Oil and Gas

Gains in energy shares helped Wall Street’s main indexes snap two days of weakness and trade higher on Thursday, with hopes of an interest rate cut adding to the upbeat sentiment. Crude prices rose as much as 4%, a day after hitting five-month lows, after a suspected attack on two tankers in the Gulf of […]

As the nation’s power sector remains in crisis mode, the Presidency has met with electricity distribution companies in a bid to resolve some of the issues affecting the electricity supply industry, our correspondent has learnt. It was gathered that the chief of staff to the president,  Abba Kyari, had a meeting with the Discos last […]

Electricity Generating Companies (GenCos) comprising gas-fired and hydro stations released an average of 3, 919 MegaWatts (MW) of power into the national grid on Monday, a daily energy report has said. The report, which was compiled by the Advisory Power Team, Office of the Vice President, was made available to newsmen in Abuja. It said […]

Vice-president Yemi Osinbajo is to commission a cooking gas manufacturing plant in Lagos on June 7. The plant is the biggest of its type in West Africa.  The chief executive officer of Techno Oil Group,  Nkechi Obi, told reporters in Lagos on Tuesday that the building of the plant commenced in 2015. She said that […]

The Senate on Thursday flayed the payment of N11tn to oil marketers as subsidy in the last six years, stressing that the development, if not halted, could kill the nation’s economy. The upper chamber took the decision while considering the report of its committee on the downstream petroleum sector. The chairman of the committee, Kabir […]

EM-ONE Energy Solutions has signed a contract with the Federal Ministry of Power, Works and Housing to design and install a 1.52 megawatts solar plant with a battery storage capacity of 2.26 megawatt-hours. The solar power plant will be mounted on carport and rooftop canopies and will generate 2.45 gigawatt-hours of energy annually, reducing the […]

223 local and foreign companies on Tuesday offered to sell and purchase natural gas liquids in domestic and export market. The Nigerian National Petroleum Corporation, group managing director, Maikanti Baru, who was represented by the chief operating officer, Gas and Power, Saidu Mohammed presided over the bid opening ceremony in Abuja. The exercise was monitored […]

Oil prices edged up weekend as tightened global supplies overshadowed trade tensions stoked by a U.S. move to hike tariffs on Chinese goods. Prices were set to fall over the week, but gained in the session as investors believed a U.S.-China trade deal could still be reached and supply cuts worldwide continued to buoy prices, […]

The United States refineries have upped their imports of Iraqi, Nigerian, Brazilian, and Angolan crude oil, with May volumes, double that of April levels, data from Refinitiv Eikon has shown. Oil imports from Nigeria and other countries to the United States spiked as oil supply from Iran and Venezuela dried up, and as reduced OPEC […]