Tuesday April 21st, 2015
Tuesday April 21st, 2015
Latest

Oil consumption to rise to 400 000 bpd by 2023 — BMI

  /   in Energy 2:38 am   /   Comments

oil2

BUSINESS Monitor International has said the prices of oil consumption in Nigeria is expected to increase from 311 000 bpd last year to 400 000 bpd by the end of 2023. Business Monitor International risk analysis and forecasts, market research on leading industries, and multinational company research is relied upon by corporate bodies, banks, government departments and multilateral organisations in over 125 countries around the world.

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Power: Nigeria’s power drops as Kenya gets Sh42b power boost from World bank

  /   in Energy   /   Comments

nuclear-power

NAIROBI: Over 630,000 more Kenyans will have access to electricity while existing consumers will enjoy better quality of electricity services following approval of $457.5 million (Sh42.14 billion) financial package by World Bank Group The Kenya Electricity Modernisation Project package includes an International Development Association (IDA) credit of $250 million, an IDA guarantee of $200 million and a $7.5 million grant from the Strategic Climate Fund-Scaling up Renewable Energy Programme.

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NLNG remits $21bn to JV feed gas suppliers

  /   in Energy   /   Comments

gas

The Nigeria LNG Limited, NLNG, said it had spent over $21 billion as payment to Joint Ventures, JV, feed gas suppliers from inception till date, adding that 55 to 60 percent of this amount went to the Federation Account via its shareholding in the Nigerian National Petroleum Corporation, NNPC.

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Buhari’ll reduce petrol to N40/L —David-West

  /   in Energy 6:19 am   /   Comments

Buhari-victory

FORMER Minister of Petroleum and Energy, Prof. Tamunoemi David-West, said that Nigerians should expect sharp drop in petrol price from the current N87 to about N40 per litre, saying, “the president-elect, Gen. Mohammed Buhari, will reduce the fuel pump price to N40 per litre.”

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Egypt’s Petrojet wins $185m contract for Iraq gas project

  /   in Energy   /   Comments

Gas-energy

EGYPT’s state-owned Petrojet has been awarded a $185m-contract to build the first gas-processing plant for Iraq’s Siba oilfield, operated by Kuwait Energy. This came in a statement received by Egyptian oil minister Sherif Ismail from the director of Petrojet, Mohamed Shimy, Egypt-based Youm7 reported.

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Danish company to produce electricity through wind

  /   in Energy   /   Comments

wind mills

CHIEF Minister Shahbaz Sharif has said that Pakistan Muslim League-N government has served the masses selflessly during last seven years and, under the leadership of Prime Minister Nawaz Sharif, effective steps are being taken for coping with the challenges being faced by the country.

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Sahara Group optimistic over prospect

  /   in Energy   /   Comments

oil-rig400

Sahara Group said it is making good progress with its activities in OPL 274, in which it has 100 per cent working interest, even as it presses on towards optimising opportunities in the block where it hit “first oil”. Enageed, the Sahara upstream company operating OPL 274, last year doubled its certified 2P reserves in the Oki-Oziengbe South field in Edo State, Nigeria, making a new commercial discovery with the Oluegi-1 exploration well.

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Crude Production: BMI projects slim growth

  /   in Energy   /   Comments

File photo

The BMI however noted that “It is unlikely that Nigerian production will fall further than it currently has, given the interest by companies for divested assets, the moderate role played by onshore production, the increasing importance of offshore production and the continued presence of large international oil companies, IOCs…”

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NLNG spends $9.3bn on 6 trains

  /   in Energy   /   Comments

Energy-Pix-3-gas_processing

The Nigeria LNG Limited, NLNG, said it has spent over $9.3 billion to develop its six trains, which put it in good stead to deliver about seven percent of the global LNG supply.

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Fuel scarcity: NNPC, marketers appeal against panic buying

  /   in Energy   /   Comments

NNPC

FOLLOWING the perennial scarcity in Abuja, the Nigerian National Petroleum Corporation, NNPC, and petroleum marketers have called on motorists to avoid panic buying of the commodity. Speaking in an interview with Vanguard in Abuja, the Group General Manager, Group Public Affairs Division, NNPC, Mr. Ohi Alegbe, attributed the persistent fuel scarcity in Abuja to panic buying due to the elections.

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Nigeria loses N27bn to gas flaring

  /   in Energy   /   Comments

Energy-Pix-3-gas_processing

Specifically, the oil and gas companies produced 221.634 billion SCF of gas, utilised 183.78 billion SCF and flared 44.573 billion SCF. The Nigerian Gas Company, NGC, put the average price of gas at $3 per unit of 1,000 SCF, translating, therefore, to $133.716 million (N26.743 billion) for 44.573 billion SCF, and $551.346 million (N110.27 billion) for 183.783 billion SCF.

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Demand for Nigerian crude drops in Asia

  /   in Energy   /   Comments

crude-oil-pipe-702x336-436x336

EXCEPT it finds buyers as soon as possible, the Federal Government’s capacity to finance the 2015 National Budget has been further reduced, as demand for Nigeria’s crude drops in the Asia market. The development increases concern of higher budget deficits in the current financial year.

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Solar-powered internet drone completes first test flight

  /   in Energy   /   Comments

Drone

A PORTUGUESE startup that aims to use solar-powered drones to provide wireless internet access to offline areas of the world claims to have successfully completed its maiden test flight. The company Quarkson plans to use the SkyOrbiter drones that will stay airborne for weeks, months or even years at a time and will fly at altitudes of up to 22,000 metres.

