Category: Business News
Business News
Oil prices lower after strong third quarter as Sept OPEC output rises
By Oke Peter Oil prices fell on Monday, pausing for breath after posting gains of as much as 20 percent in the third quarter, after a survey pointed to a slight increase in OPEC production in September. U.S. crude CLc1 was down 13 cents, or 0.3 percent, at $51.54 a barrel at 0346 GMT. The…
Qatar growth sinks as oil sector stalls, sanctions cause minor damage
By Oke Peter Qatar’s economic growth slowed in the second quarter to its lowest rate since the global financial crisis because of a sagging oil sector, while sanctions by other Arab states inflicted minor damage, official data showed on Sunday. Gross domestic product, adjusted for inflation, expanded just 0.6 percent from a year earlier in…
Oil rises to $58, set for weekly gain
By Oke Peter Oil prices rose on Friday as investors bet that efforts to cut a global glut are working and that the demand outlook is improving. U.S. crude was down 8 cents at 51.48 dollars a barrel after earlier rising slightly. Still the contract is heading for a fourth consecutively weekly gain. Global benchmark…
OPEC launches World Oil Outlook November 7
By Oke Peter The Organisation of Petroleum Exporting Countries (OPEC) has announced that it will launch the 2017 World Oil Outlook (WOO). The event will be held at the OPEC Secretariat, on Tuesday, 7 November 2017 at 14:30pm. OPEC’s Secretary General, Mohammad Sanusi Barkindo, and senior members of management will present the key messages from the…
Electricity grid records total collapse, says TCN
By Oke Peter The Transmission Company of Nigeria (TCN), on Friday, announced total system collapse of electricity grid. It, however, stated that the restoration of the grid was at an advanced stage and explained that the total collapse was due to tripping of three generator units at the Egbin power generation station in Lagos. The…
Fire guts oil facility, injures two oil workers in Bayelsa
By Oke Peter No fewer than two oil workers have been injured as fire gutted an oil field operated by Consolidated Oil Company in Bayelsa State. The inferno reportedly occurred in the early morning of Friday at an oil rig operated by the indigenous oil major at Akassa in Brass Local Government Area of the…
Kathy Ayers to speak at the 232nd ECS meeting in Maryland
By Oke Peter Vice President of Research and Development, Proton Onsite/ Nel Hydrogen, Kathy Ayers, will speak at the upcoming Refresh and Connect: An ECS Mentoring Session, between 1st and 5th October, 2017, at the 232nd ECS MEETING in National Harbor Maryland. Nobel Prize winner and former US Secretary of Energy, Steve Chu, will be…
Okowa performs $250m Proton Energy power plant groundbreaking in Sapele
By Oke Peter An indigenous business concern, Proton Energy, has expressed determination to boost Nigeria’s power generation base with a 150MW plant located in Delta State. Delta State Governor, Dr Ifeanyi Okowa, on Thursday, performed the groundbreaking ceremony of the $250million gas-fired power generation plant in Ogoprode-Sapele in Sapele Local Government Area of the state….
We will consult Nigerians before selling 40% stake in Discos -FG
By Oke Peter The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said the Federal Government will consult Nigerians before going ahead to sell its 40 per cent stake in the electricity distribution companies. Fashola stated this in Lagos, on Thursday, at a policy dialogue on the power sector organised by the Lagos…
Nigeria's crude oil oversubscribed -NNPC
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) has disclosed that the demand for the nation’s crude oil outstrips the current supply. Last year, Nigeria saw a resurgence of militant attacks in the Niger Delta that caused the nation’s oil production to plummet to a near 30-year low of 1.4 million barrels per day…