Unutilised power levels rise, reaching 17,184.29MWs, but DisCos reject blame

Nigeria’s Generating Companies (GenCos) continue to generate more electricity than Transmission Company of Nigeria (TCN) and the distribution companies (DisCos) can handle. According to data released by the country’s Transmission Company of Nigeria (TCN), the total megawatts consumed in the first two weeks of February 2018 was 34,490.32 megawatts while actual generation by the GenCos for […]

Firm demand seen offsetting stronger dollar impact on oil prices

OPEC has said expectations of firm demand based on stronger economic growth forecasts may sustain higher oil prices in 2018 despite the firming of the U.S dollar, which always have inversely correlation to prices. In its February monthly oil report, the cartel said the International Monetary Fund (IMF) raising its 2018 forecast for global GDP […]

Crude oil prices rise on renewed optimism

Prices of crude oil rose Friday, an effect of a weak U.S. dollar and by hopes for further efforts to limit global oil output. The U.S. West Texas Intermediate crude March contract was up 43 cents or about 0.72% at $61.52 a barrel by 11:50 a.m., the highest since February 8. Elsewhere, Brent oil for April […]

100% implementation of local content law could temporarily slow crude oil production

Simbi Wabote, executive secretary of the Nigerian Content Development and Monitoring Board

Simbi Wabote, executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB) has said that a 100 percent implementation of the Nigerian Oil and Gas Industry Content Development Act (NOGICD), could slow crude oil production momentarily due to the limitation in capacity and technology. Wabote disclosed this at the public hearing organized by the […]

Ikeja Electiric launches PowerPlay game to promote customer safety

L-R, Dapo Omolade, National Coordinator, Safety Advocacy and Empowerment Foundation, Hakeem Dickson, Director General, Lagos State Safety Commission, Felix Ofulue, Head, Corporate Communications Ikeja Electric and Folashade Lediju, Director of Admin & Human Resources, Lagos State, during the launching of IE proprietary "Power-Play Board Game" ©, at Stadium Junior Secondary School Ifako Ijaiye, Lagos

Nigeria’s largest electricity distribution company, Ikeja Electric Plc (IKEDC), has launched a board game called Power Play, as part of its safety enlightenment campaign. In a statement released by the company in Lagos, Nigeria on Wednesday, the company said the game is designed to provide information relating to hazards and common violations and operational aspects […]

OPEC member Angola looks beyond oil, diversifies into gold to expand economy

Diamantino Azevedo, oil and mineral resources minister

Africa’s second-biggest oil exporter, Angola, is set to expand its commodity mix into gold, Diamantino Azevedo, the country’s oil and mineral resources minister told Reuters on Tuesday. The minister who does not expect OPEC to impose deeper cuts to its member states this year, said Angola hopes to start producing small quantities of the precious metal next […]

Europe to shun Russian oil as boost of Chinese flows hits quality

European refiners are threatening to cut Russian oil purchases due to worsening quality after Moscow has re-routed large volumes of crude to China as part of its fight with OPEC and the United States for market share in fast-growing Asian markets. According to Reuters’ report, the quality of Russia’s flagship Urals oil grade has deteriorated […]