Nigeria cuts petrol price by N10/l

18 January 2015, Sweetcrude, Houston -The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, on Sunday announced a reduction in the pump price of Premium Motor Spirits better known as petrol from N97 per litre to N87 per Litre, effective midnight of Sunday 18th January, 2015. The Department of Petroleum Resources, DPR and the Petroleum Products […] More »

Refining capacity in African countries: Same side of different coins

Chijioke K. Mama 18 January 2015, Sweetcrude, Lagos - Technological improvements and the passage of time have historically been the challengers of status quo. Systems and processes that refuse to change or adapt to realities are often nudged into obsolescence. As the energy landscape in African nations gained prominence within the global energy market and […] More »

Oil price crash: FAAC records N108.5bn revenue drop

*Govt dips into falling external reserves to meet shortfalls *SURE-P receives zero allocation Oscarline Onwuemenyi 18 January 2015, Abuja - Revenue available for distribution to the three tiers of government for December 2014 has continued to nose dive as a result of the dwindling crude oil price in the international market. The Federation Account Allocation […] More »

Nigeria to enact gas network pipeline code

18 January 2015, Abuja - The Federal Government says it has concluded plans to enact a new regulatory instrument to ensure gas pipeline integrity, open access and common understanding on metering. The News Agency of Nigeria (NAN) reports that the government plans is contained in the Nigerian National Petroleum Corporation (NNPC) last quarter bulletin in […] More »

Emefiele faults JP Morgan’s Report on Nigeria’s liquidity position

*CBN sells dollars to stem Naira’s drop to a record low 18 January 2015, Lagos - The Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele at the weekend dismissed the claim of JPMorgan Chase & Co that there is a lack of liquidity in the Nigerian foreign exchange market, saying the naira is […] More »

Oil price crash: Cost cutting ripples through industry

18 January 2015, New York - Any lingering doubt about the depth of the crisis facing the U.S. energy industry is quickly evaporating as even the biggest firms slash spending amid the steepest oil price crash since the recession, sending ripples across the vast sector. In a stark sign of how a sudden, 60 percent […] More »

BP’s fine for Gulf of Mexico spill capped by ruling

18 January 2015, HOUSTON/LONDON - BP Plc will face a maximum fine of $13.7 billion under the Clean Water Act for its Gulf of Mexico oil spill, several billion dollars less than feared, after a judge ruled that it was smaller than the U.S. government claimed. The ruling by federal magistrate Carl Barbier put the […] More »