China introduces crude pricing benchmark
Bukola Odufade
March 26, 2018
World’s largest crude importer, China announced the launch of a new crude oil pricing benchmark Monday. The benchmark designed to set an Asian pricing index will serve as a third global benchmark outside of the U.S. and Europe. The new Shanghai International Energy Exchange has begun trading today after China surpassed the U.S as the […]
Iraq supports OPEC-led oil output reduction deal, Iraq’s Masum says
Businessam StaffMarch 26, 2018
Fuad Masum, Iraqi President said at a meeting Monday with OPEC Secretary-General Mohammad Barkindo that the country supports OPEC’s agreement to cut oil output. Masum, who met Barkindo in Baghdad, stressed the “need to support the deal to cut crude oil supply”, according to the state-run Iraqi Media Network website. Iraq, the second-largest producer in the […]
Trading giants lead way as China challenges global oil benchmark
Temitayo AyetotoMarch 26, 2018
Glencore Plc and Trafigura Group, two of the world’s biggest commodity giants are leading the way in China’s challenge of global oil benchmark; giving the country’s crude futures contract a go on its long-anticipated trading debut. The largest oil traders were among foreign participants as the yuan-denominated futures started on the Shanghai International Energy Exchange […]
More Africa homes get powered as Kenyan M-KOPA Solar secures more fund
Businessam StaffMarch 22, 2018
M-KOPA Solar, Kenyan pay-as-you-go solar energy provider has secured a new round of funding that will be used to extend their product offering to more homes and individuals across Africa. The investment amount, which is undisclosed, includes a first-ever $10 million investment from FinDev Canada, according to ITWebAfrica. Led by U.K. government-owned investment company CDC, […]
Italy’s ENI starts oil production offshore Angola
Businessam StaffMarch 21, 2018
ENI, Italian energy major and Angolan state company Sonangol have started oil production from the Ochigufu project, in Block 15/06 of Angola’s deep offshore, ENI said. The field will add 25,000 barrels to the current production levels. According to ENI, the Ochigufu field is located in 1,300 meters below the surface in Angola’s deep offshore, approximately […]
Waste to power: Gas still economic, environmental menace
Bukola OdufadeMarch 19, 2018
Nigeria’s 2020 goal of achieving zero gas flaring appears to have gone up in flames. The Trans-Saharan Gas Pipeline Project (TSGP), upon which the country hoped to turn this goal into reality is seriously running behind schedule. It had earlier been due for completion this year. A number of factors are responsible for what now […]
Nigeria secures World Bank $486m loan for electricity transmission lines expansion
Goddey OdinMarch 13, 2018
Babatunde Fashola, Nigeria’s minister of power, works, and housing, said Monday that the country has secured the World Bank approved $486 million for the expansion of electricity transmission. The minister disclosed this at the 25th monthly power sector meeting in Uyo, Akwa Ibom State, where he said Nigeria has 5000 megawatts distribution capacity as the generation capacity has reached 7000 […]
Off-grid power rollout to boost rural telephony
Businessam StaffMarch 12, 2018
Telecommunications services across Nigeria, especially rural areas, would improve in the near term as plans are underway to rollout a massive infrastructure for rural cellphone telephony system across Nigeria by Raeanna Nigeria Limited, an indigenous telecoms infrastructure company that creates affordable voice and data solutions. The company, according to its Canadian-based technical partner, Clear Blue […]
Oil prices rise on declined U.S. drilling
Businessam StaffMarch 12, 2018
Oil prices were up slightly on Monday morning as the number of U.S. rigs drilling for more oil production declined. Crude Oil WTI Futures for April delivery were trading at $62.16 a barrel in Asia at 1:45 GMT, up 0.19%. Brent Oil Futures for May delivery, traded in London, were up 0.20% at $65.62 per barrel. […]
Shell’s gas production could be triple oil by 2050 – CEO
Businessam StaffMarch 8, 2018
Royal Dutch Shell could boost its share of natural gas production to triple that of oil in order to meet self-imposed goals to halve carbon emissions by 2050, Ben van Beurden, chief executive, said on Wednesday, according to Reuters’ report. Speaking at the CERAWeek conference by IHS Markit in Houston, van Beurden outlined a series […]