By Tsvetana Paraskova OPEC and its Russia-led non-OPEC allies are struggling to fully deliver on the oil production increase of 1 million bpd promised in June, Reuters reported on Friday, quoting an internal OPEC document that it has seen. OPEC and allies agreed in June to relax compliance rates with the cuts to 100 percent…
The management of National Oracle Magazine has withdrawn a suits it filled against a foremost indigenous crude oil exploration company, the Aiteo group, where it compelled some government agencies to disclose all information and documents pertaining the business activities of the organisation. Leadership newspaper has reported. The media house, had sought an Order of Mandamus…
By Vanand Meliksetian Former Vice-President of the United States Dick Cheney once said: “the good lord didn’t see fit to put oil and gas only where there are democratically elected states… Occasionally we have to operate in places where, all considered, one would not normally choose to go. But we go where the business is.”…
By Nick Cunningham China’s stock market fell sharply on Thursday, dragged down by a range of concerns that should offer a warning to the broader global economy. The Shanghai Composite Index fell nearly 3 percent on Thursday, falling to its lowest point in nearly four years. The problems in China are dragging down markets across…
By Oke Peter The Minister of Power, Works and Housing, Mr Babatunde Fashola, has said electricity supply in the country is improving slowly and that power problems cannot be solved by magic. Total power generation stood at 3,729 megawatts as of 6am on Wednesday, according to latest data obtained by our correspondent from the ministry….
The Bauchi State governor, Mohammed Abubakar, has unveiled that the Excess Crude Account hit $2.09 billion as at October 16. The News Agency of Nigeria (NAN) has reported. Abubakar told journalists on Thursday after the National Economic Council (NEC) meeting which held in Abuja. He explained that the Minister of Finance, Zainab Ahmed, gave the…
President Muhammadu Buhari says the Federal government will support the N1.5 billion Digital Library and Event Center project of the Petroleum and Gas Senior Staff Association of Nigeria (PENGASSAN). The president gave the assurance at the 40th Anniversary of PENGASSAN in Abuja, on Thursday. He was represented by the Minister of state for Petroleum Resources,…
Abiola Esther – Lagos The Minister of Power, Works and Housing, Mr Babatunde Fashola, on Thursday said that additional 945 megawatts of electricity would be added to the national grid before the end of the year. Fashola said this at the Nigeria-South Africa Chamber of Commerce breakfast business meeting in Lagos themed: “Power Sector and…
The Nigerian National Petroleum Corporation (NNPC) yesterday, denies culpability in the pipeline fire incident that occurred last week in Umuaduru and Umuimo communities in Osisioma Ngwa Local Government Area of Abia State. The NNPC, in a statement by its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said the incident was not as…
THE prosecution in the trial of former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) Andrew Yakubu closed its case yesterday after calling seven witnesses. Yakubu is being tried before a Federal High Court in Abuja on a six-count charge brought against him by the Economic and Financial Crimes Commission (EFCC). According…
