Oil Prices Surge to Six-Month High Amid Geopolitical Tensions: Implications for Global Economy. The price of oil has skyrocketed to a six-month high, with Brent crude futures hitting $92.10 per barrel, marking a 13.4% surge since the beginning of 2024. This significant increase is driven by a combination of factors, including escalating geopolitical tensions in…
Minister Highlights Need for Increased Investments in Nigeria’s Inland Waterways. The Minister for Marine and Blue Economy, Adegboyega Oyetola, has underscored the necessity for enhanced investments in Nigeria’s inland waterways to unlock their vast potential. Speaking at a Maritime Business Roundtable Breakfast Meeting organized by Zoe Maritime Resources, Oyetola emphasized that inadequate investments and lax…
Progress of Power Grid Hindered by Right-of-Way Issues and Funding Constraints. The Transmission Company of Nigeria (TCN) is encountering significant obstacles in its mission to enhance the country’s power grid, as revealed by a recent visit from the Senate Committee on Power. In a statement issued after the visit, it was disclosed that more than…
SOAN Advocates for CVFF Disbursement and Strong Industry Stakeholder Relationships to Maximize Marine and Blue Economy Gains. The President of SOAN, Mr. Sonny Eja, disclosed this at the weekend in Lagos, while giving his acceptance speech during the inauguration ceremony held for the new executives of the association including Dr. Louis Ekere as 1st Vice…
Experts Approval for Diesel Price Reduction, Attributed to Deregulation and Naira Flotation. Stakeholders in Nigeria’s oil and gas industry have praised President Bola Tinubu’s economic policies, attributing the recent reduction in diesel prices to the gains from these policies. They highlighted measures such as the removal of fuel subsidies and the unification of foreign exchange…
NNPC Reiterates Commitment to Transforming Nigeria into a Gas-Powered Nation. NNPC has restated its commitment to transitioning Nigeria into a gas-powered nation, leveraging the country’s abundant natural gas reserves, which exceed 209 trillion cubic feet. Mele Kyari, the Group Chief Executive Officer of NNPC, reiterated this commitment while receiving the Energy Times’ GCEO of the…
EKEDC Announces Plans to Upgrade Customers to Bands A & B. The Eko Electricity Distribution Company (EKEDC) has unveiled its medium and long-term strategy aimed at upgrading all its customers to Bands A and B, with the goal of enhancing service delivery and improving supply across franchise areas. Mr. Samuel Edoho, the General Manager of…
ARDA Executive Secretary to Highlight Africa’s Downstream Opportunities at African Energy Week (AEW) 2024. Anibor Kragha, the Executive Secretary of the African Refiners and Distributors Association (ARDA), is gearing up to shine a light on Africa’s burgeoning downstream industry at the upcoming African Energy Week (AEW): Invest in African Energy conference, slated from November 4–8…
Dangote Refinery Slashes Diesel Price to N1,000 per Litre. Dangote Refinery has made a significant announcement expected to have far-reaching benefits for various sectors of the Nigerian economy: a substantial reduction in diesel prices. Effective immediately, the per-liter cost of diesel has been slashed to N1,000. This announcement was made through a statement released by…
Gas Supply Agreement for Brass Methanol Project Scheduled for May Execution, Announces Minister Ekperikpe Ekpo. The Gas Supply and Purchase Agreement (GSPA), pivotal for the advancement of the Brass Methanol Project, is slated to be finalized and executed by May 2024, as announced by Rt. Hon. Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas),…
