GE to Deliver 500MW on National Grid by Q2 World Energy Leader, GE Gas Power plans to invest in a power project that would deliver close to 500 megawatts (MW) of additional power into Nigeria’s national electricity grid by the second quarter of this year. The energy firm, which focuses on providing equipment, solutions and…
NMDPRA Expands Database to Cover Crude Oil Inventory The Federal Government has announced plans to establish a reliable database to determine the appropriate tariff methodology for the country’s transportation and bulk storage of crude oil and natural gas. The Authority Chief Executive (ACE) of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed,…
Nigeria has 46 of the 240 Free Trade Zones in Africa – Adesugba The Federal Government has disclosed that Nigeria boasts of 46 of the 240 Free Trade Zones (FTZ) in Africa, citing that the number could increase further as more states apply for FTZ licenses. This was made known by Prof. Adesoji Adesugba, the…
BP names Noelia Alvarez Marivela as new Onshore Renewables Head BP’s head of onshore wind and solar David Anderson will step down at the end of the year, the company said recently, the latest veteran departure under renewables boss Anja-Isabel Dotzenrath. Anderson, who has been with BP for over 16 years, will be replaced by…
FEC approves N117bn for Oloibiri Oil and Gas Museum in Bayelsa The Federal Executive Council (FEC) has approved N117 billion for the construction of Oloibiri oil museum in Bayelsa State. The Minister of State for Petroleum Resources, Timipre Sylva, made this known when he briefed State House correspondents on the outcome of the council meeting,…
Angola Seeks to Boost Infrastructures Without Public Finances Risks Angola’s finance minister, Vera Daves, has said the country needs to go in two fronts to boost and develop its infrastructure projects through cheap funding. Vera Daves, who was speaking at the Angola/Spain Business forum in Luanda recently, listed the creation of efficient base infrastructures for…
Oil and Gas Industry plays a Vital Role towards cutting Emissions – OPEC Sec Gen The Secretary General of OPEC, Mr. Haitham Al Ghais has said that energy transition requires the involvement of all forms of energy, including oil and gas, to help lower emissions. He called on the the hydrocarbons industry to continue investing…
Brazil’s Petrobras Oil Sales up slightly in Fourth Quarter Brazilian state-run oil company Petrobras has said its total sales volumes grew slightly in the last three months of 2022, up 0.6% from a year earlier. Reuters reports that Petroleo Brasileiro SA, as the company is formally known, sold 3.07 million barrels of oil equivalent (boe)…
IMF Calls on Nigeria to Remove Fuel Subsidy by Mid-2023 The International Monetary Fund (IMF) has urged the Nigerian government to deliver on its commitment to remove fuel subsidies by mid-2023. In a recent report by The Washington-based lender titled ‘IMF Executive Board Concludes 2022 Article IV Consultation with Nigeria’ it stated that Nigeria’s economy…
BP Sees Profits Double To Record £23bn Energy giant BP has announced record-breaking financial results, as profits more than double to £23 billion ($27.7bn) following Russia’s invasion of Ukraine. BP’s profits follow results from rival energy companies including Shell, who last week announced recording earnings of nearly $40 billion last week. Benard Looney, BP’s chief…
