Nigeria’s state oil company loses ₦6.79bn to vandalism, crude inventories in one month

Bukola OdufadeJanuary 25, 2018

Nigerian National Petroleum Corporation (NNPC) has reported a trading deficit of ₦6.79 billion for its operations in November 2017, higher than the previous month’s deficit of ₦6.39 billion. According to the November financial report, the drop in revenue performance was attributed to increased cost in upstream activities and reduced revenue in the downstream value chain […]

Nigeria meter assets providers must accommodate 40 percent local content, says electricity market regulator, NERC

Bukola OdufadeJanuary 23, 2018

Meter Manufacturers

Nigeria’s electricity market regulator, the Nigerian Electricity Regulatory Commission (NERC), has issued directive that every investment made in the meter subsector must accommodate up to 40 percent of the local content in the investment. This was made known at a presentation in Abuja where a new draft regulation on third-party investments in meter infrastructure within […]

Africa’s richest man, Dangote, staking $150m on solar to ramp up industrial activities in Nigeria’s Kano

January 23, 2018

Africa’s richest man, Aliko Dangote, has his eyes set on reviving business activities in Nigeria’s ancient city of Kano with an investment of $150 million in a solar power plant to generate electricity that will power industries and ramp up production, it has emerged from different sources who provided information to Businessamlive for this story. […]

NNPC to ramp up retail business to 30 percent from 13 percent to ease fuel scarcity

Bukola OdufadeJanuary 23, 2018

Mechanical Engineers

Nigeria’s national oil company, the Nigerian National Petroleum Corporation (NNPC) said it plans to increase its downstream petroleum sector market share from its current 13 percent to 30 percent, thereby expanding its retail operations to include countries within the West African sub-region by 2019. Maikanti Baru, NNPC’s Group Managing Director said this in Abuja at the […]

WAIPEC 2018 explores how West Africa can leverage global oil policy

January 20, 2018

Bank Anthony Okoroafor, chairman of Petroleum Technology Association of Nigeria (PETAN), has said the focus of this year’s West African International Petroleum Exhibition and Conference (WAIPEC 2018), scheduled to hold in Lagos will be on how West African nations can strategically leverage on global oil policies to achieve growth in the oil sector through expansion […]

NNPC engages OEMs to revamp refineries before 2019

Andy NssienJanuary 19, 2018

The Nigerian National Petroleum Corporation (NNPC) said it had engaged the original builders of the refineries in Port Harcourt, Warri and Kaduna, in a bid to return them to at least 90 percent capacity utilisation before the end of 2019. Nigeria’s four refineries with an installed capacity of 445,000 barrels per day have continued to […]

Ghana attracts international attention as ExxonMobil acquires oil block

Bukola OdufadeJanuary 19, 2018

The Ghanaian oil industry has attracted the attention of American oil giant, ExxonMobil as it has signed a deal with the government to acquire exploration and production rights. The acquisition, which is the first international investment for Ghana, includes the Deepwater Cape Three Points block located off the coast off Ghana, seismic data and analysis. […]