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Unaccounted N2.8bn: Senate sustains AuGF’s query to ministry

The Senate Public Account Committee has sustained the query issued to the Federal Ministry of Finance over its alleged failure to account for N2.8bn service wide vote collected from the Federation Account. According to the Auditor General of the Federation’s report, the N2.8bn was part of the amount meant to take care of estacodes and...

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OPEC congratulates Mozambican President Filipe Nyusi on his 2020 African Energy Personality of the Year award

OPEC congratulates Mozambican President Filipe Nyusi on his 2020 African Energy Personality of the Year awardThe Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammed Sanusi Barkindo, on behalf of his organization and its members, addressed a congratulatory message to the President of the Republic of Mozambique, His Excellency Filipe Jacinto Nyusi during of his appointment as “African Energy Personality of the Year 2020”. The award represents recognition by the energy industry for several years of hard work, which resulted in the launch of multi-billion dollar gas projects in Mozambique, at a time when the industry was going through a global crisis. “It is impressive, heartwarming but not surprising that HE Barkindo is making Mozambique an important part of OPEC’s efforts to reach beyond its core member states,” said NJ Ayuk, Executive Chairman of the African Chamber of the energy. “HE Barkindo knows firsthand the possibilities that energy can bring to Mozambique and his message to his brother, comrade and friend President […]

OPEC congratulates Mozambican President Filipe Nyusi on his 2020 African Energy Personality of the Year award - NNN.

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Nigeria

Oil Market: OPEC puts Nigeria’s oil output at 1.4 mbpd

***showing 17.6% drop against 1.7 mb/d 2020 output By Udeme Akpan The Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s February 2021, oil output at 1.4 million barrels per day, mb/d, excluding Condensate. This, according to the March Oil Market Report, obtained by Vanguard, Thursday, March 11, 2021, showed a drop of 17.6 per
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OPEC+ deal boosts oil prices as inflation fears dog stocks

Oil prices jumped higher Thursday after OPEC+ countries allowed crude production to rise only slightly, while US stocks unwound over concerns about rising inflation despite the Federal Reserve’s attempt to allay fears. After a videoconference lasting less than three hours, the OPEC groups of oil producers and its allies decided to extend output cuts enacted
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Oil soars after surprise OPEC+ decision to hold off on production increase

Brent, the benchmark for Nigeria’s crude oil climbed 5 percent to $66 per barrel on Thursday after the Organisation of Petroleum Exporting Countries (OPEC) and allies members agreed to keep production levels unchanged, a notably more dovish stance than the expected modest production rise. Early indications that OPEC+ won’t rush into boosting output aggressively and […] Read Full Story

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Business

Global growth estimate of 4.8% will increase oil demand, market stability in 2021— OPEC

By Udeme Akpan THE Organisation of Petroleum Exporting Countries, OPEC, has stressed that the estimated 4.8 per cent global growth will culminate in oil market stability this year. This is even as the price of Bonny Light, Nigeria’s premium oil grade, dropped from $65.70 to $63.11, while OPEC Basket, and other crudes also dropped marginally
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Energy industry congratulates President Nyusi of Mozambique and supports oil and power capacity building initiatives in Africa

Energy industry congratulates President Nyusi of Mozambique and supports oil and power capacity building initiatives in AfricaThe African Energy Chamber (www.EnergyChamber.org) congratulates HE President Nyusi on receiving the Africa Oil & Power “Person of the Year” award for 2020, which will be presented on March 8; President Nyusi has demonstrated admirable long-term thinking, a commitment to local content and a political will to empower the private sector; Online technical workshops organized by Africa Oil & Power will promote capacity building and transfer of local knowledge. The African Energy Chamber would like to congratulate His Excellency Filipe Jacinto Nyusi, President of the Republic of Mozambique, on accepting the Africa Oil & Power “ Person of the Year ” award for 2020, which will be presented on March 8 in Maputo. The House supports the President and his administration in their efforts to bring real change to Mozambique by building an inclusive and sustainable energy sector that generates benefits for all. Africa Oil & Power will hold a […]

Energy industry congratulates President Nyusi of Mozambique and supports oil and power capacity building initiatives in Africa - NNN.

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Business

OPEC cautions Nigeria, others over crude oil production

’Femi Asu The Secretary-General of the Organisation of the Petroleum Exporting Countries has said OPEC and its allies need to remain disciplined with their production to ensure full oil price recovery as the global economy continues to rebound from the COVID-19 pandemic. “We must emphasise in strong terms: cautious optimism, cautious optimism, cautious optimism,” Barkindo […] Read Full Story

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Business

Bonny Light hits $65.36pb, as OPEC+ mulls oil production increase

By Prince Okafor Nigeria’s grade of crude oil, Bonny Light, yesterday, witnessed a marginal rise of $1.63 cent, or 2.56 percent rise to $65.36 per barrel from the previous day, giving further relief to the nation’s budget benchmark, even as Organisation of the Petroleum Exporting Countries Plus (OPEC+) mulls oil production increase. This development, according
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Nigerian Ministry of Petroleum Resources delegation holds bilateral meeting with Equatorial Guinea Ministry of Mines and Hydrocarbons

