Oil prices gain on upbeat US stockpiles report

Oil prices rose in Asia Thursday after a decline in US petroleum stockpiles and production boosted hopes of an easing in the global supply glut, analysts said.

US benchmark West Texas Intermediate (WTI) for July delivery rose 22 cents to $59.20 while Brent crude for July gained 32 cents to $65.35 in afternoon trade.

WTI jumped 99 cents and Brent climbed $1.01 on

Oil Workers Want FG To Reverse Sale Of OMLs 40, 42

The unions in the oil and gas sector on Wednesday in Abuja appealed to the Federal Government to reverse the sale of Oil Mining Leases (OMLs) 40 and 42.

Mr Isaac Aberare, the General Secretary, National Union of Petroleum and Natural Gas Workers (NUPENG) made the appeal in an interview with the News Agency of Nigeria (NAN).

Aberare said that the sale of OML 40 and 42 would shortchange the workers, Nigerians and the country as a whole.

Kaduna Electric Explains Power Rationing

The management of the Kaduna Electricity Distribution Company has attributed the rationing of power amongst its customers, which has become severe lately, to low energy allocation from the national grid.

A press statement issued by the head, Corporate Communication of the company, AbdulAzeez Abdullahi, in Kaduna yesterday, revealed that the allocation has been drastically reduced by almost half.

Abuja Electricity Company Denies Disconnecting Metered Customers

The Management of Abuja Electricity Distribution Company (AEDC) has denied that its staff have disconnected metered customers to increase its revenue.

Some metered customers within Karu, FCT, and Mararaba in Nasarawa State had alleged that officials of the company disconnected them in order to generate estimated bills to meet revenue targets.

Where Nigeria’s Power Roadmap Missed Road

Despite investing over $30 billion in the sector in the past 15 years, Nigeria’s epileptic power supply has taken a turn for the worse in recent months. Today, the total electricity supply is less than 2,100 megawatts (MW) for a country of over 170 million people. As a result, the citizens and businesses have resorted to use of electric generators to the point where some industry experts are now placing the frontal cost including imported fuel as high as the size of annual national budget. This mire has provoked a wide range of debates with a host of powerful