A deep research into the unemployment rate in Nigeria which has reached a sky-high level reveals that incessant power failure was one of the major problems confronting the nation’s economy. This drift has led to the gradual collapse of manufacturing industries in Nigeria. It is worrisome that Nigeria has not had it so good in…
Damilola Shittu with Agency Report President of the Senate, Bukola Saraki, said the National Assembly will continue to mount necessary pressure to get presidential assent to the Petroleum Industry Governance Bill. Saraki spoke at a dinner organised as part of activities at the ongoing 24th Nigerian Economic Summit in Abuja on Monday. The News Agency…
By Energy WorthThe Ambassador of Norway to Nigeria, Jens-Petter Kjemprud, has expressed the readiness of his country to deepen its ties in Nigeria, especially in the oil and gas sector. Speaking at a stakeholder’s meeting to promote investment opportunities and incentives for Nigerian investors in Norway on Thursday, the diplomat advised the Federal Government to…
By Nick Cunningham Saudi Arabia and Russia could formalize a strategic partnership that would last indefinitely, potentially marking a new era for the oil market. In a wide-ranging interview with TASS, Saudi oil minister Khalid al-Falih said that he hopes to setup an official OPEC+ governing body, including a Secretariat, likely to be based in…
The Federal Government has commenced moves to deploy underutilised power assets to deliver incremental power to industrial centres and needy communities in the country by generating additional 4.2 gigawatts of power to the national grid in the next 12-18months. A statement by the Strategy and Communications Adviser to the Minister of Industry, Trade and Investment,…
By Oke Peter The Organised Private Sector (OPS) under the auspices of Lagos Chamber of Commerce and Industry (LCCI) said Dangote Oil Refining and Petrochemicals will transform the downstream oil sector of the petroleum industry. Beyond that, the group said the economic benefits of the oil refinery, when completed would have far reaching positive effects…
Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once U.S. sanctions against Iran’s crude exports are implemented next month. According to the News Agency of Nigeria (NAN), Benchma Brent crude oil futures LCOc1 were at $80.26 a barrel at 0646 GMT, up 48 cents, or…
The Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu on Wednesday in Abuja inaugurated the Nigerian Content Research and Development Council (NCRDC). The Council is expected to advise the Nigerian Content Development and Monitoring Board (NCDMB) on matters relating to Research, Development and Innovation strategy for the oil and gas industry. The council’s…
Total and CNOOC1 have signed an amendment to their existing sale and purchase agreement (SPA) for liquefied natural gas (LNG) supply to further strengthen their cooperation in the LNG business. The partners have increased the contract volume from 1 million tons per annum (Mtpa) to 1.5 Mtpa of LNG, sourced from Total’s global LNG portfolio,…
By Tsvetana Paraskova China wants to launch a world-first ‘man-made moon’ over the southwestern city of Chengdu by 2020 to help illuminate the city at night. If the first artificial moon experiment is successful, China will launch three more ‘moons’ in space in 2022, potentially saving electricity and conserving energy, China Daily reports. The man-made…
