The International Monetary Fund (IMF), says Nigeria is expected to grow by 1.9 per cent in 2018, up from 0.8 per cent in 2017, mostly owing to fewer disruptions in oil production. Mr Amine Mati, the IMF Senior Resident Representative for Nigeria, said this while presenting the “Fall 2018 Regional Economic Outlook for Sub-Saharan Africa’’…
By Oke Peter Schneider Electric in Nigeria has been awarded the Nigerian Content Equipment Certificate on its assembly facility owing to its commitment to the country’s local content policy. The certification, which was awarded by the Nigerian Content Development and Monitoring Board (NCDMB), attests to the fact that the firm owns the assembly facility which…
The United States is now the world’s biggest crude oil producer, pushing Russia and Saudi Arabia to the back seat. In the week ending November, the U.S. crude production hit a whopping 11.6 million bpd, according to Energy Information Administration (EIA) data released on Wednesday. That’s a threefold increase from the U.S. low reached a…
By Tsvetana Paraskova As many nuclear power plants in the United States risk closure before their operating licenses expire, earlier shutdowns will not threaten the reliability of US electricity, but could result in more emissions because zero-emission nuclear power will likely be replaced by fossil fuels such as natural gas and coal, the Union of…
By Irina Slav An Aframax oil tanker traveling under a Maltese flag has collided with a Norwegian frigate in the North Sea, Norwegian media have reported, with the frigate in danger of sinking. There were 23 people on board of the Sola tanker. Most of them have been evacuated as well, save for a crew…
Egypt signed a deal on Thursday with Saudi Arabia’s ACWA Power to build a power plant in southern Egypt involving investment of $2.3 billion, the Egyptian electricity minister said. The plant, which will have capacity of 2,250 megawatts (MW), would be built in Luxor province in southern Egypt, the minister told a news conference. He…
By Oke Peter The African Development Bank (AfDB) Country Director for Nigeria, Ebrima Faal; West African Power Pool (WAPP) Secretary General, Siengui Apollinaire KI, and Nigeria’s power sector recovery experts will attend the opening session of the Future Energy Nigeria, on Tuesday, 13 November, 2018. The 15th edition of the longstanding conference and exhibition will take…
By Darrell Proctor A study from a London-based group focused on financial aspects of the energy industry said up to $60 billion of coal-fired power generation assets may be stranded in South East Asia in the next 10 years. The study released this week by Carbon Tracker said renewable energy resources and more-stringent environmental policies…
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC) on Wednesday announced that its crude oil and gas export sale in August 2018 was $470m, indicating an upsurge of about $78m in comparison to July oil and gas export figures of $391.91m. The NNPC monthly financial and operations report for August 2018, which was…
Damilola Shittu – Abuja Nigeria lost $416.224 million, about N127.78 billion to gas flaring in the first five months of the year, as oil and gas companies operating in the country flared a total of 130.07 billion standard cubic feet of gas from January to May 2018. A gas flare site in Niger Delta. According…
