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SweetCrude

3 Nov 2015
Exxon Mobil Corporation has announced estimated third quarter 2015 earnings of $4.2 billion, compared with $8.1 billion a year earlier. This came as Chevron Corporation reported earnings of $2 billion for the same third quarter 2015, compared with its earnings of $5.6 billion in the 2014 third quarter. ExxonMobil's $4.2 billion income represented a decrease…
3 Nov 2015
The National Union of Electricity Employees, NUEE, says over 50,000 former workers at the defunct Power Holding Company of Nigeria, PHCN, were still being owed by the Federal Government. In a petition to President Muhammadu Buhari over the handling of the Federal Government's privatisation programme in the power sector, NUEE stated that over 5,000 of…
Embedded-Power
3 Nov 2015
President of the African Development Bank, Dr. Akinwumi Adesina, has announced an ambitious plan to bring electricity to the poorest parts of the continent within a decade and says he can mobilise $55 billion a year to make it happen. Adesina said he is undaunted by the scale of the challenge, noting that at least…
3 Nov 2015
The World Bank and a local energy company, Seven Energy International Limited (Seven Energy), have sealed a gas infrastructure financing deal, the banks's first engagement in Nigeria’s gas sector. Under the deal, the Multilateral Investment Guarantee Agency, MIGA - the political risk insurance and credit enhancement arm of the Bank Group - would be providing…
3 Nov 2015
The pockets of fuel scarcity being experienced in the country is a result of Federal Government's non-payment of subsidy claims to oil marketers. According to chief executive officer of Integrated Oil and Gas, Captain Emmanuel Iheanacho, 70 percent of eligible importers have stopped importation of Premium Motor Spirit, PMS, also known as petrol. Iheanacho, who…
3 Nov 2015
Contrary to reports of plans by the Nigerian Electricity Regulatory Commission, NERC, to introduce a new electricity tariff that would see increased cost for power consumption with effect from the beginning of this month, the commission says the plan has not been concluded and that there is no decision yet on the matter. Describing reports…
3 Nov 2015
…Experts say outlook for nation's crude not fantastic …19m barrels of November volume still unsold Despite the current glut of products in the international market, Nigeria is expected to export at least 56.29 million barrels of oil in December. This is according to provisional loading programmes, which translate this figure to 1.82 million barrels per…
29 Oct 2015
As the United Nations marked World Food Day recently, the Ogoni socio-cultural group, Movement for the Survival of the Ogoni People, MOSOP, raised the alarm over what it described as "deepening food crisis occasioned by decades of hydrocarbon contamination of the Ogoni environment". MOSOP warned that the Ogoni people might go extinct if the food…
29 Oct 2015
The search-and-rescue personnel of the Nigerian Maritime Administration and Safety Agency, NIMASA, have rescued three crew members and recovered one body. The incident occurred about 65 miles from shore - about 10 nautical miles south west of the Bonga FPSO, where two vessels; MT Elixir and MT Tank collided midstream. Divers and other rescue personnel…
29 Oct 2015
Nigeria earned N723.82 billion from domestic crude oil and gas sales between January and August 2015, the Nigerian National Petroleum Corporation, NNPC, has revealed. The NNPC in its Financial and Operations Report for the month of August, stated that the country also earned $3.423 billion, about N684.6 billion from the export of crude oil and…
29 Oct 2015
The Trade Union Congress of Nigeria, TUC, has vowed to resist reported plans by electricity distribution companies in the country to increase tariff by 49.4 percent. The Nigerian Electricity Regulatory Commission, NERC, has said the new electricity tariffs proposed by the distribution companies for approval by the regulatory agency would be ready for implementation by…
electricity
29 Oct 2015
The hospitality industries in Port Harcourt under the aegis of Restaurant and Bar Operators Association of Rivers State have registered their displeasure over the epileptic power supply in the state by the Port Harcourt Electricity Distribution Company, PHEDC. The operators, in a statement by its President, Mrs Eunice Fente, said the poor electricity supply in…

Latest

1 hour ago
Sergio Busquets said Spain's 3-0 defeat on penalties by Morocco was a "cruel" way to decide the World Cup last-16 clash on Tuesday, after the teams drew 0-0.
2 hours ago
The South East spokesman of Bola Ahmed Tinubu Presidential Campaign Council, Dr. Josef Onoh has said that the much-touted delegation of subordinates by Tinubu to speak at the Chatham House, United Kingdom lecture, was a creative license extended by Asiwaju to empower his team for works ahead after electoral victory. He recalled that, unlike the…
3 hours ago
Cristiano Ronaldo will aim to fire Portugal past Switzerland and into the World Cup quarter-finals on Tuesday as Morocco bids to derail Spain's bid for a second global crown.
3 hours ago
Former Cameroon World Cup star Samuel Eto'o went into hiding Tuesday after appearing to knee an Algerian blogger in the face in a viral video.
3 hours ago
The Central Bank of Nigeria (CBN) has placed limits on over-the-counter cash withdrawals, Automated Teller Machine (ATM) withdrawals, and point of sale (PoS) withdrawals.