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Category: Energy

Angola Announces Exit From OPEC

Angola Announces Exit From OPEC

Angola on Thursday announced its exit from Organization of the Petroleum Exporting Countries (OPEC) over disagreements on oil production quotas, state-run media reported. The Oil Minister, Diamantino Pedro Azevedo while speaking to state broadcaster TPA…

Analysts expect inflation to rise further

Analysts expect inflation to rise further

` Citing Nigeria’s declining external reserves, high exchange rate and costly food distribution, analysts at Comercio Partners Research, have predicted that the country’s inflation will keep heading north in the coming months. Reacting to the…

Joe Biden Supports Ethanol Industry For SAF Project

Joe Biden Supports Ethanol Industry For SAF Project

The United States President, Joe Biden administration on Friday said it will recognize a methodology favoured by the ethanol industry in guidance to companies looking to claim tax credits for Sustainable Aviation Fuel (SAF). This…

FG shops for N35bn to revive Ajaokuta Steel Complex

FG shops for N35bn to revive Ajaokuta Steel Complex

The Minister of Steel Development, Shuaibu Audu, has said that Nigerian needs N35 billion funding from financial institutions to revive the comatose Ajaokuta Steel Company Limited. This is according to a statement by the ministry’s…

Oil Prices Surge As U.S Jobs Increases

Oil Prices Surge As U.S Jobs Increases

The United States oil prices rose from a near six-month low in early trade on Wall Street on Friday, as investors measured how stronger-than-expected jobs figures could factor into demand in the world’s largest crude…

Tanker Drivers Accuses NUPENG Of ‘Coercing’ Members To support Faction

Tanker Drivers Accuses NUPENG Of ‘Coercing’ Members To support Faction

The union of the Petroleum Tanker Drivers (PTD), an arm of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has accused NUPENG’s leadership of “coercing and intimidating” its members into pledging loyalty to…

COP28: NNPCL Signs Two Gas Deals

COP28: NNPCL Signs Two Gas Deals

In light of the ongoing Federal Government economic drive, the Nigerian National Petroleum Company (NNPCL) Limited has announced the signing of two gas deals at the ongoing COP28 climate change summit in Dubai, United Arab Emirates…

Port Harcourt Refinery To Commence Production December

Port Harcourt Refinery To Commence Production December

Ibrahim Onoja, the Managing Director of the Port Harcourt Refining Company (PHRC) has assured Nigerians that the Port-Harcourt Refinery will commence operations this December despite pessimism expressed by many Nigerians. Speaking on a Television programme…

Modular Refineries To Commence Operations Soon – Wabote

Modular Refineries To Commence Operations Soon – Wabote

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote has commended the effort of modular refineries in the country. Speaking at the 12th edition of the Practical Nigerian Content Forum, Wabote…

2024: NNPCL To Start Pricing Crude Supplies Against Dated Brent

2024: NNPCL To Start Pricing Crude Supplies Against Dated Brent

The Nigerian National Petroleum Company Limited (NNPCL) will start pricing crude supplies against dated Brent crude in 2024, a step traders said may make handling the nation’s barrels more risky. A company circular quoted by…