Akobo Minerals secures NOK 22.475m in funding through a convertible Loan Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today announced that it has issued an unsecured convertible loan (the “Loan”) of NOK 22.475 million (approx. USD two million) from new and existing investors to fund…
Oil prices near $75 as Russia extends output cut through June Russia will continue its 500,000 barrel per day crude oil production cut through the end of June this year, Russia’s Deputy Prime Minister Alexander Novak says. Russia first announced the 500,000 bpd production cut in February after Novak warned that there was a risk…
bNigeria Raises Benchmark Lending Rate to 18% to Tame Inflation Nigeria’s central bank raised its benchmark lending rate by 50 basis points to 18% on Tuesday as monetary authorities seek to rein in inflation which has squeezed consumer purchasing power. The central bank’s decision came after last week’s inflation data showed prices had quickened in…
Oil Prices Continue to Fall Despite Central Bank Action Crude oil prices began yet another week with a loss despite strong signals that central banks are stepping in to help troubled lenders in the U.S. and Europe. In Asian morning trade, Brent crude was trading at $72.27 per barrel, while West Texas Intermediate was changing…
UK faces a rising risk of Power supply shortfalls this Decade The UK risks a shortage in stable electricity generation in the late 2020s as more coal-fired and older gas and nuclear power plants close, research commissioned by energy firm Drax Group shows. Peak demand for Britain’s electricity is expected to rise by 4 gigawatts…
Germany Signals Energy Crisis Aid Is Not Sustainable Germany’s government has warned local authorities that the money it has been distributing amid the energy crisis since last year will not become a new norm. “All of this burden sharing is based on decisions taken in exceptional political and economic situations,” deputy finance minister Luise Hoelscher…
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Battle Over Nuclear’s Role in Renewable Energy Goals Continues The battle over nuclear energy’s role in the EU’s renewable energy future is far from over, with Germany, Spain, and other EU countries fighting to keep nuclear energy from counting when it comes to calculating renewable energy targets, a letter seen by Reuters suggests. France has…
Anibor Kragha Re-Elected ARDA Executive Secretary Former Chief Operating Officer (CEO), of Nigerian National Petroleum Corporation (NNPC), Anibor Kragha, has been re-elected as Executive Secretary of the African Refiners & Distributors Association, ARDA, for a second term in a unanimous vote by the organisation. Having held the position since 2020, Kragha has led the organization…
NCDMB to Host 4th Nigerian Oil & Gas Opportunity Fair The Nigerian Content Development and Monitoring Board (NCDMB) has announced plans to organise the 4th edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF), with the theme “The oil and gas industry- catalyst and fuel for the industrialisation of Nigeria.” After being held virtually…
