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Content about Peak oil

December 19, 2011

Growth in food prices, the largest contributor to the consumer index, fell slightly to 9.6 percent year-on-year in November from 9.7 percent the previous month

Nigeria's headline inflation remained unchanged from the previous month at 10.5 percent year-on-year in November, as a relatively good harvest moderated growth in the food prices, the National Bureau of Statistics said on Monday.

Growth in food prices, the largest contributor to the consumer index, fell slightly to 9.6 percent year-on-year in November from 9.7 percent the previous month.

Nine economists polled by Reuters last week expected consumer inflation to rise to 10.9 percent year-on-year.

December 13, 2011

Revelation that NNPC allocates 60,000 barrels of crude oil per day to SRI for refining shocks Senate

The Senate panel investigating petroleum subsidy management in Nigeria was on Monday stunned by the revelation that 60,000 barrels of petroleum were being refined daily for Nigeria by an Ivorian refinery.

This followed the other shocker that the Nigeria National Petroleum Corporation (NNPC) could not account for 65,000 barrels per day out of the 445,000 barrels of crude oil allocated to them daily, with a debt overhang of N3.6 billion.

November 5, 2011

In a previous tender, BPCL bought 3 million barrels of West African crude including Angolan Nemba, Nigerian Qua Iboe and Escravos.

India's Bharat Petroleum Corp has bought 1 million barrels of Nigerian Agbami crude in its tender to buy sweet crude for December loading, a trade source said on Friday.

The seller of the crude was Chevron , the sources said. Price details of the transaction were not immediately available.

In a previous tender, BPCL bought 3 million barrels of West African crude including Angolan Nemba, Nigerian Qua Iboe and Escravos.

October 31, 2011

Says the government needs to evolve an efficient modality for fertiliser subsidy administration.

The Farm Infrastructure Foundation, a Non-Governmental Organisation (NGO), has urged the Federal Government to create a mechanism for the long-term resolution of rising food prices.

October 24, 2011

It is pertinent to realise as a nation that efficient use of resources, especially energy commodities are vital to national development.

The electricity crisis is real in Nigeria and the needs of the new energy economy are stressing an outdated energy infrastructure and affecting the level of electrical service and infrastructure. The current regulatory system encourages large power plants with long lead times and it is time to look seriously at reforming the system away from the centralised solutions it currently endorses. We also need to invest in new technologies that reduce the need to depend on the electric power grid.  

October 14, 2011

A UN report states that poor farmers and consumers, particularly in Africa, would be more vulnerable to food shortages.

Food prices are likely to become more volatile in coming years, thus increasing the risk of more poor people in import-dependent countries going hungry, the United Nations (UN) said in an annual report on food insecurity published on Monday.

August 22, 2011

The country imports over 50 per cent of its food

Nigeria is not immune to food crisis, the President of International Fund for Agricultural Development (IFAD), Dr Kanayo Nwanze warns on Sunday.

At present the country imports over 50 per cent of its food and Nwanze says it increases the risks of a food crisis.

The IFAD president explained that the drought that ravaged some parts of Russia last year made the government to ban wheat exports, adding that the floods that submerged large areas of Pakistan last year, affected rice production in that country.

August 20, 2011

Chinese imports of crude oil from producers such as Angola and Nigeria will average 918,000 barrels per day (bpd) in September

China's buying of West African crude oil is set to rise about 15 percent in September from August, trade sources said on Friday, but overall Asian imports from West Africa will fall due to slower Indian demand.

Meanwhile, U.S. companies have resumed buying light sweet barrels, after suspending spot purchases following the release of oil from the Strategic Petroleum Reserve, the sources said.

June 15, 2011

The Federation Accounts Allocation Committee gave the Federal Government got N184.583 billion, the states got N93.623 billion,and local governments received N72.18 billion.

N392.04 billion has been shared among the Federal, States and Local governments by the the Federation Accounts Allocation Committee, FAAC, in Abuja, for the month of May.

The Money, according to the Permanent Secretary Ministry of Finance, Mr. Danladi Kifasi, was shared from the N670.46 billion realised as revenue for the month.

He said that N162.901 billion was proposed as augmentation as a result of the shortfall in distributable revenue based on the 2011 approved budget.

May 19, 2011

Ghana is drafting rules on local hiring and transparency in its oil sector to avoid the discontent that spawned militancy in Nigeria and uprisings across the Arab world, but also keep big oil companies sweet.

