Crude oil price rises amid U.S gulf shutdowns, troubling outlook
Onome Amuge
October 27, 2020
Onome Amuge Crude oil price jumped on Tuesday towards $41 a barrel amid surging coronavirus infections, U.S stimulus uncertainties and an ascending Libyan production rate. Brent crude gained one percent to sell at $40.87 per barrel, U.S. oil also rose by one percent to $38.94 after both contracts slid about three per cent on Monday. […]
CBN issues guidelines for financing mass metering for local manufacturers, DisCos
Charles AbuedeOctober 20, 2020
Charles Abuede Scheme aimed at closing metering gap in electricity supply industry To enhance efficiency of revenue collection by DisCos The Central Bank of Nigeria (CBN) has outlined the operational modalities for the financing of the National Mass Metering Programme (NMMP) and provide support to power distribution companies (Downstream) and local meter manufacturers (Upstream) in […]
Efficiency, cost optimisation, contract renegotiation help NNPC cut 2019 losses by 99.7%
Aderemi OjekunleOctober 16, 2020
Ben Eguzozie Losses: 2019 = N1.7bn; 2018 = N803bn But administrative expenses still high at N696bn Refineries continue with perennial losses State-owned Nigerian National Petroleum Corporation (NNPC) says it has reduced its huge financial losses by 99.7 per cent to N1.7 billion in 2019, against the N803 billion it incurred in 2018. The company gave this […]
Assa North-Ohaji South gas project to produce 600mscf/d, equivalent of 2.4GW of electricity – says NNPC
Aderemi OjekunleOctober 16, 2020
Ben Eguzozie The multi-billion-dollar Asa North-Ohaji South (ANOH) gas project, one of the largest greenfield gas condensate development projects ever undertaken in Nigeria, is expected to produce 600 million standard cubic feet of gas per day, an equivalent of approximately 2.4 gigawatts (GW) of electricity for the country, the national oil company, Nigerian National Petroleum […]
Oil gets a rebound on positive demand data from China
Onome AmugeOctober 13, 2020
Onome Amuge Oil prices soared on Tuesday and sales were revived following a strong China demand, but anxieties continue to affect supply restart in Norway, Libya as well as the Gulf of Mexico hurting gains. According to a report by customs data released on Tuesday, China, the world’s biggest oil importer, brought in 11.8 million […]
Port Harcourt DisCo accounts for N2.5bn of N30bn lost monthly nationally to energy theft
Onome AmugeOctober 12, 2020
Ben Eguzozie, in Port Harcourt $96bn lost globally to electricity fraud US alone loses $6bn Port Harcourt Electricity Distribution Company (PHED), one of Nigeria’s 11 DisCos, says it is losing N2.5 billion each month due to energy theft and other associated infractions by some customers in the system, Henry Ajagbawa, PHED managing director lamented in […]
Sylva endorses Indorama’s $3bn plants as decent example of how to use Nigeria’s gas
BEN EGUZOZIEOctober 9, 2020
Ben Eguzozie, in Port Harcourt Group’s petrochemicals, fertilizer plants in Eleme, Rivers State, are heavy gas users Group plans investment increase to $6.4bn by 2025 Indorama group’s $3 billion petrochemicals and fertilizer plants in Eleme, Port Harcourt, Rivers State are good examples of how to utilize Nigeria’s abundant gas resources, says Timipre Sylva, the minister […]
Oil prices slip on concerns over Norway supply risk, US hurricane Delta
Aderemi OjekunleOctober 9, 2020
Onome Amuge Oil prices fell on Friday, slipping at the end of a week of big gains made on the risk that supplies from Norway could be slashed by up to 25 percent due to a strike by oil workers in the oil-producing European country. Norwegian oil workers are considering a strike action following disagreements […]
Egypt begins construction of 252 MW wind farm at Gulf of Suez
Aderemi OjekunleOctober 7, 2020
Ben Eguzozie, with wire report Danish wind turbine firm, Vestas signs EPC contract European Investment Bank, German KfW, French AFD to fund project Can Nigeria follow suit? Egypt, north Africa’s economic giant, is joining other African national governments to commit to lower carbon emissions and cleaner energy solutions with its planned 252 MW wind farm at the Gulf of Suez […]
Mozambique diversifies its electricity mix with 3 new 120 MWp photovoltaic power plants
BEN EGUZOZIEOctober 7, 2020
Ben Eguzozie, with wire report As global grid-connected solar capacity hit 580.1 GW plus 3.4 GW off-grid PV Lesson for Nigeria with huge power need, to embrace PV system As countries across Africa are committing to lower carbon emission targets and cleaner energy solutions, Mozambique, a resource-rich south-eastern African country is diversifying its electricity […]