Global fund managers hold back investment in exploration as U.S. shale oil flood market
Kelvin Egerue
June 16, 2017
Concerned by an imminent crash in oil price following uncontrolled pumping of crude into an already saturated global market, investors in oil industry are now holding back investible funds in search of alternative ventures. Eight prominent hedge funds have reduced the size of their positions in ten of the top shale firms by over $400 […]
With innovative approaches to solar energy, Nigeria can outshine the world
Businessam StaffJune 11, 2017
The United Nations Sustainable Development Goals (SDGs) call for universal access to affordable electricity by 2030. While Morocco and South Africa approach this goal, in Nigeria, home to nearly 20 percent of Africans, households and businesses spend around $21.8 billion on generator fuel to bridge daily power cuts according to a study by German development […]
Nigeria’s power generation to increase by 340mw in December
Businessam StaffJune 9, 2017
The Federal Government’s planned addition of 20,000 megawatts of electricity to the national grid received a boost Thursday when Babatunde Fashola, minister of power, works and housing announced that about 340 megawatts of electricity would be added to the national grid by December, 2017. Fashola said this during his inspection tour of Afam Power Plant […]
Libya’s oil field reopens after strike
Businessam StaffJune 9, 2017
Libya’s biggest oil field, Sharara closed down on Wednesday due to workers’ protest has been reopened and expected to resume normal production within three days, the National Oil Corporation said in a statement early on Friday. Sharara had been producing nearly 270,000 barrels per day (bpd) before employees went on strike over a lack of medical treatment for a […]
U.S. oil exports double forcing a new disruptive era in global markets
Businessam StaffJune 7, 2017
The pace of the United States’ oil exports hitting an average of one million barrels a day this year is seen to be contributing to the downward pressure on crude prices, despite OPEC production caps. American oil exports are gradually emerging as a disruptive new force in global markets as new data indicate that it […]
Protesting workers shut down Libya’s biggest oil field
Businessam StaffJune 7, 2017
Libya’s biggest oil field is reportedly shut down due to a protest by workers, stalling a revival in the politically divided country’s production of crude. Sharara closed on Wednesday, according to a person with direct knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. The field […]
Seplat bullish on recovery, growth as Forcados resumes operations
Olusegun AbisoyeJune 7, 2017
Seplat Petroleum Development Company Plc, Nigeria’s leading independent indigenous Nigerian upstream oil and gas exploration company, has expressed optimism that as the Trans Forcados Pipeline resumes full operations after its shutdown by militant activities in the nation’s Niger Delta regions, it would move quickly into the stability and growth phases of its recovery plans. The […]
Nigeria’s electricity concerns to ease as Forcados pipeline resumes
Olusegun AbisoyeJune 7, 2017
Concerns over Nigeria’s epileptic power supply situation are expected to ease on the back of resumption of oil and gas production activities at the Forcados export pipeline. This is coming on the heels of Shell Petroleum lifting the Forcados force majeure. Power supply in Africa’s largest economy dropped significantly from 3,959 megawatts to 2,662mw in […]
Equatorial Guinea calls on African nations to join OPEC
Businessam StaffJune 7, 2017
OPEC’s newest member, Equatorial Guinea called on fellow African producers to band together in protecting the value of their oil resources and join the group, Bloomberg reports. As more discoveries are made across the continent, cooperation among producers is key, the nation’s Minister of Mines, Industry and Energy Gabriel Obiang told a conference in Cape Town. “Have […]
Port bans choke Qatar’s commodity trade as gas supply worries grow
Businessam StaffJune 6, 2017
A campaign by leading Arab powers to isolate Qatar is disrupting trade in commodities from crude oil to metals and food, and deepening fears of a possible jolt to the global gas market, where the tiny Gulf state is a major player. Just a day after Saudi Arabia and its Arab allies severed transport links […]