By Oke Peter ExxonMobil Corporation today announced it had made a fifth new oil discovery after drilling the Turbot-1 well offshore in Guyana. Turbot is ExxonMobil’s latest discovery to date in the country, adding to previous discoveries at Liza, Payara, Snoek and Liza Deep. Following completion of the Turbot-1 well, the Stena Carron drillship will…
By Oke Peter Electricity consumers who bypass their meters will be forced to pay up to N450,000 as fine, the Nigerian Electricity Regulatory Commission (NERC) has declared. According to NERC, financial sanctions ranging from N50,000 to N450,000 for meter bypass by power consumers have been drafted by it and have been endorsed by the 11…
By Oke Peter The Economic and Financial Crimes Commission (EFCC) has begun fresh moves to seize nine Dubai properties worth about N1.6bn, traced to a former Managing Director of the Petroleum Products Marketing Company (PPMC), Mr. Haruna Momoh. Already, the EFCC has obtained an interim forfeiture order from a Federal High Court in Lagos to…
By Oke PeterInternational oil giants, Statoil, Shell and Total will today sign a partnership agreement to mature the development of carbon storage on the Norwegian Continental Shelf (NCS). The project is part of the Norwegian authorities’ efforts to develop full-scale carbon capture and storage in Norway. In June, Gassnova awarded Statoil the contract for the…
By Oke Peter Oil prices fell on Monday, pausing for breath after posting gains of as much as 20 percent in the third quarter, after a survey pointed to a slight increase in OPEC production in September. U.S. crude CLc1 was down 13 cents, or 0.3 percent, at $51.54 a barrel at 0346 GMT. The…
By Oke Peter Qatar’s economic growth slowed in the second quarter to its lowest rate since the global financial crisis because of a sagging oil sector, while sanctions by other Arab states inflicted minor damage, official data showed on Sunday. Gross domestic product, adjusted for inflation, expanded just 0.6 percent from a year earlier in…
By Oke Peter Oil prices rose on Friday as investors bet that efforts to cut a global glut are working and that the demand outlook is improving. U.S. crude was down 8 cents at 51.48 dollars a barrel after earlier rising slightly. Still the contract is heading for a fourth consecutively weekly gain. Global benchmark…
By Oke Peter The Organisation of Petroleum Exporting Countries (OPEC) has announced that it will launch the 2017 World Oil Outlook (WOO). The event will be held at the OPEC Secretariat, on Tuesday, 7 November 2017 at 14:30pm. OPEC’s Secretary General, Mohammad Sanusi Barkindo, and senior members of management will present the key messages from the…
By Oke Peter The Transmission Company of Nigeria (TCN), on Friday, announced total system collapse of electricity grid. It, however, stated that the restoration of the grid was at an advanced stage and explained that the total collapse was due to tripping of three generator units at the Egbin power generation station in Lagos. The…
By Oke Peter No fewer than two oil workers have been injured as fire gutted an oil field operated by Consolidated Oil Company in Bayelsa State. The inferno reportedly occurred in the early morning of Friday at an oil rig operated by the indigenous oil major at Akassa in Brass Local Government Area of the…
