Nigeria’s Oil Earnings Drop 60% to N308bn in One Month Nigeria earned N308.07 billion from the petroleum industry in February 2023, according to latest data released by the Central Bank of Nigeria, dropping sharply by 60.21 per cent, compared with N774.15 oil and gas revenue recorded in the previous month. However, the CBN, in its…
Local Production, Solution to Petroleum Products Price Hike -IPMAN The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the local production of crude oil was the surest way to crashing the retail price of products. Mr Chinedu Anyaso, Chairman of IPMAN, Enugu Depot Community in charge of Anambra, Ebonyi and Enugu said this…
Nigerians may pay N10,000 for 100 units of electricity if tariffs rise – Experts As apprehension over the anticipated 40 per cent increase in electricity tariff persists, the Chief Executive Officer of PowerCap Limited, Mr. Abiodun Ogunleye, has projected that consumers may be paying as high as N10,000 to vend for 100 units of electricity…
Oil sector deregulation will provide more jobs – NOA The National Orientation Agency (NOA) says the deregulation of downstream sector of petroleum industry will create more job opportunities for Nigeria’s teaming youths. The Kaduna State Director of NOA, Alhaji Zubairu Galadima-Soba, disclosed this on Monday. He said that the deregulation policy was aimed at opening…
Schneider Electric & H2-Enterprises Advance Clean Hydrogen Solutions Schneider Electric, the leader in the digital transformation of energy management and automation, today announced the signing of a Memorandum of Understanding (MOU) with H2-Enterprises to explore and develop innovative solutions for energy supply and management in buildings. The collaboration aims to leverage Schneider Electric’s expertise in…
Israel’s Gas Reserves Grew By 40% Over Past Decade, Report Says Israel’s natural gas reserves have grown by 40% over the past decade due to increased drilling and exploration activities, an industry report said, even as production soared. The growth came amid five-fold growth in offshore gas production since the start-up of Israel’s first major…
IPDM Congratulates Adeniyi, Ag. CG, Nigeria Customs Service The Ifeland Progress and Development Movement (IPDM), a group of sons & daughters of Ifeland working for the peace and development of Ifeland and environs, has congratulated the Acting Comptroller-General of Customs, Adewale Bashir Adeniyi, on his elevation to the top in his NCS journey. A statement…
Oil resumes slide on demand worries after UK rate hike Oil prices fell for a second straight session and were headed for a weekly decline of more than 3% on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the U.S. ignited concerns over demand. Brent futures slipped…
Labour, DisCos, NERC at loggerheads over electricity tariff hike The Nigeria Labour Congress, power distribution companies, and the Nigerian Electricity Regulatory Commission are heading for a collision course over the planned hike in the tariffs payable by electricity consumers nationwide. Although power distribution companies and the NERC have not officially confirmed the planned increase, the…
China Stored Massive Volume of Crude Oil in May, giving it Options China added to crude oil stockpiles at the fastest rate in nearly three years in May, as robust imports outweighed near-record refinery processing. A total of 1.77 million barrels per day (bpd) was added to inventories in May, the most since July 2020…
