By Tsvetana Paraskova Oil market analysts are looking into the global supply and demand picture to guess where the price of oil is heading, and opinions and forecasts always vary widely. While oil bulls are focusing on the loss of supply from Venezuela and a potential reduction of Iranian exports to justify their view that…
By Energy Worth The Nigerian Electricity Regulatory Commission on Thursday, announced that it had cleared eight more firms and issued each of them a ‘No Objection’ to serve as Meter Asset Providers in the electricity supply industry. According to NERC, the new additions bring to 30 the number of companies it has approved to participate…
By Energy Worth About $51 billion worth of investment opportunities currently exists in Nigeria’s gas sector. This investment could be spread to Free Trade Zones (FTZ), central gas processing facilities, fertilizer plants, gas exploration & production, pipe milling & local fabrication yards.Other available investment areas are virtual pipelines, gas transmission, and power plant projects, flare…
By Energy Worth The National Assembly is set to transmit the final harmonised copy of the Petroleum Industry Governance Bill (PIGB) to President Muhammadu Buhari for assent.This followed the adoption of the report of the Conference Committee of PIGB at Senate plenary, three months after the upper legislative chamber initially adopted the report. The initial…
By Nick Cunningham Venezuela might have to declare force majeure on its oil exports as production plunges and its ports are unable to ship enough crude. The ongoing meltdown in Venezuela’s oil sector could tighten the oil market more than expected. Reuters reported Tuesday that Venezuela is considering declaring force majeure, a legal declaration made…
Shortage in gas supply for power generation cut down electricity by 2,148 megawatts (MW) at the national grid last Thursday, a report has shown. The daily operational report from the Federal Ministry of Power, Works and Housing yesterday showed that 10 Generation Companies (GenCos) were unable to get enough gas to produce that quantum of…
By Energy Worth The daily financial losses in Nigeria’s power sector since the beginning of this year have risen to N201.3bn, findings from the Office of the Vice President showed on Wednesday. Data from the Advisory Power Team in the Vice President’s office in Abuja showed that the N201.3bn loss accumulated between January 1 and…
Some residents of Ota-Idiroko, in the Ota area of Ogun State, have been arrested by the police for allegedly stoning to death an official of the Enugu Electricity Distribution Company (EEDC), Peter Ayole. The 52-year-old was said to be an auditor at the Abakaliki, Ebonyi State office of the company. The victim, who was said…
Energy Worth with Agency Report The Port Harcourt Electricity Distribution Company (PHED)has disclosed that fire from a dump site, near Park One, Port Harcourt gutted its Injection Sub-station that supplies electricity to Diobu area of Port Harcourt. John Onyi, PHED’s Manager for Corporate Communications made this known to the News Agency of Nigeria (NAN) on…
By Nick Cunningham The Trump administration has sent a request to Saudi Arabia for it and the rest of OPEC to boost oil production by 1 million barrels per day (mb/d), according to a Bloomberg report. It wasn’t the first time that the U.S. has asked Saudi Arabia to ratchet up supply in an effort…
