Electricity outages stifle growth in Nigeria amid plans to revive power sector

November 5, 2020

By Charles Abuede     Nigerians spend $14bn fuelling small-scale generators annually   As a thought out solution to mitigate the gnashing of teeth by many consumers on Nigeria’s estimated electricity billing conundrum, along with low power supply across the country, the Presidency, under the Presidential Mass Metering initiative, made funds available for power distribution […]

Sahara Energy Geneva appoints Mignot as CFO to drive growth strategy

November 5, 2020

By Zainab Iwayemi   Sahara Energy Geneva, a leading international energy and infrastructure conglomerate with business operations in over 42 countries, has appointed Nicholas Mignot as the new chief financial officer to oversee the growth and expansion of the company’s strategies globally. The appointment, which is to take effect from January 4 2021, is expected […]

Oil prices gain momentum with eye on U.S election

November 4, 2020

By Onome Amuge   Oil prices strengthened their rebounds amid flashes of recovery in financial markets on Tuesday. However, uncertainties over increasing coronavirus infections around the world and the focus on the U.S election hindered further gains. Brent futures gained 95 cents or 2.44 per cent to sell at $39.92 a barrel while U.S West […]

NNPC reports explosion at OML 40 managed by Elcrest E&P

Ben EguzozieNovember 3, 2020

  10,000bpd shut-in, as marine tanker significantly damaged Company says no fatalities or injuries     The Nigerian National Petroleum Corporation’s (NNPC) upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), has reported an explosion at its production facility in Oil Mining Lease (OML) 40 involving its partners Elcrest Exploration and Production Nigeria Limited while carrying […]

Optimism grows on oil demand returning 100mbd

September 29, 2020

The whiff of optimism being expressed in respectable quarters about chances that oil demand could yet return to the psychological comfortable figure of 100 million barrels per day received another heavyweight support last week with ConocoPhillips joining the fray to issue a forward-looking statement that demand will not only return to that number but that […]

Unstable fiscal regime stifling Nigerian petroleum industry, says Kyari, NNPC GMD

Ben EguzozieSeptember 22, 2020

  Reps committee assures of PIB passage soon Nigeria loses $21bn in divestments by IOCs   Mele Kyari, the group managing director of state-owned oil company, Nigerian National Petroleum Corporation (NNPC), has said the absence of a stable fiscal environment in Nigeria was inhibiting the growth of the country’s petroleum industry, especially the upstream sector.   Kyari, […]

Federal Character Commission applauds NNPC on AKK project flag-off

Ben EguzozieSeptember 22, 2020

The Federal Character Commission (FCC) has applauded the national oil company, Nigerian National Petroleum Corporation (NNPC) on the recent flag-off of the $2.89 billion Ajaokuta-Kano-Kaduna (AKK) gas pipeline project. The project which is planned for completion in 24 months, will transport 3,500 million metric standard cubic feet per day (mmscfd) of dehydrated wet gas from several […]

BUA enters Nigeria’s R&P playbook with 200,000bpd plant in Akwa Ibom

September 10, 2020

Ben Eguzozie, in Port Harcourt Targets Euro-V fuels, PPL Signs agreement with France’s Axens BUA Group, the Nigerian manufacturing and foods conglomerate, is entering the country’s and West African crude oil refining and petrochemical playbook with the announcement of plans to build a 200,000 barrels per day plant in Akwa Ibom State. The multi-billion-dollar integrated […]

Buhari to get new oil and gas reform bill to boost output

Aderemi OjekunleAugust 19, 2020

President Mohammed Buhari is to receive from the federal ministry of petroleum resources the oil and gas reform bill in the quest to boost output and attract foreign investment.   The oil and gas reform bill is critical this time as the shift in the market that favours renewable energy has made it tough for […]