Business
Nigeria Secures $13bn Investment Pledges From IOCs
Nigeria has secured a total of $13 billion in investment commitments in its oil and gas sector from major international energy companies, including ExxonMobil, Shell, and TotalEnergies.
Special Adviser on Energy to President Bola Tinubu, OluVerheijen, revealed this in a Statement made available to newsmen, Weekend.
Verheijen said the President and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have met with representatives of 15 oil and gas companies operating in Nigeria and have secured their commitment to invest in Nigerian oil and gas.
In his words, “we are faced with a revenue crisis which is impacting all Nigerians. To urgently address this, President Bola Tinubu is actively seeking ways to grow revenue and forex to stabilize our economy and currency.
“And the oil and gas sector remain critical to our ability to do so despite current production levels falling significantly short of our potential”.
Recall that President Tinubu’s Spokesman, AjuriNgelale, had earlier stated that Exxon would boost its crude oil production in Nigeria by an additional 40,000 barrels per day (bpd).
Currently, Nigeria’s oil production is around 1 million bpd below its capacity.
The Federal Government has cited a lack of investments, shortage of funding sources because of the energy transition, and insecurity as among the factors driving the situation.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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