Naira redenomination as speculators’ antics

November 5, 2023 Ademola Oyetunji 0

Another of their antics to put Nigeria’s economy under perpetual pressure seems to have failed even before it gained traction as the report was quickly laid to rest. Analysts have been unanimous that speculators have once again failed.    The issue of Naira redenomination started gaining traction on social media around September 2023. It was believed that the trending misinformation Read More

Goldman Sachs sees oil prices hit $100/b

September 26, 2023 Blessing Anaro 0

Goldman Sachs has predicted oil price will likely to rise to $100 again, citing lower production output from the Organization of Petroleum Exporting Countries (OPEC), amongst others. But Bismarck Rewane, Chief Executive Officer (CEO) of Financial Derivatives Company (FDC) Limited says it will only increase revenue to governments but will not benefit Nigerians. “Globally, oil prices trade at $95/b and Read More

Oil prices extend gains as market tightens

September 19, 2023 Blessing Anaro 0

Oil prices continued to climb in early Asian trade on Monday, with WTI breaking above $91.60 and Brent trading at $94.74. Falling crude inventories and the continuation of the Organisation of Petroleum Exporting Countries (OPEC)+ cuts have sparked an oil price rally that is showing no signs of slowing. China’s latest stimulus measures have only added to bullish sentiment, with Read More

Oil prices set for surge in volatility by Q4, 2023

September 14, 2023 Blessing Anaro 0

The International Energy Agency (IEA) said oil prices are heading for a surge in volatility amid an expected “significant supply shortfall” on the market in the fourth quarter of 2023, due to the Saudi-led cuts to OPEC+ oil supply. So far this year, higher crude oil production from countries outside the OPEC+ alliance has managed to offset part of the Read More

Oil soars above $90 on S/Arabia’s output cuts

September 6, 2023 Admin III 0

Saudi Arabia will extend its voluntary 1 million bpd crude oil production cut through the end of this year, according to the official Saudi Press Agency. This brings Saudi Arabia’s targeted crude oil production to 9 million bpd for the remainder of the year. However, the extension will still be reviewed monthly, media reported on Tuesday afternoon. Oil markets have Read More

Jet Age honours Oil and Gas giant, Well-mann Group with continental award

August 7, 2023 Bode Olagoke 0

The Ethiopian Minister of Labour and Skills, Hon. Nigusu Tilahun has presented the continental Jet Age Nation Builders Award for nation building to Nigerian based Well-mann Group. The organisation which specialises in Oil and Gas received the honour recently during the 5th edition of the ‘Africa We Want Conference’ at the African Union headquarters in Addis Ababa, Ethiopia. Speaking on Read More

The new oil

July 25, 2023 Chinenye Anichebe 0

It is no longer news that money can be found anywhere. Gone are the days when once you are done with secondary school your parents enroll you in a computer school because now, the mobile phone can do just that. So instead of a computer school the parents get that child a phone. Not just to answer calls or play Read More

Oil theft: Tinubu’s lifeline and Asari Dokubo’s outburst

June 26, 2023 Gidado Ibrahim 0

The revelation by former Niger Delta militant leader, Asari Dokubo, that 99 percent of oil theft and bunkering in the Niger Delta is done by the Nigerian military, especially the Army and the Navy, added a twist to the ongoing plunder and sabotage of the Nigerian State. Every day, Nigeria loses between 300,000 and 400,000 barrels of oil to theft, Read More

Oil steady at $83pb as rising supplies face Chinese demand hopes

March 3, 2023 Admin III 0

Oil were largely unchanged on Wednesday as signs of ample supply, including growing U.S. crude inventories, countered hopes for higher demand arising from a jump in manufacturing in top crude importer China. Brent crude futures were up 8 cents to $83.54 a barrel. U.S. West Texas Intermediate crude fell 19 cents, or 0.3%, to $76.86. U.S. crude inventories rose for Read More

How Nigeria missed high oil price gains – IMF 

February 10, 2023 Blessing Anaro 0

The Executive Board of the International Monetary Fund (IMF) has observed that Nigeria missed expected gains of high prices at the conclusion of conclusion of its Article IV consultation with Nigeria. It also noted that the country’s oil sector faces downside risks from possible production and price volatility. The Executive Directors agreed with the thrust of the staff appraisal as Read More

OPEC+ leaves oil production quotas unchanged

February 3, 2023 Blessing Anaro, Lagos 0

The Joint Ministerial Monitoring Committee of the Organisation of Petroleum Exporting CountriesOPEC+ group recommended that no changes be made to oil production quotas. The decision was not a surprise, with Putin and MBS having discussed OPEC+ cooperation just days earlier. Uncertainties around Chinese demand and Russian supply in the coming months left OPEC+ with few options other than to wait Read More

