By Tom Kool Crude oil fell slightly on Tuesday despite news from Saudi Arabia and Iran which should have put upward pressure on prices. Oil prices rebounded in early trading on Tuesday before falling in the afternoon as economic uncertainty stemming from Turkey’s currency crisis dampened bullishness. Saudi Arabia’s oil production reduction in July and…
By Nick Cunningham Just as the U.S. shale patch is starting to look a little crowded, deepwater drilling could see a comeback. Royal Dutch Shell says that offshore drilling is now more competitive than onshore shale drilling, upending what has become conventional wisdom since the 2014 oil market meltdown. The downturn was thought to place…
By Energy Worth The Nigerian National Petroleum Corporation (NNPC) on Tuesday, announced plans to establish a 100,000-barrels-per-day brownfield refinery each in Port Harcourt, Rivers State and in Warri, Delta State. It said the plan was part of its refinery collocation initiative designed to boost local refining capacity to end the era of petroleum products importation,…
Abuja Electricity Distribution Company (AEDC) said it has invested about N10 billion in pre-paid meters to address the issue of estimated billing. Speaking at the flag-off of installation of 222,728 pre-paid meters recently in Abuja, the Managing Director, Engineer Ernest Mupwaya, disclosed that the investment was also to confirm to customers that AEDC was not…
As part of efforts to bridge the projected medium-term gas supply gap expected by 2020, the Nigerian National Petroleum Corporation (NNPC) and Seplat Petroleum Development Company (SPDC) have signed five agreements to expedite the development of a project aimed at delivering about 3.4 billion standard cubic feet of gas per day by 2020. The project,…
By Energy Worth The nation’s power generation plunged by 777.9 megawatts on Monday as output from the hydropower plants and some gas-fired stations, including Egbin in Lagos, suffered declines. A total generation capacity of 4,463.3MW was unavailable as of 6am on Monday, compared to 3,631.4MW on Friday, according to the latest data obtained by our…
By David Messler The last quarter has seen increased volatility in oil prices, an increase that I attribute to the growing tensions in international markets as fears of a global trade war intensify. The headlines seem to get starker by the day, and markets loathe this type of uncertainty. The intent of this article is…
Energy Worth with Agency Report Crude production from the Organisation of Petroleum Exporting Countries (OPEC) rose in July on the back of increased output recorded by Nigeria, Kuwait and the United Arab Emirates, the latest report obtained on Monday showed OPEC’s output averaged 32.32 million barrels per day in July, up 41,000bpd from June, the…
By Energy Worth The Federal Government on Monday, announced that power distribution companies still had the responsibility of providing meters to customers as opposed to the recent position of the Discos. It said the Meter Asset Provider Regulation, which was unveiled by the Nigerian Electricity Regulatory Commission in March this year, did not completely remove…
Energy Worth with Agency Report Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Monday. The “informed source” in Iran’s oil ministry did not give details of the discount, but sought to downplay the move as common…
