The Federal Government is considering criminal charges against some international oil companies (IOCs) over billions of dollars from undeclared crude oil proceeds, the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, said yesterday. Speaking during the hearing of a House of
Chesapeake Energy (NYSE: CHK) is rewarding the investors with a phenomenal rally which shows no signs of stopping anytime soon. As the screen goes green, investors often tend to lose sight of important fundamental events which could be roadblocks ahead. One such event for CHK investors
Nigeria’s average daily crude oil and condensate production has dropped from the two million barrels per day (bpd) it recorded as at February to 1.6 million bpd in March. March Facts and Figures from the Ministry of Petroleum Resources attributed the reduction in crude oil
Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo. “I remain cautiously optimistic that the market is already rebalancing,” Barkindo told reporters Sunday in Baghdad. “We
Tanzania plans to import 400 megawatts (MW) of electricity from Ethiopia to power its industrial drive, Tanzanian President John Magufuli said on Friday. Despite reserves of over 57 trillion cubic feet (tcf) of natural gas, Tanzania faces chronic power shortages due to its reliance on
Tanzania plans to import 400 megawatts (MW) of electricity from Ethiopia to power its industrial drive, Tanzanian President John Magufuli said on Friday. Despite reserves of over 57 trillion cubic feet (tcf) of natural gas, Tanzania faces chronic power shortages due its reliance on hydro-power
The Africa Mining Vision (AMV) is a policy framework that was created by the African Union in 2009 to ensure that Africa uses its mineral resources strategically for broad-based, inclusive development. Eight years after its inception, implementation has been slow and there is a low
Commodity Port has been engaged by a credible multinational buyer to source crude oil suppliers willing to deliver up to 15 million barrels. Commodity Port is currently compiling a shortlist to present back to the client and are keen to hear from suppliers that can
At least four major sectors of the Nigerian economy are expected to benefit from multi-million dollars’ worth of investments from Japanese firms. According to the Executive Director and Chief Executive Officer, Nigerian Export Promotion Council, Segun Awolowo. Read More
Baker Hughes Inc., which will soon be the world’s second-largest oil services provider, called the Middle East a positive environment for expected work in the first half this year. The region was one of the main reasons the company stopped a sales slide of seven