Italy’s ENI starts oil production offshore Angola

Businessam StaffMarch 21, 2018

ENI, Italian energy major and Angolan state company Sonangol have started oil production from the Ochigufu project, in Block 15/06 of Angola’s deep offshore, ENI said. The field will add 25,000 barrels to the current production levels. According to ENI, the Ochigufu field is located in 1,300 meters below the surface in Angola’s deep offshore, approximately […]

Waste to power: Gas still economic, environmental menace

Bukola OdufadeMarch 19, 2018

Nigeria’s 2020 goal of achieving zero gas flaring appears to have gone up in flames. The Trans-Saharan Gas Pipeline Project (TSGP), upon which the country hoped to turn this goal into reality is seriously running behind schedule. It had earlier been due for completion this year. A number of factors are responsible for what now […]

Nigeria secures World Bank $486m loan for electricity transmission lines expansion

Goddey OdinMarch 13, 2018

Babatunde Fashola, Nigeria’s minister of power, works, and housing, said Monday that the country has secured the World Bank approved $486 million for the expansion of electricity transmission. The minister disclosed this at the 25th monthly power sector meeting in Uyo, Akwa Ibom State, where he said Nigeria has 5000 megawatts distribution capacity as the generation capacity has reached 7000 […]

Off-grid power rollout to boost rural telephony

Businessam StaffMarch 12, 2018

Electricity

Telecommunications services across Nigeria, especially rural areas, would improve in the near term as plans are underway to rollout a massive infrastructure for rural cellphone telephony system across Nigeria by Raeanna Nigeria Limited, an indigenous telecoms infrastructure company that creates affordable voice and data solutions. The company, according to its Canadian-based technical partner, Clear Blue […]

Oil prices rise on declined U.S. drilling

Businessam StaffMarch 12, 2018

Oil prices were up slightly on Monday morning as the number of U.S. rigs drilling for more oil production declined. Crude Oil WTI Futures for April delivery were trading at $62.16 a barrel in Asia at 1:45 GMT, up 0.19%. Brent Oil Futures for May delivery, traded in London, were up 0.20% at $65.62 per barrel. […]

Shell’s gas production could be triple oil by 2050 – CEO

Businessam StaffMarch 8, 2018

Ben van Beurden, Shell’s chief executive

Royal Dutch Shell could boost its share of natural gas production to triple that of oil in order to meet self-imposed goals to halve carbon emissions by 2050, Ben van Beurden, chief executive, said on Wednesday, according to Reuters’ report. Speaking at the CERAWeek conference by IHS Markit in Houston, van Beurden outlined a series […]

Angola’s Isabel dos Santos denies allegations of graft at oil firm

Businessam StaffMarch 6, 2018

Isabel dos Santos, the former head of Angola’s state-owned Sonangol oil company, is denying her successor’s allegations that she engaged in questionable business dealings related to the firm. In a 13-page typed statement released late Sunday, Dos Santos – Africa’s richest woman, with a net worth that Forbes business magazine estimates at $2.6 billion – […]

Crude oil prices trim gains on IEA report

Businessam StaffMarch 5, 2018

Crude oil prices trimmed gains on Monday, following news of an increase in U.S. output although traders remained hopeful ahead of a meeting between OPEC leaders and U.S. shale producers later in the day. The U.S. West Texas Intermediate crude April contract was up 42 cents or about 0.69% at $61.66 a barrel by 14:20 […]

Angola offers former dos Santos’ diamond exploration licenses to investors

Businessam StaffMarch 2, 2018

Angola has offered investors diamond exploration licenses that previously belonged to Isabel dos Santos, daughter of the former president, according to a video clip of a closed-door meeting with mining companies seen by Reuters. During the meeting at a mining conference in Cape Town last month, president of state diamond company Endiama, José Manuel Ganga […]