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President of the Senate, Ahmad Lawan, has called on the federal government through its relevant agencies to penalise indigenous oil companies responsible for the devastation of host communities where they operate. Lawan made the call in his concluding remarks after the Senate considered a motion on the extremely urgent need to stop the continuous crude oil and gas blow out Read More

as Red Chamber threatens warrant of arrest The rift between Hardy Oil Nigeria Limited and Halkin Exploration and Production Ltd over Atala Marginal Oil Field (OML 46), Tuesday, took another dimension with the latter slamming the Senate with a N10 billion suit. However, in a seeming reaction, the Senate through its Committee on Ethics, Privileges []

In todays ESG-focused energy world its not about finding oilcurrent methods only produce about 30% of whats already found.

The Environmental Protection Agency says it is investigating claims of an oil spill offshore Guyana, after several videos were posted on social media showing a substance in the water offshore, in an undisclosed area. Over the past few months, Guyana has become a major oil-producing country with the authorities announcing over the last weekend that [] The post EPA Investigating Alleged Oil Spill off the Shores of Guyana appeared first on Nationwide 90FM .

CNBC Television published this video item, entitled Pioneer Read more

Over the forecast period, owing to the rising adoption of automated systems in oil and gas industries, coupled with a focus on lower intervention of humans during the extraction process on account of safety concerns are expected to bolster the growth of the global market. Over the forecast period, owing to the rising adoption of automated systems in oil and gas industries, coupled with a focus on lower intervention of humans during the extraction process on account of safety concerns are expected to bolster the growth of the global market.

LONDON: Arabica and robusta coffee futures on ICE hit fresh 10-year highs on Tuesday, underpinned by container shipping bottlenecks, falling stocks, lower output prospects and upbeat sentiment in the wider financial markets. Coffee March arabica coffee rose 0.8% to $2.5185 per lb at 1159 GMT, after rising earlier to $2.5235, the highest since 2011. March robusta coffee rose 0.8% to $2,333 a tonne, having earlier hit $2,334, also the highest since 2011. Arabica is being boosted by expectations that output from top producer Brazil will slide this season and the next following the drought and frost that hit the country''s arabica growing areas earlier this year. Stocks of the bean on the ICE exchange are currently near their lowest level in almost a year, with global container shipping backlogs and rising freight costs making the exchange the cheapest source of supply. "Through technical studies we can see some projections into (the) $2.75 area. I think that is very likely in the short term," said Cardiff Coffee trading in a note.

The United Arab Emirates is slashing its working week to four-and-a-half days and moving its weekend from Fridays and Saturdays to Saturdays and Sundays, in a move aimed at better aligning its economy with global markets. The oil-producing Gulf state, the region''s commercial, trade and tourism hub, currently has a Friday-Saturday weekend. As of Jan. 1, 2022, the new weekend would start on Friday afternoon. The UAE has in the past year taken measures to make its economy more attractive to foreign investment and talent at a time of growing economic rivalry with neighbouring Saudi Arabia. A government statement said the move would ensure smooth financial, trade and economic transactions with countries that follow a Saturday-Sunday weekend, facilitating stronger international business links and opportunities for thousands of UAE-based and multinational companies. Friday is a weekly holiday in many predominantly Muslim countries. The statement said that under the new work week for government entities, Friday working hours would end at 12 noon, ahead of Friday sermons and prayers.

Daily Market Comment Stocks rally, dollar slips as Omicron fears subside, China eases policy Wall Street bounces back as investors shrug off inflation and Omicron concerns US yields also rebound but dollar pressured by improved sentiment Aussie climbs on upbeat RBA, Oil rally lifts loonie, BoE uncertainty caps pounds gains Risk appetite returns as Omicron gloom recedes further Equity markets were in a buoyant mood on Tuesday following a strong rebound on Wall Street yesterday. US stocks staged an [..]

Yemen''s Houthi movement said on Tuesday it fired several ballistic missiles and 25 armed drones into Saudi Arabia, targeting Aramco oil facilities in Jeddah and the defence ministry in Riyadh. The Saudi-led coalition fighting the Houthis in Yemen said late on Monday that one missile had been intercepted over the Saudi capital, where residents reported loud blasts.

Over the last week, things have gone from bad to worse for the Norwegian krone. However, economists at Nordea believe that we are near the top in both

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Aditi Tandon Tribune News Service New Delhi, December 6 Electric vehicle (EV) sale last year was less than 1 per cent compared to that of internal combustion engine vehicles posing massive challenges for the country''s COP21 pledge to reduce the carbon footprint by 33 to 35 per cent by 2030 below 2005 levels. In its report on "Electric and Hybrid Mobility prospects and Challenges in Automobile Industry" tabled in Parliament on Monday, the standing committee on industry expressed concern at the poor uptake of EV sales 2020-21 and asked for urgent midterm course correction to achieve energy transition goals. Engine vehicle sales by volume last year was 1,78,95,224 as against 1,58,575 EVs. This translates into 0.8 per cent EV sales over that of internal combustion engine vehicles. "India, the fifth largest automobile market in the world, is importing crude oil to cover 80 per cent transport fossil fuel needs thereby draining the exchequer and increasing pollution from engine vehicles. The EV ecosystem is still in its nascent stage.

Iraq’s oil minister said on Monday that he expects oil prices to reach over $75. Ihsan Abdul-Jabbar added in a televised interview with state TV, that OPEC is trying to “control the energy market, in a positive way” that maintains the interests of all parties, consumers and producers. Abdul-Jabbar also said that current oil prices […]

The Biden administration’s efforts to lower energy costs takes a step forward Monday, with bids due for the first 32 million barrels of crude planned for release from federal stockpiles.