oil
18 Feb
For centuries, indigenous Australians have harnessed the power of the Melaleuca alternifolia tree, better known as the source of tea tree oil. This versatile essential oil has gained global popularity due to its diverse range of potential benefits, spanning skin and hair care to household cleaning and even wound healing. But amidst the hype, where…
13 Feb
Mr Gbenga Komolafe, the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says Nigeria has the potential to produce 2.2 million bpd as against the current production of between 1.5 million and 1.6 million.
6 Feb
One of the climate deals from COP28 is the agreement among the close to 200 participating countries to transition away from fossil fuels.
15 Jan
Femi Otedola, the ever-dynamic Nigerian investor, has electrified the Forbes Nigeria ranks, powering up to the coveted fourth position with a $1.2 billion valuation. This meteoric rise owes much to his strategic play in the energy sector, specifically his controlling stake in Geregu Power Plc. Otedola's Geregu gambit proved masterful. Holding over 70% of the…
7 Apr 2023
Nigeria churns out roughly 2 million barrels of crude oil a day, making it Africa’s top producer and the world’s thirteenth. But still, because of its feeble domestic refineries, Nigeria imports about 80 per cent of the gasoline it consumes at home, selling it at a government-fixed rate (US$0.43) that is below the international average price (US$0.97) and the landing cost determined by world oil price and cost of freight. The difference is finance in subsidy. For instance, in 2011 alone, the total subsidy amount was over $13 billion—about 3 per cent of Nigeria’s GDP that year; and N4.39 trillion last year, 2022.