Breaking News

crude oil

Oil price hovers at $57, as Saudi Arabia cuts output by 500,000 bpd

THE price of crude oil, yesterday, hovered around $57.00, after hitting $58.00 on Saturday in the international market, as Saudi Arabia cuts output by 500,000 barrel per day, bpd.

Read More

FG urges Buhari to prioritise renewable energy sources

Federal Government has tasked the in-coming government to adequate attention to the development of renewable egivenergy sources, which it identified as very critical to the nationABUJA:’s survival, as there are no threats of vandalism as currently being experienced with the gas pipelines. Minister of Power, Prof. Chinedu Nebo, gave the advice while speaking during the signing of Memorandum of Understanding, MoU, between NOVARTUS Gas Limited and the Government, for the generation of power through renewable energy sources across Nigeria.

Read More

What Buhari must do in oil industry — Experts

As the nation waits anxiously for the May 29, swearing in of Muhammadu Buhari, as Nigeria’s next president, experts in the oil industry have set for him an agenda aimed at restructuring the sector, which is the mainstay of Nigeria’s economy. The Managing Director, Frontier Oil Limited, Mr. Dada Thomas, a marginal field operator, believes that the oil and gas sector in Nigeria has suffered a major decline in the last 10 years.

Read More

IEA forecasts higher 2015 global oil demand

Nigeria and other oil producing countries may soon come out of the prevailing low prices going by the recent April Oil Market Report of the International Energy Agency, IEA. The IEA raised its forecast of 2015 global oil demand by 90,000 barrels per day, bpd, to 93.6 million bpd, a gain of 1.1 million bpd on the year and a notable acceleration of the 700,000 bpd growth in 2014, as the global economy slowly gains momentum

Read More

Oil sales and NNPC’s controversial remittances

Remittance of oil proceeds to the Federation Account by the Nigerian National Petroleum Corporation, (NNPC), has been enmeshed in controversy. Central Bank Governor, Mallam Sanusi Lamido Sanusi, raised the alarm that a huge sum of the proceeds had developed wings without any trace in the Federation Account where it is supposed to be domiciled. But the management of NNPC came up to say no single kobo was missing

Read More

Crude Oil: A blessing or a curse?

It is one of the natural endowments that occupy the crust in the southeast of the country. Well sought after by governments and individuals from around the world, it has over the years been nicknamed the black gold by many a people who deem it logical to compare its popularity with the precious metal. Shortly
Read More