By Tsvetana Paraskova OPEC will continue to play a key role in oil supply and prices in the global oil market through 2040, despite the relentless oil production in the Permian and expectations for production increases in the United States and other non-OPEC countries in the 2020s. That’s the takeaway from Wood Mackenzie’s latest long-term…
By Energy Worth A Memorandum of Understanding has been signed between the Akwa Ibom State Government and BlackRhino, operators of Qua Iboe Power Plant, QIPP, for the establishment of a transmission line and a power plant in the state Governor Udom Emmanuel of Akwa Ibom State and the Managing Director of QIPP who arrived from…
By Tsvetana Paraskova UK-based independent oil and gas company Savannah Petroleum has made a third oil discovery in Niger in as many months and is extending its drilling campaign in the area. Savannah Petroleum has discovered oil bearing reservoir sandstones in the Kunama-1 exploration well it had drilled in the Agadem Rift Basin in Southeast…
By Energy Worth President Muhammadu Buhari has congratulated the board, management, staff and shareholders of the Nigerian Liquefied Natural Gas company (NLNG), the NNPC and other Joint Venture partners, Shell, Total and AGIP on the signing of the contracts for the Front End Engineering Design (FFED) of Train 7 of the Nigeria Liquefied Natural Gas…
By Enegrgy Worth A boy, identified as Benedict Sani, has been electrocuted in the Uhunmwonde Local Government Area of Edo State. It was gathered that the incident occurred in Eyaen community at about 1pm on Thursday. It was said that the deceased was a teenager and a pupil of Eyaen Secondary School. It was learnt…
By Energy Worth The $5.1bn joint venture cash call argument between the Federal Government and international oil companies operating in Nigeria is over, the IOCs have said. In 2016, the IOCs gave the Nigerian National Petroleum Corporation (NNPC), which represents the Federal Government in different JV partnerships, a discount of $1.7bn from the $6.8bn cash…
By Energy Worth NIGERIA LNG Limited, NLNG, is seeking $7 billion from the global financial markets for the sustainability of its operations and expansion project which will increase its production capacity from 22 Million Tonnes Per Annum, MTPA to 30 MTPA. This is part of the moves targeted at ensuring that the taking of Final…
Twenty two days after, the Nigerian Electricity Regulatory Commission (NERC) has insisted that the board and management of Ibadan Electricity Distribution Company (IBEDC) remain suspended for giving an unauthorised loan of N6 billion to its core investor, the Daily Trust exclusively reports. Industry sources on Tuesday said NERC refused to cancel the suspension Order and…
By Nick Cunningham Oil prices fell sharply on Wednesday on news that Libya was suddenly set to restore hundreds of thousands of barrels per day, and the U.S. struck a softer line on Iran sanctions. Brent sank more than 6 percent during midday trading on Wednesday, as Libya’s National Oil Corp. (NOC) said that it…
By Energy Worth A major stride in the attainment of national energy sufficiency was achieved in Lagos on Monday with the commencement of technical framing workshop and subsequent project signing ceremony of the seven Critical Gas Development Projects (7CGDP) to deliver about 3.4 billion standard cubic feet of gas per day (bscfd) to bridge the…
