The Department of Petroleum Resources (DPR), yesterday expresssed concern over the infiltration of adulterated lube oil (engine oil) into the petroleum market. Speaking on the DPR Half Hour on Radio Nigeria, DPR Zonal Operations Comptroller, Wole Akinyosunye, said the callous act is of concern to the organisation due to the effects of fake lubricants on…
Nigeria Maritime Administration Safety Agency (NIMASA) Director-General (DG) Dr Dakuku Peterside has developed a blueprint that will enable the country make over $400 million yearly from ship chandling. A senior Federal Ministry of Finance (FMoF) official said that Peterside is concerned that foreigners and non-professional chandlers are supplying essential commodities to ships, including Floating Production…
The refusal of President Muhammadu Buhari to assent to the Petroleum Industry Governance Bill (PIGB) after a wait of almost two decades, has brought the issue of reforms in the oil sector of the economy into sharp focus and public scrutiny. Coming at a time when expectations were high that after the prolonged pause of…
Former joint-head of the International Corruption Unit at United Kingdom based National crime Agency, Jonathan Benton, has alleged that former president Goodluck Jonathan and his Attorney General, Mohammed Adoke were not interested in investigating the allegations of corruption in the sale OPL 245, a prolific oil field containing an estimated nine billion barrels of crude…
A new report by the Lagos-based financial advisory company, Financial Derivatives Limited has advised the federal government to incentivise the private sector in investing in renewable energy through cheaper financing and lower taxes. In its latest economic report, the company stressed that lending rates in Nigeria – currently at an average of 17.5 per cent…
The Nigerian National Petroleum Corporation (NNPC) says a total of crude oil and gas export sales of 416.07 million dollars was realised in June, which is 35.78% higher than the previous month. The details of the figures was contained in the June 2018 edition of the Monthly NNPC Financial and Operations Reports, released in Abuja,…
Electricity supply in the country has been struggling to stay above 3,000 megawatts in recent months as factors such as gas shortage and power grid collapse continue to limit generation. Low load demand by power distribution companies and gas problems are also inhibiting the generation segment of over 3,000 megawatts of electricity. Twelve out of…
Schneider Electric, a global specialist in energy management and automation, restated its resolve to taking clean energy to some of Nigeria’s most rural areas This move, which complements its provision of high-quality electrical appliances to Nigerians, is aimed at empowering more Nigerians, especially those not connected to the grid. “The company is doing this in…
The operatives of 6 Division, Nigerian Army, Port Harcourt, has uncovered an illegal oil depot, in Port Harcourt, the Rivers State capital. The landmark discovery was made October 2, 2018, 16 40,000 litre capacity trucks parked in the premises awaiting loading were impounded as one of the operators was apprehended and taken in by the…
It is worrisome that the power sector situation is not getting better. This is made worse by the unpatriotic attitude of some consumers, who would not want to pay for what they consume, the Team Lead Revenue Protection, Ibadan Electricity Distribution Company (IBEDC) Plc, Jude Ugwuoke, has said. Ugwuoke said the electricity distribution companies (DisCos)…
