OPEC warns about declining global oil production The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Haitham Al Ghais, has warned that global oil production capacity was dropping. Speaking during a recent interview with S&P Global Commodity Insights, he stated the refinery sector was not keeping pace with growing fuel demands, putting the…
Lake Chad Basin Oil Well to yield 943m Barrels as Buhari flags off exploration The Wadi-B Well in the Lake Chad Basin area of Borno State is expected to produce 943 million barrels of oil. President Muhammadu Buhari flagged off the resumption of drilling in the well recently. Joining the spud-in ceremony virtually at the…
Shell earmarks $56.13m for host communities in Nigeria The Shell Petroleum Development Company, has unveiled eight Host Community Development Trusts (HCDTs) in Bayelsa State, a critical step for unlocking the $56million designated for development in line with the provisions of the Petroleum Industry Act (PIA) 2021. The $56.13 million represents funds to be paid this…
Ikeja Electric Upgrades Singleview Web Application Nigeria’s foremost utility company, Ikeja Electric has taken customer experience to another level with the introduction of Singleview 2.0 web application. This latest version is an enhanced customer self-service package with consolidated account management features purposely designed and built for Ikeja Electric’s customers, including prepaid, postpaid, maximum demand, non-maximum…
NNPCL Clears $3.8bn JV Cash-Call Arrears Owed IOCS The Nigerian National Petroleum Company Limited, NNPCL, says it has cleared the outstanding $3.8 billion joint venture cash-call debts owed to international oil companies, IOCs, operating in the country. NNPCL’s Executive Vice President, Upstream, Adokiye Tombomieye, disclosed this as he lamented that inadequate JV cash call funds…
CAMAN Scores SON High on Cable Industry Regulation The President of Cables Manufacturers Association of Nigeria has scored the Standards Organisation of Nigeria (SON) high on enforcing regulations and maintaining high standards in Nigeria’s cable Industry. Ms. Bukola Adubi, who is also the chief operating officer (COO) of MicCom Cables, made the commendation during a monitored…
NUPRC Woos Investors to Explore Nigeria’s Oil, Gas Reserves The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s gas reserves currently stand at 208.83 trillion cubic feet, offering potential investors a huge potential. According to the Chief Executive of NUPRC, Mr Gbenga Komolafe, following the declaration of the year 2020-2030 as Nigeria’s…
FG Commissions NIMASA’s Search and Rescue Based Clinic The federal government has applauded the Nigerian Maritime Administration and Safety Agency (NIMASA) for its efforts at developing the maritime sector of the economy. The Minister for Transportation, Mu’ Azu jaji Sambo stated this during the commissioning of the NIMASA Search and Rescue Base Clinic (SARBC) in…
FG to save N7tn as Dangote Refinery Petrol is set to hit Market in July The Governor of the Central Bank of Nigeria, Godwin Emefiele, has disclosed that the Federal Government may save about N35tn in fiscal expenditure within the next five years with the commencement of operations at the Dangote Refinery and Petrochemicals. The…
Qatar: Aggressive Energy Transition Policies to Create Gas Shortages Qatar has issued a warning to Europe about disruptions in the supply of natural gas as the energy transition policies of governments stifle the investments necessary for keeping Europe flush with natural gas in the next decade. Qatar’s energy minister, Saad al-Kaabi, warned Europe on Tuesday…
