The Nigerian economy has slipped into recession. The evidence is showing up in all the usual ways: slowing output growth, slumping purchasing-manager indexes, widening credit spreads, declining corporate earnings, falling inflation expectations, receding capital investment and rising inventories. The economic recession in the country has been blamed on the decline in crude oil prices, which led to reduction in the … Read More
FG Promises Holistic Approach To Tackling Electricity Challenges
The Federal Government has said it would adopt a holistic approach towards addressing the infrastructural decay and other challenges facing the electricity industry. The Minister of Power, Works and Housing, Mr. Babatunde Fashola, stated that as part of these efforts to boost the electricity supply in the country, the Nigerian Bulk Electricity Trading Plc (NBET) and the Transmission Company of … Read More
Naira Weakens Against the Dollar Despite Oil Price Rise
The Naira, yesterday, depreciated against the dollar at the parallel market, just as crude oil price hit five-week high, gaining about 10 per cent in a three-day rally to close at $48.05 as speculations intensified over potential producer action to support prices amid a crude glut. Data from market intelligence firm, Genscape, estimating a draw of more than 350,000 barrels … 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
Nigeria Electricity Target, Not Achievable
Ten thousand megawatts (Mw) of electricity target in the country may not be achievable, the Vice Chairman Senate Committee on Power, Senator Bukar Mustapha, said yesterday. He, however, said President Muhammadu Buhari has laid the foundation for the country’s prosperity in the last one year of his administration. The lawmaker who spoke to reporters in Abuja expressed disappointment over the … Read More
Oil Service Firms Face $110 Billion Debt
The worst may be yet to come for some strained oil services companies as $110 billion in debt, most of it junk rated, creeps closer to maturity. More than $21 billion of debt from oilfield services and drilling companies is estimated to be maturing in 2018, almost three times the total burden in 2017, according to a report from Moody’s … Read More
Dormant Power Stations Contribute to National Grid
Three power stations, which had been dormant have come back on stream and started contributing to the National Grid, the Transmission Company of Nigeria (TCN), has said. TCN who disclosed this in its Independent System Operator (ISO) review of the national grid performance, listed the power plants to include Omoku, Trans-Amadi and Rivers Independent Power Plant (IPP). It noted that … Read More
Ghana Pass Petroleum Industry Bill into Law
Ghana’s Parliament has given its approval to the Petroleum Production and Exploration Bill on. The law, which will regulate the nation’s oil sector, comes 9 years after Ghana discovered oil. Emmanuel Kofi Buah, Energy Minister, said that even though the PNDC Law 84 which had regulated the industry has been helpful, the new phase the nation has entered in terms … Read More
Transparency, Critical to Overcoming Oil and Gas Sector Challenges.
Nigeria heavily relies on revenue derived from the oil and gas sector. Currently, oil and gas provide the highest external income to the 36 states government that make up the federation but it contributes less than 40 per cent to the country’s Gross Domestic Product (GDP). As vital as this sector is to the economy, it is constantly bedeviled … Read More
NNPC Highlight Obstacles to Nigeria’s Reserve, Production Target
The Nigerian National Petroleum Corporation ( NNPC ) has hinged the inability of the country to reach the Four million production and 40 billion reserve target on funding constraints, infrastructure vandalism, security concerns and a host of others. The Group Managing Director of NNPC, Dr. Maikanti Baru, who made this disclosure during the conference organised by the Society of Petroleum … Read More