…Says 30-day PMS sufficiency intact The Nigerian National Petroleum Company (NNPC) Limited has called on motorists to shun panic buying of premium motor spirit (PMS), popularly known as petrol, for the second time in three weeks due to the ongoing nationwide fuel scarcity. In a statement released on X (formerly Twitter) today and signed by […]Read More
The Nigerian Electricity Regulatory Commission (NERC) has slashed electricity tariffs for Band A customers, providing welcome relief to many Nigerians. The reduction is effective immediately. The decision follows a significant drop in the average exchange rate of the Naira to the US Dollar, which has fallen to N1400. This represents a 14 percent decrease from […]Read More
The Federal Government of Nigeria has instructed power system operators to limit the supply of electricity to international customers or off-takers to a maximum of 6% of the total available grid generation per hour. This directive, issued by the Nigerian Electricity Regulatory Commission (NERC), aims to rectify the inefficiencies and inequalities in the current system, […]Read More
Four major oil companies, Nigerian Agip Oil Company, ExxonMobil (Mobil Producing Nigeria Unlimited), Equinor, and Shell (Shell Petroleum Development Company of Nigeria Limited), has planned to sell off 26 oil blocks in Nigeria. These blocks currently produce around 346,290 barrels of oil per day on average. Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory […]Read More
Russia’s Gazprom Group, a state-controlled energy giant, has disclosed its first annual net loss in 23 years, signaling a significant shift in financial performance attributed to dwindling gas shipments to Europe and pricing pressures. In the wake of restricted gas flows to Europe, historically Gazprom’s primary market, and plummeting gas prices exacerbated by geopolitical tensions, […]Read More
Saudi Aramco is the biggest investor in artificial intelligence in the oil industry. The fact was recently revealed in a report by GlobalData, which also showed the Saudi state major was investing heavily in all sorts of cutting-edge technology. Because this is where competition will be in the future. Saudi Aramco spent $3.5 billion on […]Read More
The Nigerian National Petroleum Company (NNPC) Limited, Exploration and Production Ltd/Seplat Energy Joint Venture and the Edo State Government have signed an agreement that will see the State Government allocate 6,000 hectares of land from its protected forest reserves to enable a large-scale tree planting initiative by Seplat Energy Plc. This is in furtherance to […]Read More
The Major Energies Marketers Association of Nigeria (MEMAN) has started the supply of 300 million litres of premium motor spirit, also known as petrol, to its members to cushion the effect of fuel scarcity, leading to queues at various fuel stations across the country. According to the Association, its members in Apapa and other locations […]Read More
The Management of the Nigerian National Petroleum Company (NNPC) Limited has said that the rehabilitation of the Kaduna Refining and Petrochemicals Company (KRPC) will be completed by the end of 2024 after years of being shut down due to lack of maintenance. Mustafa Sugungun, Managing Director of KRPC, made this known on Monday during an […]Read More
Although the beginning of the year offered mixed signals for the global economy, US markets today continue to experience positivity. Prices for general markets witnessed an uptrend in late February, followed by a continuation in March and a reversal in April. Fueled by buyer sentiment, the S&P 500 index notched its best first quarterly performance […]Read More
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