Brent oil holds near 2-year high as Russia, Saudi Arabia set to discuss possible extension next week
Businessam Staff
October 27, 2017
Brent oil held gains near the highest level in more than two years as Saudi Arabia’s Crown Prince Mohammed bin Salman backed the extension of OPEC-led output cuts. Futures were little changed near $60 a barrel in London, up 2.6 percent for the week. The prince said Thursday that “of course” he wanted to prolong […]
Uganda eyes $15-20bn in oil investments after deals with Nigeria’s Oranto Petroleum
Businessam StaffOctober 25, 2017
Uganda, a newcomer on the international oil stage, expects investments to the tune of US$15-20 billion over the next three to four years, Ernest Rubondo, the executive director of the country’s petroleum Authority said at a conference in South Africa. Earlier this month, Nigerian Oranto Petroleum sealed two production sharing deals in Uganda, to explore for […]
OPEC’s newest member sets to stem oil-output slide after Hess Corp. deal
Businessam StaffOctober 24, 2017
Equatorial Guinea, OPEC’s newest member, is taking steps to stem the decline in its oil production following the acquisition by Kosmos Energy Ltd. of fields currently operated by Hess Corp. For two to three years there has been a trend of U.S. companies operating in Africa, but not re-investing there, said Gabriel Obiang, the nation’s Minister of Mines, […]
Nigeria’s state oil company says it will stimulate economic growth through aggressive gas development
Businessam StaffOctober 19, 2017
Maikanti Kacalla Baru, group managing director of the Nigerian National Petroleum Corporation (NNPC), has stated that the Federal Government has mandated the NNPC to pursue an aggressive gas development programme to stimulate economic growth in the country. Baru made this disclosure on Tuesday in Lagos during a Gas Roundtable meeting for chief executives and directors […]
Nigeria’s state-owned electricity grid operator faces probe over $2bn foreign loans
Businessam StaffOctober 19, 2017
Nigeria’s lower house of parliament says it will investigate $2 billion of foreign loans the state-owned national electricity grid operator, the Transmission Company of Nigeria (TCN), may have raised without official approval. The lawmakers resolve on the probe Wednesday, according to energy analysts, could deal a major blow to efforts to improve Nigeria’s creaking power […]
Congo Republic reforms state oil firm, seeks bailout
Businessam StaffOctober 18, 2017
Congo Republic plans to replace the board of directors and appoint an audit committee at state oil company SNPC, as it strives to improve accountability and convince international lenders to bail out the country. SNPC, which holds equity in fields operated by Italy’s ENI and France’s Total, has been dogged by allegations of corruption and […]
Goldman sees geopolitics haunting oil again with unclear effects
Businessam StaffOctober 17, 2017
The oil market is grappling with intensifying geopolitical risks as uncertainty swirls over the impact of tensions surrounding nations such as Iraq, Iran and the U.S., according to Goldman Sachs Group Inc. While Iraq’s government is clashing with Kurdish forces in the north of the OPEC nation, raising the prospect of output disruptions in the region, both […]
Ikeja Electric signs N570m MoU with Mojec International for supply of distribution transformer meters
Foster ObiOctober 16, 2017
Ikeja Electric Monday signed a memorandum of understanding (MoU) with Mojec International Ltd, a local content provider for the supply of distribution transformer (DT) meters. Anthony Youdeowei, chief executive officer of Ikeja Electric, said the partnership with Mojec became necessary because of the need ensure energy accountability in the power sector, where it has become […]
OPEC deal extension may be unnecessary, says Kuwaiti oil minister
Businessam StaffOctober 16, 2017
Essam al-Marzouk,Kuwait’s Oil Minister said OPEC and its partners may not need to extend the November 2016 crude oil production cut agreement beyond its March 2018 deadline if everyone fully complies with their quotas. Al-Marzouk noted when he told media Sunday, that OPEC’s compliance rate had hit 116 percent, without adding, however, that this figure […]
The electricity required for a single bitcoin trade could power a house for a whole month
Businessam StaffOctober 16, 2017
Bitcoin transactions use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to a paper from Dutch bank ING. Bitcoin trades use a lot of electricity as a means to make verifying trades expensive, therefore making fraudulent transactions costly and deterring those who […]