Gas
Could Bitcoin miners’ troubles trigger a ‘death spiral’ for BTC price?
A July 9 post by @PricedinBTC on the “cost to mine Bitcoin” in the United States gathered the crypto community’s attention, especially considering the recent headlines that BTC miners have made. The crypto bear market and growing energy costs have caused a perfect storm for the mining sector and this has led some companies to lay off employees and others to defer all capital expenditures. Some went as far as raising concerns of Bitcoin miners hitting a “death spiral.” In bear markets like this, inevitably a Bitcoin critic comes out and says that Bitcoin will soon collapse from a “miner death spiral”, meaning that miners will go offline because it is not profitable to run their operations, and then Bitcoin’s hash rate will fall, causing its… — Cory Klippsten (@coryklippste...
Nigerians urged to reject PIB for failing to address key issues
Socially relevant and need-meeting organisations in partnership with civil society movements have called on Nigerians to massively reject the long-expected PIB as it has failed to address fundamental issues. Rather the organisations said that the outcome of PIB was mischievous and would compound the problems of the communities, just as it would create another avenue to make the rich even richer while the suffering communities continue to languish in difficulty and poverty. The coalition group said the PIB “failed to properly address the lingering issues of the oil and gas host communities” submitting that the recent position on critical issues is a far cry from the yearnings of oil and gas host communities. “The current version of the Petroleum Industry Bill failed to address community, ec...
One feared dead, two injured in Ogun gas explosion
Tragedy struck on Monday in Ijebu-Ode, Ogun State as one person was feared dead while two others were seriously injured in a gas explosion. Newsmen gathered that the incident happened around 8am along Folagbade Road in Ijebu-Ode. The explosion involved a tricycle, three motorcycles and a Honda SUV. According to an eyewitness, the explosion was caused by a gas cylinder belonging to one of the passengers of the tricycle. The eyewitness explained that the rider of the tricycle that was conveying three occupants parked by the roadside when the owner of the cylinder discovered that the gas was leaking from the cylinder. He said the tricycle was parked near a faulty car with a radiator problem. He explained further that the occupant in an attempt to fix the leaking cylinder alighted from the tri...
PIB: IPMAN commends National Assembly for inclusion of PEF
The Independent Petroleum Marketers Association of Nigeria has commended the National Assembly for the inclusion of the Petroleum Equalisation Fund in the newly passed Petroleum Industry Bill. The Public Relations Officer of IPMAN, Yakubu Suleiman, gave the commendation on Sunday in a statement. Suleiman said the legislative arm of government had demonstrated that it was sensitive to the yearnings of majority of Nigerians for a permanent solution to the energy problems in the country. He said the entire content of the bill as passed by the Senate would serve as a catalyst for the inflow of the much desired foreign direct investment to boost the economy. He said: “The much awaited Petroleum Industry Bill has come to ease Nigerians of the pains that necessitated the call for the Bill in the ...
PDP salutes Governor Obaseki at 64
The Peoples Democratic Party (PDP) has congratulated Gov. Godwin Obaseki of Edo State as he marks his 64th birthday. The party, in a statement by its National Publicity Secretary, Mr Kola Ologbondiyan, in Abuja on Thursday described Obaseki as a courageous leader. He also described him as a brilliant technocrat, highly resourceful and ingenious administrator. The party spokesman said that Obaseki had continued to exhibit an exceptional commitment towards the unity, stability and development of not only Edo State but the nation at large. Ologbondiyan said that the PDP was proud of the outstanding achievements recorded by Obaseki in the development of Edo State, particularly in the critical sectors, in line with the manifesto of the party. The sectors, according to him, include infrastructur...
Total targets more renewable electricity, LNG production by 2030
Total Companies in Nigeria has unveiled its corporate vision in line with the change of the Total Group to TotalEnergies. The organisation aims to produce more renewable electricity and Liquefied Natural Gas (LNG) by 2030. The oil major also outlined its broad energy lineup that includes oil, gas, electricity, hydrogen, biomass, wind and solar. TotalEnergies is committing $60 billion to investment in renewable energy in the next 10 years, with 10 per cent of that investment expected to come to Nigeria. Speaking at a virtual parley with journalists, the Executive General Manager, Total Country Services, Mrs. Bunmi Popoola-Mordi, highlighted steps that would help in adapting the new name, logo and visual identity of the company. THISDAY had reported that the shareholders of Total Group, had ...
