Tag: energy

Africa Oil buys 25.2% equity interest in Impact Oil and Gas

Canadian oil and gas company Africa Oil Corp has completed the previously announced investment in Impact Oil and Gas Limited, a private UK company with exploration assets in South and West Africa. In connection with the Investment, the Company issued 13,946,545 common shares in the capital of the Company to Helios Natural Resources 2 Limited […]

Business & Economy

NNPC reduces cost of producing crude oil per barrel to $20

The Nigerian National Petroleum Corporation (NNPC) has brought down the cost of producing a barrel of crude oil to $20, even as it now targets producing the black gold at $15 per barrel. NNPC Group Managing Director, Dr. Maikanti Baru, who disclosed this Monday in Abuja during the NNPC Day at the ongoing Technology and […]

Business & Economy

Is OPEC succeeding at cuts?

Saudi Arabia’s proposals of new metrics to determine when the oil market is balanced signals a shift in OPEC’s targets for a pact on supply cuts that has almost achieved the initial aim of reducing bloated inventories. The Organization of the Petroleum Exporting Countries, Russia and nine other producers cut output from January 2017 by […]

Business & Economy

Energy: Nigerian crude stalls a bit

Nigerian crude looked set for a sizeable overhang on Tuesday with more than half the April programme still available, with the May schedules due out within the next week. * Demand has been weak as refinery maintenance in both Europe and Asia is set to peak in May. April loading Angolan has sold better than […]

Business Products & Services

Illegal transmission: Radio frequency jam unsettles listeners nationwide – NBE

…No formal complaint yet –NBC Indications have emerged that radio stations in the country have continued to flout the directives of the National Broadcasting Commission (NBC) on recommended transmitter power in city-based FM stations, which has resulted in frequency clashes all over the country. This development is said to be most prevalent in Lagos and […]

News

Indonesia wants to buy more crude oil from Nigeria

Indonesia has expressed the desire to buy more crude oil from Nigeria, a request having been made by the Head of Economic Affairs of the Indonesian Embassy, Mr. Dwiyatna Widinugraha, who led a delegation from the country on a courtesy call on the Group Managing Director of the NNPC, Dr. Baru Maikanti, Wednesday at the […]

Business & Economy

IFC, MIGA Boards invest $400 to reduce Ugandan electricity costs

The Board of Directors of IFC and MIGA have approved a plan to refinance more than $400 million of loans to Bujagali Energy Limited and provide up to $423 million in guarantees in support of the Bujagali hydropower project, with the aim to help reduce electricity costs in Uganda, where only one in five people […]

Business & Economy

Angola prepares to launch new oil blocks despite OPEC cuts

The first vessel that will pump and store oil for Angola’s 230,000 barrels per day (bpd) Kaombo project is en route to the West African nation, operator Total said. The Kaombo oil block will produce its first oil this summer, Total said on Thursday. Once it is fully up and running, it will add roughly […]

Business & Economy

Asian demand for West Africa oil to slow in March – Reuters

China’s loadings of West African crude oil are set to slip to an 8-month low in March as stiff competition and shaky demand have forced sellers to look to other regions, a Reuters survey of vessel fixtures and traders showed on Wednesday. The loadings of just over 1.1 million barrels per day (bpd) are the […]

Business & Economy

Oil industry players concerned about electric cars

ELECTRIC CARS & BIG DATA Global oil industry players are also concerned about threats from renewable energy technologies and rapid changes to the automobile industry. Majors including BP Plc have forecast that gasoline use will decline as electric vehicle usage grows. General Motors Co Chief Executive Officer Mary Barra, in her first visit to the […]

Automotive

Oil industry’s biggest names gather this week at CERAWeek

The oil industry’s biggest names gather this week at CERAWeek, the largest energy industry get-together in the Americas, at a time when U.S. shale production is booming, global demand is rising and crude prices are at a sweet spot for both big U.S. producers and OPEC. Last year’s decision by the Organization of the Petroleum […]

Business & Economy

Akure: Electricity officials may be arrested for sabotage

RESIDENTS of Ayede-Ogbese community in Akure North Local Government area of Ondo State have called for the immediate arrest of two officials of the Benin Electricity Distribution Company, BEDC, operating in the locality, over alleged acts of sabotage. The residents alleged that the BEDC officials have begun illegal removal of supply cables to residents and […]

Crime Watch

How to easily create electricity for your home (Video)

Watch the video here The main problem in Nigeria is lack of electricity. Do you know what will happen if almost every home in Nigeria has someone who can help produce electricity? Then we won’t need DISCOS!

Business Products & Services

Nigeria search for oil in Chad basin

Barely two weeks after the release of some lecturers prospecting for oil at the Chad Basin, the Nigeria National Petroleum Corporation, NNPC,has concluded arrangement to recommence exploration activities at the basin, Managing Director of NNPC,Maikanti Baru,has said. Oil exploration activities at the Chad Basin was suspended for months due to the abduction of the three […]

Business & Economy

Nigeria’s oil exports expectations to April 2018

Nigeria’s oil exports are expected to hit 1.854 million barrels per day (bpd) in April, loading plans showed on Wednesday. The loadings compared with an initial plan of 1.694 million bpd in March, a slightly longer month, and would mark the higher bpd export total from Nigeria this year. The country will also export a […]

Business & Economy

Senegal: 15,000 rural households go for clean energy

Moustapha Sene is soft-spoken, but he is sure of what he’s doing, and has proved a rare knack for seeing the obvious. A company his family started 25 years ago, Sahel Gaz, has been transforming free air from the atmosphere to produce oxygen for local hospitals. The idea of converting nature into revenue while building […]

