Category: Business News

By Oke Peter The average price paid by consumers for Premium Motor Spirit, popularly known as petrol, dropped by 1.2 per cent year-on-year, the Nigerian Bureau of Statistics (NBS) has said. According to a report on the NBS website, the bureau also listed states with the highest and lowest average price of petrol in comparison…

By Oke Peter The Shell Petroleum Development Company (SPDC), says the degradation of the environment in the Niger is mainly due to spillages from the activities of crude oil thieves, sabotage of facilities, illegal refining and other third party interferences, rather than negligence by the company.   Representatives of the oil multinational firm who spoke in…

By Oke Peter Shell Petroleum Development Company has said that its economic contribution to the Nigerian government in four years is $29bn. The company’s General Manager, External Relations, Mr. Igo Weli, made this known in Yenagoa, the Bayelsa State capital, during the 2017 Swamp West Hub Integrated Stakeholders Engagement Forum for Tarakiri/Egbema/Oporoma Community Leadership. Weli,…

By Oke Peter An international organisation that promotes activities in power and energy sector in the world, EnergyNet Limited, has announced that its 2017 edition of Latin America and Caribbean Gas Options summit will hold between 16th and 17th November in Panama City. The event will be taking place under the aegis of the Secretariat…

By Oke Peter An International oil giant, TAG OIL has announced updates on its operations in New Zealand and Australia. According to the release, the firm’s Net production in New Zealand averaged approximately 1,110 boe/d over September, which is down slightly from the 1,169 boe/d (79% oil) average over the three months ended June 30,…

By Oke Peter The Director-General and Chief Executive Officer (CEO) of the Indian Chamber of Commerce (ICC), Dr. Rajeev Singh, has disclosed that Indian utility vendors and services will find a huge market and scope in Africa, especially in West Africa’s energy sector. The summit will discuss the theme: “To address today’s challenges and implement…

By Oke Peter The House of Representatives has queried loans totalling $1.5bn taken from foreign creditors by the Transmission Company of Nigeria (TCN). This is in spite of a separate $500m loan, which the power firm is already negotiating with the Islamic Development Bank (IBD). The House, resolved, on Wednesday, to investigate the operations of…

By Oke Peter The Managing Director of Nigeria LNG Limited (NLNG), Tony Attah, at the recently-concluded Nigerian Economic Summit in Abuja, said that a long term strategic development plan would encourage investments, improve infrastructure in the country and boost production of both export and domestic gas.   Chairing a breakout panel discussion at the Energy Session…

By Oke Peter An international oil giant, Exxon Mobil Corporation, has announced on Wednesday, that it has acquired a crude oil terminal in Wink, Texas from Genesis Energy LP. The terminal is located in the rapidly growing Delaware Basin, part of Permian Basin – one of the most prolific plays in the United States. The…

By Oke Peter Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies. Brent crude futures, the international benchmark for oil prices, were at 58.27 dollars at 0131 GMT, up 39 cents, or 0.7 per cent from their last close – and…