Nigeria’s oil production woes cast doubt on global market position
Post AMUGE
July 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. […]
New NDDC board faces jury over genuine development for region
BEN EGUZOZIEJanuary 9, 2023
By BEN EGUZOZIE Wike pushes regional development approach Economists call for Marshall Plan approach As regional masterplan abandoned for years New board promising sweeping changes The jury is now out to see what changes the newly inaugurated board of the Niger Delta Development Commission (NDDC) will bring to bear on the much neglected oil producing […]
Airlines to pay $222bn extra for fuel in 2022 – IATA
Innocent ObasiDecember 13, 2022
By Innocent Obasi The International Air Transport Association (IATA) has said that airlines are spending additional $222 billion on fuel. This was disclosed by Kamil Alawadhi, regional vice president for Africa and the Middle East at IATA, while speaking at the African airlines association general assembly in 2022 on Monday. Alawadhi said that despite the oil […]
Nigeria’s oil output rises to 1.59 million bpd, says NUIMS
Innocent ObasiDecember 7, 2022
By Innocent Obasi The NNPC Upstream Investment Management Services (NUIMS) has disclosed that Nigeria’s oil production has risen to 1.59 million barrels per day. Bala Wunti, the chief upstream investment officer of NUIMS, stated this while speaking at the ongoing 11th Practical Nigerian Content forum in Uyo, the state capital of Akwa-Ibom state. Wunti said […]
NNPC seals gas pipeline agreement with Morocco,5 West African countries
Innocent ObasiDecember 6, 2022
By Innocent Obasi The Nigerian National Petroleum Company (NNPC) Limited has signed a Memorandum of Understanding (MoU) with Morocco and five West African countries to finalise the Nigeria-Morocco gas pipeline project (NMGP). This was disclosed in a statement signed by Garba Deen Muhammad, Chief Corporate Communications Officer of NNPC Ltd. The statement noted that the […]