Dangote targeting Cameroon for energy sector expansion
Onome Amuge
June 30, 2021
Aliko Dangote, founder and chief executive officer of Dangote Group, West Africa’s largest conglomerate, has registered his interest in diversifying his group’s investments in the energy sector of Cameroon. The Nigerian billionaire and wealthiest African, while disclosing his diversification ambition in the Central African country, following a recent meeting with Paul Biya, the Cameroonian president, […]
Oil loses bullish direction over Delta covid-19 scare
Onome AmugeJune 30, 2021
Oil prices which had in previous weeks trod on a bullish platform, plunged for a second day on Tuesday following concerns over dwindled demand as outbreaks of the highly contagious variant of the covid-19 virus known as the Delta variant fuelled new mobility restrictions around the world. Brent crude futures were down 26 cents (0.4 […]
Meter producers seek access to forex for business survival
Onome AmugeJune 24, 2021
Nigerian meter manufacturers under the auspices of Meter Asset Providers (MAP) have emphasised the need for the Central Bank of Nigeria (CBN) to facilitate access to foreign exchange to enable progressive continuity of their businesses. The manufacturers, who aired their demand in a communique issued at the end of a recent meeting in Lagos, said […]
Nigeria’s electricity deficit: Experts see solution in full privatisation of power sector
Ben EguzozieJune 22, 2021
DisCos report inefficiency 50%, above global best practice’s 15% Inefficiencies, tariff irregularity affect electricity payment chain Cumulative tariff collection shortfalls 2015–19 hit N1,678trn; with 2019 alone N524bn 500,000 to 800,000 households need to be connected yearly to achieve universal electricity access Experts knowledgeable within the electricity production, distribution and management value chain say that full […]
Nigeria flags off construction of its $7bn NLNG Train 7 project
Ben EguzozieJune 16, 2021
To increase gas liquefaction capacity by 35% to 30 MTPA Buhari asks NLNG management to move up quickly to Train 8 Nigeria, Africa’s top oil producer, began early positive steps to realizing gas liquefaction effort with the flag-off the construction of its Nigeria LNG Limited’s (NLNG) Train 7 project with the groundbreaking by […]
Nigeria’s proven gas reserve climbs to 206.53tcf, says DPR
Onome AmugeJune 10, 2021
By Onome Amuge Nigeria’s proven natural gas reserve stood at 206.53 trillion cubic feet (tcf) as at January 1, 2021, the Department of Petroleum Resources (DPR) has stated. Sarki Auwalu, DPR director, who made the disclosure in Abuja during the 2021 Nigeria International Petroleum Summit, explained that associated gas recorded 100.73tcf and non associated […]
Oil prices fall as demand fails expectation test
Onome AmugeJune 10, 2021
By Onome Amuge Crude oil prices fell on Thursday after data by the Energy Information Administration (EIA) showed an inventory plunge of 5.2 million barrels for the week in the United States. This, market watchers said, indicated a weaker-than-expected fuel demand in the world’s top oil consuming nation. Brent crude oil futures shed 0.5 […]
NNPC follows in footsteps of Saudi Aramco in refining capacity acquisition
Ben EguzozieJune 4, 2021
Dangote, BUA, Waltersmith, others to shed off equity stakes Oil industry structure shifts from supply tightness to supply surplus NNPC has begun following in the footsteps of successful National Oil Companies (NOCs) across the world in acquiring stakes in refineries outside their boundaries. Specifically, Saudi Arabia’s Saudi Aramco has been buying up stakes in […]
Nigeria’s revenue under threat as India cuts oil import by $39.5bn
Wale AmeenMay 11, 2021
Wale Ameen Online Editor Nigeria’s oil revenue may be up for some potential threat as the country has been hit by a reduction in the demand of its crude oil following a reduction of importation by India. India which is Nigeria’s largest crude oil importer is said to have reduced its imports […]
Nigeria’s exact crude oil production volume unknown – NEITI
Arakunle KayodeApril 16, 2021
Arakunle Kayode According to the Nigeria Extractive Industries Transparency Initiative, no one knows the exact volume of crude oil generated in Nigeria, especially in deep offshore fields. Orji Ogbonnaya-Orji, NEITI’s Executive Secretary, revealed this during a courtesy call on Mansur Liman, Director-General of the Federal Radio Corporation of Nigeria, in Abuja. He said this […]