By Alice Ekpang The Minister of Mines and Steel Development, Architect Olamilekan Adegbite, has said that the ministry has a target of increasing the mining sector’s contribution to the nation’s Gross Domestic Product, GDP, by 5% in 2025. Addressing newsmen in Abuja, Adegbite lamented that mining which contributed about 12 per cent of the country’s […]

 •Funds not effectively managed — Experts By Michael Eboh Despite the huge global crash in prices, Nigeria’s earnings from oil and gas in the first half of 2020, is N2.41 trillion just 8.7 per cent below the N2.63 trillion recorded in the corresponding period of 2019. This brings the country’s total earnings from this mainstay […]

After decades of embracing fossil fuels, Wall Street appears to be shifting its allegiance to renewable energy, a sharp turn apparent in the contrasting fortunes of NextEra Energy and ExxonMobil. Florida-based NextEra, a big player in wind and solar energy, has overtaken the global oil giant as the most valuable US energy company by market value. […]

By Michael Eboh Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, on Tuesday, stated that the deregulation of the downstream sector of the oil and gas industry in Nigeria will increase investment in the refining business and facilitate exponential growth in the nation’s refining capacity. In a statement in Abuja, […]

By Prince Okafor Shell Nigeria Gas (SNG) said it would continue to optimise its onshore footprint while investing in gas development in Nigeria. This came as the company commissioned an indigenous contractor, Gredor Nigeria Limited, to begin the construction of the gas pipeline infrastructure to deliver gas to the Nigeria Content Development and Monitoring Board […]

By Ediri Ejoh The Federal Government has been urged to deploy new strategy to unlock the potentials and maximize the use of the country’s available vast natural gas resources to improve the nation’s economy. Group Executive Director, Strategy, Capital Projects and Portfolio Development, Dangote Industries Limited (DIL), Mr. Devakumar Edwin said there was the need […]

By Prince Okafor The Nigerian Electricity Regulatory Commission (NERC) says the Federal Government spent N540 billion subsidizing electricity in 2019. The commission further stressed on the need to put an end to subsidy in the sector. NERC Vice-Chairman, Sanusi Garba, who spoke during an interview with TVC, stated that the amount spent on electricity subsidy […]

By Gabriel Ewepu The Minister of Mines and Steel Development, Mr Olamilekan Adegbite, has explained how Nigeria lost its place in the London Metal Exchange many years ago, blaming it on over-dependence on oil and gas. Adegbite made the disclosure while on tour of some media organizations in South West recently, where he said government […]

By Ediri Ejoh There are indications that Nigeria’s newest crude from Egina has emerged as one of the country’s flagship main export crudes in less than two years, as refiners prize its versatility and reliability, according to Platts. It would be recalled that the 200,000 barrels daily, b/d, Egina deepwater field came on stream in […]

By Michael Eboh The new Petroleum Industry Bill, 2020, currently before the National Assembly, is proposing the establishment of a specialized intervention mechanism, called the Midstream Gas Infrastructure Fund, to deepen gas usage in the country. According to the bill, the purpose of the Fund shall be to make equity investments of government-owned participating or […]

…Urges FG to hasten modular refineries project By Chioma Onuegbu – Uyo A Niger Delta group, under the aegis of Domestic Refinery Owners Association of Nigeria, DROAN, has raised the alarm over that some individuals and organisations are allegedly negotiating and encouraging illegal refiners to continue with the unwholesome business. National Chairman of DROAN, Mr […]

According to Investopedia, subsidy is a benefit given to an individual, business, or institution, usually by the government, and is usually in the form of a cash payment or a tax reduction.

By Emmanuel Elebeke The Federal Government says plans are on to diversify Nigeria’s energy supply needs to include renewable energy so as to accelerate socio-economic development of the country. The Minister of Science and Technology, Dr Ogbonnaya Onu, disclosed this when he declared open the forum on “Scaling-Up Interconnected Mini-Grids Development in Nigeria: Current Status, […]

By Ediri Ejoh The Nigeria Liquefied Petroleum Gas Association (NLPGA), has rejected moves by the Petroleum Product Pricing Regulatory Agency (PPPRA), to impose N2.5 billion Administrative Levy or ‘Administration Tax’ on LPG. In a message obtained by Vanguard, Executive Secretary, NLPGA, Mr Olakunle Oyebanjo, stated: “Earlier this year, following a 10-year battle by NLPGA, the […]

•Cleanup, remediation of 66 spill incidents to cost N25trn — Expert •PCOVID-19 slows down firms’ response By Michael Eboh OIL and gas companies operating in Niger Delta spilled 3,346.94 barrels of crude oil, an equivalent of 532,078 litres, in eight months, from January to August 2020, according to data obtained from the National Oil Spill […]