Energy Worth with Agency Report Oil prices fell on Wednesday, weighed down by a gloomier global economic outlook and a report of rising United States’ crude inventories, even as the US sanctions on Tehran threatened to curb Iranian crude oil supplies. Global benchmark Brent crude oil fell by $0.50 to $71.96 per barrel by 8.30am…
By Julianne Geiger Tullow’s TEN oilfield will reach full capacity in 2020, according to Tullow’s external affairs director Cynthia Lumor, cited by Reuters. Tullow’s current capacity in TEN (Tweneboa, Enyenra, and Ntomme) is 56,000 barrels per day. It’s peak production of 80,000 will be reached in roughly two years, Lumor said. Tulllow’s TEN development had…
The recently introduced Meter Asset Provider Regulations may have hit a snag as electricity distribution companies insist that metering is no longer in their hands, ’FEMI ASU writes Despite the recent declaration by the Minister of Power, Works and Housing, Mr Babatunde Fashola, power distribution companies have failed to agree that the responsibility of providing…
By Energy Worth Electricity workers on Tuesday, in Abuja threatened to shut down power, unless the Federal Government sacks the Transmission Company of Nigeria’s (TCN) Managing Director, Usman Mohammed. The workers, under the auspices of the Senior Staff Association of Electricity and Allied Companies (SSAEAC), are accusing Mohammed of high handedness and anti-labour practices. The…
Energy Worth with Agency Report Oil and gas businesses operating in the downstream retail segment of the industry risk demise if the needed attention is not paid to market data management, according to Energy360 Africa Limited. The company stressed that proper market data management will not only help to boost the returns and growth of…
By Tom Kool Crude oil fell slightly on Tuesday despite news from Saudi Arabia and Iran which should have put upward pressure on prices. Oil prices rebounded in early trading on Tuesday before falling in the afternoon as economic uncertainty stemming from Turkey’s currency crisis dampened bullishness. Saudi Arabia’s oil production reduction in July and…
By Nick Cunningham Just as the U.S. shale patch is starting to look a little crowded, deepwater drilling could see a comeback. Royal Dutch Shell says that offshore drilling is now more competitive than onshore shale drilling, upending what has become conventional wisdom since the 2014 oil market meltdown. The downturn was thought to place…
By Energy Worth The Nigerian National Petroleum Corporation (NNPC) on Tuesday, announced plans to establish a 100,000-barrels-per-day brownfield refinery each in Port Harcourt, Rivers State and in Warri, Delta State. It said the plan was part of its refinery collocation initiative designed to boost local refining capacity to end the era of petroleum products importation,…
Abuja Electricity Distribution Company (AEDC) said it has invested about N10 billion in pre-paid meters to address the issue of estimated billing. Speaking at the flag-off of installation of 222,728 pre-paid meters recently in Abuja, the Managing Director, Engineer Ernest Mupwaya, disclosed that the investment was also to confirm to customers that AEDC was not…
As part of efforts to bridge the projected medium-term gas supply gap expected by 2020, the Nigerian National Petroleum Corporation (NNPC) and Seplat Petroleum Development Company (SPDC) have signed five agreements to expedite the development of a project aimed at delivering about 3.4 billion standard cubic feet of gas per day by 2020. The project,…
