NNPC pledges support for indigenous participation in Nigeria’s oil industry
Businessam Staff
November 8, 2017
The Nigerian National Petroleum Corporation (NNPC) has pledged to provide more support to indigenous companies in Nigeria’s Oil and Gas Industry. Maikanti Baru, group managing director of the NNPC, made the pledge while opening the Lagos Midstream Jetty (LMJ) at the Apapa Harbour in Lagos Tuesday. “NNPC will continue to support all players in the […]
BP, Shell lead plan for blockchain-based energy trading platform
Businessam StaffNovember 6, 2017
A consortium including energy companies BP and Royal Dutch Shell will develop a blockchain-based digital platform for energy commodities trading expected to start by end-2018, the group said Monday. Other members of the consortium include Norwegian oil firm Statoil, trading houses Gunvor, Koch Supply & Trading, and Mercuria, and banks ABN Amro, ING and Societe […]
Nigeria’s Niger Delta Avengers resurface, declare “bloody” end to oil ceasefire
Businessam StaffNovember 3, 2017
Just as Nigeria has started to pump more than 1.8 million bpd of crude oil for two consecutive months, the Niger Delta Avengers (NDA), the militant group responsible for most of last year’s attacks on Nigeria’s oil infrastructure, returned to the scene with a gruesome message on its website, warning oil companies of a “brutish, […]
U.S. back out of oil & gas anti-corruption treaty
Businessam StaffNovember 3, 2017
The United States will not be part of a recent international treaty to fight corruption in revenues management, according to a new decision from the White House, reported by Reuters. The Extractive Industries Transparency Initiative (EITI) was designed to aid in the effort to regulate oil, gas, and mineral profits around the world, and the […]
Quarter of oil refineries risk closure under climate goals by 2035, report reveals
Businessam StaffNovember 2, 2017
A quarter of the world’s oil refineries risk closure by 2035 if governments of countries meet targets to limit fossil fuel burning in the fight against global warming, a report released on Thursday said. This fact according to the report co-authoured by environment think-tank, Carbon Tracker, Swedish investment fund AP7 and Danish pension fund, PKA […]
OPEC oil output drops in October as Kurdistan tensions weigh on Iraq
Businessam StaffNovember 2, 2017
Tensions in Iraq between the semi-autonomous northern region of Kurdistan and the central government in Baghdad weighed on OPEC’s production last month. The Organization of Petroleum Exporting Countries pumped 180,000 barrels a day less in October than September, with overall output dipping to 32.59 million barrels a day, according to a Bloomberg News survey of […]
Iraq oil stops flowing from Kurd, Kirkuk fields to Turkish port
Businessam StaffOctober 30, 2017
Crude from northern Iraq, including the semi-autonomous Kurdish region, stopped flowing through an export pipeline, a port agent said, days after Iraqi government troops captured oil fields in an area disputed with the Kurds. Oil from the Kurdish enclave stopped arriving at Turkey’s Mediterranean port of Ceyhan at 4 a.m. local time on Monday, the […]
Nigeria’s FG set to increase power generation to 20,000 MW, minister says
Businessam StaffOctober 28, 2017
Nigeria’s federal government said Friday that its plan to generate 20, 000 megawatts of electricity over the next four years was on course. Mustapha Shehuri, the country’s minister of state for power gave the assurance in Funtua, Katsina State when he inaugurated a 132/33 KV transformer that would boost power supply to local governments in […]
Shell, Exxon win blocks in Brazil’s pre-salt oil auction
Businessam StaffOctober 27, 2017
Oil majors Royal Dutch Shell and Exxon Mobil won blocks in Brazil’s coveted pre-salt oil region in an auction on Friday. Shell was part of consortia that won two of the four blocks on offer in the first part of an eight block auction. Exxon, in a consortium with Norway’s Statoil and Portugal’s Petrogal, a […]
Ghana’s downstream sector regulator seeks collaboration with Nigeria’s Techno Oil
Businessam StaffOctober 27, 2017
A delegation from Ghana’s National Petroleum Authority (NPA) visited the management of Techno Oil Ltd. in Lagos Friday, to seek collaboration on Liquefied Natural Gas (LPG) and cylinder marketing in Ghana. The leader of the delegation, Sheila Abiemo, told reporters that the Ghanaian government was sourcing ideas from some countries, including Nigeria, to help Ghana formulate […]