By Oke Peter At least Eight out of the 27 power plants in Nigeria were shut down on April 9, due to gas, line and frequency management constraints, data from the Power Generation Report by the Ministry of Power, Works and Housing, has shown. For instance, the Trans Amadi Gas Turbine (GT) 1 and 2…
Exxon Mobil Corporation has announced that the size of the natural gas resource at the P’nyang field in Papua New Guinea has increased to 4.36 trillion cubic feet of gas, an 84 percent increase from a previous assessment completed in 2012. The increase supports a potential significant expansion of operations in the country. The independent…
The Port Harcourt Electricity Distribution Company (PHEDC), has appealed to the National Assembly to enact laws that will address the challenges of energy theft and its associated variables in the power industry. The Port Harcourt Disco lamented that it loses a total of N3 billion on a yearly basis to energy theft. The Chief Executive…
Nigeria, a member of Organization of the Petroleum Exporting Countries (OPEC), expects oil and gas investment to hit $40 billion in the next five years. OPEC, which made this known its upstream investment plans that was released recently, said that regardless of all the challenges and uncertainties, OPEC members continue to invest in additional upstream…
Energy Worth with Agency Report 45 vessels of petroleum product are expected to berth at Lagos ports in two weeks, with 15 of such vessels laden with Premium Motor Spirit (PMS), otherwise known as petrol. Vessels statistics released by the Nigerian Ports Authority (NPA) on Wednesday, showed that some of the vessels are expected to…
The Manufacturers Association of Nigeria (MAN) has sought government’s intervention in re-categorising gas users under the new gas policy, in a bid to manage the rising cost of production being borne by local producers. According to the manufacturers, while the articulation of the National Gas Policy, which has already been gazetted, is highly commendable, certain…
No fewer than 45 vessels are expected to berth at Lagos ports in two weeks, with 15 of such vessels laden with Premium Motor Spirit (PMS), otherwise known as petrol. Vessels statistics released by the Nigerian Ports Authority (NPA) on Tuesday showed that some of the vessels are expected to arrive today and tomorrow. The…
By Energy Worth About 160 projects, with an overall estimated cost of some $156 billion, are being undertaken by members of the Organisation of the Petroleum Exporting Countries (OPEC) in the oil and gas upstream sector. Besides, Nigeria, a member of OPEC, expects oil and gas investment to hit $40 billion in the next five…
The oil giant, Total, has acquired several assets located in the Gulf of Mexico as part of the Cobalt International Energy company’s bankruptcy auction sale. Total submitted offers on several assets for a consideration of approximately 300 million dollars and acquires from Cobalt: A 20% interest in the North Platte discovery. As a result, Total…
Oil advanced above $64 a barrel after Chinese President Xi Jinping’s speech raised hopes that U.S.-China trade tensions may ease, lifting risk assets around the world. Futures in New York erased earlier losses to rise as much as 1.5 percent as Xi vowed to open sectors from banking to auto manufacturing, increase imports and lower…
