Category: Business News
Business News
ExxonMobil completes LNG acquisition in Mozambique Area 4
ExxonMobil has announced today the completion of a transaction by ExxonMobil Development Africa B.V. to acquire a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations. ExxonMobil will lead the construction and operation of all future natural gas liquefaction and related facilities, while Eni will continue to…
NNPC assures local investors of support…Inaugurates tank farm in Ogun
The Nigerian National Petroleum Corporation (NNPC) would continue to offer unflinching supports to indigenous private investors in the nation’s Oil & Gas Industry. Group Managing Director of the Corporation, Dr. Maikanti Baru, gave this assurance while speaking at the official commissioning of an ultra-modern 300 million-litre capacity tank farm built by a local private investor,…
Total Second interim dividend: Board of Directors remove discount on scrip dividend
The Board of Directors of Total met on December 12, 2017 and declared a 2017 second interim dividend of €0.62 per share, in accordance with the Board’s decision of July 26, 2017, unchanged compared to the 2017 first interim dividend and representing an increase of 1.6% compared to the 2016 second interim dividend. The Board…
Brent reaches highest since 2015 after forties pipeline shutdown
Brent crude in London reached its highest since 2015 as a key North Sea pipeline shut down. The Forties Pipeline System, one of the most important oil conduits in the world, is to be fully halted after a crack was discovered, the link’s operator Ineos said. The announcement boosted pricing that had been largely muted…
Nigeria's power sector: Eligible customer regulations analysis
A. Introduction On 15th May, 2017, the Federal Minister of Power, Works & Housing, Babatunde Raji Fashola, declared four categories of eligible customers in the Nigerian Electricity Supply Industry (NESI). By the declaration, electricity customers who fall within any of the four “eligibility” categories would now be permitted to buy power directly from Generation Licensees…
NERC rolls out strict penalties for electricity theft
By Oke Peter The Nigerian Electricity Regulatory Commission (NERC), has reviewed penalties for electricity customers involved in unauthorised access to electricity supply by tampering and meter bypass by electricity. The review according to the Commission was undertaken following several complaints it received complaints from the Electricity Distribution Companies (Discos). According to the circular entitled, “Order…
577 firms bid for NNPC insurance renewal programme
The Nigerian National Petroleum Corporation (NNPC) consolidated on its tradition of openness and on Tuesday with the public harvesting and opening of 577 bids submitted by firms seeking to secure the insurance renewal contract for the Corporation’s oil and non-oil assets. Speaking at the event, NNPC Group General Manager, Risk Management and Insurance, Mr. Modupe…
Baru visits Presidential Villa as fuel queues persist
By Oke Peter The Group Managing Director, Nigerian National Petroleum Corporation, Dr. Makanti Baru, on Monday visited the Presidential Villa, Abuja. The visit came at a time the fuel scarcity being witnessed across the country had persisted. It was not clear as of the time of filing this report who Baru met during his visit…
Egypt targets pilot production at Eni's Zohr gas field
Pilot production at Egypt’s Eni SpA-operated Zohr natural gas field will begin “in the coming few days,” the oil ministry said, as the country nears its goal of commercial output from the biggest gas discovery in the Mediterranean Sea by the end of this year. Gas is being pumped from the national distribution system to…
West Africa Gas Pipeline to be completed by Q2 of 2018
By Oke Peter The West African Gas Pipeline Reverse Gas Flow Project is expected to be ready by second quarter of next year, to ensure free flow of gas from Aboadze to Tema for power generation, Energy Minister, Boakye Agyarko has said. Currently, gas from oilfields in the western coast only terminates at the Aboadze…