Stop fake news on NNPCL, group slams media report

December 14, 2022 Editor 0

A group under the aegis of PMB Oil & Gas Progress has warned New York-based Sahara Reporters to desist from spreading fake news on the Nigerian National Petroleum Company  Limited (NNPCL).  A statement by the group’s National Coordinator, Malam Tirmizi Imam in Abuja on Tuesday. In apparent response to the online news platform’s latest story claiming that “Medical doctors in Read More

Export for survival: One year of sustained efforts

December 6, 2022 Admin III 0

The non-oil exports in Nigeria is presently undergoing transformation with the launching of Export for Survival Initiative by Dr. Ezra Yakusak; the new helmsman of Nigerian Export Promotion Council, NEPC, the agency statutorily responsible for the promotion, development and diversification of exports in Nigeria.What started like an idea is gradually yielding practical result in form of increased exports and contribution Read More

CBN: Non-oil exporters repatriate $4.987bn into Nigeria in 9 months

The Central Bank of Nigeria (CBN), says in the last three quarters of 2022, $4,987 billion have been repatriated into Nigeria from non-oil exporters, higher than the $4,190 billion repatriated in the whole of 2021. The CBN Governor, Godwin Emefiele, who disclosed this during a keynote address at the 2nd Edition of the RT200 Biannual Non-Oil Export Summit, held at Read More

Persistent fuel scarcity: Atiku campaign sympathises with Nigerians 

November 28, 2022 Abdulrahman Zakariyau 0

The Presidential candidate of the Peoples Democratic Party (PDP), and former Vice President, Atiku Abubakar campaign organisation has sympathized with Nigerians over the persistent fuel scarcity. Atiku campaign organisation in a statement by one of it’s spokesperson, Kola Olognondiyan, Sunday, lamented that the persistent fuel scarcity has continued to make life very difficult for Nigerians. The former National Publicity Secretary Read More

Finally, 2 northern states join the elite oil producing club

November 25, 2022 Musa Ilallah 0

Like dream like dream, like play like play, prospecting for oil in the desert North-east states of Bauchi and Gombe has become a stark reality. Tuesday, November 22, 2022, was the day President Muhammadu Buhari officially flagged off oil activities at Kolmani River site, better referred to as Kolmani Integrated Development Project. Kolmani field is located in Barambu village in Read More

The oil theft conundrum

November 16, 2022 Admin III 0

The recent call by the Speaker of the House of Representatives, Femi Gbajabiamila, on President Muhammadu Buhari to treat the stealing of Nigeria’s crude oil as treasonable felony attracting death penalty could not have come at a better time. This is predicated on the fact that Nigeria’s socio-economic survival is almost wholly dependent on crude oil, which theft is adversely Read More

NLNG sees gas supply improve on renewed fight against crude oil theft

November 10, 2022 Blessing Anaro, Lagos 0

The Nigeria Liquified Natural Gas, Limited (NLNG) is hopeful that it will receive more gas supply from its suppliers following successes recorded in renewed effort by the Nigerian National Petroleum Company Limited (NNPC) to combat crude oil theft. The NLNG, said the effort is yielding results with improvement in key crude oil transportation pipelines. The NLNG spokesperson, Andy Odeh, confirmed Read More

Fidelity Bank supports Oil and Gas coy to ease products distribution nationwide

October 25, 2022 Blessing Anaro, Lagos 0

As part of its efforts towards facilitating the distribution of petroleum products across the country and in support of the federal government’s reforms in the nation’s oil industry, leading financial institution, Fidelity Bank Plc, recently joined President Muhammadu Buhari and a host of dignitaries to commission the Pinnacle Oil and Gas Terminal in Lekki, Lagos. Situated in the Lekki free Read More

Non-oil export: NEPC reaffirms mandate to realising economic objectives

October 12, 2022 Adeola Tukuru, Abuja 0

The Nigerian Export Promotion Council (NEPC) on Wednesday reaffirmed its key mandate to realizing the economic objectives of the present administration which is targeted at diversifying the economy from a monolithic to a robust economy driven by the non-oil export sector. The Executive Director of NEPC/CEO, Dr Ezra Yakusak who gave the assurance in Abuja during the media retreat for Read More

Fidelity Bank to showcase Nigeria’s non-oil exports to int’l markets

October 7, 2022 Blessing Anaro, Lagos 0

In continuation of its bid to help Nigerian businesses compete favourably in international markets, leading financial institution, Fidelity Bank Plc, has announced plans to host the maiden edition of the Fidelity International Trade and Creative Connect (FITCC). Scheduled to hold on Tuesday, 15 and Wednesday, 16 November 2022 in London, United Kingdom, FITCC will host leading businesses, entrepreneurs, investors and Read More