100% implementation of local content law could temporarily slow crude oil production
Bukola Odufade
February 14, 2018
Simbi Wabote, executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB) has said that a 100 percent implementation of the Nigerian Oil and Gas Industry Content Development Act (NOGICD), could slow crude oil production momentarily due to the limitation in capacity and technology. Wabote disclosed this at the public hearing organized by the […]
Iraq needs $4bn for new downstream oil investments, as OPEC supply cut deal to wait until December
Goddey OdinFebruary 13, 2018
Jabar al-Luaibi, Iraqi oil minister said on Tuesday that the country needs $4 billion for new investments in its downstream oil industry, outlining plans to expand its refining capacity over the next several years. Speaking at a conference on the reconstruction of the war-torn country, according to Reuters, he also said Iraq planned to boost […]
United Capital analysts call for cleaner, renewable energy on fluctuations in gas-generated power
Businessam StaffFebruary 12, 2018
Power analysts are calling for a large-scale diversification to cleaner and renewable energy such as solar, wind, and biomass to ensure more reliable electricity supply. The call is at the instance of vagaries and fluctuations in power generation in the country, which have been affected by too much reliance on gas-powered thermal stations, requiring high […]
Ikeja Electiric launches PowerPlay game to promote customer safety
Bukola OdufadeFebruary 7, 2018
Nigeria’s largest electricity distribution company, Ikeja Electric Plc (IKEDC), has launched a board game called Power Play, as part of its safety enlightenment campaign. In a statement released by the company in Lagos, Nigeria on Wednesday, the company said the game is designed to provide information relating to hazards and common violations and operational aspects […]
OPEC member Angola looks beyond oil, diversifies into gold to expand economy
Businessam StaffFebruary 7, 2018
Africa’s second-biggest oil exporter, Angola, is set to expand its commodity mix into gold, Diamantino Azevedo, the country’s oil and mineral resources minister told Reuters on Tuesday. The minister who does not expect OPEC to impose deeper cuts to its member states this year, said Angola hopes to start producing small quantities of the precious metal next […]
Europe to shun Russian oil as boost of Chinese flows hits quality
Businessam StaffFebruary 5, 2018
European refiners are threatening to cut Russian oil purchases due to worsening quality after Moscow has re-routed large volumes of crude to China as part of its fight with OPEC and the United States for market share in fast-growing Asian markets. According to Reuters’ report, the quality of Russia’s flagship Urals oil grade has deteriorated […]
Opportunities seen in diversifying Nigeria’s renewable energy sources
Phillip IsakpaFebruary 5, 2018
The major differences between fossil fuel and renewables as sources of energy can be found in two words: reliability and exhaustibility. Fossil fuels are controllable and readily available, but not inexhaustible. However, renewable energy, such as biomass, sun, wind, and water, is somewhat unreliable because we don’t control the energy to be generated, but they […]
Nigeria’s Kaduna refinery shut temporarily, state oil company says
Businessam StaffFebruary 2, 2018
Nigeria’s Kaduna oil refinery has temporarily shut down because of a lack of crude, the Nigerian National Petroleum Corporation (NNPC) said on Thursday. According to Reuters, an NNPC spokesman told Reuters that the state oil firm is now making arrangements to supply crude so production can resume. Though no further detail on the issue. Kaduna, […]
Erin Energy discovers hydrocarbons in Nigeria’s Oyo-NW well
Businessam StaffFebruary 1, 2018
Erin Energy Corporation on Wednesday announced that it has completed the drilling of the Nigeria’s Oyo-NW well, and based on the preliminary evaluation, discovered hydrocarbons in the Miocene Formation. The well is located approximately 9.5 kilometers northwest of the Oyo Central field on the Company’s offshore Nigeria block 120, according to the company’s statement on the […]
Nigeria’s state oil company says insecurity hindering oil exploration in Chad basin
Ajose SehindemiJanuary 30, 2018
Nigeria’s state oil company, Nigerian National Petroleum Corporation (NNPC) on Tuesday blamed security challenges for the non-commencement of oil exploration in the Chad Basin. Mazadu Bako, the General Manager, Frontier Exploration Services of NNPC, disclosed this at the 50th anniversary celebration of the Geology Department, Ahmadu Bello University (ABU), Zaria. He said: “If the security […]