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Oil prices jumped higher Thursday after OPEC+ countries allowed crude production to rise only slightly, while US stocks unwound over concerns about rising inflation despite the Federal Reserve’s attempt to allay fears. After a videoconference lasting less than three hours, the OPEC groups of oil producers and its allies decided to extend output cuts enacted at the pandemic’s outset into ...

Chief Executive Officer of Axxela Limited, Bolaji Osunsanya, has said the firm was enabling the development of industrial gas clusters to help boost economic development. He spoke at the commissioning of the new 18 kilometres gas pipeline in Ogun State. The 150 million standard cubic feet per day of gas (mmscfd) pipeline runs from Ibefun to Rite Foods Limited’s large-scale ...

………..by Ben Ndubuwa……. The Major Oil Marketers Association of Nigeria (MOMAN) has kicked against the proposal by the the Dangote Group, owners of the 650,000 barrels per day refinery suggesting the inclusion of a provision that in the Petroleum Industry Bill (PIB) that only companies that have active refining license should be allowed to import petroleum products. Chief Strategy Officer ...

Eight of the power plants on the national grid suffered gas constraints on Wednesday amid concerns by gas producers over unpaid invoices in the Nigerian electricity supply industry. A total of 1,029.80 megawatts of generation capacity was idle as of 6am on Wednesday as a result of gas constraints. The nation’s total unutilised electricity generation capacity stood at 2,119.8MW as ...

The Senate Committee on Public Accounts, on Wednesday, summoned the Nigerian National Petroleum Corporation (NNPC) over alleged payment of N443 billion as subsidy without appropriation. The invitation by the Committee followed an audit query issued on the issue contained in the 2016 report of the Auditor-General of the Federation, being considered by the Committee. The query reads: “During the examination ...

Key Senior Executives across the oil and gas industry will converge at the Transcorp Hilton, Abuja on 29 March 2021 under the auspices of Nigeria’s Ministry of Petroleum Resources’ Nigeria International Petroleum Summit (N.I.P.S) for a hybrid conference and high-level networking session. The event, which is a pre-summit conference of the 2021 NIPS, with Nigeria LNG Limited (NLNG) as sponsors, ...

……..customers buy meter MAP…….. Nigeria Electricity Regulatory Commission (NERC)has said that electricity customers who could not wait for deployment schedule of meter under the National Mass Metering Programme, NMMP can buy meters under the Meter Assets Provider (MAP) The regulatory agency, said customers in this category shall continue to have the option of making upfront payments for meters which will ...

Nigeria’s power sector is set for a boost, following the development of the Ashama 200 megawatts solar PV power plant by B&S Power Holding Pte, a Singapore-based renewable energy corporation. The Ashama 200 MW Solar PV Power Plant, located in Aniocha, Delta State, is the largest solar energy project in West Africa. Speaking during a media chat and project roadmap ...

Aliko Dangote, the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries, has seen his net worth decline by a whopping $1.20 billion in the month of February alone. Africa’s richest man whose wealth peaked at $18.4 billion this year, saw his wealth declined by $1.20 billion, to $16.6 billion from $17.8 billion recorded on the 31st of January 2021, ...

The Department of Petroleum Resources (DPR) has issued warning to marketers against hoarding of Petroleum products in their outlets. The Director/CEO DPR Sarki Auwalu gave this warning following the emergence of queues in retail outlets in some states of the federation. He stated that from available records, there is product sufficiency in the country and that there was no need ...