More

Oil marketer forged certificate of cargo transfer to claim fuel subsidy

Jul 26, 2013

The Branch Manager of the Lagos office of Inspectorate Marine Services Nigeria Limited, Mr. Chidi Onyejekwe, Thursday told an Ikeja High Court that an oil marketing firm, Rocky Energy Limited forged the Certificate of Cargo Transfer purportedly issued by his firm (Inspectorate Marine Services). Onyejekwe, a prosecution witness, made the allegation before Justice Lateefa Okunnu…

Read More

NERC orders electricity distribution firms to instal meters

Jul 26, 2013

The Nigerian Electricity Regulatory Commission on Thursday ordered electricity distribution companies that had failed to install meters paid for by customers since January 2011 to stop collecting the new tariff. The commission said it had issued a 14-day ultimatum to the distribution companies that were in violation of its order to submit the list of…

Read More

Senate probes Malabu oil deal

Jul 26, 2013

The Senate Thursday mandated its committees on finance and upstream petroleum to investigate the $1.092 billion Malabu oil deal. While explaining the necessity to look into the matter, Senate President, David Mark, insisted that investigation be conducted into the matter with the aim of unravelling the circumstances revolving around the Malabu saga. The House of…

Read More

Nigeria’s global GDP ranking now 36th – Jonathan

Jul 26, 2013

The Federal Government on Thursday said the nation had witnessed improvement in the global Gross Domestic Product ranking from number 44th in 2010 to 36th in 2012 and had recorded significant improvements in economic fundamentals as a result of the reform embarked upon by it. While calling on Nigerians in the Diaspora to bring their…

Read More

CBN may devalue Naira over dwindling foreign reserves, oil decline

Jul 25, 2013

The Central Bank of Nigeria will probably lower its targeted trading range for the naira as dwindling foreign exchange reserves and falling oil prices undermine its ability to halt the currency’s slide, according to the FBN Capital Limited. Policy makers may adjust the exchange rate to within a three percentage-point band of 160 per dollar…

Read More

17 PHCN successor companies to list on the Nigerian Stock Exchange – BPE

Jul 25, 2013

The Bureau of Public Enterprises (BPE),  said it would  ensure  that  the 17 Power Holding Companies of Nigeria (PHCN) successor companies and a good number of other companies are  brought  to the floor of the Nigerian Stock Exchange (NSE) for listing . Speaking on the floor of NSE, the director- general of BPE, Mr. Benjamin…

Read More

UK investigates Shell, ENI Nigerian oil block deal

Jul 25, 2013

British police are investigating a money-laundering allegation related to a big oil field bought by Shell and ENI spa from Nigeria for $1.3 billion, after most of the cash they paid ended up in a company linked to a former Nigerian petroleum minister. The probe concerns offshore block OPL 245, which industry sources say contains…

Read More

Delay of PIB responsible for loss of revenue – Membere

Jul 24, 2013

The Group Executive Director (E&P) of the Nigerian National Petroleum Corporation (NNPC), Mr Abiye Membere on Monday described the delay in passage of the Petroleum Industry Bill (PIB) as responsible for the great loss of revenue to the country. Membere disclosed this in an interview with Energy editors in Abonnema, Rivers State that the PIB…

Read More

More investors begin to show interest in Nigerian power sector

Jul 24, 2013

The road shows designed to showcase investment opportunities in the Nigeria’s power sector held in Lagos, London, New York, Johannesburg and Hong Kong, appear to be yielding desired results as investors from various parts of the globe have besieged the country’s electricity industry with investment proposals. Some analysts say the overwhelming response may not be…

Read More

Nigerian oil and gas companies estimated to spend N361.6bn on offshore drilling projects by 2016

Jul 24, 2013

Nigeria is expected to spend $2.26 billion (N361.6 billion) on offshore drilling activities by 2016, according to a recent report by GBI Research.  Also, the Organisation of Petroleum Exporting Countries (OPEC) has identified fossil fuels as dominant in meeting global energy demand for the foreseeable future. The GBI report released at the weekend, put yearly…

Read More

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...