The Petroleum Products Retail Outlet Owners Association of Nigeria says its members are now loading petroleum products from the Port Harcourt and Warri refineries. This is contrary to previous doubts that the refineries owned by the Nigerian National Petroleum Company Limited were not fully operational. spokesman for the association, Joseph Obele, disclosed this in a…
Lagos state government, has announced plans to introduce new meters to eliminate estimated Governor Babajide Sanwo-Olu, made the announcement at the Lagos Commodities and Futures Exchange Meeting , in Lagos. The Governor, presented by his Deputy, Obafemi Hamzat, while speaking onthe themed ‘Building a Competitive Electricity Marketplace: Strategies to Attract Investments and Boost Confidence in…
A leading gas and power portfolio company in sub-Saharan Africa, Axxela Limited, has received gas distribution licences for its subsidiary companies, Gaslink Nigeria Limited, and Central Horizon Gas Company Limited, from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to support expansion opportunities and deepen domestic gas utilisation in the country. The licences, awarded…
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has declared the country’s electricity sector open for investment at the ongoing #Mission300 African Energy Summit in Dar es Salaam, Tanzania. Addressing selected investors and development partners, Edun highlighted Nigeria’s electricity sector as a prime opportunity for investment. He emphasised the nation’s commitment…
The Group Chief Executive Officer of OandO Plc, Wale Tinubu has disclosed that the oil firm is partnering with the Lagos State Government to deploy 5,000 electric buses for public transportation in the state. Tinubu, stated this in an interview with CNBC Africa, on the sidelines of the just concluded World Economic Forum in Davos,…
Olu Verheijen, special adviser to the president on energy, says a total of $6.7 billion was invested in Nigeria’s energy sector in 2024. According to a report by the office of the special adviser, the oil and gas sector accounted for $5.5 billion of the total investment. The report said $400 million was invested by…
Wale Edun, Nigeria’s Minister of Finance, has stated that the recently approved 50 percent tariff increase in the cost of telecommunications services is only a starting point. He noted that it is necessary to balance rising operational costs with the provision of quality services and the broader economic considerations for both consumers and the telecoms…
More than N9 billion is being spent by shop owners to fuel 13,000 generators, in Lagos markets, with Lekki, Ikoyi and other highbrow areas of the state having the highest number of cases of energy theft and default, in the state. The Commissioner, Lagos State Ministry of Energy and Mineral Resources, Mr. Biodun Ogunleye, disclosed…
The Nigerian National Petroleum Company (NNPC) Limited has increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets in Lagos. On December 23, 2024, the national oil company reduced the retail price of petrol at its outlets to N925 per litre in Lagos and N965 per litre in Abuja….
US oil drilling activity has dropped to near post-pandemic lows due to low oil prices and cost inflation, with the rig count falling for over two years.Oil companies are prioritizing shareholder returns through dividends and buybacks, even resorting to borrowing to fund them, rather than investing in new drilling.Structural changes in the US shale industry,…
