The international oil benchmark, Brent crude, extended its gains on Monday, rising to a five-month high. Brent, against which Nigeria’s crude oil is priced, hit a high of $70.86 per barrel, with instability in Libya raising the prospect of further supply constraints at the same time that the Organisation of Petroleum Exporting Countries (OPEC) has…
Symbion Power has signed an agreement with the Rwandan government for the construction of a 56 MW power plant on Lake Kivu in the Eastern African nation. The 56 MW power plant will be operational in fourteen months with a cost estimated at $200 million. The construction of the plant is part of the Rwandan…
More than 50 per cent of Nigeria’s oil and gas blocks remain untapped even as crude oil production continues to hover around two million barrels per day while gas shortages persist in the country over the years, ’FEMI ASU reports Out of 390 oil blocks in the country, 211 are yet to be allocated by…
The Nigerian Electricity Regulatory Commission (NERC) will begin mass metering for electricity consumers by May 1, to bridge the metering gaps in the country. Dr Usman Arabi, NERC General Manager Public Affairs in a statement said the metering will be executed under the Meter Asset Providers programme of the Federal Government. “The commission issued permits…
The Abuja-Kaduna-Kano (AKK) gas pipeline project received a major boost on Thursday as the Kaduna State government pledged to join forces with the Nigerian National Petroleum Corporation (NNPC) to ensure effective optimisation of the project by stakeholders across the state. Kaduna State governor, Mallam Nasur el-Rufai, declared the support while receiving the Group Managing Director…
Damilola Shittu – Abuja The Senate has directed the Shell Petroleum Development Company to respect its earlier resolution which mandated it to pay N6, 936,899,900 to some oil producing communities in the Niger Delta region. The fresh directive followed the protest by people of the affected communities who lamented the refusal of the SPDC to…
By Esther Ajibola The Minister of State for Petroleum Resources, Ibe Kachikwu has tasked indigenous operators to step up their investments and take over major operations from international oil companies, especially as many are already considering divesting and charting new paths. Besides, the Minister emphasised the need to double oil production to four million barrels…
Total Nigeria’s Q4 2018 earnings of N295m were disappointing. Although sales were up 21 percent y/y, significantly higher cogs and operating expenses weighed on profitability. The operating environment was tough in 2018 as the landing cost of gasoline was higher than the pump price for most of the year. In addition to this, delayed payments…
Foremost metallurgy, power and gas projects company, MYTILINEOS SA has announced the signing of a contract with JAVNO PODJETJE LJUBLJANA, Ljubljana’s energy company engaged in electrical and thermal production, transmission and distribution, operating Slovenia’s largest District Heating System. The contract involves the Engineering, Procurement, and Construction of a new Combined Heat and Power (CHP) plant…
By Oke Peter The International Monetary Fund (IMF) has said the crude oil refinery being built by Dangote Industries Limited will improve the trade balance by $2bn per year after coming on stream. The Washington-based fund noted that Nigeria, despite being a long-time crude oil exporter, continued to import refined oil to meet domestic demand….
