Nigeria’s power distribution networks lack capacity to distribute 2000mw – Fashola
Businessam Staff
January 8, 2018
Nigeria’s power distribution network lacks the capacity to distribute about 2000 megawatts of power despite appreciable strides in improving generation, according to Babatunde Fashola, minister of power, works, and housing. Fashola who spoke Monday, January 8, 2018, at the 23rd monthly power sector operators meeting in Lafia, Nasarawa State, said generated power has gone up […]
Oil trades near three-year high as doubts emerge over rally
Businessam StaffJanuary 5, 2018
Oil traded near the highest close in more than three years as U.S. crude stockpiles shrank for the seventh week, the longest run of declines since August, offsetting a rebound in production and rally from lows hit in December that was driven by tightening supply and political tensions in OPEC member Iran. Futures lost 0.4 percent, […]
Global hunt for new oil to slow even amid market boom
Businessam StaffJanuary 4, 2018
The global hunt for new sources of oil will slow by around $3bn this year even as oil prices climb to fresh highs not seen in over two years. The oil price is now more than two and a half times higher than the historic lows endured by oil companies two years ago, but they […]
Solar-powered cool rooms making big difference, fighting waste in Africa
Businessam StaffJanuary 4, 2018
Food waste in Africa is a serious issue. Half of all the fruit and vegetables produced there are thrown away, even though millions of people across the continent are going hungry. Intermittent power supplies and poor storage facilities mean that staple foods – among them cereals, roots, and tubers – are too often lost after […]
Nigeria loses more than 3,000 megawatts power output after pipeline fire
Businessam StaffJanuary 3, 2018
A fire at a Nigerian pipeline interrupted gas supplies to companies generating more than 3,000 megawatts in Africa’s most populous nation, the government said. The fire at the Escravos-Lagos pipeline owned by the Nigerian National Petroleum Corp. in the southern Edo state required a shutdown of the pipeline supplying gas to the 1,320-megawatt Egbin power […]
Crude prices will rise in 2018, says Iraq’s oil minister
Businessam StaffDecember 26, 2017
Iraq’s Oil Minister Jabbar Al-Luaibi said he’s optimistic crude prices will increase in 2018, with global stockpiles falling and demand on the rise in China and India. “I am very optimistic that in the first quarter, oil markets will witness balance,” Luaibi told reporters in Baghdad, according to Bloomberg. The Organization of Petroleum Exporting Countries, […]
Oil market near two-week high after U.S. stockpiles plunge
Businessam StaffDecember 21, 2017
Oil traded near the highest close in more than two weeks after crude stockpiles in the world’s largest economy slid more than forecast to a two-year low. Futures fell 0.1 percent in New York after settling on Wednesday at the highest since Dec. 1. U.S. inventories fell 6.5 million barrels last week — more than […]
Chinese firm wins contract to drill offshore block in Nigeria
Businessam StaffDecember 21, 2017
An offshore engineering unit of oil major Sinopec Group has won a two-year contract to drill an offshore block in Nigeria, the state firm said on Thursday. Shengli Petroleum Engineering will deploy its ‘Shengli-4’ rig to drill the block, located in shallow water off Nigeria’s Rivers State. The block has a designed daily output of […]
Oil trades below $65 bpd after volatile week caused by North Sea pipeline woes
Businessam StaffDecember 15, 2017
Oil steadied below $65 a barrel in London after a volatile week in which the market was shaken by the shutdown of a North Sea pipeline that underpins the Brent benchmark. According to Bloomberg report, futures rose 0.2 percent, leaving prices in London little changed in the week. They jumped above $65 for the first […]
Oil prices rise on lower U.S crude stocks, growing output caps gains
Businessam StaffDecember 14, 2017
Oil markets rose on Thursday, lifted by a fourth straight weekly fall in U.S. crude inventories, though climbing output capped prices well below the 2015 highs reached earlier this week. U.S. West Texas Intermediate (WTI) crude futures were at $56.77 a barrel at 00344 GMT, up 17 cents, or 0.3 percent, from their last settlement. […]