Category: Oil & Gas

Nigeria’s Oil Revenue Sinks to N945bn, 4-Month Low Despite High Price

ADEOLA YUSUF

CBN gives breakdown of Nigeria’s low crude earnings last experienced since January, 2022, at a time Saudi Arabia is earning $1 billion daily from oil   The Central Bank of Nigeria (CBN) has revealed that federal government earnings from oil sales dropped to a four-month low. CBN stated this in its latest monthly economic report for January 2022. This is worrisome despite of higher oil prices than projected in the 2022 budget. According to the CBN data, Nigeria made N945 billion in January, this is 7.8 per cent less than…

Read More

BREAKING: Oil Price Skyrockets To $122 Per Barrel

ADEOLA YUSUF

Here is how hike in oil price by Saudi Arabia for July loading eclipsed OPEC+ deal Oil prices, on Monday, hit an intraday high of $121.95 per barrel after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply. Brent crude firmed 32 cents, or 0.3%, to $120.04 a barrel at 0858 GMT after touching an intraday high of $121.95. U.S. West Texas Intermediate (WTI) crude futures were up 40 cents, or 0.3%, at $119.27 a barrel after…

Read More

Nigeria Tops 20 Nations With Poorest Electricity Access Globally

Gbenga Adeoti

How 92 million Nigerians with no access to grid electricity earned country number one spot from below   Nigeria, ‘the giant of Africa’ has been classified as the leader of 20 top Countries with the largest ‘Electricity Access Deficit’ in the world with 92 million people unserved Platforms  Africa reports that the World Bank stated this in a report titled: “The slowing progress on access to electricity: The Energy Progress Report.” The report identified Nigeria as top on the ladder of 20 countries with the largest access deficits were home…

Read More

Lekoil Nigeria Asks Court to Sanction Savannah Energy for Contempt

Efe Wellington

Lekoil Nigeria Limited has asked the court to punish Savannah Energy for contempt of court for proceeding with the Extraordinary General Meeting held on Thursday, April 7, 2022 despite an injunction issued by the court nand or encouraging the general public to discountenance the ‘BOUGHT’ court injunction. Platforms Africa reports that Wole Olanipekun (SAN), appeared for Lekoil Nigeria Limited in the application filed by the company against Savannah Energy Plc, a subsidiary of Savannah Energy Plc at the Federal High Court of Nigeria in Lagos, on June 1, 2022. Lekoil…

Read More

OPEC Raises Nigeria’s Oil Quota to 1.799 m Barrels Per Day

Ganiyu Amodu

The Organisation of Petroleum Exporting Countries (OPEC) has increased Nigeria crude oil quota from 1.772million barrels per day for June 2022 to 1.799million barrels per day in July 2022. According to the world’s oil supply governing body, the raise was by 27,000 barrels, translating to 3.4% increase in the month of July. The cartel disclosed the news in its press statement on its 29th OPEC and non-OPEC Ministerial Meeting was held via videoconference on Thursday. In the statement, OPEC also approved the highest production volume of 10.833million barrels per day…

Read More

NAPE Calls For Caution As Caritas Varsity’s Borehole Gas Fire Hits Day 9

ADEOLA YUSUF

  Here is what 12,000 Nigerian Petroleum Explorationists said on the natural gas flare inside a borehole in the University located in Enugu state, Southeast Nigeria, through the NAPE President; Dr. James Edet (Full Speech)   CARITAS UNIVERSITY, ENUGU STATE GAS FLARE: NAPE CALLS FOR CAUTION The Nigerian Association of Petroleum Explorationists (NAPE) has seen reports and videos making the rounds on social media and other print media on the recent gas leak and inferno which engulfed a water borehole site within Caritas University at Amorji Nike (about 3km from…

Read More

Buhari, NNPC CEO Showcase Oil, Gas Investment Opportunities in Spain

ADEOLA YUSUF

CEO/GMD NNPC Ltd, Mallam Mele Kyari has reiterated his commitment to sustain the strategic energy partnership between Nigeria and Spain. Mallam Kyari disclosed this while addressing Nigerian and Spanish business leaders on investment opportunities in the Nigerian Oil and Gas Industry, in Madrid, Spain, on the sidelines of President Muhammadu Buhari’s state visit to Spain, Wednesday. President Buhari had earlier met with the Spanish President, Pedro Sanchez, King of Spain, His Majesty, King Filipe VI, and gave a speech at the headquarters of the World Tourism Organization, WTO, in Madrid.…

Read More

Illegal Oil Refinery, Storage Site Uncovered in Lagos

Abibat Babalola

The Nigeria Security and Civil Defence Corps,NSCDC has uncovered an illegal oil storage site used by vandals to refine Automotive Gas Oil, AGO, also known as diesel, in Lagos. Consequently, 19 suspected members of the syndicate ,among who was a female, were arrested. Eighty one (81) trucks used to convey the products to different parts of the South West region were recovered, including nine buses. In addition, 140 drums containing illegally refined AGO, 15 power generating sets ,12 pumping machines, 25 surface tanks N4 million cash kept in one of…

Read More

Nigeria’s Petrol Subsidy To Hit N6trn by December, IMF Warns

Ganiyu Amodu

The International Monetary Fund, IMF, said yesterday that Nigeria’s subsidy bill would hit N6 trillion by end of this year. IMF also disclosed that it had given Nigeria $6. 8 billion facilities between 2020, in the wake of the COVID-19 pandemic, and now. Resident Representative of the Fund for Nigeria, Mr. Ari Aisen, who disclosed this while presenting the latest Sub-Saharan Africa Regional Economic Outlook in Abuja, said at the currently monthly subsidy bill of N500 billion, it would sum up to N6 trillion by end of year. READ ALSO…

Read More

NCDMB lauds Temile/Hyundai deal to Build 23,000 cubic LPG Vessel

Abibat Babalola

The Nigerian Content Development and Monitoring Board (NCDMB) on Wednesday congratulated an indigenous shipping company, Temile Development Company on the contract signing agreement with Hyundai Mipo Dockyard (HMD) for the construction of a new 23,000 cubic meters Liquefied Petroleum Gas Carrier Vessel. The indigenous company also signed a separate agreement with NSML – an integrated maritime services subsidiary of Nigeria LNG Limited for the construction supervision of the vessel. The LPG carrier vessel is the second that is being constructed by the Temile Development Company and is a sequel to…

Read More