Angola cuts petroleum tax to reduce crude production decline

Bukola Odufade17 hrs

Africa’s second-largest crude producer, Angola, is cutting tax rates on development of marginal oil fields, a new feat, Joao Lourenco, the country’s president, is trying, in order to slow down the decline of oil production. The Angolan president in a series of decrees, halved petroleum production tax on fields with less than 300 million barrels […]

PIB: For market driven petroleum industry

Ayobami Adedinni20 hrs

Austin Olorunsola, lead consultant to the Senate on the Petroleum Industry Bill and former director of the Department of Petroleum Resources (DPR), has said the PIB will create a more efficient and market-driven industry. Speaking with our correspondent recently, he said as soon as the Nigerian National Petroleum Corporation , (NNPC) begins to operate as […]

Renewables: No threat to oil & gas

Ayobami Adedinni20 hrs

The renewable energy sector has been described as an opportunity rather than a threat to the oil and gas sector. In the past few years, there has been a lively debate about the increasing role of renewables at the expense of fossil fuels, particularly in power generation. Some say that renewables are not an existential […]

Scientists design new solar panels to capture energy from rain

Ayobami AdedinniMay 21, 2018

Scientists have designed new solar panels to capture energy from rain as part of improvements on the current design that captures energy from the sun alone. Two groups of scientists from Soochow University, and Yunnan Normal and Ocean Universities in China have come out with hybrid solar panels or all-weather solar panels to generate electricity […]

OPEC, non-OPEC members’ oil cut deal hit over 130%

Ayobami AdedinniMay 21, 2018

The level of conformity to the Declaration of Cooperation by Organisation of Petroleum Exporting Countries (OPEC) and Non-OPEC has hit over 130 percent, Mohammad Sanusi Barkindo, OPEC secretary general has said. Speaking at the 22nd International Exhibition & Conference, “Oil & Gas Uzbekistan (OGU)”, Barkindo said the achievements and impact of the implementation of the […]

Force majeure on Bonny Light shipments remains, Shell says

Businessam StaffMay 21, 2018

The Nigerian subsidiary of Royal Dutch Shell said Monday a declaration of force majeure remained in place on shipments of Nigerian Bonny Light crude oil. Shell Petroleum Development Company of Nigeria Ltd (SPDC) said on May 17 it had declared force majeure on exports of Bonny light following a shutdown on the Nembe Creek Trunk […]

Nigeria agrees with Russia on first nuclear energy plant by mid 2020s

Businessam StaffMay 18, 2018

Simon Pesco Mallam, the president, chairman and chief executive officer of the Nigeria Atomic Energy Commission (Nigatom), said the country will get its first nuclear energy plant by the mid 2020s. The chairman made the disclosure at the just-concluded 2018 AtomExpo in Sochi, Russia. Mallam said, according to media report seen by businessa.m, that “We […]

Nigeria’s Trans-Forcados oil pipeline shut due to leak -source

Businessam StaffMay 16, 2018

Nigeria’s Trans-Forcados pipeline which exports the Forcados crude oil is shut down for repairs to inspect a leak, a source with knowledge of the matter said, according to report seen by business a.m. The pipeline was shut about 5 days ago, the source said It transports about 200,000 to 240,000 barrels per day of crude […]