NNPC engages OEMs to revamp refineries before 2019
Andy NssienJanuary 19, 2018
The Nigerian National Petroleum Corporation (NNPC) said it had engaged the original builders of the refineries in Port Harcourt, Warri and Kaduna, in a bid to return them to at least 90 percent capacity utilisation before the end of 2019. Nigeria’s four refineries with an installed capacity of 445,000 barrels per day have continued to […]
Ghana attracts international attention as ExxonMobil acquires oil block
Bukola OdufadeJanuary 19, 2018
The Ghanaian oil industry has attracted the attention of American oil giant, ExxonMobil as it has signed a deal with the government to acquire exploration and production rights. The acquisition, which is the first international investment for Ghana, includes the Deepwater Cape Three Points block located off the coast off Ghana, seismic data and analysis. […]
OPEC increases non-members production forecast raising concern over US supplies
Andy NssienJanuary 18, 2018
Oil cartel, the Organisation of Petrol Exporting countries (OPEC), raised its forecast for rival oil-supply growth by 160,000 barrels per day, or 16 percent, to 1.15 million barrels per day, in a decision that is for the second month running, after a recovery of Brent crude to $70 a barrel. OPEC’s output cuts, now entering […]
Oil prices up on falling US crude stocks, militants’ threat to attack sector in Nigeria
Businessam StaffJanuary 18, 2018
Oil prices rose on Thursday on a reported decline in U.S. crude inventories, and as militants in Nigeria threatened to attack the country’s petroleum facilities. However, prices stayed below recent three-year highs as fuel supplies remain ample and as refineries scaled back operations. Brent crude futures were at $69.56 at 0255 GMT, up 18 cents, […]
Vitol signs first deal with Algeria to refine oil abroad
Businessam StaffJanuary 17, 2018
Algeria’s state-run energy producer Sonatrach signed an agreement with oil-trading Vitol Group to ship crude to Italy to be processed and sent back as refined products, in the first deal of its kind to trim the country’s $2 billion annual bill for imported fuel. Sonatrach selected Vitol, the world’s largest independent oil trader, from among […]
Oil militants threaten to attack Nigeria’s oil sector within days
Businessam StaffJanuary 17, 2018
Nigerian militant group Niger Delta Avengers said on Wednesday it will launch attacks on the country’s oil sector in the next few days. The group said in a statement on its website that “this round of attacks will be the most deadly and will be targeting the deep sea operations of the multinationals.” On November […]
Saudi Arabia plans up to $7bn of renewable energy projects this year
Businessam StaffJanuary 16, 2018
Saudi Arabia expects to start up to $7 billion of renewable energy projects this year, with solar plants leading the way. Tenders will be issued this year for eight projects totaling 4.125 gigawatts of capacity, Turki Mohammed Al Shehri, head of the kingdom’s Renewable Energy Project Development Office, said Tuesday in an interview in Abu […]
Brent crude at $70 as OPEC members reassure on cuts
Businessam StaffJanuary 15, 2018
Oil traded near the highest close in more than three years as Iraq echoed a call by the United Arab Emirates and other producers that the OPEC-led output cuts should continue, despite recent price gains. Futures were little changed in New York after rising 4.7 percent last week. The curbs have contributed to stability in […]
Iraq nears oil output capacity of 5 mln bpd, committed to OPEC cuts
Businessam StaffJanuary 15, 2018
Jabar al-Luaibi, Iraqi’s oil minister said Saturday that oil output capacity in the OPEC member country is nearing 5 million barrels per day, but the country will remain in full compliance with its output target under a global pact to cut supplies. According to a report by Reuters, Luaibi said the supply cut agreement between OPEC […]
Demand for remote renewable energy systems propels power storage market in Sub Saharan Africa, Frost & Sullivan
Businessam StaffJanuary 12, 2018
The drive to integrate renewable energy into the grid whilst at the same time supply constant, reliable power for industry activities is one of the key factors driving the power storage market in Sub-Saharan Africa. Similarly, more residential consumers and rural communities are relying on RE technologies to meet their daily power requirements. While demand […]