Category: Business News

By Oke Peter EnergyNet will host the second Regional Energy Co-operation Summit in Côte d’Ivoire from 24-25 January 2018 – a strategic platform for project evolution and partnership development. The conference will discuss opportunities for cross-border power projects and potential gas investments across West Africa. At the first Regional Energy Co-operation Summit in January 2017,…

ExxonMobil announced today a partnership with retailer Grupo Orsan to open eight Mobil-branded service stations this week in Querétaro as part of the company’s entry in Mexico’s fuels market. ExxonMobil plans to open 50 Mobil stations in the Bajio region by the end of the first quarter of 2018. ExxonMobil is the first company to fully…

Statoil has given the final go-ahead to a flagship Arctic oil project after slashing costs by half. While expected, the move by Norway’s biggest oil company is a boost to a region seen as key to arresting a decline in the country’s production. In a striking illustration of how oil companies have adapted to lower…

The Nigerian National Petroleum Corporation (NNPC) has once again emphasized that there is no plan to increase the prices of petroleum products both at the ex-depot level and pump price ahead of the forthcoming yuletide. The NNPC in a release informed that the ex-depot petrol price of N133.38 per litre and the pump price of…

In a bid to salvage the fuel supply and distribution challenges witnessed in some parts of the country due to panic buying from motorists, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, Tuesday, cut short his trip to London. Dr. Baru, who was billed to receive the Forbes…

By Oke Peter Nigeria has received a $359million support from the World Bank to fund the Nigeria Electrification project (NEP), the Rural Electrification Agency (REA), on Tuesday, disclosed. Out of the sum, a total of $150million was allocated to the Mini grid project, while approval for the project is expected in April 2018, the agency’s…

ExxonMobil has announced that its wholly owned affiliate, ExxonMobil Exploration and Production Mauritania Deepwater Limited, has signed production sharing contracts with the government of Mauritania for three deepwater offshore blocks. “These blocks further enhance ExxonMobil’s leading global deepwater acreage position,” said Steve Greenlee, president of ExxonMobil Exploration Company. “We thank the government of Mauritania for the…

ExxonMobil has announced that its wholly owned affiliate, ExxonMobil Exploration and Production Mauritania Deepwater Limited, has signed production sharing contracts with the government of Mauritania for three deepwater offshore blocks. “These blocks further enhance ExxonMobil’s leading global deepwater acreage position,” said Steve Greenlee, president of ExxonMobil Exploration Company. “We thank the government of Mauritania for the…

By Oke Peter The Organisation of Petroleum Exporting Countries (OPEC), on Thursday, took a decision to cap the output of Nigeria and Libya at 2017 production levels without deciding on the figures. The oil cartel also agreed to extend oil output cuts until the end of 2018 as part of the global efforts to eliminate…