Oil edges up as storm hampers U.S. supply, glut forecasts weigh

Oil futures edged up on Friday as U.S. Gulf of Mexico crude output was halved by disruptions caused by a tropical storm, but concerns over a global surplus in the months ahead limited gains. Brent crude futures were up 31 cents to $66.83 a barrel by 11:21 a.m. EDT (1521 GMT). U.S. West Texas Intermediate […]

TCN targets capacity of 10,000mw

The Transmission Company of Nigeria (TCN) is planning to raise the transmission wheeling capacity of the power grid to 10,000 megawatts (MW) as it moves to achieve its target by re-conducting seven critical lines nationwide this year. It also revealed that it has recovered 775 stranded containers from 800 units abandoned for over ten years […]

NNPC pays ExxonMobil Nigeria affiliate $833.57m final cash-call arrears, three years ahead of repayment plan

Three years ahead of a scheduled repayment agreement, state-owned oil company, Nigerian National Petroleum Corporation (NNPC) has paid ExxonMobil’s Nigeria affiliate, Mobil Producing Nigeria $833.57 million in final and full settlement of its cash-call obligation, the corporation announced in a statement made available to business a.m. The NNPC had signed what it tagged Cash-call Repayment […]

NNPC largest gas supplier to power sector in Nigeria, says Baru

The Nigerian National Petroleum Corporation (NNPC) remains the largest supplier of gas to the nation’s power sector, Maikanti Baru, the corporation’s group managing director has asserted. Baru made the disclosure during the inauguration, at the weekend, of a compendium produced by the corporate services directorate of the NNPC in Abuja, and attributed the feat to […]