Speaking on Africa’s hydrocarbon development, Niall Kramer, CEO, South African Oil and Gas Alliance (SAOGA) said, “Growing a gas economy in South Africa and regionally is imperative. We need to do this to partner and to enable renewables but fundamentally to provide the catalyst for
Nigeria spends over $2bn annually on the importation of honey, the Federal Government has said. According to a report put together by officials of the Federal Ministry of Agriculture and Rural Development, Nigerian Export Promotion Council and apiculture (beekeeping) experts, Nigeria consumes about 400,000 tonnes
In the last one year, the country has spent about N4.74tn on the importation of petroleum products, an amount that is made up of N3.4tn for the actual products and N1.34tn on logistics. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who stated
Saudi Arabia and Russia signaled they could extend production cuts into 2018, doubling down on an effort to eliminate a supply surplus just as its impact on prices wanes. In separate statements just hours apart on Monday, the world’s largest crude producers said publicly for
In a bid to protect its stake in the disputed Oil Prospecting Licence (OPL) 245, Malabu Oil and Gas Limited on Tuesday approached a Federal High Court in Abuja for an order of the court preventing the federal government, Shell Nigeria Ultra-Deep Limited, Shell Nigeria
Prices for most commodities, including oil, are forecast to rise in 2017 as a long period of declining prices appears to be bottoming out, according to the October Commodities Markets Outlook. Oil prices are forecast to rise to $55 per barrel next year from $43
The Minister of State for Petroleum, Dr. Ibe Kachikwu has announced that Nigeria would explore the possibility of selling crude oil to African markets. He spoke in Abuja yesterday at the 2017 edition of the Sustainability in the Extractive Industries (SITEI) conference. Kachikwu said the
The Nigerian National Petroleum Corporation (NNPC), which made this known in its monthly report released on Tuesday, said that the associated crude plus freight costs and operational expenses were ?50.01 billion and ?9.31 billion respectively. Nigeria’s refineries – the Port Harcourt Refining Company Limited Port Harcourt
Referring specifically to the downstream sub-sector of the oil and gas industry, Kachikwu stated that around $10 billion investment would be required in the next three decades to fix the country’s downstream infrastructure deficit alone. The minister said this in a keynote address at the
Despite the fact that the average national daily gas supply to the nation’s power plants has risen by 64 percent, most consumers still agonise over the lack of adequate supply in most parts of the country. The national power generated as of yesterday morning was