AfDB set to fund construction of 32 megawatts solar power plant in Chad
Businessam Staff
July 12, 2017
The African Development Bank (AfDB)is set to fund the construction of a 32 megawatts solar plant to be constructed in N’Djamena, the Chadian capital. In addition to financing the 32 MW solar power plant, AfDB plans to support other projects such as the electrical interconnection project between Chad and Cameroon, and the rehabilitation of the […]
Goldman sees risk of oil below $40 without OPEC ‘shock and awe’
Businessam StaffJuly 11, 2017
OPEC needs to “shock and awe” the oil market for prices to gain, according to Goldman Sachs Group Inc. The Organization of Petroleum Exporting Countries must increase output cuts aimed at shrinking a global glut with little public announcement in order to jolt investors, the bank said in a July 10 report. Without such action […]
OPEC caps for Libya, Nigeria crude output not enough to fix oil glut
Businessam StaffJuly 11, 2017
A proposal that Libya and Nigeria could have to accept limits on their crude production probably would not be enough to put OPEC’s faltering efforts to eliminate a global supply glut back on track, Bloomberg reports. The two African nations — which were exempt from the supply curbs agreed last year due to internal strife […]
U.S. pledges support for digital transformation of Nigeria’s oil and gas industry
Businessam StaffJuly 10, 2017
The Foreign Commercial Service of the United States Diplomatic Mission to Nigeria, in collaboration with Hewlett Packard Enterprise (HPE) Nigeria and its leading local partner, Manifold Computers, has introduced an innovative technology, Synergy and Aruba, for use in the Nigerian oil and gas industry. Speaking during a public presentation of the technology product at an […]
Erin Energy announces farm-out deal approval with FAR in The Gambia
Businessam StaffJuly 6, 2017
Erin Energy Corporation has announced that the Government of the Republic of The Gambia has approved the farm-out agreement with FAR Ltd., an Australian Securities Exchange listed oil and gas company, whereby FAR will acquire an 80% interest and operatorship of Erin Energy’s offshore A2 and A5 blocks in The Gambia, African Business Community reports. […]
NLNG CEO sees price of Nigeria cooking gas falling 20% in weeks
Businessam StaffJuly 5, 2017
Tony Attah, the chief executive officer of Nigerian Liquefied Natural Gas (NLNG) Limited has given signs yet of a likely drop in the price of domestic cooking gas in the country, according to multiple sources following him on a facility tour of liquefied petroleum plants in Lagos. The fall in price is expected in the […]
NLNG says amendment Act amounts to double taxation, threat to FDI into Nigeria
Businessam StaffJuly 4, 2017
Liquefied natural gas (LNG)-producing company, NLNG has stated that making amendments to the NLNG Act would amount to double taxation since gas suppliers to NLNG already pay the Niger Delta Development Commission (NDDC) a 3% levy. Tayo Oginni, NLNG production general manager, told a group of international journalists during a visit to the NLNG facility […]
Morocco secures $25 million Clean Technology Fund loan for hybrid solar project
Businessam StaffJuly 4, 2017
Morocco has received approval for a $25 million loan from the Climate Investment Funds’ Clean Technology Fund (CIF CTF), according to African Business Communities. The loan is meant for a project to generate solar power through an innovative hybrid Concentrated Solar Power (CSP) and Photovoltaic (PV) solution. The Midelt Phase I Concentrated Solar Power Project […]
Baker Hughes, GE Oil & Gas in business combination to create a full-stream oil and gas company
Businessam StaffJuly 4, 2017
Baker Hughes and GE have announced that the transaction combining GE’s oil and gas business with Baker Hughes is complete. The new company, BHGE, according to a statement issued Tuesday, would be the first and only to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development. “Disruptive […]
Libya oil output at 4-year high loosens OPEC grip on supply
Businessam StaffJuly 3, 2017
Libya’s oil production has climbed to more than 1 million barrels a day for the first time in four years, further complicating OPEC’s struggle to regain control of the oil market. The North African country is pumping 1.005 million barrels a day, according to a person with direct knowledge of the situation, who asked not […]