Nigeria, a member of Organization of the Petroleum Exporting Countries (OPEC), expects oil and gas investment to hit $40 billion in the next five years. OPEC, which made this known its upstream investment plans that was released recently, said that regardless of all the challenges and uncertainties, OPEC members continue to invest in additional upstream…
Energy Worth with Agency Report 45 vessels of petroleum product are expected to berth at Lagos ports in two weeks, with 15 of such vessels laden with Premium Motor Spirit (PMS), otherwise known as petrol. Vessels statistics released by the Nigerian Ports Authority (NPA) on Wednesday, showed that some of the vessels are expected to…
The Manufacturers Association of Nigeria (MAN) has sought government’s intervention in re-categorising gas users under the new gas policy, in a bid to manage the rising cost of production being borne by local producers. According to the manufacturers, while the articulation of the National Gas Policy, which has already been gazetted, is highly commendable, certain…
No fewer than 45 vessels are expected to berth at Lagos ports in two weeks, with 15 of such vessels laden with Premium Motor Spirit (PMS), otherwise known as petrol. Vessels statistics released by the Nigerian Ports Authority (NPA) on Tuesday showed that some of the vessels are expected to arrive today and tomorrow. The…
By Energy Worth About 160 projects, with an overall estimated cost of some $156 billion, are being undertaken by members of the Organisation of the Petroleum Exporting Countries (OPEC) in the oil and gas upstream sector. Besides, Nigeria, a member of OPEC, expects oil and gas investment to hit $40 billion in the next five…
The oil giant, Total, has acquired several assets located in the Gulf of Mexico as part of the Cobalt International Energy company’s bankruptcy auction sale. Total submitted offers on several assets for a consideration of approximately 300 million dollars and acquires from Cobalt: A 20% interest in the North Platte discovery. As a result, Total…
Oil advanced above $64 a barrel after Chinese President Xi Jinping’s speech raised hopes that U.S.-China trade tensions may ease, lifting risk assets around the world. Futures in New York erased earlier losses to rise as much as 1.5 percent as Xi vowed to open sectors from banking to auto manufacturing, increase imports and lower…
By Energy Worth The Federal Government has finally acknowledged Anambra as one of the oil producing states in the federation. National Chairman of Host Communities Producing Oil and Gas (HOSCON), Prince Mike Emuh, who disclosed this on Tuesday at the Anambra State Traditional Rulers’ House, Government House, Awka, while addressing traditional rulers in the…
By Energy Worth Minister of Power, Works and Housing, Mr Babatunde Fashola has disclosed the boosting of Umuahia Sub-station with 7, 000 megawatts. He said the expansion of the sub station with 40MVA transformer, has increased its transmission capacity from 80MVA to 120MVA. In a statement yesterday in Abuja, Fashola said the Federal Government was…
A Chinese company holding the largest stake in Santos has disclosed that it will “cautiously consider” a $10.3-billion takeover approach from U.S. suitor Harbour Energy for the Australian liquefied natural gas exporter. A unit of gas distributor ENN Group, which owns 10.1% of Santos, will hold initial talks with Harbour with the aim of maximizing…
