Oil coys proritising asset management as competition edges up, says GlobalData
Businessam StaffNovember 25, 2019
By Samson Echenim
Power supply: FG to review ownership of Discos
Businessam StaffNovember 21, 2019
The National Economic Council has revolved to review the status of the ownership structure of the power Distribution Companies in the country. The decision was taken at Thursday’s meeting of the council, which was presided over by Vice-President Yemi. The review will be done by an ad hoc committee chaired by the Governor of Kaduna […]
Oil prices fall below $62pb over lingering trade war
Businessam StaffNovember 20, 2019
Kenneth Afor
OPEC, allies face ‘major challenge’ from competitors’ surging output- IEA
Businessam StaffNovember 15, 2019
The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group’s policy meeting next month. “The OPEC+ countries face a major challenge in 2020 as demand for their crude is expected to fall sharply,” the Paris-based agency […]
Why we suspend the supply of fuel to neighbouring countries – Customs CG
Businessam StaffNovember 13, 2019
Hameed Ali, the comptroller-general of Customs, on Tuesday said that the decision to suspend the supply of petrol to communities at the border was taken to check the smuggling of the product. Ali said this at the 2020 budget defence before the House of Representatives committee on Customs. The Customs boss said majority of the […]
Ex-NNPC top officials, firm under probe over N8.1b Bonga oil field judgment
Businessam StaffNovember 12, 2019
SIX former top officials of the Nigerian National Petroleum Corporation (NNPC) are under investigation for their involvement in the award of a contract which led to $22,630,000 (about N8,146,800,000) judgment-debt against the corporation. Some officials of the National Petroleum Investment Management Services (NAPIMS) have also been invited for questioning. It was learnt that a Senior […]
Senate to review gas flaring penalties, urges govt on gas production
Businessam StaffNovember 6, 2019
Tola Akinmutimi The Senate on Wednesday mandated its committee on gas to review upwards and recommend immediately penalties for defaulters of Nigeria’s gas flaring laws. The upper chamber reached the resolution after consideration of a motion titled ‘The need to monitor the Nigerian Flare Commercialization Programme towards ending Gas Flaring by 2020’ The legislature thereby […]
Oil prices fall as crude build-up offsets hopes for U.S.-China trade talks
Businessam StaffNovember 6, 2019
Oil prices fell on Wednesday, pulled down by a larger-than-expected build-up in U.S. crude stocks, after gaining for three straight sessions on expectations of an easing in U.S.-China trade tensions. Brent crude futures LCOc1 were at 62.60 dollars a barrel by 0330 GMT, down 36 cents, or 0.6 percent. Brent settled up 1.3 percent on […]
Licence cancellation: FG gives Discos December 7 deadline
Businessam Staff, Mudashir TundeNovember 6, 2019
By Moses Obajemu Power distribution companies have till December 7 to submit their written responses providing reasons why their licences should not be cancelled, the Nigerian Electricity Regulatory Commission declared on Tuesday. In an updated document on the notice of hearing on the petitions by Discos on the minor review and minimum remittance order […]
Oil demand to fall in Western Countries, but not in India, China – OPEC
Busines StaffNovember 5, 2019
Oil demand in highly industrialised countries will shift from slight growth to a decline after 2020, while India and China will ensure that global oil consumption will grow over the next decades, an official said. This is according to an annual market outlook that the Organisation of the Petroleum Exporting Countries (OPEC) presented in Vienna on Tuesday. […]