Wildfire approaching Fort McMurray, Canada’s oil sands hub 6,000 individuals evacuated from surrounding suburbs Concerns arise over impact on oil production Eko hot blog reports that A wildfire inching closer to Fort McMurray, Canada’s major oil sands city, has prompted the evacuation of around 6,000 individuals from four suburbs, local officials disclosed on Tuesday. EDITOR’S … Read more
President Tinubu met with Prime Minister Mark Rutte of Netherlands today. At the meeting, the Nigerian leader detailed a roadmap for enhanced trade opportunities across sectors. He stated that the world will soon know Nigeria for more than oil. Eko Hot Blog reports that President Bola Tinubu has said Nigeria is well-positioned to power the … Read more
EKO HOT BLOG reports that a former Edo State Governor, Senator Adams Oshiomole, has said President Bola Tinubu’s removal of the petrol subsidy has put an end to a regime of making ‘overnight billionaires” in the oil and gas sector. The Edo North Senator said this on Friday while commissioning a tank farm owned by a … Read more
EKO HOT BLOG reports that President Bola Tinubu has instructed security chiefs and intelligence agency heads to achieve a definitive victory against the numerous security threats facing the nation. During a Presidential Security Briefing at the State House in Abuja on Friday, President Tinubu acknowledged the progress in mitigating some security issues. EDITOR’S PICKS [BREAKING] 2024: … Read more
Equatorial Guinea’s President will continue his 43-year-rule after reelection for a sixth term in office. Eko Hot Blog reports that President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea on Saturday won a sixth term in office. EDITOR’S PICKS Tinubu To Nigerians: Don’t Allow Visionless PDP Near Nigeria’s Commonwealth Again NIS Directs Passport Offices To Work … Read more
Nigeria’s GDP growth slowed in Q3 2022 amid “challenging economic conditions.” Eko Hot Blog reports that Nigeria’s Gross Domestic Product (GDP) grew by 2.25% (year-on-year) in real terms in the third quarter of 2022. EDITOR’S PICKS Nigerians Can Now Renew Student Visas Without Interview – US Why I Approved Redesign Of Naira Notes – Buhari … Read more
Atiku has said Nigeria must encourage local refineries to get rid of oil subsidy costs. Eko Hot Blog reports that the presidential candidate of the People’s Democratic Party (PDP), Atiku Abubakar, has said Nigeria needs functioning local refineries to be able to get rid of oil subsidy costs. EDITOR’S PICKS Twitter Launches $8 Monthly Subscription … Read more
The Federal Government shelved plans to abolish fuel subsidies earlier this year, a move that raised concerns with the International Monetary Fund (IMF) The Minister believes that a new industry law that allocates money to oil-producing communities would stop attacks EDITOR’S PICK Firm Announces Annual Tonnes Of Plastic Waste Generated In Lagos LASG Partners ELCA … Read more
Marketers Deny FG’s N74bn Payment, Warns Nigerians Of Massive Fuel Scarcity According to the report, the sum of N71,233,712,991 bridging claims and another N2,736,179,950.84 freight differentials was paid to marketers as of June 6, 2022 EDITOR’S PICK: Police Recover Unexploded IEDs At Owo Church Owo Church Attack “Targeted At Turning Yorubaland Into A War Zone” … Read more
Kyari said in view of the negative impacts of the activities of the oil vandals on the country’s economy and environment, there was the need to set up a special court He said the country’s oil sector was recording an all-time low crude oil production of 1.49 million barrels per day due to increase in … Read more
Ozekhome Disagrees with Ex-President Obasanjo Over ‘Oil Belongs to Nigeria, Not Niger Delta’ Statement EKO HOT BLOG reports that former President Olusegun Obasanjo’s declaration that the Niger Delta cannot claim the crude oil found in the region has been disputed by Nigeria’s Senior Advocate, Chief Mike Ozekhome. In a six-page letter to Niger Delta elder … Read more
Ex-President attacked for saying Nigeria owns oil in Niger Delta EKO HOT BLOG reports that former President Olusegun Obasanjo has been mocked for his answer to a letter written by Edwin Clark, a Niger Delta leader. Obasanjo responded on Tuesday, declaring that the oil in the region belongs to the entire Nigerian people. According to … Read more
The Nigerian National Petroleum Corporation (NNPC) spent a total of N905.27bn on petrol subsidy in eight months amid rising global oil prices, the latest data obtained from the corporation show. With the international oil benchmark, Brent crude, nearing $80 per barrel on Monday (up 2.07 per cent at $79.71 per barrel as of 7:00pm Nigerian … Read more
US currency climbs to highest level in over nine months after Fed signals it will pare back bond-buying program. Oil prices have dropped to a 3-month low after a strengthening dollar and the resurgence of COVID-19 forced prices below $66 per barrel on Thursday. The World Health Organisation earlier disclosed that the circulation of the Delta … Read more
Minister of State for Petroleum Resources, Timipre Sylva, says ongoing oil search activities in the North-East region of the country has been very successful. The Nigerian National Petroleum Corporation (NNPC) has been in charge of the search activities, following the exploration of oil in the Lake Chad area. Recall that the Gombe State Government expressed … Read more
The both Chambers of the National Assembly on Tuesday have raised the price of crude to $28 per barrel as against the $25 proposed by the executive. This was sequel to the consideration of a report of the Committees on Finance on the 2020-2022 Medium Term Expenditure Framework and the Fiscal Strategy Paper at the … Read more
Despite Brent-crude futures rallying in recent weeks, Nigeria is facing a fast-looming future without reliance on fiscal revenue from its massive oil wealth, Bloomberg reports. Amid the economic fallout from the COVID-19 pandemic, which has brought to a halt economic activity and travel, demand for crude has been crippled, resulting in a dramatic oversupply. Accordingly, … Read more
OPEC The Organisation of Petroleum Exporting Countries (OPEC) on Thursday, agreed to another cut in production adding up to 1 million barrels per day, bpd, among its fourteen members while anticipating Russia and its allies under the OPEC+ cartel to tow a similar path by bringing production down by half a million bpd. OPEC said … Read more
The United States detected a heightened state of alert by Iran’s missile forces, as President Donald Trump warned the U.S. would strike back, “perhaps in a disproportionate manner,” if Iran attacked any American person or target. Iraq’s parliament on Sunday recommended all foreign troops be ordered out of the country after the U.S. killing of … Read more
World oil prices jumped nearly $3 on Friday after the US killed a top Iranian general, fanning fresh fears of conflict in the crude-rich Middle East, with Tehran warning of “severe” retaliation. The international oil benchmark, Brent crude, hit $69.16 per barrel, its highest since September 17, 2019 before easing to $68.81 per barrel as … Read more