Tag: Oil

Oil, Gas Investments Won’t Make Africa a Net Contributor to Global Emissions – Veheijen

Abibat Babalola

The Nigerian government has reaffirmed its commitment to creating an enabling environment for hydrocarbon investments to address energy poverty, emphasizing that Africa is not a net contributor to global emissions. The Special Adviser to President Bola Ahmed Tinubu on Energy, Olu Verheijen, made this statement on Tuesday in Houston Texas, United States during a session at CERAWeek by S&P Global, themed “Policy and People: Pathways to a Just Transition.” The session, chaired by Vera Blei, Head of Market Report & Trading Solutions at S&P Global, featured key speakers including Scott…

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Oil, Gas Association’s Ex-Chairman Jailed

Abibat Babalola

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, November 18, 2024, convicted and sentenced Fatuyi Yemi Philips, Chairman, Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, to 21 years imprisonment for N43.5m fraud. The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on April 5, 2022, arraigned Philips alongside his firm, Oceanview Oil and Gas Limited, on a two-count charge bordering on obtaining money by false pretence to the tune of N43, 502,000.00 Count one reads: “Fatuyi Yemi Philips and…

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‘It’ll Be Total,’ Oil, Electricity Workers Vow To Join Strike

Ganiyu Amodu

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to comply with the directive of the two labour centres to begin an indefinite nationwide strike on Monday. Its General Secretary, Mr Afolabi Olawale, in a statement on Saturday, said the union was committed to ensuring total compliance with the directive. Recall that the Nigeria Labour Congress (NLC) and Trade Union Congress of Nigeria (TUC) declared an indefinite nationwide strike to begin on Monday, to express their grievances over the proposed new minimum wage. In a…

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Big Oil Executives Push Back Against Calls For Fast Energy Transition

ADEOLA YUSUF

Top oil executives took to the stage of a major energy conference on Monday to vocally oppose calls for a quick move away from fossil fuels, saying society would pay a steep cost to replace oil and gas. Big oil companies including BP and Equinor have written down renewable energy projects and others have been forced to push back their greenhouse gas reduction targets due to greater uncertainties with the transition to clean fuels. That and unexpected strong demand for oil has stiffened the industry’s opposition to government and activist…

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Oil, Gas Ministries’ Separation: A Masterstroke For Economic Growth, By Dr. Owolabi Ajibade

ADEOLA YUSUF

As a country, the management of our energy resources plays a crucial role in shaping our economic stability, environmental sustainability, and energy security. Nigeria, with its vast natural gas reserves estimated to exceed 208 trillion cubic feet (TCF), holds the potential to become a key player in the global natural gas market. Despite these abundant resources, Nigeria’s gas sector has been historically underexploited. Until recently, the responsibility for both oil and gas resources in Nigeria fell under the umbrella of the Ministry of Petroleum Resources. However, the Nigerian government has…

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Workers Shut Down Owerri Airport, Oil, Electricity Employees Down Tools

Precious Ibekwe

Also, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to “ensure total shutdown of all services of NUPENG members in Imo State.”   National Union of Air Transport Employees (NUATE) has announced the shutdown of Owerri airport over the attack by Imo State Government agents on members who were attending NLC state congress on Tuesday. The announcement by the union followed a directive by the national leadership of the NLC. Comrade Ocheme Aba, General Secretary of NUATE, in a letter dated March 8 informed…

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OPEC Throws Weights Behind Nigerian President, NASS on PIB

ADESUPO OSOSANYA

“Newly passed PIB will help guide the necessary reforms designed to strengthen institutions, solidify regulatory and fiscal frameworks and attract the much-needed investment in a sustainable manner.”   The Organisation of Petroleum Exporting Countries (OPEC) has supported the passage of Petroleum Industry Bill (PIB) by the Nigeria’s National Assembly. commending President Muhammadu Buhari and the lawmakers on the passage. OPEC Secretary-General, Dr Mohammad Barkindo, gave the commendation at the ongoing 20th Nigeria Oil and Gas Conference (NOG) in Abuja, on Tuesday.   READ ALSO: PIB: Analysts Up Oil Prosperity Forecast for Nigeria,…

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