After two years of fighting for market share, the Organization of Petroleum Exporting Countries (OPEC) agreed in November 2016 to cut production by 1.2 million barrels per day, capping output at 32.5 million barrels per day (MBPD). With Non-OPEC producers also agreeing to reduce production by
Energy
BP has signed agreements with Kosmos Energy. to acquire a 62 percent working interest, including operatorship, of Kosmos’ exploration blocks in Mauritania and a 32.49 percent effective working interest in Kosmos’ Senegal exploration blocks. The acreage includes the Tortue field, estimated by Kosmos to contain more than 15 trillion cubic feet of discovered gas resources.
The United Arab Emirates (UAE) has urged the Organization of Petroleum Exporting Countries (OPEC) to inform its buyers about production cut figures by member-countries. In November, OPEC agreed to cut production by 1.2 million barrels per day in order to increase oil prices. “As you saw, the GCC [Gulf Cooperation Council] companies announced to the […]
The International Energy Agency (IEA) has significantly increased its five-year growth forecast for renewables. According to the agency, the increase was due to strong policy support in key countries and sharp cost reductions. Renewables surpassed coal last year to become the largest source of installed power capacity in the world. The latest edition of the […]
Governor of Edo State, Mr Philip Shaibu has urged the Nigerian Electricity Regulatory Commission (NERC) to look into the activities of the Electricity Distribution Companies (DISCOs), saying they are not ready for business. He also lamented that the state is yet to get its share of transformers it purchased on behalf of the PHCN regretting […]
The West Africa Power Industry Convention, WAPIC took place in Lagos last week with interactive programme that reflected the dynamic energy landscape of the region. The 13th yearly convention attracted power professionals, experts and industry stalwarts. The two-day event had side attractions such as the third edition of West Africa Power Industry Awards, exhibitions from
Energy and water have always been closely intertwined. Water is essential for all phases of energy production, from fossil fuels to biofuels and power plants. Likewise, energy is critical to water supply, wastewater treatment and desalination. This critical nexus between water and energy was examined in the November edition of the World Energy Outlook (WEO). […]
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu and oil and gas industry players have begun meeting in Lagos to brainstorm on security, health and environmental issues. The brainstorming session which is part of the 17th series of the international Health, Safety and Environment (HSE) biennial conference of the nation’s oil and gas industry […]
The President, Nigerian Gas Association and Managing Director, Frontier Oil Limited, Mr. Dada Thomas, has said that the payment for gas in naira instead of the dollar as contained in gas contracts is currently impacting negatively in investments in the Nigerian gas sector. In a statement over the weekend, Dada said the inability of industries and […]
As part of government efforts to attract and retain Foreign Direct investment into the Renewable Energy sector of the Nigerian economy, a Germany firm LTI Germany Incorporation in partnership with Nigus International Investment Ltd said it has concluded plan to generate 100 megawatts of electricity in the North East of Nigeria. The Chief Executive Officer […]
Augustine Okezie,Abuja. The Nigerian Electricity Regulatory Commission (NERC) has called on stakeholders, and consumers of energy to settle their electricity bills promptly to ensure that the sector remain liquid enough for investment decisions and make power more readily available to Nigerians. A press statement which was signed by the agency’s Head of Public Relations,