Senegal readies for first LNG-powered electricity
Senegal is set to be partly powered by liquefied natural gas for the first time with the arrival at the capital, Dakar, on Wednesday of a floating gas facility from Singapore, the West African nation’s state power company, Senelec, said. The floating storage regasification unit (FSRU) is the result of a joint venture between Japanese shipping company Mitsui OSK Lines Ltd (MOL) and Turkey’s Karpowership, which supplies power from its fleet of ships mainly to eight African nations. Once up and running, the unit will supply LNG to a Karpowership vessel, which covers around 15% of Senegalese supply and has until now run on oil like most of the country’s power plants. “This project aims to provide reliable, affordable and cleaner power,” Senelec said. It did not say when the FSRU would be opera...
Nigeria’s inflation drops to 17.93 percent
The Consumer Price Index (CPI) which measures inflation dropped to 17.93 per cent (year-on-year) in May compared to 18.12 per cent in the preceding month, according to the National Bureau of Statistics (NBS). The 0.19 per cent decline in the headline index, makes it the second consecutive month that the rate had sustained its downward trajectory after 18 months of inflationary pressures on the economy. According to the CPI figures for May which was released by the statistical agency Tuesday, food inflation dropped to 22.28 per cent from 22.72 per cent in April. Price moderation was recorded in bread, cereals, milk, cheese, eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats and vegetables. On month-on-month basis, the food sub-index declined to 1.05 per cent in May ...
Hamza Al-Mustapha: Nigeria has no excuse for inadequate power supply
Hamza Al-Mustapha, ex-chief security officer to Sani Abacha, former head of state, says Nigeria doesn’t have any excuse for inadequate power supply. Al-Mustapha said this during an interview with newsmen on Sunday, noting that Nigeria has abundant resources that should reflect in its power supply. He said electricity supply is still very expensive in the country, adding that the country has what it takes to have a stable and cheap power supply. “Up till this moment, electricity supply in Nigeria is still very very expensive compared to other countries in spite of the fact that we have all it takes to have one of the most stable and cheap power supply in the world,” Al Mustapha said. “We have the resources in abundance, we have coal and gas, we have solar energy in abundance because we are ...
IPOB sit-at-home records success in Onitsha
The sit-at-home protest ordered by the Indigenous People of Biafra, IPOB, and the Movement for the Actualization of the Sovereign State of Biafra, MASSOB, recorded total compliance and success with all the residents of Onitsha and Nnewi and business outfits complying with the directive. All business activities were shot down, all markets were under lock and key public and private Secondary and Primary Schools were shot down, government offices and banks were also not opened for business as they were under lock and key, Petrol and Gas filling stations were also not opened for business as streets and roads shops and artisans in both Onitsha and Nnewi shut for the day business when Vanguard moved round the cities. All the roads leading into and exit of Onitsha, the commercial city, and those ...
Minister: Nigerian government to scale up domestic gas expansion, monetisation drive
Minister of State, Petroleum Resources, Mr. Timipre Sylva, has stated that the federal government will continue to ramp up its current domestic gas expansion drive as well as its monetisation programme to increase the country’s supply of the much needed foreign exchange earnings. Speaking when he appeared virtually at the formal opening of the new headquarters of the Nigeria Liquefied Natural Gas Limited (NLNG) in Port Harcourt, Rivers State, the minister stressed that the company was expected to play a major role in achieving the objective. Sylva noted that the country’s gas reserves must be fully explored for the full benefit of Nigerians, noting that has remains a major game-changer for Nigeria, especially with the renewed attention to the commodity as a lower carbon energy source. “In ...
Rivers government seeks relocation of NIMASA cabotage department
The Governor of Rivers State, Nyesom Wike, has appealed to the Nigerian Maritime Administration and Safety Agency (NIMASA) to return its Cabotage Services Department to Port Harcourt. Wike made the appeal when the Director-General of NIMASA, Dr. Bashir Jamoh, visited him in Port Harcourt, recently. Wike said operations of the Cabotage Services Department of NIMASA used to be in Port Harcourt, Rivers State, but it was relocated to Lagos. The governor said in spite of his administration’s procurement of gunboats for security agencies, especially the Police and Navy to assist in the fight against piracy and ensure safety on the waterways for NIMASA’s businesses to thrive, the state did not get anything in return. He commended Jamoh for the initiative aimed at harnessing ocean resources as an ...
