Total exceeds expectations in Congo with 200,000bpd production
Bukola Odufade
October 31, 2018
Total has said that crude oil production at its subsidiary in the Republic of Congo has exceeded expectations. The company is pumping 200,000 barrels per day in the country, Martin Deffontaines, general manager of Total E&P Congo, said from Pointe Noire, Congo’s commercial capital. “Its production is far more than what we had anticipated,” Deffontaines […]
BP Q3 earnings skyrockets, to pay for $10.5 bn acquisition in cash
Bukola OdufadeOctober 31, 2018
BP said it’s generating so much cash at the moment that, provided oil prices remain around their current range, the company will pay for its $10.5 billion acquisition of BHP Billiton Ltd.’s onshore U.S. oil and gas assets entirely in cash. Profits at oil giant BP more than doubled in the third quarter of 2018, […]
Aramco and Total to build $9 billion petrochemical complex
Bukola OdufadeOctober 24, 2018
Saudi Arabia’s Aramco and Total have signed a $9 billion agreement to build an integrated petrochemical complex that will have an ethylene production capacity of 1.5 million tonnes annually as well as a petrochemicals unit. The country also said that it has signed deals worth more than $50 billion in oil, gas, infrastructure and other […]
Power minister, Fashola, upbeat about promise in the electricity sector as Nigeria adds 945MW
Bukola OdufadeOctober 23, 2018
Babatunde Fashola, minister of works, power and housing says Nigeria would add 945 megawatts (MW) electricity generating capacity to the grid before the end of the year as the task of achieving stable power supply nationwide remains achievable with more hard work and support from stakeholders, especially the private sector. He expressed optimism at the […]
Kachikwu establishes R&D Council for local content
Bukola OdufadeOctober 23, 2018
Emmanuel Kachikwu, minister of state for petroleum resources has launched the Nigerian Content Research and Development Council (NCRDC), which is expected to advise the Nigerian Content Development and Monitoring Board (NCDMB) on matters relating to research, development and innovation for the oil and gas industry. Kachikwu described the R&D council as a timely innovation that […]
Downstream deregulation could speed up with Dangote Refinery entry
Bukola OdufadeOctober 23, 2018
A complete deregulation of the downstream sector of the oil and gas industry might be inevitable in the next few years, and analysts see the coming on stream of the Dangote Refinery as a key influencer and determinant on this much debated issue. A ranging debate on the deregulation of the downstream sector of the […]
Exxon Mobil, China’s Zhoushan in talks over $7bn ethylene plant
Businessam StaffOctober 18, 2018
Zhoushan, a city in the northeastern Zhejiang Province, eastern China on Wednesday said discussions were ongoing with major oil stakeholder, Exxon Mobil Corp to build a $7 billion ethylene plant in the city south of Shanghai, according to a statement. The facility will have annual production capacity of 1.5 million to 1.8 million tonnes. When […]
Dangote Refinery still on course for 2020 start, say Renaissance analyst
Bukola OdufadeOctober 18, 2018
With most of its needed equipment on ground, an analyst at Renaissance Capital, Temilade Adurogba, has declared that Dangote Refinery is still on course to start operations in 2020 despite some crucial challenges it faces, including inadequate foreign exchange. Aduroja, a sub-Saharan Africa analyst at the research firm said that the progress shown […]
NCDMB lauds Dangote Refinery over compliance to local content act
Bukola OdufadeOctober 16, 2018
Nigerian Content Development and Monitoring Board (NCDMB) has lauded the Dangote Refinery project over its compliance to the local content act, while expressing the board’s intention to further partner with Dangote Refinery for effective implementation of the act in the country’s oil and gas industry. Akintunde Adelana, director, monitoring and evaluation, NCDMB, who represented the […]
Industry analysts see Venezuelan possibility in Nigeria if PIB is not passed soon
Bukola OdufadeOctober 16, 2018
Industry analysts meeting in Enugu, Enugu State, at a stakeholders roundtable, have urged the federal government to pass the Petroleum Industry Bills (PIBs) as the non-passage of the four bills continue to setback policy reforms in the Nigerian oil and gas sector, a quest which was initiated about two decades ago. The roundtable revolved around […]