Nigeria’s oil sector requires change to stem investor flight – global experts
Post AMUGE
August 5, 2024
Investor flight poses serious problem Côte d’Ivoire, Namibia, Congo, Angola attracting investments Deleterious regulatory environment, safety issues, vandalism chasing away investors Ben Eguzozie Experts knowledgeable in the global oil industry dynamics are advising Nigeria on the strategic and pragmatic measures it needs to adopt in order to stem the current divestment syndrome in its […]
Tinubu approves local currency crude oil sales to Dangote Refinery, local counterparts
Post AMUGEJuly 30, 2024
Business a.m. President Bola Tinubu has approved the sale of crude oil to indigenous refineries including Dangote Refinery in the nation’s local currency, the Naira. The crucial decision was revealed by Zacch Adedeji, the executive chairman of the Federal Inland Revenue Service (FIRS) and special adviser on revenue to the president, following the conclusion of […]
Dangote lauds NUPRC for publishing guidelines on domestic crude supply obligation
Post AMUGEJuly 17, 2024
…warns of rising local crude oil Prices as trading arms offer cargoes above official price Business a.m. Dangote Industries Limited (DIL) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its recent interventions in the company’s crude supply requests from International Oil Companies (IOCs). The Management of DIL also commended NUPRC for publishing […]
MOSOP, environmentalists welcome Tinubu’s appointment of new coordinator for HYPREP
BEN EGUZOZIEJuly 14, 2024
Ben Eguzozie The Movement for the Survival of Ogoni People (MOSOP), the main pressure group of the Ogonis, and other environmentalists have welcomed President Bola Tinubu’s appointment of Olufemi Adekanmbi as new coordinator of the Hydrocarbon Pollution Remediation Project (HYPREP), a body to supervise the clean-up and environmental remediation of Ogoniland and other oil-impacted […]
Nigeria’s oil production woes cast doubt on global market position
Post AMUGEJuly 10, 2024
Business a.m. The Nigerian oil industry is facing mounting criticism and pressure to address its underperforming production levels, which have consistently missed both budget benchmarks and Organization of the Petroleum Exporting Countries (OPEC) quotas. This,experts warn, is an indication that Nigeria is at risk of losing its footing as a major player in the global […]
Nigeria relaunches licensing round with 12 oil blocks
Post AMUGEMay 16, 2024
…Announces investment prospects, despite plummeting oil industry Ben Eguzozie Nigeria, seeking to accelerate upstream investment in its plummeting oil industry, relaunched licensing round, while also announcing available opportunities in the country. Launched earlier this month, Nigeria’s latest licensing round features 12 deep offshore and shallow water blocks oil blocks — including five blocks from […]
Oil edges higher as concerns over supply disruptions mount
Post AMUGEMarch 25, 2024
Business a.m. Tensions between Russia and Ukraine, and in the Middle East, led to a surge in oil prices on Monday, with Brent crude, the international benchmark, up by 1.2 per cent to $86.48 a barrel, while West Texas Intermediate, the U.S. benchmark, was also up by 1.4 per cent to $81.78 a barrel. As […]
Egoras unveils dual fuel tricycle
Business StaffNovember 30, 2023
Egoras Technology, a sustainable transportation solutions firm, has launched a gas-powered tricycle, Egoras Dual-Fuel Tricycle. The Chief Executive Officer of Egoras Technology, Ugoji Harry, said in a statement that the tricycle was designed to address the challenges posed by the recent subsidy removal. He noted that the tricycle offered a cost-effective solution for both urban […]
Evtec Energy plans 110 solar power plant for Tingo in Delta
Mike OchonmaMarch 1, 2023
BY MIKE OCHONMA Evtec Energy has signed a partnership with financial technology group MICT for a $150 million investment in Nigeria. Under the agreement, Evtec will build a 110 MWp solar photovoltaic (PV) plant to power a factory of Tingo Foods, MICT’s subsidiary in the country. The plant will provide clean energy to a […]
Ministers tell UK energy firms they must pass on price savings to customers
Businessam StaffFebruary 14, 2023
After a turbulent year of energy costs rising, ministers have warned energy firms that they must pass on the benefits of lower wholesale prices to consumers. Wholesale gas prices have fallen sharply in recent months, but this drop is yet to feed through into household bills because suppliers buy their energy months in advance. […]