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Low crude oil prices leave thousands of US wells uncompleted

  /   in Energy   /   Comments

Soku-well-1

In February EOG Resources Inc. said it would delay a significant number of well completions and plans to close out 2015 with 285 uncompleted wells, up from 200 at the end of 2014. Continental Resources Inc. Apache Corp. and Anadarko Petroleum Corp. have also said that they plan to delay well completions until crude oil prices pick up again.

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Govt to strengthen electricity reserve margin with new power plant

  /   in Energy 9:00 pm   /   Comments

nuclear-power

CAPETONIANS have been given a chance to learn more about the technical aspects of renewable energy in a practical way. Spokesperson for the two-day energy festival, Alexis Scholtz, highlights the benefits of renewable energy.

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Buhari, let there be light – power first

  /   in Energy   /   Comments

Buhari-victory

It was in my Junior (third year) at the university, in the USA, when I undertook a study titled COMPARATIVE RELIGION, when the discovery was made. Until then I was under the mistaken impression that there were two religions in the world – Christianity and Islam. But, very soon, after arriving in the US in 1964, armed with an American Government Scholarship, a third religion was added to the list – Judaism.

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Demand for Nigerian crude drops in Asia

  /   in Energy   /   Comments

File Photo: Crude Oil

Except it finds buyers as soon as possible, the Federal Government’s capacity to finance the 2015 National Budget has been further reduced, as demand for Nigeria’s crude drops in the Asia market. The development increases concern of higher budget deficits in the current financial year.

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Latest

Nigeria loses N27bn to gas flaring

  /   in Energy   /   Comments

*Gas flare

BARRING other arrangements, Nigeria lost $133.716 million, about N26.743 billion to gas flaring in December 2014, as oil and gas companies in the country flared 20.11 per cent of their total gas production.

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Nigeria, others, have world’s worst energy access — Report

  /   in Energy 6:30 am   /   Comments

economy

Nigeria and other countries of the Sub-Sahara African region have the world’s worst access to electricity, the International Energy Agency, IEA, said in its latest report.

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Shell lists challenges undermining transformation success

  /   in Energy   /   Comments

Energy-Pix-3-gas_processing

Abuja — As robust as Federal Government’s current transformations in the energy sector may appear, the Shell Group has identified a number of challenges undermining the success of the reforms.

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AFDB commits $200m to coal-to-power

  /   in Energy   /   Comments

File Photo

ABUJA — In its determination to deepen the development of renewable energy, the African Development Bank, AFDB, has offered to provide a support to the tune of about $200 million towards the growth of coal-to-power projects in Nigeria.

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Operators call for resolution of PIB, NOSDRA bills conflicts

  /   in Energy   /   Comments

Oil spill in the river

ABUJA — Industry stakeholders have called for a thorough amendment of the National Oil Spill Detection and Response Agency, NOSDRA Bill currently before the National Assembly, to remove any conflict between it and the Petroleum Industry Bill, PIB.

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Access Bank tasks local companies on good governance

  /   in Energy   /   Comments

The surest way indigenous oil and gas operators or any company operating in Nigeria can continue to have support from the banks is by instituting a culture of good corporate governance, while also pooling resources together.

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Chevron, others invest in eradication of tuberculosis in Nigeria

  /   in Energy   /   Comments

doctors1

Chevron Nigeria Limited, its affiliate, Star Deep Water Limited and partners in the Agbami project, have further increased their investment in the eradication of tuberculosis in the country to boost sound healthcare delivery in Nigeria, with the donation of a fully equipped chest clinic to Katsina state.

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Chinese firm to set up $50m steel plant

  /   in Energy   /   Comments

ABUJA — A Chinese firm, Tongyi Allied Mining Limited, said it planned to set up a $50 million steel smelting plant in Nasarawa State.

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Vandalism: Why NNPC, NLNG adopt community-based strategies

  /   in Business, Energy 5:25 pm   /   Comments

NNPC Towers, Abuja

In a bid to nip the growing scourge of pipeline vandalism in the bud, the Nigerian National Petroleum Corporation, NNPC, and Nigerian LNG Limited, NLNG, have resolved to involve the various communities in their areas of operation to provide security for their infrastructure.

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World coal demand to reach 9bn tonnes annually – Report

  /   in Business, Energy   /   Comments

File Photo

World demand for coal over the next five years is expected to increase exponentially breaking the 9-billion-tonne level by 2019, the International Energy Agency, IEA, said in its report.

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Nigeria loses N8bn to gas pipeline vandalism

  /   in Energy 7:30 am   /   Comments

Gas pipeline

Nigeria has lost a minimum of N8.04 billion since January, to the incessant vandalism of the country’s gas pipelines, according to the Nigerian Gas Company, NGC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC.

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Nigeria to account for 60% power investment in W/Africa

  /   in Energy   /   Comments

Electricity-new

Nigeria is expected to account for about 60 percent of the projected investments in power in the West African sub-region by 2040, the International Energy Agency, IEA, has said.

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NCDMB tasks Petrolog on capacity building

  /   in Energy   /   Comments

Fuel-dispenser

To foster capacity building in the nation’s petroleum industry, the Nigerian Content Development Monitoring Board, NCDMB, has charged the management of Petrolog Group to adopt one of the tertiary institutions in order to integrate the youths in marine engineering and allied disciplines.

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Statoil to delay development of Johan Castberg, Snorre projects

  /   in Energy   /   Comments

Statoil ASA and its respective partners have reported the post ponement of the development of both the Johan Castberg and Snorre 2040 field projects to cut costs.

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US running out of room to store oil, gas

  /   in Energy 8:04 pm   /   Comments

crude-oil-pipe-702x336-436x336

The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months.

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