Category: Business News

The missing ship. By Energy Worth with Agency Report India has sought the help of the Nigerian and Benin natives to find an oil tanker that has gone missing with 22 Indian crew members off Benin’s coast. External Affairs Minister, Sushma Swaraj, confirmed this on Sunday that the tanker, Marine Express, went missing in the…

Azure Power Plant, Benin-City, Edo State. The Minister of Power, Works and Housing, Mr. Babatunde Fashola, recently inspected the 450MW Azura Independent Power Plant in Benin, Edo State, describing the project as a proof of the Federal Government’s commitment to improving power generation and experience for the purpose of diversifying the nation’s economy.Fashola, who spoke…

ExxonMobil has announced that a new 1.5 million ton-per-year ethane cracker at its Baytown, Texas complex is mechanically complete and set for inaugutation. Project startup is expected during the second quarter of 2018.The new ethane cracker, part of ExxonMobil’s multi-billion dollar Baytown chemical expansion project, will provide ethylene feedstock to the new performance polyethylene lines in Mont Belvieu,which…

In demonstration of its commitment towards youth development in Nigeria, leading Electricity Distribution Company, Ikeja Electric Plc (IE), recently organized a youth empowerment programme to train 40 participants across its network.The two-week vocational training was held at the Community Vocational Centre in Oshodi, Lagos and it provided a platform for the participants to hone their…

CNOOC Limited has announced that its Stampede Field, located in the deepwater Gulf of Mexico, has commenced production. The Stampede Field is located in the Gulf of Mexico, approximately 185 kilometers south of Fourchon,Louisiana, U.S.A. It is positioned in approximately 1,066 meters of water, with a reservoir depth of 9,100 meters.The facility is designed for a gross topsides…

Brent crude falling to its lowest in nearly a month. Oil prices on Monday extended declines from the end of last week amid a wider market sell off and a stronger dollar.Brent was down 57 cents, or 0.8 percent, at $68.01 a barrel at 0716 GMT, after falling 1.5 percent on Friday. Brent’s weekly drop…

Total has signed an agreement to sell a 25% interest in the Exploration Block 11B/12B, offshore South Africa, to Qatar Petroleum. The transaction remains subject to regulatory approval.  “This transaction enhances the partnership on Block 11B/12B in preparation for the high potential exploration well scheduled to be drilled on the block at the end of…

By Oke Peter EnergyNet Limited has announced its 4th Powering Africa: Summit (PAS). The event will take place from 28th February – 2nd March 2018 at the Marriott Marquis Hotel in Washington, D.C. The annual Powering Africa: Summit is a platform to showcase power, trade and infrastructure investment opportunities across the African continent, and engaging…

The Nigerian Pipeline Storage Company (NPSC), one of the downstream subsidiaries of the Nigerian National Petroleum Corporation NNPC, is set to partner with the private sector to build more pipelines parallel to the corporation’s existing ones.The  Group Managing Director of the NNPC, Dr. Maikanti Baru, urged the new Board  of the NPSC during their inauguration…