TAM, for an aggregate of 42-years. In a statement in Abuja Group Managing Director of the NNPC, Mr. Maikanti Baru, however, noted that despite the challenge, major rehabilitation works were carried out in all the three refineries….
The Movement for the Survival of Ogoni People, MOSOP, says since the inception of crude oil exploration in Ogoniland, the area has contributed over $100 billion revenue to the coffers of the Federal Government. Factional President of MOSOP, Mr. Fegalo Nsuke, said this whole address an Ogoni congress in Mogho, Gokana Local Government Area of…
Rivers State governor, Nyesom Wike, says the termination of the sale of the Omoku gas power plant and other state government-owned assets to Sahara Energy Limitedfollowed due process. The Rivers State government recently announced the revocation of the sale of the power plant, among other assets, to Sahara Energy, saying the assets were illegally acquired. Governor…
Investors’ apathy trailed the Nigerian petroleum industry in the third quarter of 2018, as foreign capital inflow in the industry dipped by 68.9 percent to $7.73 million compared to $24.85 million foreign capital recorded in the second quarter of 2018. According to data obtained from the National Bureau of Statistics (NBS) Foreign Trade Statistics for third quarter…
The Managing Director of Nigerian Ports Authority Hadiza Bala Usman said the agency is set to enhance its operational efficiency in the new year. She also told Terminal Operators and Port Users that it would further open its doors for all players to surmount various bottlenecks with a view to providing a healthy and smooth…
In a renewed efforts at boosting the use of gas and reducing greenhouse emissions, the federal government has set a target which aims at achieving a 40 per cent energy switch from the consumption of Premium Motor Spirit (petrol), Dual Purpose Kerosene (kerosene) and Automotive Gas Oil (diesel), to the use of Liquefied Petroleum Gas….
Oil prices edged higher on the last trading day of the year on Monday, taking a cue from firmer stock markets, but remain on track for the first yearly decline in three years amid concerns of a supply glut. Also, hints of progress on a possible U.S.-China trade deal helped bolster sentiment, which has been…