A consortium led by FirstGate Group has signed a Memorandum of Understanding, MoU, with the Federal Government to build two separate 1,000MW…
Category:
Oil and Gas
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Seplat Petroleum Development Company Plc, Thursday, said it has acquired Chevron Nigeria Limited’s 40 per cent stake in Oil Mining Lease 53…
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BusinessEconomyFinanceNewsOil and Gas
Forensic audit indicts NNPC, NPDC for non-remittance of $1.48bn
The Nigerian National Petroleum Corporation, NNPC, and the Nigerian Petroleum Development Company, NPDC, have been indicted by the PriceWaterHouse Coopers’ (PWC) forensic…
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Oil prices fell on Wednesday after a new build in U.S. crude stock levels put a global glut back in focus. U.S.…
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BusinessEconomyFinanceNewsOil and Gas
Diesel price cannot be reduced under current exchange rate — MOMAN
The Major Oil Marketers Association of Nigeria (MOMAN) on Friday said that the pump price of diesel can not be reduced, until…
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Nigeria’s electricity generation capacity yesterday hit 4,132.7 megawatts (MW) from about 3,300mw recorded last week. The increase can be attributed to the…
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Nigeria has announced plans to build modular refineries with capacity of between 20,000 to 25,000 barrels per day to boost domestic fuel…
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Power supply in Nigeria is set to increase significantly, as the Nigerian National Petroleum Corporation said that the Trans Forcados oil pipeline…
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Director, Advisory, Oil and Gas, Price Water House Ltd. Mr Ritch Wingo said oil companies may lay off workers due to the…
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BusinessEconomyNewsOil and Gas
IMF cuts global growth outlook, as crude oil prices near $48 a barrel
The International Monetary Fund, IMF, yesterday, lowered its forecast for global economic growth in 2015, and called on governments and central banks…
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BusinessEconomyFinanceNewsOil and Gas
FG signs MoU with 9 oil companies to supply gas for power generation
The Federal Government in Abuja signed a Memorandum of Understanding (MoU) with nine oil companies for the supply of gas for power…
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EconomyFinanceNewsOil and Gas
Nigerian banks raised $3bn acquisition finance for power industry privatisation
The Managing Director of Stanbic IBTC, Mrs Sola David-Borha, said that some Nigerian banks had raised three billion dollars (N465 billion) as…
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The Central Bank of Nigeria, CBN has offset the N36.9 billon legacy debt owed to gas suppliers by the power sector under…
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BusinessEconomyFinanceNewsOil and Gas
FG introduces austerity measures, review oil benchmark to $73 per barrel
The Minister of Finance, Dr Ngozi Okonjo-Iweala, says the Federal Government has proposed a review of the oil benchmark from 77.5 dollars…
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Two Nigeria entrepreneurs, Alhaji Aliko Dangote, President Dangote Group and Mr. Tony O. Elumelu, Chairman, Heirs Holdings, have lent their voices to…