By Tsvetana Paraskova Oil prices dropped early on Friday as fears of the escalating U.S.-Chinese trade war and increased production by Saudi Arabia and Russia outweighed concerns over supply disruptions from Venezuela to Libya to looming sanctions on Iran. At 08:23 a.m. EDT today, WTI Crude was down 0.78 percent at $72.37, and Brent Crude…
The World Bank, Federal Ministry of Finance and the Nigerian National Petroleum Corporation (NNPC) have commenced investigations to determine the actual volume of Premium Motor Spirit, popularly known as petrol, being consumed in the country. According to the Chief Operating Officer, Downstream, NNPC, Henry Obih, the National Executive Council has directed the corporation to work…
A group, Gbo Kabaari Ogoni, which has Ledum Mitee and 10 others as members, has called on Vice President Yemi Osinbajo to prevail on the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to discontinue any act that may hinder Federal Government’s plan to clean up Ogoniland. Gbo Kabaari Ogoni, which means Elders’ Forum…
The World Bank has disclosed that Nigeria will get $350 million from the $2.1 billion it recently approved for it, to push through its electrification programme expected to provide electricity for 2.5 million people and 70,000 micro, small and medium enterprises. The $2.1 billion concessionary loan is expected to support the funding of seven projects…
The World Bank approved today seven projects to support Nigeria’s investment in nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion. “The Federal Government of Nigeria’s Economic Recovery and Growth Plan identifies human capital investment, restoring growth, and building a competitive…
By Irina Slav One of Brazil richest men, Eike Batista, has received a 30-year prison sentence for bribes given to the former governor of Rio de Janeiro, Sergio Cabral, Reuters reports, citing a federal court document. Cabral was also convicted. The federal court found Batista—whose business was mainly in oil and metals—guilty of paying US$16.5…
By Tsvetana Paraskova Battery-powered electric vehicles have been stealing the spotlight from fuel cell vehicle technology, despite the fact that the latter has been around for a decade or two longer than battery EVs. Fuel cell vehicles are powered by the most abundant element in the Universe and the Solar System—hydrogen. But technology costs and…
The Nigerian National Petroleum Corporation (NNPC) is set to hit the Capital market to fund its new projects which include the NNPC/NAOC JV Idu-Re-development, South Gas Project, North Gas Project and Central Gas Project. Group Managing Director of the corporation, Dr. Maikanti Baru, made this disclosure at the ongoing Nigeria Oil and Gas Strategic Conference…
By Energy Worth The Nigeria Extractive Industries Transparency NEITI Initiative says it has assisted the Federal Government to recover over $3bn from oil and gas companies operating in the country. The Executive Secretary, NEITI, Waziri Adio, stated that the agency’s operations in the country’s oil and gas sector had so far led to the recovery…
The Nigerian National Petroleum Corporation (NNPC) has announced the attainment of a two-year record spike in gas supply to power generation, which hits 854.40million Standard Cubic Feet of gas per day (mmscfd) for March 2018, translating to an equivalent power generation of 3,492MW. Details of the March 2018 National Gas Production figures contained in the…
