U.S. West Texas Intermediate and international benchmark Brent crude oil futures are likely to firm next week after OPEC and its allies agreed to a historic production cut agreement on Friday. The reason we’re not too enthusiastic about a major breakout to the upside or change in trend is because dealmakers hit a snag and…
By Oke Peter Sequel to the declaration of COVID-19 pandemic as a world-wide emergency, organiser of the global investment meeting for Africa’s power, energy, infrastructure and industrial sectors, Africa Energy Forum (AEF), EnergyNet Limited has identified with the victims of the pandemic across the world. In a statement signed by its Head of Marketing, Amy Offord,…
In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly. Effective from today, 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from…
By Oke Peter At the backdrop of a new and higher electricity tariff commencing next month across the country, about 5.8 million of electricity consumers are yet to be captured under the pre-paid meter scheme. This figure represents 59.7 percent of the total registered electricity consumers in the country. This came as the remittance from…
The Nigerian government has promised that funds approved and released to the Transmission Company of Nigeria (TCN) by the African Development Bank (AfDB) for the upgrade of the national grid will not be embezzled. The Minister of State for Power, Mr. Goddy Jedy-Agba, gave the assurance to Acting Vice President, Power, Energy, Climate and Green…
Persistent in the drive to optimize its services in the sector, Nigeria’s leading electricity distribution company, Ikeja Electric, has commissioned two new Feeders, Igando 33KV and Ijegun 33KV, to further boost supply to customers in the network. With the completion of these Feeders, beneficiary communities will experience improved power supply, while the project has also…
By Oke Peter In recognition of the unprecedented global challenge associated with the current COVID-19 pandemic. The organiser of world’s foremost event where energy professionals meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters, Offshore Technology Conference (OTC) has announced the postponement of the 2020 edition…
CEO and Founder of Renewables in Africa Tony Tiyou shares his views on the state of the African renewable energy sector. Impending enthusiasm and an increase in the variety of funding seem to be two key factors moving the industry forward. And while green energy is taking big strides across the continent, South Africa, Kenya,…
By Oke Peter Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, on Wednesday painted a gloomy picture of tougher times ahead for the Nigerian economy on the back of latest developments in the global oil market which have seen markets tumble amid fears of a potential global recession. Speaking at…
Jumoke Adelabu – Lagos The amount spent on petrol imported into the country dropped by 42 per cent to N1.71tn in 2019, data obtained from the National Bureau of Statistics (NBS) have shown.The N1.71tn represented 10.75 per cent of the amount spent on all imported goods last year, compared to 2018 when petrol accounted for…