Nigerian Ministry of Petroleum Resources delegation holds bilateral meeting with Equatorial Guinea Ministry of Mines and HydrocarbonsHE Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea met HE Timipre Sylva, Minister of Petroleum Resources of Nigeria at the Presidential Palace in Malabo with the intention of strengthening bilateral relations between the two countries. The meeting included the signing of a Memorandum of Understanding (MoU) that will consolidate new opportunities for the hydrocarbon sector for both countries and allow counterparts to collaborate on strategies to protect against maritime piracy as security remains a concern. major impact on energy infrastructure, with attacks reaching record highs in the Gulf of Guinea. The ministers also agreed to accelerate joint cross-border cooperation for the supply of gas from Nigeria to Equatorial Guinea, which will also be an opportunity for Equatorial Guinea’s energy sector to see an additional step in its development plans of local content. This agreement signals once again that energy cooperation between neighbors of the continent […]

Nigerian Ministry of Petroleum Resources delegation holds bilateral meeting with Equatorial Guinea Ministry of Mines and Hydrocarbons - NNN.

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Production cut: Sylva visits 4 OPEC countries

The Minister of State for Petroleum Resources, Chief Timipre Sylva, has embarked on a four-day journey to some Organisation of Petroleum Exporting Countries (OPEC) to discuss issues on crude oil production cut. In a statement by his special Adviser on Media, Alhaji Garba Deen Muhammad, on Friday, in Abuja, the countries include Equatorial Guinea, Gabon,
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News

Production cut: Sylva visits 4 OPEC countries

The Minister of State for Petroleum Resources, Chief Timipre Sylva, has embarked on a four-day journey to some Organisation of Petroleum Exporting Countries (OPEC) to discuss issues on crude oil production cut. In a statement by his special Adviser on Media, Alhaji Garba Deen Muhammad, on Friday, in Abuja, the countries include Equatorial Guinea, Gabon,
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Production cut: Sylva visits 4 OPEC countries

The Minister of State for Petroleum Resources, Chief Timipre Sylva, has embarked on a four-day journey to some Organisation of Petroleum Exporting Countries (OPEC) to discuss issues on crude oil production cut. In a statement by his special Adviser on Media, Alhaji Garba Deen Muhammad, on Friday, in Abuja, the countries include Equatorial Guinea, Gabon,
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OPEC Fund Extends $ 50 Million for Poverty Reduction in Tanzania

OPEC Fund Extends $ 50 Million for Poverty Reduction in TanzaniaThe OPEC Fund for International Development (the OPEC Fund) (https://OPECFund.org) has signed a US $ 50 million loan with Tanzania to finance the ‘Fourth Tanzania Poverty Reduction Project’. The project will build rural infrastructure to boost economic opportunities and improve access to social services for more than 900,000 people. Although Tanzania has made progress in reducing poverty over the past decade, around 26 million people, about half of the total population, live on less than $ 1.90 a day. The Tanzanian government has launched a number of programs to address this challenge, including social safety net initiatives and three previous phases (also co-financed by the OPEC Fund) of the new project. The fourth phase will build infrastructure for education, health, water, agriculture, and transportation, and create income-generating activities in animal husbandry and vegetable growing, as well as employment opportunities. The work will be carried out in the Arusha, Mwanza, Geita […]

OPEC Fund Extends $ 50 Million for Poverty Reduction in Tanzania - NNN.

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The African Chamber of Energy to launch its first advisory council book outlining how the African energy sector can reform for a post-COVID-19 comeback

The African Chamber of Energy to launch its first advisory council book outlining how the African energy sector can reform for a post-COVID-19 comebackThe book will include a series of articles, interviews, discussions and data resources on the current state of Africa’s energy landscape and show a way forward; the first of its kind for the House, the book will be sold at major international retailers including Amazon, iTunes, Barnes & Noble and Kobo; Key participants in the book include Mohammad Sanusi Barkindo, OPEC Secretary General; Frank Ene, CEO of RoyalGate Energy; Pierre Raillard, National Director of Morocco Chariot Oil and Gas; Nosizwe Nokwe-Macamo, CEO and founder of Raise Africa Investments; Akinwole Omoboriowo II, Chairman and CEO of Genesis Energy Group, to name a few; join the conversation on social media using #ChamberNews #ChamberBoard #RoadToRecovery. The African Energy Chamber (the Chamber) (https://EnergyChamber.org) is pleased to announce that it will release its first advisory council book. Titled African Energy Road to Recovery: How the African Energy Industry can Reshape yourself for a post-COVID-19 comeback […]

The African Chamber of Energy to launch its first advisory council book outlining how the African energy sector can reform for a post-COVID-19 comeback - NNN.

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Reps, Ministry Of Finance Disagree Over N2.8bn Payment To OPEC

  The House of Representatives and the Ministry of Finance on Tuesday disagreed over the procedure for the payment of the sum of N2.8billion to the Organization of Petroleum Exporting Countries (OPEC) in 2017. The Ministry appeared before the Public Accounts Committee of the House in the ongoing investigative hearing on audit queries by the … Continue reading Reps, Ministry Of Finance Disagree Over N2.8bn Payment To OPEC Read Full Story

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Business

Reps, Finance minister contest Nigeria’s N2.8bn payment procedure to OPEC 

…You can’t singlehandedly sign off such huge amount-Lawmakers …It’s the practice overtime -Perm Sec By Levinus Nwabughiogu House of Representatives and the Ministry of Finance on Tuesday got into argument on the payment procedure of N2.8 billion to the Organization of Petroleum Exporting Countries (OPEC) in 2017. While the lawmakers favoured recourse to an official
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