Category: Business News
Business News
Maersk Drilling announces four-year contract with Tullow Ghana
Maersk Drilling has been awarded a four year contract for the deepwater drillship Maersk Venturer by Tullow Ghana Ltd.The contract, which was signed December 2017, is expected to commence in February 2018 and covers development drilling on the Jubilee and TEN fields offshore Ghana.Maersk Venturer is currently in transit for the job offshore Ghana thereby further strengthening Maersk…
Petrol importation: Oil marketers lobby FG for tax relieve to offset costs
Oil marketers in Nigeria may have opted to lobby the federal government to consider and grant them some form of tax holidays and other incentives that would enable them resume importation of petrol into the country, THISDAY learnt last night in Abuja. The proposal, it was learnt, was to appeal to the government to provide…
Nationwide blackout persists as national grid collapses twice in 24 hours
By Energy Worth The nationwide blackout continued Wednesday after efforts by the Transmission Company of Nigeria (TCN) to restore electricity failed, following a second system collapse of transmission network at exactly 14.19 hours. According to TCN, the second system failure occurred when the Odukpani-Ikot Ekpene 330kV transmission line tripped, cutting off electricity generation and transmission…
NNPC GMD orders review of Escravos to Lagos gas pipeline fire, restoration of line
*Dr Maikanti Baru and some top management members of the corporation.The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Dr. Maikanti Baru, has ordered an immediate assessment of the damage caused by a fire on the Escravos to Lagos Pipeline (ELP), a natural gas pipeline which supplies gas from Escravos region of the Niger Delta…
NNPC distributes over 1.3 billion litres of petroleum products …Supplies over 252 billion Cubic Feet of Gas
The Nigerian National Petroleum Corporation (NNPC) through its Downstream subsidiary, the Petroleum Products Marketing Company (PPMC), sold and distributed a total of 1.352.86 billion (one billion three hundred and fifty-two million and eight six thousand) litres of white products across the country in October, 2017. Details of the transactions contained in the October 2017 edition of…
Fuel scarcity: Ikorodu residents get free fuel after station operators fled
By Energy Worth Motorists and residents of Igbobgo community in Ikorodu area of Lagos State filled their tanks and gallons with fuel for free when the management and attendants at a Mobil filling station in Igbogbo fled at the sight of the monitoring team of the Petroleum Product Pricing Regulatory Agency (PPPRA).The PPPRA team has…
EnergyNet holds REC summit in Abidjan January 24
By Oke Peter An international organisation that facilitates energy conferences and investment drive, EnergyNet Limited, has announced its annual Regional Energy Co-operation (REC) summit. The event will hold from January 24 to 25, 2018, at the Sofitel Abidjan Hotel Ivoire, in Abidjan. According to EnergyNet’s Regional Manager for West Africa, Valeria Aruffo: “The 2018 REC…
OPEC wins over hedge funds to make 2017 oil’s most bullish year
Oil bulls are charging into the new year with unprecedented vigor, and the credit goes to OPEC. The signs that the group is winning its tug of war with shale are compelling, and money managers have taken note: Their combined bets on rising prices for West Texas Intermediate and Brent crude reached record levels in…
PPPRA, DPR move against pump price hike, hoarding
By Energy WorthThe monitoring team of the Petroleum Product Pricing Regulatory Agency (PPPRA) has embarked on a tour of filling stations across Lagos metropolis to check the excesses of some owners whose dishonest activities are frustrating government’s efforts at easing the fuel crisis being experienced nationwide.The tour which kicked off Saturday, at Maryland, Lagos is…
NNPC clears fuel queues in Abuja, Lagos
The Nigerian National Petroleum Corporation (NNPC) has successfully cleared the Premium Motor Spirit (PMS) otherwise known as petrol queues in Abuja and Lagos with the commitment to increase truck-outs to other states to restore normalcy to the petrol supply and distribution across the country.Group Managing Director of the Corporation, Dr. Maikanti Baru, made this disclosure…