Category: Business News

Seven Energy International Limited has announced an agreement on the terms of a comprehensive capital restructuring of the Group (the “Agreed Transaction”) between: (1) Seven Energy; (2) the Company; (3) certain other members of the Group; (4) Savannah Petroleum PLC (“Savannah”); (5) lenders under the US$24.1 million term loan facility (the “Term Loan 1 Facility”)…

Crude oil prices were under pressure on Tuesday, falling 3 percent on rising U.S. output forecasts and global demand concerns. Investors were also looking ahead to crude oil options expiration on Wednesday, which could prove to be a near-term bullish catalyst for the commodity that’s seen a bounce over the last month, according to Bill Baruch of Blue…

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has expressed the commitment of the Corporation to science education. The NNPC GMD, who stated this during the grand finale of the Corporation’s 2017 National Quiz Competition, on Tuesday in Abuja, said the Corporation’s stand was informed by the critical role…

TAG Oil Limited has announced the reports its second quarter results for the interim period ending September 30, 2017, highlighted by an 11% increase in revenues and a 34% increase in operating netbacks from the previous quarter. TAG Oil also added 809 gross acres to its petroleum mining permit portfolio with PMP 60291, which has…

By Oke Peter Delta State Governor, Senator Ifeanyi Okowa has urged the Federal Ministry of  Power, Works and Housing and the Distribution Companies (DISCOs) to sensitise Nigerians on the need to curb energy thefts and resolve power billing issues in the country. Okowa spoke on Monday in Asaba when he received the Minister, Mr Babatunde Fashola, who…

By Oke Peter The Federal Government on Monday announced that it had recovered $64.63m electricity debt from the Republics of Benin and Niger. According to the Minister of Power, Works and Housing, Babatunde Fashola, the Nigerian Bulk Electricity Trading Company (NBET) has been directed to work out the modalities for the distribution of the money…

Alhaji Idris Mohammed is the former Managing Director of the Kaduna Electric Distribution Company (KADECO) and founder and Chief Executive Officer of Consultancy Dell’Amore International Limited, the authorised country partner for the EnergyNet Limited of United Kingdom. He was a guest speaker at the just-concluded 6th Powering Africa Nigeria Summit, at Transcorp Hilton Hotel, Abuja,…

The Nigerian National Petroleum Corporation (NNPC) has pledged to promote the development and commercialization of home-grown technology in collaboration with the Nigerian Content Development and Monitoring Board (NCDMB). Delivering the Lead paper at the 47th Conference and Annual General Meeting of Nigerian Society of Chemical Engineers in Port Harcourt on Friday, Group Managing Director of the…

The Federal Government is undecided about routing electricity distribution investments through the power distributors operating in the country despite that it owns 40 per cent stake in each of the 11 distribution companies. It, however, stated that it was interested in the well-being of the power distribution firms and urged the Discos to increase their…

The 2017 OPEC World Oil Outlook (WOO) was launched recently at the OPEC Secretariat in Vienna. First published in 2007, the WOO offers a thorough review and assessment of the medium- and long-term prospects to 2040 for the global oil industry, as well as analysis of various sensitivities that have the potential to impact the…