Oil prices edged lower on Monday as little progress on U.S.-China trade negotiations kept prices pressured, but bullish inventory data in the United States offered some support. Brent crude futures lost 33 cents to settle at $62.18 a barrel, after falling to $61.57 earlier in the session. U.S. West Texas Intermediate (WTI) crude fell 38…
Lower prices and increasing competition for investment are driving many African states to make it easier and cheaper for overseas companies to keep their oil and gas output flowing. From Ghana to Gabon, governments are adjusting terms to lure picky investors who are also increasingly concerned about long-term demand for fossil fuels as renewable energy…
Power plant tenders in Q3 2019 saw 314 tenders announced, marking a drop of 30% over the last four-quarter average of 446, according to GlobalData’s power industry tenders database. The proportion of tenders by category tracked by GlobalData in the quarter was as follows: – Project Implementation: 277 tenders and an 88.2% share – Consulting…
Members of Liquefied Petroleum Gas Retailers (LPGAR), a branch of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), have condemned the current arbitrary increment in price of LPG and supply shortages. The Branch Secretary of LPGAR, Comrade Olukayode Aborisade Solomon, in a statement stated that LPGAR is highly dissatisfied with sudden upsurge in…
An IT expert and Executive Director, NETSAT Media, Mr Collins Nnabugwu has urged the federal government to improve funding of Artificial Intelligence (AI) research to revolutionise development of Information Communication Technology (ICT) in the country. Nnabugwu, the Country Ambassador for the Global Startup Ecosystem made the call on Monday in Lagos. He said that AI…
Transmission Company of Nigeria (TCN) has said that it had restored full power supply to the national grid at 4:54 pm on the 9th of November, 2019, after the partial system collapse which occurred at 11.15 pm on Friday, 8th November, 2019. The company announced that during the entire period however, the nation did not…
As part of efforts to bridge the gap that currently exists in the power sector, the Abuja Chamber of Commerce and Industry (ACCI), on Friday said that Nigeria and Russia would sign a Memorandum of Understanding on production of pre-paid meter. President of ACCI, Adetokunbo Kayode said that the agreement would be between Russian electrotechnical…
Oman said on Monday that the Organisation of the Petroleum Exporting Countries (OPEC) and allied oil producers could extend a deal to limit crude supply but may not consider deepening cuts. Oman’s energy minister Mohammed bin Hamad al-Rumhy said this while speaking with reporters at an energy conference in the UAE capital Abu Dhabi. This…
Nigeria has achieved a landmark of of 200.79 Trillion cubic feet of gas reserves as the nation’s daily production now averaging 8.4 billion cubic feet, according to government top official. This is against 198TCF achieved in 2017 Nigeria since 2010 had set year 2020 for achieving a gas reserves of 200 TCF and a daily…
Intercontinental Exchange Inc said on Monday that oil majors including BP, Total and Shell would be partners in a new exchange it is launching in the United Arab Emirates next year to list Abu Dhabi National Oil Co’s (ADNOC) flagship Murban crude grade. The Murban futures contract, to be hosted on the new ICE Futures…
