The return of oil majors to African exploration projects as upstream spending recovers threatens to slow down, rather than accelerate, the pace of new finds in the region, Equatorial Guinea’s energy minister has warned. With oil prices recovering to $70/b this year, interest in Africa’s oil and gas potential has been reignited, with profit-making oil […]
OPEC’s crude oil production in August, not including newest member Congo, rose to a 10-month high, with Iraq surging to record output and Libya recovering from militia fighting, more than offsetting Iran’s slide as the sanctions-hit country struggles to keep its customers, according to the latest S&P Global Platts survey. The 15 members of OPEC […]
The United Global Resolve for Peace (UGRFP), has called for increased commitment from government at all levels in the fight against human trafficking. Shalom Olaseni, UGRFP’ s Executive Director, in a statement on Wednesday in Abuja, said that human trafficking, slavery and migration crises had eaten deeply into Nigeria as it had defaced countries of […]
President Muhammadu Buhari Wednesday in Beijing got support of the Chinese President, Xi Jinping, for the country’s aspiration to build the 3050 Megawatts Mambila hydroelectric power project. The two countries also signed the agreement of $328m for the Information and Communication Technology Infrastructure Backbone Phase II (NICTIB II) project. The concessional loan agreement between Galaxy […]
Nigerian National Petroleum Corp. Wednesday said it has signed a memorandum of understanding (MOU) with a consortium of Chinese companies to build biofuel plants in Nigeria that will blend fuel ethanol with gasoline to boost the supply of clean fuel in the West African country. The agreement, signed on the sidelines of the ongoing Forum […]
The Nigeria Football Federation (NFF) Committee on Ethics and Fair Play has banned Super Eagles’ Chief Coach Salisu Yusuf from all football–related activities for one year with immediate effect. The four-man committee’s decision was announced in a statement by Ademola Olajire, NFF’s Director of Communications and made available to the News Agency of Nigeria (NAN) […]
Toyota Motor Corp. says it plans to recall around 1.03 million vehicles, including its petrol-hybrid Prius model in Japan and other regions, due to an issue with the engine wire harness which can pose a fire risk. Toyota spokesman Jean-Yves Jault said on Wednesday in Tokyo that the issue affected vehicles produced in Japan between […]
OPEC Secretary-General Mohammad Barkindo said on Wednesday that world oil consumption would hit 100 million barrels per day later this year, “much sooner” than earlier projected. The Organization of the Petroleum Exporting Countries and other producers led by Russia last year began withholding 1.8 million barrels per day (bpd) of supplies to tighten the oil […]
Amazon just became the second member of the trillion-dollar club. The e-commerce juggernaut hit the 13-digit milestone Tuesday morning when its stock briefly surged to $2050.50, passing the $2,050.27 mark to win a $1 trillion market capitalization. Amazon — headed by founder Jeff Bezos, who has become the world’s richest person on the back of […]
The Police Command in Cross River has arrested a couple for allegedly trafficking their two-year old first son to an agent in Port Harcourt in exchange for money. The Commissioner of Police, Mr Hafiz Inuwa, who presented the suspects to journalists on Tuesday in Calabar, said the couple was arrested on July 23 in Calabar […]