Oil prices fell more than 2 per cent on Wednesday, as China signalled it would use the rare earths card in its trade war with the United States, stoking concerns that an ongoing stand-off could hurt crude demand. Supply constraints linked to OPEC output cuts and political tensions in the Middle East offered some support,…
By Oke Peter The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned five oil marketers for allegedly stealing petroleum products worth N1bn belonging to the United Bank for Africa. Thompson Omoietan, Adeleke Lasun, Funmilola Oyerinde, Adegoke Shadrack and James Amore were arraigned on three counts of conspiracy, stealing and forgery. However, they pleaded not…
One of Nigeria’s leading Electricity Distribution Companies, Ikeja Electric Plc (IE), has reiterated the commitment of the company to the safety of its staff across its network area. The firm’s Head of Corporate Communications, Mr Felix Ofulue, gave the assurance in a statement in Lagos. He said the company was aware of the wave of…
The oil price recovery has not yet translated into a rush of cash into challenging offshore environments The world’s largest listed oil and gas firms are continuing to stress their financial discipline, continuing to shower their more buoyant cashflows onto shareholders through dividends and buy-backs, continuing to boost acreage in the US shale basins and…
Political turmoil is unsettling Algeria’s energy sector and its IOC investors Algeria’s energy sector finds itself in the firing line once more. Following the ousting of president Abdelaziz Bouteflika after mass street protests, the boss of state energy giant Sonatrach has been sacked and prosecutors are re-opening corruption investigations into the company. The sacking, and…
Damilola Shittu – Abuja The House of Representatives, on Thursday, asked Total Exploration and Production Nigeria to refund $592m to the Federal Government. The decision was taken following the consideration of the Report of the Committee on Gas Resources led by Fred Agbedi. The committee investigated the contract for the upgrade of OML 58, upgrade…
By Oke Peter The Nigerian National Petroleum Corporation, (NNPC), on Thursday, said its ongoing recruitment exercise has entered the third phase following the conclusion of the shortlist of the candidates. The NNPC, in a statement in Abuja, stated that shortlisted candidates had been scheduled to sit for Computer Based Testing (CBT) on Saturday, June 1,…
Nigeria’s crude oil exports have suffered a fresh setback following a fire outbreak on the Trans Forcados Pipeline, one of the nation’s key export routes. One of our correspondents learnt that the fire occurred late Sunday evening on a section of the pipeline that was undergoing repairs. It was also gathered that the fire incident…
The United Nations Industrial Development Organisation (UNIDO) and the Africa Enterprise Challenge Fund (AECF) signed a memorandum of understanding (MoU) to promote inclusive and sustainable industrial development in Africa. Under this MoU, the two organisations will support the development and growth of Small and Medium Enterprises (SMEs) and entrepreneurs that are involved in climate and…
There has been a massive reorganisation of the top management staff of the Nigerian National Petroleum Corporation, as about 50 senior personnel of the oil firm and its subsidiaries have either been removed or replaced. It was learnt that the Managing Director of the Nigerian Petroleum Development Company, Yusuf Matashi, was removed and replaced by…