Business & Economy

Africa’s richest woman makes new revelations about oil block

Nigeria’s richest woman, Folorunso Alakija, has revealed how the oil block which allocated and licensed to her company came to be the chief cornerstone in West Africa and Africa as a whole after initially being rejected by most oil companies years ago. Mrs. Alakija also revealed how her company fought the government in court for […]

Business & Economy

Petrogress enters into Nigeria

Petrogress Int’l, LLC, a subsidiary of Petrogress, Inc. has entered into a Memorandum of Understanding and a Partnership Agreement with A&E Petroleum Co. Limited, a Nigerian corporation to jointly form and co-operate a corporation to be named P&A Nigeria Oil Co. Ltd. (“PANOC”) to engage in oil and gas business opportunities in Nigeria. PANOC is […]

Business & Economy

Energy: Liquefied Natural Gas (LNG) Market Dynamics

Liquefied Natural Gas (LNG) industry The Liquefied Natural Gas (LNG) Market, presents critical information and factual data about the United States Liquefied Natural Gas (LNG) Market, providing an overall statistical learning of that industry on the basis of market drivers, market constraints, and its future prospects. The universal North America Liquefied Natural Gas (LNG) possibilities and trends are also taken […]

Business & Economy

China Jan LNG imports rise to record ahead of cold snap, Spring Festival – Reuters

China’s imports of liquefied natural gas (LNG) rose to a record in January, as the world’s most populous nation rushed to shore up supplies ahead of another cold snap and the Spring Festival celebrations this month. Arrivals totalled 5.18 million tonnes, compared with the previous record of 5.03 million tonnes set in December and up […]

Business & Economy

News brief: Total Nigeria Posts FY Pretax Profit Of 11.80 Bln Naira

Feb 23 (Reuters) – Total Nigeria Plc: * FY ENDED DEC 2017 PROFIT BEFORE TAXATION OF 11.80 BILLION NAIRA VERSUS 20.35 BILLION NAIRA YEAR AGO ‍​ * FY ENDED DEC 2017 REVENUE OF 288.06 BILLION NAIRA VERSUS 290.95 BILLION NAIRA YEAR AGO ‍​ * TOTAL NIGERIA- AT THE BOARD OF DIRECTORS MEETING OF FEB 21, […]

Business & Economy

Sonangol offered cargoes from its April export plan

Sonangol offered cargoes from its April export plan, but spot trading remained quiet on Thursday. * Angolan state oil company Sonangol was offering four cargoes from its April loading plan, but a source said it had sold two already. * The grades on offer included Dalia, Olombendo and Saxi. * While there was firm Chinese […]

Business & Economy

Anadarko petroleum, Électricité de France announce sale and purchase agreement of natural gas

Anadarko Petroleum Corporation has announced MozambiqueLNG1 Company Pte. Ltd., the jointly owned sales entity of the Mozambique Area 1 co-venturers, has entered into a long-term LNG Sale and Purchase Agreement (SPA) with Électricité de France, S.A., (EDF). The off-take agreement calls for the supply of 1.2 million tonnes per annum (MTPA) for a term of […]

Business & Economy

Angola’s April cargoes trade, India launches tender, more

Trading of Angola’s April cargoes kicked off with Sonangol selling two, but other trading activtiy was sparse because of an oil industry event in London. * State oil company Sonangol had finished allocating its April-loading cargoes, traders said. * The firm also sold two of its own cargoes, though the grades and buyers were not […]

Business & Economy

Study: Grid electricity and off-grid solutions not meeting Africans energy demands

A new study released by the Center for Global Development found that either grid electricity or off-grid solutions alone are currently inadequate to meet many African consumers’ modern energy demands. The survey of consumers in twelve African countries found that on-grid customers still rely heavily on off-grid solutions like generators for their daily lives, and […]

Business Products & Services

Nigerian oil firm spent $5.8 bln on fuel imports since late 2017 – Reuters

Nigeria’s state oil firm said on Tuesday it had spent $5.8 billion on fuel imports since late 2017, as it combats a fuel shortage that has left people queuing for hours at filling stations and hobbled an already-struggling economy. “The corporation’s intervention became necessary following the inability of the major and independent marketers to import […]

Business & Economy

UK to support solar energy industry in Uganda

The British High Commissioner to Uganda, HE Peter West has announced a new partnership between the UK’s Department for International Development (DFID) and the United Nations Capital Development Fund (UNCDF) in Uganda. The partnership aims to support universal energy access in Uganda by providing assistance to the Uganda Solar Energy Association. Head of DFID Uganda, […]

Features & Reports

Noble Energy to export gas to Egypt

American petroleum and natural gas exploration and production company Noble Energy, Inc. has signed agreements to sell significant quantities of natural gas from the Leviathan and Tamar fields to Dolphinus Holdings Limited to supply gas in Egypt. These agreements, one for natural gas from Leviathan and one for Tamar, each provide for total contract quantities […]

Business & Economy

The only way to end fuel scarcity in Nigeria, according to IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that scarcity of fuel would persist unless President Muhammadu Buhari’s government breaks the Nigerian National Petroleum Corporation (NNPC)’s monopoly of importation and distribution of petroleum products. Western Zonal Chairman of IPMAN, Debo Ahmed, stated this yesterday at a press conference in Ilorin, the Kwara State […]

Business & Economy

Nigeria to announce private investors in refineries March 2018

Nigeria plans to announce the private investors in refineries in the coming month, its junior oil minister said on Monday. Emmanuel Ibe Kachikwu said he wants Nigeria to have a floating production storage and offloading (FPSO) unit for the production and processing of hydrocarbons, and for the storage of oil in 10 years. Nigeria’s refining […]

Business & Economy