It’s meant to be a cash cow, but the state oil company of Africa’s biggest producer is bleeding money. Nigerian National Petroleum Corporation (NNPC), the Abuja-based behemoth that dominates the OPEC member’s energy industry, has made losses for at least the last three years, statements on its website show. It will probably register another in…
By Oke Peter Nigeria’s oil and gas sector recorded total revenue of $4.29billion (N1.554trillion) from exports between January 2017 and January 2018.On a monthly basis, total export sale of $439.60million was recorded in January 2018, representing 1.79 per cent lower than the previous month. The Nigerian National Petroleum Corporation (NNPC), which made this known in…
By Energy Worth The Nigerian National Petroleum Corporation (NNPC) has recommended the splitting of petroleum licences into two components for prospecting and production phases under the draft Petroleum Industry Administrative legislation currently before the National Assembly. In a presentation at the Public Hearing organized by the House of Representatives Committee on the Petroleum Industry Administrative…
The doubt over the quantity of daily petrol consumption has prompted a decision to effect the closure of filling stations that are 10 kilometres on the border to monitor actual consumption. The Sub-Committee of the National Economic Council (NEC) on Remittance to Federation Account on Wednesday directed that the filling stations be closed down immediately….
By Energy Worth The Nigerian National Petroleum Corporation (NNPC) has issued the 2018/2020 crude export contracts to 50 local and international oil traders, including Vitol, Trafigura and Glencore, Energy Worth has learnt. It will be recalled that this is part of the efforts to encourage local participation in the lifting contracts, the corporation selected 20…
By Alicestine October The South African government on Tuesday, reaffirmed its commitment to renewable energy as part of the country’s energy mix whilst dodging any mention of its plans for nuclear energy. Energy Minister, Jeff Radebe in his keynote address delivered at the African Utility Week conference that kicked off at the Cape Town International…
The Minister for Power, Works and Housing, Mr Babatunde Fashola has advised investors to focus their investments in the building of mini-grids which can be done without waiting to be licensed and can be quickly deployed. The minister said this in a video posted on the Ministry of Power, Works and Housing’s official Twitter handle…
By Energy Worth Following the approval of a new gas and oil policy, the Federal Government is working to improve business environment, leading to increased investor activity and energy supply, thus improving prices of goods and services. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who made this disclosure at Light up Nigeria…
By Energy Worth House of Representatives Committee on Privatisation and Commercialisation has summoned the management of Egbin Power to a meeting in Abuja for explanations on challenges plaguing power generation in the country. Power generation dropped recently to below 3,000 megawatts, and the biggest hit of the power stations in the country was Egbin. The…
By Nick Cunningham Brent is nearing $80 per barrel and some analyst see $100 not far off. That raises the question about how much of a dent high oil prices will make in the U.S. economy. $100 oil is not as painful as it once was. There are a few reasons for that. The U.S….
