Asian liquefied natural gas (LNG) prices fell in a slow week as traders awaited the outcome of two tenders and Argentina turned away shipments due to mild weather curbing demand. A major tender expected from Egyptian Natural Gas Holding (EGAS) to buy 120 cargoes for 2017, which sources said could be launched this weekend, was the market focus. Bids under … Read More
Nigeria Should Pull Out of OPEC – NPA
The General Manager, Western Ports, Nigeria Ports Authority, Chief Michael Ajayi, has said that continued naira devaluation is a key factor that would ensure Nigeria’s exit from Organisation of Oil Producing Countries (OPEC). Ajayi stated this in a paper titled: “Nigeria’s Economy and Way Forward” during the Induction of new members of the Institute of Credit Administration (ICA) in Lagos. … Read More
Power: Gas Dependency, Not The Way To a Secure Future
The Federal Government of Nigeria has said that sole-reliance on gas cannot solve the country’s existing electricity challenges. This statement was made by the Acting Chairman of Niger Delta Power Holding Company (NDPHC), Chinedu Ugbo, on behalf of the Minister of Power, Works And Housing, Babatunde Raji Fashola, during a conference in Lagos State, Business News reported. According to Ugbo, … Read More
Cheaper fuel and a cleaner environment
In a material reported in the July 29th, 2016 edition of Science funded by the National Science Foundation, NSF and the United States Department of Energy is the breakthrough research that has solar cell capturing carbon dioxide and sunlight to produce burnable fuel. The sustained crash in crude oil prices coupled with the vandalism of fuel pipelines makes dependence on … Read More
Major Marketers Lament Impact of Deregulation
Major marketers of petroleum products in Akwa Ibom State have lamented the negative impact of the deregulation in the oil industry, which resulted in the removal of subsidy for petrol, saying sales have dropped drastically. Before now, price differentials existed between major and independent marketers in the sale of petroleum products, particularly that of premium motor spirit (PMS), popularly called … Read More
Forte Oil Explains Impressive Half-Year Performance
The Group Chief Executive Officer of Forte Oil Plc, Mr. Akin Akinfemiwa, has attributed the impressive half-year performance of the company to aggressive sale drive, strategic retail acquisition, and prudent approach to cost containment. Forte Oil reported a revenue of N84.475billion for the half year ended June 30, 2016, showing an increase of 38 per cent, from N61.168billion in the … Read More