Goldman Sachs explains why Saudis made shocking oil production cut decision
Zerohedge.com
January 6, 2021
By Zerohedge.com The first monthly OPEC+ meeting to decide on the group’s production ended with an unexpected, in fact shocking two-month agreement: Saudi announced an unexpected and unilateral production cut of 1 mb/d in February and March, Russia and Kazakhstan will instead increase output modestly to meet seasonal needs while other producers will remain at […]
Nigeria’s power tariff up 50%, 2 months after earlier rate spike led to face-off
Charles AbuedeJanuary 5, 2021
By Charles Abuede Barely two months after the Nigerian Electricity Regulatory Commission (NERC) forced the implementation of the highly opposed electricity hike on Nigerians, the regulator has again approved a 50 per cent increase in electricity tariff, which became effective January 1 2021. This move in tariff hike will see customers of 11 power […]
Wike unseals Shell’s operational base as NNPC GMD intervenes
Ben EguzozieJanuary 2, 2021
Out-of-court settlement of feud possible Kyari says negotiation continues Governor Nyesom Wike of oil-rich Rivers State, apparently bowing to pressure from oil industry major players, unsealed the Kidney Island operational base of Shell Petroleum Development Company (SPDC), a facility it sealed a week ago, in the guise of acting on a court judgement. The […]
Ernst & Young lists India as world’s most attractive solar PV market
Ben EguzozieDecember 31, 2020
US, China still top renewable energy investment destinations With $115.24bn in 2019, global SPV market to hit $131.04bn end-2020 Nigeria still crawling in a world betting on green, renewable energy India, currently the world’s fourth most attractive destination for renewable energy, its solar photovoltaics (Solar PV) market sustained by low tariffs, is rated as […]
DisCos owe NBET N416.94bn in 2020
Ben EguzozieDecember 31, 2020
Nigeria’s eleven electricity distribution companies (DisCos) owe a total N416.94bn from January to September of this year, the Nigerian Bulk Electricity Trader (NBET) said. This is also happening at a time the DisCos operate with appalling performances across the country, with many customers’ complaints trailing each of them. Most of the DisCos complain of poor […]
Marketers of cooking gas canvass full domestication of LPG
Chibisi OnyekaDecember 31, 2020
By Chibisi Onyeka, in Abuja Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has called for the full domestication of LPG to guard against price manipulations at the international market. The group has also urged the federal government to remove the Value Added Tax (VAT) on cooking gas explaining that the removal would attract […]
NNPC commits to third-party financing for gas development
Ben EguzozieDecember 31, 2020
Nation’s gas bogged by fiscal, commercial value-chain uncertainties AOW wants Nigeria to focus gas for growth than boost revenue stream With 2.49m bpd Kyari says NNPC in record oil production in decades National oil company, the Nigerian National Petroleum Corporation (NNPC) says it was focusing on third party financing of oil and gas development projects […]
Covid-19 Impact: Energy Sector Year in Review 2020
Businessam StaffDecember 31, 2020
Energy demand and oil prices slumped on the back of Covid-19 OPEC+ countries agreed on sharp production cuts to stabilise prices While coal, oil and gas investment fell, investment in renewables increased Rise in sustainable finance looks set to bolster the renewable transition This has been a dramatic year for the global energy sector, with […]
Shell, Rivers face-off over OML 11, Kidney Island brews up for epic battle
Ben EguzozieDecember 30, 2020
Rivers takes over Kidney Island State says implementing court judgement Shell says action premature, unlawful Cites on-going appeal court matter fixed for January 14, 2021 A drama that began in 2019 and which is being directed by Governor Ezenwo Nyesom Wike of Rivers State that involves a lucrative oil asset being superintended by the […]
Seplat Petroleum signs crude purchase agreement with Waltersmith refinery
Ben EguzozieDecember 24, 2020
CPA involves 2000–4000-bpd crude for Waltersmith’s 5,000-bpd refinery First private commercial in-country crude refining Agreement 30 days after Buhari inaugurated Waltersmith Seplat Petroleum Development Company Plc, a leading Nigerian independent energy company listed on both the Nigerian and the London Stock Exchanges, has signed a crude purchase agreement (CPA) with Waltersmith Petroman Oil […]