Oil prices rose by more than one percent on Friday as turmoil in Venezuela triggered concerns that its oil exports could soon be disrupted. Reuters has reported. Washington on Thursday, signalled it could impose sanctions on Venezuela’s crude exports as Caracas descends further into political and economic turmoil. International Brent crude oil futures were at…
The first-ever global assessment of environmental rule of law finds weak enforcement to be a global trend that is exacerbating environmental threats, despite prolific growth in environmental laws and agencies worldwide over the last four decades. Despite a 38-fold increase in environmental laws put in place since 1972, failure to fully implement and enforce these…
In its determination to further optimise operations through adequate maintenance of installations and reduction of downtime, Nigeria’s leading electricity distribution company, Ikeja Electric Plc (IE), has commenced the electronic tagging of electricity poles across its network. The exercise, known as ‘E-Pole Tagging Project’ entails labeling of all 11KV and 33KV High Tension (HT) poles with…
The Federal Government has declared the willing-buyer- willing-seller policy as one of the surest steps to addressing Nigeria’s power challenges. The Guardian has reported. Vice President, Professor Yemi Osinbajo, noting that power remains very critical to national development, said if the generation companies do not have the resources to produce electricity; other companies can take…
CNOOC Limited today announced its business strategy and development plan for the year 2019. The Company’s net production target for 2019 is 480 million to 490 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 63% and 37%, respectively. The Company’s net production for 2018 is expected to…
Esther Ajibola – Abuja A bill seeking to amend the Electric Power Reform Act, prohibit and criminalise estimated billing of consumers passed the third reading at the House of Representatives on Tuesday. The Majority Leader, Mr Femi Gbajabiamila, sponsored the bill in protest against the “crazy bills” Electricity Distribution Companies force their customers to pay….
By Oke Peter Mr Mordecai Ladan, Executive Director, Department of Petroleum Resources (DPR) says the organisation generated N1.3 trillion as revenue and additional 200 million dollars from legacy indebtedness in 2018. Ladan made this known at the opening of a workshop on Revenue Generation, Accounting and Reporting Process to the Federation Allocation Accounting Committee (FAAC)…
4 mins ago 0 8 0 The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged government to revoke the licences issued to non-practising companies and individuals on modular and private refineries. The News Agency of Nigeria (NAN) has reported. The association in a statement urged the government to immediately revoke and…
Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tonnes a year, the petroleum minister said. “We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” the minister, Tarek El Molla, said…
The Nigerian National Petroleum Corporation (NNPC) has sought effective collaboration with members of the African Union of Transportation and Logistics Organisation to halt incidents of cross-border leakages of petroleum products. The corporation said smuggling of petroleum products remained a blight in the nation’s fuel supply and distribution matrix. NNPC Group Managing Director, Dr Maikanti Baru,…
