FEC Approves Award of Contract for Oloibiri Museum and Research Center Sixty-six years after the discovery of crude oil in commercial quantities at Oloibiri, Bayelsa State by Shell D’Arcy, the Federal Government through the Federal Executive Council (FEC) on Wednesday awarded the Phase-1 Engineering, Procurement & Construction contract for Oloibiri Museum & Research Centre (OMRC)…
Examining Challenges Affecting Crude Oil Production in Nigeria By Ikenna Omeje Nigeria’s crude oil production is faced with numerous challenges, which in recent years, have resulted in low production, thereby affecting the country’s revenue. Oil export accounts for about 70 percent of Nigeria’s revenue and about 90 percent of its foreign exchange earnings. According to…
IMF Urges Nigeria to Consider Extending Banknote Swap Deadline The International Monetary Fund said on Wednesday that Nigeria should consider extending a deadline to swap old banknotes because of the disruption to trade and payments being caused by a shortage of new notes. Nigerians have to turn in 1,000-, 500- and 200-naira notes by Friday,…
FG Blames Profiteering Marketers for Hike in Petrol Price The Federal Government has blamed the rising cost of petrol on the rush by petroleum marketers to make illicit profits from the hardship of Nigerians. Minister of State for Petroleum Resources, Chief Timipre Sylva, made it known to State House Correspondents after the Federal Executive Council…
Supreme Court Restrains FG from Enforcing Old Naira Deadline Supreme Court on Wednesday halted the move by the Federal Government of Nigeria to ban the use of the old naira notes from February 10, 2023. A seven-member panel led by Justice John Okoro halted the movement of the federal government in a ruling in an…
Fuel Scarcity: NNPCL Begins Direct Supply of Petrol to IPMAN The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the management of the Nigerian National Petroleum Company Ltd. (NNPCL) has allocated petrol to its members directly to ease scarcity. Mr. Chinedu Okoronkwo, the National President of IPMAN, confirmed on Tuesday in Lagos after the IPMAN…
TotalEnergies Doubles Profits in its Best Year Ever TotalEnergies (NYSE: TTE) saw its net profit double in 2022 to a record $36.2 billion and announced an increase in dividends and share repurchases after the best annual results for the company and for Big Oil ever. The French supermajor reported on Wednesday $36.2 billion in adjusted…
Renewable Energy Surge Signals a Tipping Point for Power Sector Emissions An expected surge in renewables electricity generation over the next few years signals that the world is close to the tipping point of emissions in the power sector, the International Energy Agency (IEA) said on Wednesday. In its Electricity Market Report 2023 published today,…
Hydrogen Market Growth to Surge in 2023 Hydrogen development, given its application across various industries, is indispensable to attaining energy transition, meeting decarbonization goals, and positioning leading companies as market experts. Against this backdrop, hydrogen production capacity is estimated to reach 4.5 million tons per annum (mtpa) worldwide by the end of the year, representing…
Iraq to Discuss with U.S. how to Pay Russian Energy Firms, Iraqi Foreign Minister Says Iraq will discuss with Washington this week how to pay dues owed to Russian oil companies despite sanctions, Foreign Minister Fuad Hussein said on Monday. “We will discuss this problem with the American side. There are sanctions in place that…
