Damilola Shittu – Abuja PRESIDENT Muhammadu Buhari has said that his administration will continue to implement policies that attract investment and spark competition in critical sectors of the economy for employment creation and growth. The President also said that he has developed interest in the oil sector, which is the main stay of the nation’s…
By Tsvetana Paraskova OPEC’s member Venezuela—which is sitting on the world’s largest crude oil reserves but which is suffering the worst loss of oil production in history outside of war-induced outages—is getting ready to share macroeconomic data with the International Monetary Fund (IMF) to avoid penalties including possible exclusion from the IMF. The Central Bank…
Damilola Shittu – Abuja The much-awaited clean-up of the Ogoniland in Rivers State will commence fully by the end of this month, the Federal Government said on Wednesday. The government, through the Nigerian National Petroleum Corporation (NNPC), and multi-national oil companies have mobilised $180million for the exercise. A total of 21 contractors picked for the…
By Energy Worth Online The Senate on Wednesday said it again uncovered illegal multiple withdrawals of $1.151 billion from the dividends accounts of the Nigeria Liquefied Natural Gas (NLNG) by the Nigeria National Petroleum Corporation (NNPC). This is apart from the $1.05 billion NNPC Group Managing Director Maikanti Baru earlier admitted to. The investigative committee,…
By Oke Peter Climate change experts have called for the establishment of ‘Eco Innovation Fair’ aimed at generating supports and ideas that will help in tackling climate change in Nigeria. The call was made at the 2018 Pre-Conference of Parties Dialogue (PRE-COP24) organised by the Centre for Agriculture and Climate Change (CACC) and the United…
“Other countries that achieve steady electricity supply did not do any magic but through consistent implementation of energy policies…” Former Minister of Power, Professor Barth Nnaji, has urged government and stakeholders in the energy sector to be consistent in implementing energy policies to enable the country to achieve steady electricity. Professor Nnaji said this at…
By Tsvetana Paraskova Nigeria will raise its crude oil production to 1.8 million bpd in 2019 from around 1.6 million bpd currently, the head of the Nigerian National Petroleum Corporation (NNPC) told Reuters on Tuesday. The African OPEC member also aims to increase its production of condensate—a type of ultra light oil—to 500,000 bpd…
Nigeria’s 3, 050 Megawatts Mambilla Power Plant will cost US$5.72 billion, the minister of Power, Works and Housing, Mr. Babatunde Fashola has said. He said arrangements were at an advanced stage to secure the funds from the Chinese government in the form of loans. The News Agency of Nigeria (NAN) has reported. Fashola said at…
By Tsvetana Paraskova Nigeria is looking for the extradition of former oil minister and the first female president of OPEC from the UK to face trial in her home country, because a corruption investigation in Britain is taking too long, the head of Nigeria’s Economic and Financial Crimes Commission (EFCC) said on Monday. Diezani Alison-Madueke…
Investigation has revealed that the total electricity generation in the country has remained below 4,000 megawatts in recent months as low load demand by distribution companies tops the list of factors causing idle capacity in power stations. Data obtained from the Ministry of Power, Works and Housing on Monday showed that 2002.8MW was unused as…
