Oil & Gas
Spiralling Cooking Gas Prices Could Reach N18,000 by December, Warn UK Retailers
As the cost of living continues to increase, UK retailers are raising concerns about another pressing issue; the skyrocketing cost of cooking gas. Industry insiders warn that unless government intervention occurs soon, a 12.5kg cooking gas cylinder could cost up to N18,000 by December. Olatunbosun Oladapo, the President of the…
Read More »Tinubu’s Plan For CNG Buses: 3 Things to Know
President Bola Tinubu had earlier revealed plans to roll out compressed natural gas (CNG) buses as a solution to ease the burdens created by the removal of fuel subsidies in May 2023. Tinubu said, “Part of our program is to roll out buses across the states and local governments for…
Read More »Oil Drilling Threatens Namibia & Botswana’s Water Resources
The delicate balance of Namibia and Botswana ecosystems faces an imminent threat as oil drilling operations encroach upon their territories. This is because the government of both Namibia and Botswana licensed a Canadian firm, Reconnaissance Energy Africa, ReconAfrica, to prospect for oil in the Cubango Okavango River Basin, in an…
Read More »Big Oil Companies May Be Evading Taxes in Nigeria – House of Reps
International oil companies operating in Nigeria may be dodging taxes by claiming capital allowances without a Certificate of Acceptance of Fixed Assets (CAFA). The committee looking into the Structure and Accountability of the Joint Venture (JV) Business and Production Sharing Contracts (PSCs) was looking into Shell Petroleum Development Company of…
Read More »Top 5 Oil Well Operators in Nigeria
The sector of mineral fuels, oils, and distillation products produced over 80% of Nigeria’s export value in 2019, accounting for over $47 billion dollars. There are 7,296 oil wells in Nigeria, run by 74 companies and one unknown entity. The companies comprise of both local and international companies. Nigeria has…
Read More »Mohammad Barkindo: 5 Things You Should Know About the Late Sec-Gen of OPEC
Mohammad Sanusi Barkindo, Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), was announced dead on the 5th of July 2022. This followed his short visit to Nigeria’s President, Mohammadu Buhari. The death, which was announced via a tweet by the managing director of the Nigerian National Petroleum Corporation (NNPC),…
Read More »How ABC Orjiako Made His Billions from the Oil Industry
Successful entrepreneurs are known for diversifying their assets to cover a wide range of vital industries with great economic value. Dr Ambrose Bryant Chukwuemeka Orijako, popularly known as ABC Orijako is one of them. He is a medical doctor turned business mogul and billionaire with holdings in a variety of…
Read More »Top 5 African Countries that Produce Crude Oil
Oil producing African countries relies on crude oil exports for a substantial percentage of their revenue. The Middle East, Asia, and North America are the world’s major oil-producing countries, and these are the locations most often associated with oil production. A few African countries, also produce considerable amounts of crude…
Read More »6 African Countries with the Largest Oil Reserves
African countries make up five of the world’s top thirty largest oil reserves. In 2019, the continent produced over 7.9 million barrels per day, accounting for around 9.6% of global output. In 2020, the continent’s crude oil reserves were about 6.9 million barrels per day, while in 2021, it was…
Read More »Sonangol Details Restructuring Plans, Emphasizes Investment Opportunities
Sonangol’s restructuring process prioritizes financial stability, with the company looking at bringing the national oil company to the stock exchange.
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