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Oil rises as expected extension of OPEC cuts counters rising US supplies

Oil markets edged up on Thursday as expectations that OPEC will extend production cuts at a meeting at the end of this month outweighed rising U.S. crude production and inventories. Brent crude futures, the international benchmark for oil prices, were...

Axxela eyes capex of $147m for gas infrastructure devt, others

*Explains name change Axxela Limited, formerly Oando Gas and Power, has made a capital expenditure projection of about $147 million to develop its gas supply infrastructures in Lagos and Port Harcourt, Rivers State as well as the development of the...

NLPGA, investors discuss $10b LPG investment opportunities

*Advocate national LPG policy to unlock growth The Nigerian Liquefied Petroleum Gas Association (NLPGA), investors and stakeholders in the liquefied petroleum gas (LPG) industry have discussed on how to tap into the over $10billion investment opportunities that would be unlocked...

NNPC reviews Corporate Governance to prevent fraud

The management of the Nigerian National Petroleum Corporation (NNPC) is executing a major restructuring of its corporate governance framework to engender an accountable and fraud repellent system cross its value chain. Declaring open the 2017 Fraud Awareness Week at the...

Savannah Petroleum eyes 63% interest in Seven Energy

Savannah Petroleum PLC on Wednesday said it has entered a lock up agreement regarding the acquisition of Nigerian oil and gas assets of Seven Energy International Limited. The transaction will see Savannah take a 40 per cent interest in the...

IPMAN lauds FG‘s commencement of oil exploration in 5 states

The Independent Petroleum Marketers Association of Nigeria (IPMAN) in Kano State has commended the Federal Government for starting oil exploration in Sokoto, Benue, Borno, Bauchi and Nasarawa States. The IPMAN chairman in the state, Alhaji Bashir Dan-Malam, made the commendation...

Oil exploration in North East, for good of the country, says Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said oil exploration in the North East is for the good of the nation. He said this during the “Overview of 2018 Budget Proposal” on Tuesday in Abuja. He...

Four Gulf of Mexico oil platforms shut after Enchilada fire – Shell

Royal Dutch Shell said on Tuesday that production at four oil platforms in the Gulf of Mexico has been shut in the wake of a November 8 fire at its Enchilada platform. “Production is shut in at the Shell- operated...

ExxonMobil passionate about local content development – McGrath

*Nigeria Contractors access over $113m from Finance Scheme The Chairman, ExxonMobil Nigeria Unlimited, Mr. Paul McGrath, has thrown his weight behind local content development in Nigeria, saying ExxonMobil was passionate about local content development. McGrath gave the assurance on behalf of...

UN aviation agency recommends weaker rules for biofuels

The United Nations’ aviation agency has recommended scaling back criteria for biofuels used on international flights as part of a compromise with developing countries, who felt the rules would be too stringent, sources said. Aviation biofuels, now produced in small...

Mambilla hydro power: FG signs agreement with JV partners

The Federal Government on Friday signed an agreement with three Joint Venture (JV) partners to begin the processes of executing   3,050 megawatts (Mw) Mambilla hydroelectric power plant in Taraba State. The agreement, which comprised three Chinese companies would usher the...

Bloomberg gives $50 million to aid shift from coal worldwide

Former New York mayor and billionaire Michael Bloomberg is donating 50 million dollars to help nations around the world shift from coal to combat pollution and climate change, expanding his funding outside the United States. The project would start in...

Alleged missing $350m: Before perception becomes reality, by Fashola

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, SAN, has clarified issues on the alleged missing $350million from the $1billion Eurobond facility taken in 2013. In his explanation entitled, ‘Before perception becomes reality,’ Fashola said: “I feel compelled...

Shell supports Bayelsa youths with N12m start-up capital

The Shell Petroleum Development Company (SPDC) on Thursday presented a business support grant of N12 million to 30 participants of its youth entrepreneurship scheme. Speaking at the graduation ceremony in Yenagoa,Bayelsa State, Mr.IgoWeli, General Manager, External Relations, SPDC, said the...

Passage of PIB in 2017, not realistic – Alasoadura

The Chairman, Senate Committee on Petroleum Resources (Upstream), Senator Tayo Alasoadura,has said the passage of the long awaited Petroleum Industry Bill (PIB) into law this year might not be feasible. Alasoadura attributed the likelihood of non-passing the bill by the...

 OVH Energy’s new Midstream Jetty to save Nigeria N43b yearly – Tinubu

The Chairman, OVH Energy, a subsidiary of Oando Plc, Mr. Wale Tinubu, on Tuesday said the newly acquired Midstream Jetty will save the country over N43billion yearly. Tinubu stated this during the launching of the Lagos Midstream by the company...

NERC presents eligible customer regulation to Fashola

*Minister urges speedy work on meter regulation The Minister of Power Works and Housing, Mr. Babatunde Fashola SAN, has received the regulations guiding the Eligible Customer policy in the electricity sector with an appeal to members of the public...

Nigeria supports OPEC cut extension if terms are right, says Kachikwu

Nigeria supports an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 “as long as the right terms are on the table” regarding its own participation, the Minister of...

Taraba lauds FG on 3,050mw Mambilla Hydro-Power

 Taraba State Governor, Gov. Darius Ishakuhas lauded President Muhammadu Buhari for ensuring the commencement of work on the 3,050 megawatts Mambilla Hydro Electric Power Plant at Gembu in Taraba. The governor made the commendation on Monday after a closed door...

Oil: ‘Deepwater projects contribute $90b revenue to Nigeria’

Deepwater projects in Nigeria’s oil and gas industry have contributed about $90 billion revenue to the Federal Government’s coffer as at end of 2016, the Managing Director, Total Exploration and Production Nigeria Limited, Nicholas Terraz, has said. Terraz stated this...

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Buhari’s achievements laudable in spite inheriting empty purse

The Minister of Information and Culture, Alhaji Lai Mohammed said President Muhammadu Buhari’s administration recorded laudable achievements, in spite of terrible economic downturn and...