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 […]

Opportunities seen in diversifying Nigeria’s renewable energy sources

The major differences between fossil fuel and renewables as sources of energy can be found in two words: reliability and exhaustibility. Fossil fuels are controllable and readily available, but not inexhaustible. However, renewable energy, such as biomass, sun, wind, and water, is somewhat unreliable because we don’t control the energy to be generated, but they […]

Nigeria’s Kaduna refinery shut temporarily, state oil company says

Nigeria’s Kaduna oil refinery has temporarily shut down because of a lack of crude, the Nigerian National Petroleum Corporation (NNPC) said on Thursday. According to Reuters, an NNPC spokesman told Reuters that the state oil firm is now making arrangements to supply crude so production can resume. Though no further detail on the issue. Kaduna, […]

Erin Energy discovers hydrocarbons in Nigeria’s Oyo-NW well

Erin Energy

Erin Energy Corporation on Wednesday announced that it has completed the drilling of the Nigeria’s Oyo-NW well, and based on the preliminary evaluation, discovered hydrocarbons in the Miocene Formation. The well is located approximately 9.5 kilometers northwest of the Oyo Central field on the Company’s offshore Nigeria block 120, according to the company’s statement on the […]

Nigeria’s state oil company loses ₦6.79bn to vandalism, crude inventories in one month

Nigerian National Petroleum Corporation (NNPC) has reported a trading deficit of ₦6.79 billion for its operations in November 2017, higher than the previous month’s deficit of ₦6.39 billion. According to the November financial report, the drop in revenue performance was attributed to increased cost in upstream activities and reduced revenue in the downstream value chain […]

Nigeria meter assets providers must accommodate 40 percent local content, says electricity market regulator, NERC

Meter Manufacturers

Nigeria’s electricity market regulator, the Nigerian Electricity Regulatory Commission (NERC), has issued directive that every investment made in the meter subsector must accommodate up to 40 percent of the local content in the investment. This was made known at a presentation in Abuja where a new draft regulation on third-party investments in meter infrastructure within […]