By Energy Worth One year after signing the tripartite term sheet for the financing and technical services arrangement between NNPC/FIRST E&P JV and Schlumberger for the Anyalu and Madu fields under Oil Mining Licence, OML 83 and OML 85, offshore Nigeria, a final nod was given to the package over the weekend in London with…
By Tsvetana Paraskova According to Bank of America Merrill Lynch, oil prices will hit $90 a barrel by the second quarter of 2019, as Iranian oil barrels are removed from the market and other supply disruption risks threaten the tightening oil market. The United States signaled this week that it would look to take as…
By Energy Worth The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said that the speculations that oil has been found in commercial quantity in the Bida Basin should be discountenanced, stressing that the search for oil in the basin is still ongoing. Dr. Baru made this submission while…
Crescent Petroleum’s chief executive, Majid Jafar, in an interview with CNBC on Thursday at the just-concluded 7th OPEC summit in Vienna, Austria, that Global demand for oil is so high at present that the world needs to find another Iraq or North Sea to make up the shortfall. The Chief Executive Officer of the United Arab Emirates-based…
Energy Worth with Agency Report Minister of state for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, said Nigeria would advise against additional oil supply to the global market by OPEC and non-OPEC members. Kachikwu made the country’s position known in an interview with journalists on Thursday ahead of the 174th Meetings of the OPEC Conference and…
In a press release on June 19, 2018, NERC announced that it had suspended the Board of Directors of Ibadan Electricity Distribution Company (IBEDC) and other key management staff through its Order No NERC/181/2018. According to NERC, this is on account of the company’s default in the recovery of an inappropriate shareholder loan of N6billion…
Executive Director, Association of Nigerian Electricity Distributors (ANED), Sunday Oduntan, has disclosed that about N295 billion will be required by all the electricity distribution companies (Discos) to cater for identified 4.1 million energy meters deficit. This is if the perceived abnormal estimated energy billings usually complained of by consumers are to be properly addressed. The…
By Oke Peter The 20th anniversary of the prestigious energy summit, Africa Energy Forum (AEF) has been rounded off on Friday, after four days of panel discussions and networking functions focused on Africa’s energy sector. More than 1,500 delegates attended the event which took place between 19th and 22nd June, 2018, at the Paradis and…
By Energy Worth The Federal Government has set a target for 30 per cent renewable energy contribution to the national electricity grid by 2030 as it intensifies collaboration with India on clean energy sources. The Minister of State I, Power, Works and Housing, Mr Mustapha Baba Shehuri, said this on Friday in Abuja, at a…
By Cyril Widdershoven After a hectic week of unofficial meetings between OPEC members in Vienna, largely in and around the Hofburg, the former residency of the Austrian Emperor Franz Jozef and his wife Sisi, an official production increase agreement has finally been reached. In the official OPEC communique, the oil cartel stated that overall production…
