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African Leaders Won’t Apologise for Developing More Oil Fields

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  • African Leaders Won’t Apologise for Developing More Oil Fields

African leaders are not buying into climate change campaign yet as they insisted their need for oil money outweighed climate concerns.

This was in response to a group of protesters that stormed the Cape Town International Convention Centre in South Africa during Africa Oil Week to demand an end to fossil fuel in accordance with the Paris Agreement.

Gabriel Obiang Lima, energy minister of Equatorial Guinea, said it is unfair to tell Africa not to develop oil fields at a period like this.

“Anybody out of the continent saying we should not develop those fields, that is criminal. It is very unfair.”

“Under no circumstances are we going to be apologising,” said Gabriel Obiang Lima.

While the tension felt at the three-day oil conference was minimal, in Europe, most oil conferences were plagued with protesters demanding environmentally friendly fuel.

Despite nations and organisations calling for the world to end fossil fuel, over 600 million people in Africa still don’t have access to electricity. A situation most experts blame for the continent sluggish growth.

“Energy is the catalyst for growth,” said Gwede Mantashe, South Africa’s energy minister and national chair of the ruling African National Congress.

“They even want to tell us to switch off all the coal-generated power stations,” he said. “Until you tell them, ‘you know we can do that, but you’ll breathe fresh air in the darkness’.”

Developed economies with huge manufacturing plants contributed the most to global warming.

In fact, recent data from Carbonbrief revealed that since the 18th century all African countries combined emitted seven times less carbon dioxide than China, 13 times less than the United States and 18 times less than the combined countries of Europe.

This explains why more efforts are put on developed economies to cut emissions than developing economies.

Noel Mboumba, Gabon’s minister for hydrocarbons, said oil is one of the key drivers of development.

“We will do all in our power to develop it.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Economy

FG Launches Gold Purchase Program to Open up Economy

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Godwin Emefiele

FG Launches Gold Purchase Initiative to Deepen Economic Growth

The Federal Government on Thursday launched the Gold Purchase initiative to further open up the economy and take advantage of the nation’s numerous mining opportunities.

During the virtual launch of Gold Purchase under the Presidential Artisanal Gold Mining Initiative (PAGMI) held at the State House in Abuja earlier today, the governor of the Central Bank of Nigeria, Mr. Godwin Emefiele presents a dummy Cheque of 12.5kg LBMA Gold to Prof Ibrahim Gambari, the Chief of Staff, before President Muhammadu Buhari.

The apex bank, in a tweet, said: “#CBN Governor, Mr. Godwin Emefiele presents the dummy Cheque of 12.5kg LBMA Gold to the Chief of Staff, Prof Ibrahim Gambari before President Muhammadu Buhari during the virtual launch of Gold Purchase under the Presidential Artisanal Gold Mining Initiative (PAGMI) held at the Council Chambers, State House in Abuja on Thursday 16 July, 2020.”

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Economy

Criminals Vandalise 65 Pipeline Points in April

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65 Pipeline Points Vandalise in April

The Nigerian National Petroleum Corporation has said 65 pipeline points were vandalised in the month of April by criminals.

In the corporation report released on Wednesday for the month of April, NNPC said this represents a 240 percent increase from the 19 points recorded in the month of March 2020.

The report also noted that Nigeria’s total crude oil production rose by 3.17 million barrels or 5.28 percent to 63.19 million barrels in the month of March, representing a daily average of 2.04 million barrels per day.

Meanwhile, in another related development, the NNPC said it incurred over 200 percent operating deficit in the month of April.

It said, “The report in April 2020 indicates an increased trading deficit of N30.81bn compared to the N9.53bn deficit posted in March 2020.

“The current hike of over 200 per cent is attributed to the 29 per cent increased deficit for NPDC due to ongoing coronavirus-related impact of reduced exports, coupled with the upsurge in corporate headquarters deficit arising from terminal benefits made to retired staff.”

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NNPC Operating Deficit Hits N30.81bn in April

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NNPC

NNPC Operating Deficit Rises by Over 200% to N30.81bn in April

The Nigerian National petroleum Corporation (NNPC) said its operating deficit rose N30.81 billion in the month of April.

In the corporation’s latest financial and operational activities report for April, it says the over 200 percent loss was recorded through the Nigerian Petroleum Development Company, a subsidiary of the Nigerian National Petroleum Corporation.

It said, “The report in April 2020 indicates an increased trading deficit of N30.81bn compared to the N9.53bn deficit posted in March 2020.

“The current hike of over 200 per cent is attributed to the 29 per cent increased deficit for NPDC due to ongoing coronavirus-related impact of reduced exports, coupled with the upsurge in corporate headquarters deficit arising from terminal benefits made to retired staff.”

It added, “In addition, PPMC, NGMC and Duke Oil Incorporated posted reduced surpluses arising from the COVID-19 effect of reduced demand, fluctuating prices and marketers’ unwillingness to lift products thus affecting revenue.”

Meanwhile, the report also stated that the corporation supplied a total of 0.94 billion litres of petrol, representing about 31.37 million litres per day, in the month of April.

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