By Irina Slav After API’s latest surprise inventory build pressured oil prices, the Energy Information Administration cheered the market up by refuting the build and reporting instead yet another weekly draw, of 2.1 million barrels for the week to September 14. Last week, the authority estimated crude oil inventories had fallen by another 5.3 million…
FISHERMEN of the oil-rich Ogoni ethnic nationality, Rivers State, have raised the alarm that oil has taken over their rivers, causing fishes and crabs to run away. The anglers spoke at Ogoni Freedom Centre in Bori, Khana Local Government Area of the state, when Health of Mother Earth Foundation and other Non-Governmental Organisations held a…
By Tsvetana Paraskova Brazil’s state-run oil firm Petrobras plans to shave another US$10 billion off its huge net debt and increase oil production by as much as 10 percent to 2.3 million bpd in 2019, chief financial officer Rafael Grisolia told Reuters in an interview published on Monday. Petrobras benefited from the rising oil prices…
Nigeria LNG CEO Tony Attah says timing is critical to the success of its planned Train 7 project, Craig Guthrie writes. Nigeria LNG’s efforts to fund the expansion of its LNG export plant on Bonny Island will be a test of the company’s hard-won financial credibility and determination to distance itself from political interference. The depth…
By Ian Lewis Floating LNG developers are seeking to build on the momentum created by successful deployments The successful deployment of Golar LNG’s Hilli Episeyo floating liquefied natural gas (FLNG) facility off Cameroon gives hope that further investment can now be enticed to a sector that has suffered its fair share of teething problems. Hilli…
The National Bureau of Statistics (NBS) said the average cost of refilling a five kilogramme (kg) cylinder of Liquefied Petroleum Gas (Cooking Gas) increased to N2,05.14 in August from N2,01.45 recorded in July. The NBS disclosed this in its August 2018 “Liquefied Petroleum Gas (Cooking Gas) Price Watch” released in Abuja on Friday. According to…
Headquartered in Tokyo, Japan, Fuji Electric Co. has been awarded a contract for a complete geothermal power facility for the Olkaria I Geothermal Power Station (Olkaria I) in Kenya. The contract was awarded by main EPC project contractor Marubeni Corporation owned by Kenya Electricity Generating Company (KenGen). Marubeni Corporation is headquartered in Chuo-ku, Tokyo and…
By Tsvetana Paraskova The United States welcomes competition from Russia on the global energy markets, but Russia can no longer use energy as an economic weapon, U.S. Secretary of Energy Rick Perry said on Thursday during his meeting with Russia’s Energy Minister Alexander Novak in Moscow. At the meeting, “Secretary Perry also expressed his disappointment…
The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank (AfDB), has approved a $1 million grant to Independent Power Producers (IPPs) in Angola, in efforts to encourage private investment in renewable energy. The bank explained that the SEFA grant will be used to establish a one-stop shop unit known as the…
By Oke Peter In demonstration of its commitment to the empowerment and realisation of sustainable energy, leading financial institution in Nigeria, First City Monument Bank (FCMB) in partnership with a solar solution provider, OneWattSolar have brought together experts in the field of renewable energy, solar systems, finance and Blockchain technology to discuss opportunities for innovative…
