By Julianne Geiger The American Petroleum Institute (API) reported a surprise draw of 2.13 million barrels of United States crude oil inventories for the week ending October 12, compared to analyst expectations that this week would see a build in crude oil inventories of 2.167 million barrels. Last week, the American Petroleum Institute (API) reported…
By Javier Blas For 45 years, it’s been considered out of bounds for Saudi Arabia. But suddenly, Riyadh made what many read as a veiled threat to use the kingdom’s oil wealth as a political weapon — something unheard of since the 1973 Arab embargo that triggered the first oil crisis. Saudi Arabia, the world’s…
The Nigerian National Petroleum Corporation (NNPC) has denied claims that it has in its custody 3.5 billion dollars Subsidy fund. NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, disclosed this in a statement in Abuja on Tuesday. He explained that at the hit of the shortage of products supply at the close…
By Oke Peter Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote says the planned 7 billion dollar Nigeria Liquefied Natural Gas (NLNG) Limited Train 7 plant will be done in-country by mostly Nigerian companies. Wabote disclosed this at a public workshop to discuss opportunities for the Nigerian content aspect of the…
By Energy Worth Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, on Monday, said there was an urgent need to evolve a sound industry blueprint to energy crisis the country currently faces. Speaking at the 11th Nigerian Gas Association (NGA) conference and exhibition in Abuja, Kachikwu, who was represented by his Senior Technical Adviser on…
International oil giant, Total has inaugurated its new state-of-the-art lubricants oil blending plant, strategically located in the Kaluga region of the Russian Federation. The grand opening ceremony took place on Monday, October 15th, in the presence of Anatoly Artamonov, Governor of the Kaluga Region, and Patrick Pouyanné, Chairman and Chief Executive Officer of Total. This…
By Tsvetana Paraskova Although government support of renewables in India remains strong, the country faces “a myriad of challenges,” which will likely result in India falling short of its own renewable energy targets by 2022, energy consultancy Wood Mackenzie said on Monday. India has set targets to have 175 GW renewable capacity installed by 2022,…
By Energy Worth As the outcries from electricity consumers over ‘crazy’ bills continues to rage almost five years after the privatisation of the power sector, the Nigerian Electricity Regulatory Commission (NERC) is considering putting limits on estimated billing. NERC noted that the issue of estimated billing had continued to constitute a major source of complaint…
Damilola Shittu – Abuja The review of the performance of the electricity distribution companies carved out of the defunct Power Holding Company of Nigeria will take place before December 2019. The Director-General, Bureau of Public Enterprises, Mr Alex Okoh, disclosed this in a statement made available to our correspondent in Abuja on Sunday. Okoh said…
By Oke Peter As the popular third edition of Nigeria Mining Week (NMW) begins today, Minister of Mines and Steel Development, Honourable Bawa Bwari, will be presenting a ministerial address on ‘New perspectives for 2018-2030: What has been achieved to date? How will future goals be achieved to ensure the sustainability of the Nigerian mining…
