Total has entered into an agreement with the controlling shareholders of Direct Energie1 for the proposed acquisition of 74.33% of its share capital2, at a price of €42 per share, ex-dividend of €0.35 per share, representing an aggregate acquisition price of approximately €1.4 billion. Once this acquisition has been completed, Total will file with the…
In a historic agreement, GE’s Power Services business has announced that it will service power generation equipment in 11 power plants owned by Petrobras, Brazil’s majority state-owned oil company. Valued at more than $300 million, the deal represents GE’s largest transactional power generation services agreement in Latin America. The fleet under the contract represents approximately…
By Energy Worth Nigerian National Petroleum Corporation (NNPC), on Thursday, said funding remains a major challenge hindering the growth of the national oil company. Group Managing Director of NNPC, Maikanti Baru, said on Thursday, in Abuja that though the state owned company was working hard to become an integrated energy company but funding has continued…
The Star Deepwater Petroleum Limited (a Chevron Company) and all the parties in the Agbami Field, Famfa Oil Limited, Nigerian National Petroleum Corporation (NNPC), Statoil Nigeria Limited and PetroleoBrasileriro Nigeria Limited, on Monday in Jos disclosed that they have so far invested over N8.4 billion in the Agbami Medical and Engineering Professional Scholarships (AMEPS) in…
Human rights lawyer, Femi Falana (SAN), on Tuesday, stated that the daily petrol consumption claim by the Minister of State for Petroleum Resources, Ibe Kachikwu, was untenable. In a letter to the minister entitled, ‘Request for information on fuel importation and sundry matters’, Falana explained that the Nigerian National Petroleum Corporation had in December 2017…
The International Monetary Fund (IMF) has predicted that Nigerian economy will grow from 0.8 per cent in 2017 to 2.1 per cent by the end 2018, while warning of possible crash in crude oil prices. According to its latest World Economic Outlook (WEO) Report launched in Washington DC on Tuesday, the Fund projected that Nigeria…
The Petroleum Technology Development Fund (PTDF), has called for the creation of a single national platform for the co-ordination of all collaborative activities in human capital development in the oil and Gas sector. The Executive Secretary of the Fund, Dr Bello Aliyu Gusau disclosed this in a statement issued by Mr Kalu Otisi, Head, Press…
The Group Executive Director, Finance and Account of the Nigerian National Petroleum Corporation (NNPC), Mr Isiaka Abdulrazak has disclosed that the corporation recorded a trading surplus of N250 billion in 2016. Abdulrazak said this in a quarterly publication of the NNPC, a copy of which was obtained by the News Agency of Nigeria (NAN) on…
By Oke Peter Abuja Electricity Distribution Company (AEDC) has disclosed that about $150 million is required to finance metering of electricity customers in its coverage areas of Kogi, Niger, Nasarawa and the Federal Capital Territory (FCT). AEDC’s Managing Director, Mr Ernest Mupwaya, said this while making a presentation to House Committee on Privatisation, who was…
Energy Worth with Agency Report The management of Afam Power PLC, has been compelled to cut generation from 560 megawatts, MW to 250 MW as a result of distribution challenges. The Managing Director of Afam Power PLC, Engineer Olumide Obafemi, who made the remarks on the sideline of ministerial press visit to Afam Power PLC,…
