Global oil markets are on track to face a significant surplus in 2026, according to the U.S. Energy Information Administration (EIA). OPEC’s decision to ramp up production, combined with steady output growth from countries like the United States, Canada, and Guyana, is driving the projected glut. In its latest report, released on January 14, 2025, […]Read More
Mele Kyari, the Group Chief Executive Officer of Nigerian National Petroleum Company (NNPC) Limited, announced on Wednesday that the state-owned oil company has contributed ₦10 trillion to the federation account. He highlighted that this achievement makes NNPC the highest taxpayer in Nigeria and the only company in the country that consistently publishes 100% of its […]Read More
The Nigerian Electricity Regulatory Commission (NERC) has confirmed that four state governments—Enugu, Ekiti, Ondo, and Imo—are now set to assume control of electricity generation, transmission, and distribution within their respective states. This follows the ongoing transfer of regulatory authority from NERC to state-level regulators. In an announcement shared on the social media platform X, NERC […]Read More
Oil prices climbed for a third consecutive session on Monday, with Brent crude surpassing $80 per barrel, marking its highest level in over four months. The rally is attributed to expanded U.S. sanctions targeting Russian crude exports to major buyers like China and India. Brent crude futures increased by $1.14 (1.43%) to $80.90 per barrel […]Read More
The Nigerian Electricity Regulatory Commission (NERC) has issued an order transferring regulatory oversight of Niger State’s electricity market to the Niger State Electricity Regulatory Commission (NSERC). This decision aligns with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the revised Electricity Act 2023. Niger State joins Enugu, Ekiti, Ondo, Imo, Oyo, Kogi, […]Read More
Slovak Prime Minister Robert Fico has suggested he is open to the possibility of resuming natural gas transit through Ukraine after the current five-year transit agreement between Moscow and Kyiv expires. Fico has urged Ukrainian President Volodymyr Zelenskiy to restart the transit, citing the impact of elevated energy costs on Slovakia and the broader region. […]Read More
Oil and gas giant Seplat has announced its ambition to double its crude oil production capacity within six months. This follows their acquisition of assets previously held by ExxonMobil, who have withdrawn from Nigeria’s onshore oil sector. Seplat’s Chief Financial Officer, Eleanor Adaralegbe, outlined this target in an interview with the Financial Times on Tuesday. […]Read More
Aba Power Limited Electric (APLE), an electricity distribution company (DisCo) serving nine Local Government Areas in Abia State, has announced a substantial increase in electricity tariffs, with rates soaring by over 50 percent. The revised tariffs, which came into effect on 1 January 2025, were authorised by the Nigerian Electricity Regulatory Commission (NERC). The company […]Read More
Shell has signed a significant engineering, procurement, and construction (EPC) contract with China’s Offshore Oil Engineering Company (COOEC) to advance Nigeria’s gas production. COOEC will deliver a platform jacket and topsides for the HI gas and condensate project in Nigeria’s Offshore Mining Licence (OML) 144. Key Milestones in Offshore DevelopmentSituated 50 kilometres offshore in the […]Read More
Residents of Abuja will experience daily power outages lasting seven hours from January 6 to January 20, 2025. This disruption is due to the Transmission Company of Nigeria’s (TCN) relocation of power transmission towers along the Outer Southern Expressway. The planned outages are part of efforts to support the Federal Capital Development Agency’s (FCDA) road […]Read More
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