The Federal Government borrowed N183.24bn via Treasury bills at an auction on Wednesday, with mixed yields on all the tenors, data from Debt Management Office showed on Thursday. The DMO raised N48.10bn of three-month paper at 14 per cent, down from 14.38 per cent it sold at an auction on August 31. It also sold N48.45bn worth of the six-month … Read More
Federal Government Poised to Make Nigeria Maritime Hub
The federal government has restated its resolve to make Nigeria the maritime and oil and gas hub in the West African sub-region. The Managing Director of the Nigerian Ports Authority (NPA), Mrs. Hadiza Bala-Usman, who disclosed this Wednesday, during a facility tour of the Lagos Deep Offshore Logistics (LADOL) base in Apapa pilotage area, said the move has become necessary … Read More
Oil Set for Weekly Drop as Resilient Supply Seen Sustaining Glut
Oil headed for a weekly loss on speculation a global crude glut will persist as disrupted supply returns and demand growth slows. Futures fell 1.3 percent in New York, extending a weekly decline to 5.5 percent. OPEC members Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks. The oil surplus will last longer … Read More
The Ceasefire in Niger Delta Threatened by Local Anger at Military
An agreed ceasefire in the Nigeria’s oil-producing Niger Delta is in danger of being derailed by anger at the military over the death of an elderly local leader. The Niger Delta Avengers group, whose attacks on oil pipelines in the southern region crippled crude output earlier this year and pushed Africa’s biggest economy into recession, said in August it agreed … Read More
Global Oil Glut Set to Worsen as Nigeria, Libya Fields Restart
Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks. Libya’s state oil company on Wednesday lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider and Zueitina, potentially unlocking 300,000 bpd … Read More
Only Companies Interested in Electricity Will Get Coal Mining Licenses – FG
The Federal Government, yesterday, said that coal mining licences would be issued only to companies that are interested in generating electricity from coal. It also declared that it has not concessioned the Ajaokuta Steel Company, and that it is currently undertaking a technical audit of the facility to determine structures that are on site. Speaking at a forum in Abuja, … Read More
Bill for Oil & Gas Firms Raises Concerns
A proposed law to force indigenous and foreign oil companies to set aside a certain percentage of their training budgets to fund operations of the Petroleum Technology Development Fund (PTDF) is generating concerns among stakeholders in the industry. PTDF is the government agency dedicated to manpower development through research and training in relevant oil and gas fields. Its major source … Read More
Nigerdock Boss Seeks End To Monopoly In Oil & Gas Logistics
The Chairman of Nigerdock, Anwar Jarmakani, has called for the end of monopoly in the oil & gas logistics describing it as a threat to the sector. Jarmakani disclosed this when he hosted the Managing Director, Nigerian Ports Authority (NPA), Ms Hadiza Bala Usman who paid a courtesy visit to the Nigerdock Snake Island Free Zone in Lagos, recently. The … Read More
ExxonMobil Resumes Export, Three Months After Force Majeure.
Mobil Producing Nigeria Unlimited, a unit of ExxonMobil, will resume shipment of Qua Iboe crude, Nigeria’s largest grade of crude oil in October, three months after the company had declared force majeure on the exports of the grade. This is coming as oil prices slumped three per cent tuesday following another gloomy prediction by the International Energy Agency (IEA) on … Read More
Fracking Rumbles and Tectonic Ripples
Fracking or fracturing is the process of drilling and injecting fluid, usually water, sand and chemicals into the ground at a high pressure in order to fracture shale rocks to release natural gas trapped in it. The released natural gas is thereafter allowed to flow freely to the head of the well. Dillbytes, this week, takes a look as this … Read More