Grumblings over the energy industry have already started just months after the first Ghanaian barrel was pumped. Any failure by the government to ensure employment in the sector could turn to anger, analysts say.

May 11, 2011

The fund is expected to serve as an investment catalyst to draw in other infrastructure investors

The Senate has passed a bill to create a sovereign wealth fund. The bill was passed today, and it paves the way for the country to improve its management of windfall crude oil earnings. The House of Representatives must, also, pass the bill before a harmonised version is presented to President Goodluck Jonathan for assent.

March 24, 2011

The Global Climate Network (GCN) is a collaboration of independent, influential and progressive research and policy organisations in countries key to tackling climate change.

The Nigerian Industry and commerce Ministry has signed a ground-breaking joint initiative with the Global Climate Network’s Nigerian member organisation. The initiative, which will lead to an industrial strategy to promote low-carbon development in Nigeria, was announced 18 March.

March 7, 2011

Several key Opec countries have joined Saudi Arabia in quietly boosting oil output in a collective effort to reduce prices that are nearing $120 a barrel.

Several key Opec countries have joined Saudi Arabia in quietly boosting oil output in a collective effort to reduce prices that are nearing $120 a barrel.

Industry officials said the move by Kuwait, the United Arab Emirates and Nigeria would almost close the hole left in the oil market by Libya.

They said the three countries were set to raise their production by  300,000 barrels a day in the next several weeks, on top of Riyadh’s own output boost of about 700,000 b/d.

March 3, 2011

The passing of the bill has been seen as a key milestone after months of debate since it was submitted in mid-2010. The delays had raised questions over the use of Ghana's new income.

Ghana will receive its first payment for oil flows later this month, the country's finance minister said on Wednesday after parliament passed a long-delayed oil revenue management bill in a unanimous vote.

Finance Minister Kwabena Duffuor said Ghana would be paid for 1 million barrels of crude that are going to be lifted on March 9, the first revenues to enter the state's coffers since oil was first pumped from the Jubilee field in mid-December.

March 3, 2011

Nigerian crude oil exports are expected to increase sharply in April after several months of lower production due to maintenance at key oilfields, trade and industry,sources said on Tuesday.

Nigerian crude oil exports are expected to increase sharply in April after several months of lower production due to maintenance at key oilfields, trade and industry, sources said on Tuesday.

Nigerian crude oil is similar in some respects to Libyan grades and have been attracting strong interest from oil companies unable to load crude oil from the North African producer due to the uprising against Libyan leader Muammar Gaddafi, trade sources said.

February 10, 2011

The World Bank and International Monetary Fund are warning poor regions that have so far not been hit by rising food prices, like sub-Saharan Africa and the Caribbean, to get ready to face them.

Food price volatility is here to stay, the World Bank cautioned, amid growing worries there could be another full-blown food crisis only three years after the last one.

February 4, 2011

The United Nations said on Thursday that its Food and Agriculture Organisation Food Price Index rose for the seventh month in a row to reach 231 in January, topping the peak of 224.1 last seen in June 2008. It is the highest level the index has reached since records began in 1990.

"These high prices are likely to persist in the months to come," FAO economist and grains expert Abdolreza Abbassian said in a statement.

January 27, 2011

Mass protests in Egypt, one of the darlings of African and Middle Eastern investors, sharply increase the risks that international investors will withdraw funds from some other economies in the region.

Fund managers were relatively sanguine about the upheaval in Tunisia which drove President Zine al-Abidine Ben Ali to flee earlier this month, as Tunisia is a frontier market which doesn't feature on many portfolio managers' radar screens.

January 7, 2011

Nigeria plans to go ahead with its delayed $500 million debut Eurobond in two to three weeks and it expects a bill to create a sovereign wealth fund to pass under the current administration, the finance minister said on Friday.

"Very soon, in the next two to three weeks, we will be going...to the market with the $500 million Eurobond that was supposed to happen last year," Finance Minister Olusegun Aganga told a briefing with journalists.

December 31, 2010

Nigeria has distributed $1 billion of its windfall savings from oil revenues to three tiers of government, in addition to a usual monthly allocation, the finance ministry said on Friday.

The account, into which it saves revenues from oil sold above a benchmark price, is close to depletion. The finance ministry said last month it contained $1.16 billion.

At the start of the current presidential term the account held $20 billion.