Nigeria targets $5bn African Energy Bank to boost FDI

Business a.m. The Nigerian government has expressed enthusiasm over the potential establishment of the $5 billion Africa Energy Bank (AEB) headquarters in Nigeria, which could serve as a long-lasting fount of foreign direct investments (FDIs) for the country. Nicholas Agbo, the permanent secretary at the Ministry of Petroleum Resources, recently discussed the momentous development in […]

Oil makes a comeback from 3-day downtrend

Nigeria’s oil production plunges 1.2mbpd in April – OPEC data

Business a.m. Oil prices rebounded on Thursday, with Brent crude futures rising by 92 cents or 1.1 percent to $82.82 a barrel, while U.S. West Texas Intermediate crude (WTI) futures rose 97 cents or 1.3 percent to $78.54. This recovery followed three consecutive days of losses, with both benchmarks experiencing over a 1% decline on […]

Africa needs $277bn yearly to achieve 2030 SDGs — says panel

    Continent has world’s highest solar potential, but only 5-GW  installed so far Panelists stress need for continent to leverage its solar potential to drive sustainable solutions Ben Eguzozie Africa requires not less than an annual investment of $277 billion over the next six years to achieve its 2030 Sustainable Development Goals (SDGs), as […]

Oil inches upward as Iran’s helicopter crash fuels market uncertainty

Russia vs. Ukraine faceoff: Coronation analysts see effects on oil prices, FGN Eurobonds

Business a.m. Oil prices saw a slight increase on Monday  following report surrounding the death of Iran’s President Ebrahim Raisi,his foreign minister and others in a helicopter crash. The development is seen to have contributed to the overall market sentiment, which also included last week’s gains. Brent oil futures for July saw a 0.3 percent rise, […]

Nigeria relaunches licensing round with 12 oil blocks

  …Announces investment prospects, despite plummeting oil industry Ben Eguzozie Nigeria, seeking to accelerate upstream investment in its plummeting oil industry, relaunched licensing round, while also announcing available opportunities in the country. Launched earlier this month, Nigeria’s latest licensing round features 12 deep offshore and shallow water blocks oil blocks — including five blocks from […]

TotalEnergies set to give clean cooking access to 100m people in Africa, India

TotalEnergies’ Lagos, Abuja CNG stations for autogas take off 2022

  ·         2.3bn people worldwide lack access to clean cooking solutions ·         93,000 women, children die from firewood-cooking smoke in Nigeria – WHO   Ben Eguzozie At the Clean Cooking summit organized by the International Energy Agency (IEA), TotalEnergies, French global energy conglomerate, announced its intention to provide some 100 million people in Africa and India access to […]

FG reaffirms commitment to leverage gas resources for Nigeria’s economic revival 

Business a.m. The federal government has reiterated its determination to utilise Nigeria’s abundant gas resources towards revamping the nation’s industrial growth and kickstarting its economic prosperity, in line with its renewed hope agenda. President Bola Ahmed Tinubu disclosed this while commissioning three critical gas infrastructure projects executed by NNPC Limited and its partners in Ohaji-Egbema, […]

Wärtsilä of Finland runs 400+MW plants for Nigerian cement industry 

  Gets new 50MW deal with Mangal in  Kogi Ben Eguzozie Technology group Wärtsilä, which is listed on NASDAQ Helsinki, has signed a 10-year operations and maintenance (O&M) agreement for a captive power plant providing the energy for the Nigerian cement producing facility located in Kogi State. The new cement plant is owned by Mangal […]

Africa harnesses downstream opps to end energy poverty by 2030

Energy law group,AEC advocates commonsense approach to promote African oil & gas sector 

Continent’s petroleum demand set to rise to 5.3m bpd by 2040 BEN EGUZOZIE IN PORT HARCOURT Africa, a continent of 1.474 billion people, is advancing the downstream infrastructure in efforts to scale-up energy security continent-wide. African Refiners and Distributors Association (ARDA), the sole pan-African organisation representing the African downstream sector, is at the forefront of […]

NNPC Ltd,First E&P joint venture reaps 20,000bpd from OML 85

Business a.m. The OML 85 Joint Venture—comprising the Nigerian National Petroleum Company Limited (NNPC Ltd) and its partner, First Exploration and Petroleum Development Company Limited (First E&P)—have announced a historic milestone with the commencement of oil production from the Madu Field, an asset located within the OML 85 lease area. Located in the shallow waters […]