CNOOC Limited on Friday announced its key operational statistics for the first quarter of 2018. The Company achieved total net production of 120.1 million barrels of oil equivalent (“BOE”) for the first quarter of 2018, representing an increase of 0.8% year over year (“YoY”). Production from offshore China decreased 1.2% YoY to 77.5 million BOE,…
By Energy Worth The Senate has confirmed a United States Professor, James Momoh, as the Chairman of Board of Nigeria Electricity Regulatory Commission (NERC). The confirmation which was made on Tuesday, trailed a report by the Senate Committee on Power presented by Senator Eyinnaya Abaribe to the Senate, recommending the confirmation of the nominee. Senator…
The Ibadan Electricity Distribution Company (IBEDC), has denied that it was one of the electricity distribution companies that did not remit payment in respect of the bulk energy invoice presented by the Nigeria Bulk Electricity Trading Plc (NBET) for the month of January 2018. The is coming as the electricity distribution firm, in partnership with…
OPEC and Russia will meet in Saudi Arabia this week after all but banishing a global oil glut. While looming political crises threaten to tighten supplies further, the group seems determined to keep its cuts in place. Almost 16 months of output curbs by OPEC and its partners have seen crude rally to a three-year…
Total has entered into an agreement with the controlling shareholders of Direct Energie1 for the proposed acquisition of 74.33% of its share capital2, at a price of €42 per share, ex-dividend of €0.35 per share, representing an aggregate acquisition price of approximately €1.4 billion. Once this acquisition has been completed, Total will file with the…
In a historic agreement, GE’s Power Services business has announced that it will service power generation equipment in 11 power plants owned by Petrobras, Brazil’s majority state-owned oil company. Valued at more than $300 million, the deal represents GE’s largest transactional power generation services agreement in Latin America. The fleet under the contract represents approximately…
By Energy Worth Nigerian National Petroleum Corporation (NNPC), on Thursday, said funding remains a major challenge hindering the growth of the national oil company. Group Managing Director of NNPC, Maikanti Baru, said on Thursday, in Abuja that though the state owned company was working hard to become an integrated energy company but funding has continued…
The Star Deepwater Petroleum Limited (a Chevron Company) and all the parties in the Agbami Field, Famfa Oil Limited, Nigerian National Petroleum Corporation (NNPC), Statoil Nigeria Limited and PetroleoBrasileriro Nigeria Limited, on Monday in Jos disclosed that they have so far invested over N8.4 billion in the Agbami Medical and Engineering Professional Scholarships (AMEPS) in…
Human rights lawyer, Femi Falana (SAN), on Tuesday, stated that the daily petrol consumption claim by the Minister of State for Petroleum Resources, Ibe Kachikwu, was untenable. In a letter to the minister entitled, ‘Request for information on fuel importation and sundry matters’, Falana explained that the Nigerian National Petroleum Corporation had in December 2017…
The International Monetary Fund (IMF) has predicted that Nigerian economy will grow from 0.8 per cent in 2017 to 2.1 per cent by the end 2018, while warning of possible crash in crude oil prices. According to its latest World Economic Outlook (WEO) Report launched in Washington DC on Tuesday, the Fund projected that Nigeria…
