U.S. boosts oil exports to key Asian markets
Irina Slav for Oilprice.com
November 24, 2017
U.S. crude oil exports to Asia last week hit the highest in two months, and the second-highest on record, at 877,000 bpd, according to data from Kpler. There has been a strong upward trend in weekly exports of U.S. crude to the continent, and it looks like this trend is set to continue as shale […]
Lumos proffers solution to Nigeria’s electricity challenge, unleash the power of the mobile
Goddey OdinNovember 24, 2017
Lumos Mobile Electricity Service is making effort in solving the age-long electricity problem millions of Nigerians face, by combining solar and MTN mobile phone. The service is made available to a large population of Africa’s biggest economy and paid for using mobile phone credit and through a partnership between Lumos and MTN. According to release […]
OPEC in the dark about shale as annual growth forecasts from 300,000 bpd to 1.7m
Businessam StaffNovember 23, 2017
OPEC will have to decide whether to extend global oil cuts without knowing whether they’re triggering a new flood of rival supply from U.S. shale producers. Analysts including Andy Hall, the veteran crude trader who closed his hedge fund this year, gave differing outlooks for U.S. shale output in a briefing to officials from the […]
South Africa eyes BRICS partners to build new $10bn refinery
Businessam StaffNovember 21, 2017
South Africa wants the national oil companies of its BRICS partners to help build a new 400,000 barrel per day refinery that will be structured by senior debt and equity, energy minister David Mahlobo said Tuesday. The idea of building a refinery in Africa’s most industrialised economy has been under consideration for almost a decade. […]
Oil trades above $56 after surging on Saudi cut-extension plea
Businessam StaffNovember 20, 2017
Oil held above $56 a barrel after surging the most in almost two weeks as Saudi Arabia’s energy minister said OPEC should announce an extension to supply cuts when it meets at the end of the month Futures were little changed in New York after rising 2.6 percent Friday. Oil inventories are unlikely to drain to […]
NNPC, Chevron sign $1.7bn crude, gas production deal
Businessam StaffNovember 20, 2017
Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the final phase of an Alternative Financing Agreement to increase crude production by about 39,000 barrels per day. The agreement, signed in London, is also expected to achieve an incremental peak production of about 283mmscfd of gas, NNPC Group Managing Director, Maikanti Baru, […]
Rwanda’s renewable energy gets $50m boost
Businessam StaffNovember 15, 2017
Rwanda’s energy rollout efforts received a boost Tuesday, following the operationalisation of $50 million to catalyse private sector’s investment in off-grid energy solutions. The fund, managed by the World Bank and rolled out through Development Bank of Rwanda, is expected to facilitate the electrification of about 445,000 households in the next seven years. This, when […]
Oil exploration in Nigeria’s north east, for good of the country, says oil minister
Businessam StaffNovember 15, 2017
Ibe Kachikwu, Nigeria’s minister of state for petroleum, said oil exploration in the North East is for the good of the country. He said this during “Overview of 2018 Budget Proposal” on Tuesday in Abuja, according to NAN. He added that “we have an obligation as a nation to continue to ensure that we follow […]
West Africa’s off-grid solar market boom drives Lumos expansion
Businessam StaffNovember 14, 2017
West Africa’s booming off-grid solar industry is drawing international investors eyeing expansion. Lumos Global, a Dutch off-grid developer that raised $90 million last year to start a business in Nigeria, said it’s expanding in Ivory Coast this month. In both countries, Amsterdam-based Lumos is using a partnership with MTN Group Ltd. that allows customers pay for solar power with […]
Egyptian Refining Co.’s $3.7bn plant to start operation in September 2018
Businessam StaffNovember 10, 2017
Egyptian Refining Co.’s new $3.7 billion processing plant will begin operations in September 2018 and save the government some $300 million a year by reducing the country’s reliance on imported fuel, its chairman said. Ahmed Heikal, who is also chairman of investment company Qalaa Holding, a 19 percent shareholder in the project, said construction of […]