OPEC member Angola looks beyond oil, diversifies into gold to expand economy
Businessam StaffFebruary 7, 2018
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
Businessam StaffFebruary 5, 2018
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
Phillip IsakpaFebruary 5, 2018
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
Businessam StaffFebruary 2, 2018
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
Businessam StaffFebruary 1, 2018
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 says insecurity hindering oil exploration in Chad basin
Ajose SehindemiJanuary 30, 2018
Nigeria’s state oil company, Nigerian National Petroleum Corporation (NNPC) on Tuesday blamed security challenges for the non-commencement of oil exploration in the Chad Basin. Mazadu Bako, the General Manager, Frontier Exploration Services of NNPC, disclosed this at the 50th anniversary celebration of the Geology Department, Ahmadu Bello University (ABU), Zaria. He said: “If the security […]
Nigeria’s state oil company to increase oil production to 500,000 bpd before 2022
Ajose SehindemiJanuary 25, 2018
The Nigerian Petroleum Development Company ( NPDC ), one of the upstream subsidiaries of the Nigerian National Petroleum Corporation ( NNPC ), has said it will increase its daily crude oil production to 500,000 barrels per day before 2022. Maikanti Baru, group managing director of the NNPC, announced the target during the inauguration of the […]
Nigeria’s state oil company loses ₦6.79bn to vandalism, crude inventories in one month
Bukola OdufadeJanuary 25, 2018
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
Bukola OdufadeJanuary 23, 2018
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 […]
Africa’s richest man, Dangote, staking $150m on solar to ramp up industrial activities in Nigeria’s Kano
Ajose SehindemiJanuary 23, 2018
Africa’s richest man, Aliko Dangote, has his eyes set on reviving business activities in Nigeria’s ancient city of Kano with an investment of $150 million in a solar power plant to generate electricity that will power industries and ramp up production, it has emerged from different sources who provided information to Businessamlive for this story. […]