FuelClub Discount

The Federal Government has directed the Project Development Institute (PRODA), Enugu to explore ways of converting coal to fuel as part of measures to reduce over-reliance on petroleum products for energy.

Minister of State for Science and Technology, Dr Alhassan Bako Zaku, who gave the directive when he visited the institute as part of his one day facility tour of Federal Parastatals in Enugu State, said the government was uncomfortable with the underutilization of the large coal deposit in the country.

He asked the institute to do everything within its reach to carry out the directive, saying Nigeria’s over reliance on crude oil for the production of fuel in spite of the availability of other natural resources that could generate the product, was unacceptable.
(more…)

Pyramid Petroleum Inc. (TSXV: PYR) today announced the Company’s proved plus probable (”P+P”) reserves as of December 31, 2007. Pyramid’s reserves for its offshore properties were evaluated by Netherland Sewell & Associates, Inc. (”NSAI”). The Company’s ofshore properties were evaluated by Haas Petroleum Engineering Services, Inc. (”Haas”). Details of the reserve reports will be filed on SEDAR.
As of December 31, 2007, proved plus probable reserves increased to 2.5 million barrels of oil equivalent (boe) from 1.1 million boe at December 31, 2006 representing an increase of 127%. Total proved reserves increased to 2.2 million boe as of December 31, 2007 compared to 1.1 million boe at December 31, 2006. This represents an increase of 100%.
The value of before tax proved and probable reserves (NPV 10%) increased to U$49.5 million from $9.5 million, based on forecast prices resulting in an increase of 400%. The value of before tax proved reserves (NPV 10%) increased to US$40.3 million from $8.5 million, based on forecast prices, resulting in an increase of 375%.

(more…)

A Tele investigation has revealed prices at Tesco in Greenock and BP in Regent Street are a shocking 5p per litre more than in neighbouring areas.
Angry drivers in Inverclyde have to pay around 107p or 108p a litre for their unleaded — but Renfrewshire motorists can get their petrol for as little as 102.9p.
Greenock motorist John Irving, who is a volunteer driver for Ardgowan Hospice, is one of thousands of victims being mugged at the pumps.
John, 54, who suffers from arthritis and diabetes and struggles to get around without his car, said: “The prices are just ridiculous. The whole point of supermarkets is they are supposed to provide things much more cheaply. I don’t know why they’re not doing this with their fuel.
“The prices in Renfrewshire and Inverclyde vary so much. I have ?86 a week to buy shopping, pay for heating and to put petrol in my car — it’s very difficult.
“I don’t understand why it’s cheaper elsewhere and much dearer here. Tesco are driving customers away with their prices.”
Duncan McNeil MSP has stepped into the battle and has promised to write to Tesco to try to resolve the problem.
He told the Tele: “It is important our petrol prices are competitive. However, it is completely unacceptable a few miles of a difference should have a significant effect on the price of our fuel.”
BP and Tesco in Greenock both believe their prices are justified.
A BP spokesperson said: “A number of factors have to be taken into account to decide on fuel prices. The cost of the raw materials and the transport of the fuel is a major part of it. Prices have to change to compete with other fuel providers in the area.
“Everyone has the right to choose where they buy their petrol or diesel. We believe our prices are competitive and that we offer a good service.”
A Tesco spokesperson said: “We appreciate it is the customer who decides whether or not our prices are competitive. They have the right to choose where they shop for their fuel.
“Every single one of our petrol stations has local competition. If we are not competitive in that locality, our customers could choose to fill their cars elsewhere. We check the prices at our own petrol stations versus our competitors daily, and we are confident the local customer is getting a great deal on fuel.”
In Wednesday’s budget, Chancellor Alistair Darling announced a 2p hike in fuel prices in October.

Source: GreenockTelegraph