$750bn investment made in electricity against $716bn in oil and gas in 2017, says IEA
Bukola Odufade
July 18, 2018
Investment in electricity globally rose to $750 billion in 2017, slightly higher than the $716 billion capital spending on oil and gas, the International Energy Agency (IEA) has said in a new report. Total energy investment across the world was down two percent at $1.8 trillion from the total investment made in 2016, according to […]
Nigeria’s privatisation agency assures House committee on PSRP capacity to tackle liquidity issues in power sector
Businessam StaffJuly 18, 2018
Nigeria’s privatization agency, the Bureau of Public Enterprises (BPE) has assured the House of Representatives’ committee on Privatisation and Commercialisation on the capacity of the Power Sector Recovery Programme (PSRP) to tackle the lingering liquidity issues in the power sector. “PSRP is robust enough to ensure viability of the power sector and manage the liquidity […]
Total signs agreement with Tata to improve its refinery performance
Bukola OdufadeJuly 17, 2018
International oil company, Total of France, Tuesday announced a partnership agreement with Indian based Tata Consultancy Services (TCS) aimed at improving its refinery performance, by building an innovative center in the country. According to a statement released by the oil giant, the partnership will initially focus on the use of disruptive technology to revamp the […]
Gas flaring up slightly in Nigeria but slows down worldwide, says World Bank
Bukola OdufadeJuly 17, 2018
Gas flaring by oil and gas companies in Nigeria is still costing Nigeria as much as $2.5 billion annually but the World Bank says the practice is on the decline globally. According to data seen by business a.m. gas flaring rose by four percent in Nigeria in 2017. Much of the natural gas associated with […]
Oil prices could hit $100 despite increased production from OPEC, allies
Bukola OdufadeJuly 16, 2018
The highly volatile oil market might be faced with more volatility in the coming months as oil analysts say that there is a chance crude prices might hit triple digits. Increased production from OPEC and its allies can’t replace production from Iran, which would reduce by 500,000 to one million barrels per day once sanctions […]
We are ready for lower-than $60 oil price, says Austin Avuru, Seplat CEO
Adesola AfolabiJuly 10, 2018
Austin Avuru, Seplat chief executive officer says the company’s strategy in combatting near to midium-term challenges such as decline in price of crude oil will be met with adequate preparedness. “Our work programme for the year and for 2019 is not based on oil prices as high as even $60” Avuru stated while speaking on […]
Acquiring SCADA system in Nigeria’s electricity industry might solve its pressing challenges
Bukola OdufadeJuly 9, 2018
The increasing deployment of SCADA system in Africa is growing as it reduces losses and optimizes production, especially in the electricity sector and Nigeria is trying to catch up with its peers. The Nigerian electricity transmission company, TCN recently said it had begun the acquisition of Supervisory Control and Data Acquisition System (SCADA)/Energy Management System […]
Nigeria’s state oil firm eyes capital market to fund at least 8 new projects
Adesola AfolabiJuly 4, 2018
The Nigerian National Petroleum Corporation (NNPC) is set to hit the Capital market to fund its new projects, which include the NNPC/NAOC JV Idu-Re-development, South Gas Project, North Gas Project and Central Gas Project. Maikanti Baru, group managing director of the corporation, disclosed this at the ongoing Nigeria Oil and Gas Strategic Conference and Exhibition […]
1400MW required to power Edo, Ekiti, Ondo, says BEDC
Bukola OdufadeJuly 3, 2018
Benin Electricity Distribution Company (BEDC), the power distribution firm responsible for Edo, Delta, Ekiti and Ondo states in Nigeria, says at least 1400 megawattts of power are required to guarantee power supply to 750,000 households and 13 million people in these states. Tayo Adekunle, the spokesman of the company on Tuesday, therefore, appealed to customers […]
Schlumberger to provide $724m as NNPC concludes JV financing deal
Bukola OdufadeJuly 2, 2018
Nigeria’s state owned oil corporation, NNPC has announced that it has completed the final stage of the financing and technical services arrangement between NNPC/First E&P JV and Schlumberger for the Anyalu and Madu fields under oil mining license OML 83 and OML 85 offshore Nigeria. According to the signed agreement, global oil services giant, Schlumberger […]