The Organisation of Petroleum Exporting Countries (OPEC) and other major oil producers yesterday agreed to cut about 1.2 million barrels of oil to address falling oil price, which is currently facing a record low of $63 a barrel. The deal made possible by the cartel and allied oil-producing nations including Russia would see the15-member OPEC…
The United Nations Climate Conference (COP 24) today convened a high-level session launching eight days of focused events and dialogues on Global Climate Action, aimed at building a bridge between government delegates and non-Party, public and private stakeholders in the global response to climate change. The event, which featured United Nations Secretary-General António Guterres, Poland’s…
The Nigerian National Petroleum Corporation (NNPC) and the Nigerian Content Development and Monitoring Board (NCDMB) have committed to growing Local Content in the Oil and Gas Industry from the current 40 per cent to 70 per cent by 2027 as part of strategies to sustain economic development in country. NNPC Group Managing Director, Dr Maikanti…
Axxela Limited, a Nigerian gas and power portfolio company, has signed a Gas Transportation Agreement with the West African Gas Pipeline Company Limited to transport over 15 million standard cubic feet per day of natural gas via the West African Gas Pipeline to Lome, Togo. The Punch has reported. The Chief Executive Officer, Axxela, Bolaji…
Jumoke Adelabu – Lagos The United Nations says it needs more than US$9 billion (S$12.3 billion) to fund its humanitarian work in sub-Saharan Africa next year as the twin challenges of conflict and climate change continue to wreak havoc with people’s lives. It’s an increase on 2018 – as the UN says humanitarian crises are…
There was pandemonium on Friday afternoon at the Murtala Muhammed Airport, Lagos following a fire outbreak at the Forte Oil Petrol Station. The News Agency of Nigeria (NAN) reports that the inferno which started around 2.10pm saw people running for safety thereby causing vehicular traffic jam on the roads within the airport. The spokesperson for…
Damilola Shittu – Abuja The Federal Government and petroleum marketers on Thursday agreed on how the outstanding fuel subsidy claims would be settled by the government. The agreement was reached after a meeting held at the headquarters of the Ministry of Finance. A statement from the Media Adviser to the Minister of Finance, Mr Paul…
Damilola Shittu – Abuja President Muhammadu Buhari has assured workers in the oil and gas industry of his commitment to ensuring a conducive working environment for them, saying he will accelerate the process of signing into the law the Petroleum Industries Bill once it is passed into law by the National Assembly. The President, who…
Damilola Shittu – Abuja The Senate on Thursday asked oil marketers to give the Federal Government more time, to resolve the issue of unpaid subsidy. After deliberating on the letter sent to the Senate by independent oil, marketers, the legislative chamber said, the government would need more time to look into their demands. On the…
Organisation of Petroleum Exporting Countries (OPEC) members and other oil-producing countries gather in Vienna on Thursday to discuss cutting output to prop up prices, as US President Donald Trump urged them to keep the faucets open. Oil ministers from 20 or so countries busily criss-crossed the Austrian capital on Wednesday for preparatory negotiations ahead of…
