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$5bn JV debt repayment restoring investors’ confidence in Nigeria – Baru

Jun 26, 2018

The Nigerian National Petroleum Corporation has said its repayment of the about $5 billion negotiated joint venture cash call debts owed to International Oil Companies over the years was now stirring the confidence of investors in Nigeria’s upstream oil sector. According to it, loan repayment was part of measures taken by the country to restore…

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NBS says average prices of petrol, diesel fell in April 2018

May 16, 2018

The average price per litre paid by consumers for petrol decreased by 7.3 per cent to N151.4 in April 2018 from N163.4 recorded in March 2018, the National Bureau of Statistics (NBS) has said. The average price of petrol however increased by one per cent when compared to the average price of N149.9 recorded for…

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DPR seeks to boost HSE compliance in industry

Nov 23, 2016

The Department of Petroleum Resources has said experts and stakeholders will focus on ways to promote Health, Safety and Environment compliance in the Nigerian oil and gas industry at its forthcoming conference. The Deputy Director, Health, Safety and Environment Division, DPR,

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Senate summons Kachikwu over $115bn oil deal with China, India

Nov 23, 2016

From Fred Itua, Abuja The Senate, yesterday, summoned the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to appear before its Joint Committees on Petroleum (Upstream), Gas and Foreign Affairs to give detailed explanation on $15 billion proposed Memorandum of

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OPEC need to cut off ‘at least 700,000 barrels per day’

Nov 23, 2016

The Organisation of Petroleum Exporting Countries (OPEC) need production cut of at least 700,000 barrels per day to bring the market back into balance. The physical market, according to analysts, has shifted back to oversupply because of surging OPEC output,

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Nigeria Bleeds As Militants Blow Up More Pipelines

May 27, 2016

[Vanguard] The nation’s crude oil fortunes took another downward plunge, yesterday, following attacks by Niger Delta Avengers, NDA, on pipelines close to Escravos Tank Farm at Ciera creek, near Abiteye community, Warri South-West Local Government Area of Delta State, operated

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Tanzania: Solar Firm Scoops Prestigious Energy Prize

Apr 8, 2016

[Citizen] Arusha -An Arush based solar company Off Grid Electric (OGE) has won the prestigious Zayed Future Energy Prize for its work in bringing electricity to power-starved areas of Tanzania.

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Total explores alternative energy, floats solar solutions

May 5, 2015

Total Nigeria Plc has expressed commitment to explore alternative energy solutions in a bid to bring respite to homes and help the nation solve the electricity supply crises. Specifically, the oil major has commenced a new Solar Home Solutions to be

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Monthly revenue falls to N490bn in December as oil prices continue decline

Jan 18, 2015

The tumbling prices of oil continued to take its toll on the country’s monthly revenue collection as gross receipts for December further dropped to N490.03 billion compared to N500.07 billion the previous month. Also, the sum of N15.63 billion was on Friday deducted from the excess crude account (ECA) to augment revenue shortfall for the…

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FG proposes N4.3trn budget, reduces 2015 GDP growth projection

Dec 18, 2014

The Minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, has disclosed that Nigeria has slashed its forecast for economic growth in 2015 due to the plunge in global oil prices. The Federal Government now projects that Nigeria’s economy would grow at 5.5 percent in 2015, a reduction from an earlier projection of 6.4 percent, BusinessDay…

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