World petroleum and liquid fuels consumption is estimated to increase by 38 percent by 2040, according to projections in the newly released International Energy Outlook 2014 produced by the United States Energy Information Administration (EIA).
Professor Yinka Omorogbe presented a paper titled, “Sharing the Wealth: Strategies for Distribution of Wealth from Petroleum and Other Extractive Industries” in the CPEEL Special Seminar Series which held on the 28th of August, 2014.
Brent crude slumped to a 13-month low below $103 a barrel on Friday as an unstable European economy increased concern about demand in a well-supplied oil market.
The rate of growth in rural communities’ socio-economic attributes and food production is being curtailed by energy shortage. Indeed, it cannot be overstated that entrepreneurship and innovation are important in advancing socio-economic attributes and agriculture business in Nigeria.
The recently concluded acquisition by Oando Plc., of ConocoPhillips upstream oil and gas interests and assets hints at the emerging reality of the changing ownership structure in Nigeria’s oil and gas industry.
With recent efforts of UK-listed Tullow Oil and Partners, Australia’s Africa Oil Corporation to submit a field development plan(FDP)by 2015, it is expected that Kenya will join the league of oil producing countries in sub-Saharan Africa by 2017.
Allan Munday, Acting Head of the European Union (EU) delegation to Nigeria and the Economic Community for West African States (ECOWAS) said the EU had given more than N3.4 billion grant to boost renewable energy in Nigeria under the Nigeria Energy Support Programme (NESP).
The Organization of Petroleum Exporting Countries (OPEC), in its July report, stated that Nigeria’s crude oil output was up by 43 barrels per day or 2.3 percent to reach 1.911 million barrels per day (mbpd) in June, from 1.868 mbpd recorded in May.