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,…
Portugal plans to increase purchases of liquefied natural gas (LNG) from the United States and Nigeria as it aims to end already dwindling supplies from Russia, Environment Minister Maria da Graca Carvalho said on Tuesday. Portugal imported 49,141 gigawatt-hours (GWh) of natural gas in 2024, of which around 96% was LNG, data from electricity and…
The Nigeria National Petroleum Company Limited said it uncovered 55 illegal refineries and 29 illegal pipeline connections in one week across the Niger Delta region. In a video documentary on the official YouTube channel of the NNPCL, the company said it recorded a total of 179 incidents of oil theft in the region. The operations,…
Seplat Energy, Nigeria’s leading indigenous oil and gas producer, has expressed its commitment to partnering with the Akwa Ibom State Government for sustainable development. This was disclosed during a courtesy visit to the State Governor, His Excellency, Pastor Umo Eno, by a Seplat delegation led by the Board Chairman, Senator Udo Udoma, in Uyo. The…
China National Chemical Engineering International Corporation Ltd (CNCEC) has announced its commitment to support Nigeria’s ambitious $20 billion Ogidigben Gas Project in Delta State, marking a significant milestone in the bilateral economic ties between the two nations. Li Zhenyi, President of CNCEC, revealed the company’s readiness to engage in the project through restructured funding and…
TELECOM subscribers in Nigeria will pay higher costs for data and airtime as the Nigerian Communications Commission (NCC) has approved a 50 per cent tariff adjustment for telecom operators. The regulatory body cited rising operational costs and the need to sustain the industry as key reasons for the hike. The tariff hike was the first…
