The Board of Directors of the African Development Bank Group have approved a Naira investment equivalent to $10 million in Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF). According to a statement released this week, this investment aims to meet the country’s infrastructure investment needs, including in the power and energy infrastructure sectors. NIDF is…
Damilola Shittu – Abuja Three oil producing states of the Niger Delta, on Wednesday, got a landmark judgment at the Supreme Court of Nigeria against the multinational oil firms operating in the country. The three states namely Rivers, Bayelsa and Akwa Ibom, had approached the Supreme Court for interpretation of Section 16(1) of the Deep…
The Senate has mandated its committees on Petroleum Downstream and Police Affairs to probe alleged role of security operatives in the pipeline explosion in Abia State, where 150 villagers were allegedly killed. The News Agency of Nigeria (NAN) has reported. This followed a motion by Senator Theodore Orji (PDP-Abia) at plenary on Wednesday. Orji lamented…
The Senate has mandated its committees on Petroleum Downstream and Police Affairs to probe alleged role of security operatives in the pipeline explosion in Abia State, where 150 villagers were allegedly killed. The News Agency of Nigeria (NAN) has reported. This followed a motion by Senator Theodore Orji (PDP-Abia) at plenary on Wednesday. Orji lamented…
The Minister of State for Petroleum Resources Dr Ibe Kachikwu, has commended the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) for their contribution on the Petroleum Industry Bill (PIB). According to the News Agency of Nigeria (NAN), Kachikwu gave the commendation at the Department of Petroleum Resources (DPR) PENGASSAN branch 5th Triennial…
Posers would continue to be raised on what Nigeria has benefitted from privatisation of its power sector. Recall the purpose of privatisation was aimed at confronting various problems obstructing the sector’s development. These include limited access to power, poor generation and usage of power capacity, contradictory roles and responsibilities between government and holding companies, among…
By Julianne Geiger The American Petroleum Institute (API) reported a surprise draw of 2.13 million barrels of United States crude oil inventories for the week ending October 12, compared to analyst expectations that this week would see a build in crude oil inventories of 2.167 million barrels. Last week, the American Petroleum Institute (API) reported…
By Javier Blas For 45 years, it’s been considered out of bounds for Saudi Arabia. But suddenly, Riyadh made what many read as a veiled threat to use the kingdom’s oil wealth as a political weapon — something unheard of since the 1973 Arab embargo that triggered the first oil crisis. Saudi Arabia, the world’s…
The Nigerian National Petroleum Corporation (NNPC) has denied claims that it has in its custody 3.5 billion dollars Subsidy fund. NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, disclosed this in a statement in Abuja on Tuesday. He explained that at the hit of the shortage of products supply at the close…
By Oke Peter Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote says the planned 7 billion dollar Nigeria Liquefied Natural Gas (NLNG) Limited Train 7 plant will be done in-country by mostly Nigerian companies. Wabote disclosed this at a public workshop to discuss opportunities for the Nigerian content aspect of the…
