By Oke Peter An International oil giant, TAG OIL has announced updates on its operations in New Zealand and Australia. According to the release, the firm’s Net production in New Zealand averaged approximately 1,110 boe/d over September, which is down slightly from the 1,169 boe/d (79% oil) average over the three months ended June 30,…
By Oke Peter The Director-General and Chief Executive Officer (CEO) of the Indian Chamber of Commerce (ICC), Dr. Rajeev Singh, has disclosed that Indian utility vendors and services will find a huge market and scope in Africa, especially in West Africa’s energy sector. The summit will discuss the theme: “To address today’s challenges and implement…
By Oke Peter The House of Representatives has queried loans totalling $1.5bn taken from foreign creditors by the Transmission Company of Nigeria (TCN). This is in spite of a separate $500m loan, which the power firm is already negotiating with the Islamic Development Bank (IBD). The House, resolved, on Wednesday, to investigate the operations of…
By Oke Peter The Managing Director of Nigeria LNG Limited (NLNG), Tony Attah, at the recently-concluded Nigerian Economic Summit in Abuja, said that a long term strategic development plan would encourage investments, improve infrastructure in the country and boost production of both export and domestic gas. Chairing a breakout panel discussion at the Energy Session…
By Oke Peter An international oil giant, Exxon Mobil Corporation, has announced on Wednesday, that it has acquired a crude oil terminal in Wink, Texas from Genesis Energy LP. The terminal is located in the rapidly growing Delaware Basin, part of Permian Basin – one of the most prolific plays in the United States. The…
By Oke Peter Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies. Brent crude futures, the international benchmark for oil prices, were at 58.27 dollars at 0131 GMT, up 39 cents, or 0.7 per cent from their last close – and…
By Oke Peter The Nigerian Electricity Regulatory Commission (NERC) has said the tariff payable by electricity consumers may increase by 61.5 per cent anytime soon, adding that it is awaiting a final approval from the Federal government before implementation begins at the new rate. NERC explained that the actual tariff for one kilowatt-hour of power…
By Oke Peter The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has described the commencement of operations of the newly constructed ultra-modern mega station of NNPC Retail Limited located along Lagos-Ibadan expressway, as part of the strategies to ensuring energy security in the country. Reviewing the giant strides of NNPC Retail…
By Oke Peter ExxonMobil Chemical Company has announced today that it has commenced production on the first of two new 650,000 tons-per-year high-performance polyethylene lines at its plastics plant in Mont Belvieu, Texas. The full project, part of the company’s multi-billion dollar expansion project in the Baytown area and ExxonMobil’s broader Growing the Gulf expansion initiative,…
By Oke Peter The Presidency on Sunday said no contracts worth 25 billion dollars were awarded by the Nigerian National Petroleum Corporation (NNPC). It also said that 25 billion dollars was not missing in the corporation. Mr Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, stated…
