The future of oil: IPCC, OPEC and other four-letter words

Controversy trails Timipre Sylva’s resignation as Minister of State for Petroleum

The Federal Government has said that the state-owned oil firm, the Nigerian National Petroleum Corporation (NNPC) is set to turn...

Why it could get worse for Nigeria’s oil and gas sector in 2023

Energy

Six things you need to know about the PIB signed by President Buhari

by Chike Olisah

August 17, 2021

President Muhammadu Buhari, yesterday, August 16, 2021, signed the Petroleum Industry Bill (PIB) into law, almost 20 years after it...

Energy

PIB Passage: OPEC congratulates Buhari on signing PIB into law

by William Ukpe

August 17, 2021

The Organisation of Petroleum Exporting Countries (OPEC) has praised President Muhammadu Buhari for signing the Petroleum Industry Bill. This was...

Business News

Reactions trail President Buhari’s signing of the Petroleum Industry Bill

by William Ukpe

August 17, 2021

On Monday afternoon, President Muhammadu Buhari signed into law, the Petroleum Industry Bill (PIB) 2021 that was recently passed by...

Crude oil prices record gains after tropical storm hit Gulf of Mexico, The world's biggest oil hedge program underway, crude oil, Nigeria's Crude oil, Bonny light crude oil crashes as Nigeria runs into deeper revenue crisisBonny light crude oil crashes as Nigeria runs into deeper revenue crisis, Brent crude futures gained 0.92%, at $36.08 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures also gained 0.54%, at $33.67 a barrel, Crude oil prices hit $40 per barrel as inventory build-up declines, EIA increases Brent price projection by $2.50 for 2020

Energy

Brent slips below $70 for the second time in barely a week

by Ajibola Akamo

August 16, 2021

Oil prices started the week bearish by more than 1%, dropping for a third consecutive session. The reason for the...

The Nigerian Electricity Regulatory Commission (NERC), National electricity grid collapses again, as NUEE suspends strike action , FG to increase electricity tariffs in order to improve power supply, Power: Liquidity crisis-same old story in 2020?, GenCos urges NBET to pay up N1 trillion debt, Electricity Tariff: FG, electricity stakeholders to work on equitable rate , Power: NERC applies "brakes" on hike in tariffs, NERC to sanction 7 DisCos over uncapped estimated billing

Energy

Eligible Customer Regime: Does NERC’s directive signal the end of an era?

by Caleb Adebayo

August 13, 2021

In May 2017, erstwhile Minister for Power, Works and Housing, Babatunde Raji Fashola, in line with Section 27 of the...

Energy

Oil prices bearish on IEA warning

by Ajibola Akamo

August 13, 2021

Oil prices are down by over 1% towards the start of the London session after the International Energy Agency (IEA)...

Energy

Seplat pegs exchange rate for its interim dividend payment at N411.14/$

by Chidi Emenike

August 12, 2021

Seplat Energy Plc, a leading dual listed energy company in Nigeria, has announced that an exchange rate of N411.14/$ will...

U.S oil falls below $70 trading zone as Covid-19 Delta variant spreads

Energy

Oil bullish as U.S calls for more oil supply

by Ajibola Akamo

August 12, 2021

Oil prices are up in the London session today after a call from the United States, the world's top oil...

$NCC, MDA, SEEPCO, local content laws, CBN Cashless Policy: Reps eye policy reversal, court Emiefele approval , Lawmakers tackle Finance Minister over failed CCTV project worth $460 million , Former Ghanaian President, Mahama begs Buhari to open border Former President of Ghana, John Mahama has appealed to President Muhammadu Buhari to open up its borders saying that Ghana has been heavily affected by Nigeria’s decision to close its borders. Mahama said that for economic activities to resume in West Africa, Nigeria needs to reconsider its decision on the total border closure. He made this plea while delivering the seventh anniversary lecture of investiture into The Realnews Hall of Fame and the unveiling of a book, titled: Pathways to Political and Economic Development of Africa. According to the former president as reported in The Nation, the closure of especially the Benin border, was taking a significant toll on many small and medium businesses, especially in Togo, Ghana and Cote D’Ivoire, which relied on inter-country trade. “I am sure that businesses in Nigeria that rely on supplies from these countries are also suffering. With the signing of the joint border task force agreement between Nigeria and her neighbours, I will like to take this opportunity to appeal to Nigeria to open up her border so that economic activities can resume,” Mahama said. While reacting to the shut down of shops owned by Nigerians by the Ghana Union of Traders’ Association (GUTA) as retaliation to the border closure, Mahama said; “Back home in Ghana, I also look forward to our government’s intervention that brings an immediate cessation to the forceful and illegal closure of shops of foreigners, especially Nigerians, by members of the local trade associations”. Mahama who is a former Chairman of the Economic Community of West Africa States (ECOWAS) spoke on how he still has an abiding interest in the progress of ECOWAS and its people. In this light, he said that Nigeria being the home of ECOWAS and the largest economy in West Africa should not allow the objective principles for establishment of ECOWAS to be lost. Meanwhile, the Vice Chancellor of Niger Delta University, Bayelsa State, Prof. Samuel Edoumiekumo, advised President Muhammadu Buhari not to yield to pressure to reopen the borders. Edoumiekumo who was also present at the lecture said President Buhari should remain firm in his resolve to ensure economic growth and the country’s development as the border closure will generate more revenue for the nation and tackle smuggling., Nigerians are enraged as lawmakers reject Innoson cars for latest Toyota Camry , FMBN ex-MD ordered to refund his salary, submit FMBN accounts over infractions$