Oil prices jumped more than two per cent to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production. The refusal by OPEC to raise production negates the call by U.S. President Donald Trump for action to raise global supply. Benchmark Brent crude hit its highest since November…
In a bid to make the mining sector to contribute more to the Gross Domestic Product, the Federal Government has acquired two drilling rigs to be used in the exploration of minerals deposits across the country. At the inauguration of the rigs in Abuja on Monday, the Minister of State for Mines and Steel Development,…
The power supply from the Nigeria Electricity Supply Industry (NESI) at the weekend dropped to 83,570.30mwh (2006mw), according to the Independent System Operator (ISO) of the Transmission Company of Nigeria (TCN). Its operational report of Sunday showed that the industry recorded a peak generation of 4,452mw and lowest generation of 3,041mw on the previous day….
Spot trade remained fairly slow on Monday, as a major industry event in Asia kept activity in Nigerian cargoes subdued, and traders reported little in the way of offers. At the Asia Pacific Petroleum Conference in Singapore, pricing agency S&P Global Platts said it was seeking feedback on possible reforms to its dated Brent price…
The highest production that the Nigeria Liquefied Natural Gas (NLNG) Ltd has delivered to the market in one calendar year is 21Million Tonnes (21MMTPA) and that was achieved in 2017. “From a production stand point, 2017 was our best year. That was the year that we produced the highest volume ever and we delivered 21Million…
Ghana Revenue Authority GRA claims that Oranto Petroleum, the Nigerian owned E&P company, “has been located in Angola and Mozambique”. This “revelation” is in response to a declaration that the company, in partnership with Stone Energy “has still not honoured an outstanding surface rental invoice of $67,438.36 since February 2013”, according to the 2017 report…
The first of the two wells scheduled to set off another round of drilling in Namibia, has come up as a duster. Tullow Oil operated Cormorant-1 exploration well on Petroleum Exploration License 37 (“PEL 37”) offshore the Republic of Namibia encountered non-commercial hydrocarbons. PEL 37 covers 17,295 square kilometers in the Walvis Basin, approximately 420…
Work is far advanced on alternatives to the “renowned” Bonny Terminal Nigerian companies pumping crude oil into the Nembe Creek Trunk Line (NCTL) have advanced so much in progressing alternative routes that several sources are “so sure” that there will be hardly a drop of crude pumped into that line by June 2020. The 97kilometre…
BBOXX has deployed the first of GE’s Hybrid Distributed Power (HDP) systems in the city of Goma, close to the Rwandan border, to connect up to 10 customers GOMA, Democratic Republic of Congo, September 25, 2018/ — BBOXX (www.BBOXX.co.uk), a next generation utility, and GE (www.GE.com) have launched a partnership to provide energy access for…
GE has an installed base of 60 6B gas turbines at various locations with the most recent installation in Cabinda, Angola LAGOS, Nigeria, September 14, 2018/ — With this Project, GE Power Marks 40 Years of Innovation in its 6B Gas Turbine Fleet GE’s Power Services Business Continues Investments in Its Power Generation Fleet with…
