Nigeria’s transmission network requires N1.8tr five-year funding
The Federal Government has said that Nigeria’s power sector required an investment of $5billion (N1.8 trillion) in the next five years to solve transmission challenges.
Shipping lagging behind in CO2 reduction, says IEA
The shipping industry will have to commit to stricter policies, and fast, if it wants to get on track with the adoption of clean technologies, and meet the energy efficiency design index...
World oil market 'close to balance' despite OPEC cuts
Supply and demand in the oil market are close to matching up, the IEA said Thursday, as landmark OPEC-led production cuts are mitigated by rising US supply and slipping worldwide demand growth.
Energy insecurity, a time bomb waiting to explode!
The International Energy Agency (IEA) defines energy security as “the uninterrupted availability of energy sources at an affordable price. Energy security has many aspects: long-term energy security mainly deals with timely investments to supply energy in line with economic developments and environmental needs.
Crude oil prices hit one-month high at $47.38 a barrel
Meanwhile, the International Energy Administration (IEA) said in its August report that global oil demand growth is expected to slow from 1.4 mbpd (million barrels per day) in 2016 to 1.2 mbpd in 2017, as underlying support from low oil prices wanes.
Increased output in Nigeria, Middle East consolidates OPEC’s market share
The International Energy Administration (IEA) said that record pumping rates in the Middle East and recovering flows in Nigeria have helped to consolidate the Organisation of Petroleum Exporting Countries (OPEC) market share
No respite for OPEC’s dwindling crude oil revenue
There is no doubt that crude oil has contributed substantially to Nigerian revenue since its discovery in 1956 and more especially, since 1970 when its price was on the upward trend.