A subsidiary of the Oil and Gas Free Zones Authority (OGFZA), Free Zone Global Investment Limited (FGIL), has signed a memorandum of understanding (MoU) with Axxela Limited, an energy solutions company, for a partnership to build power infrastructure for cheap and quality electricity supply to the Onne/Ikpokiri Free Zone in Rivers State. FGIL is the…
The domestic supply of gas for the generation of electricity witnessed a decline in several months, a development that dragged down the quantum of power that was generated on the grid. Latest figures released by the Nigerian National Petroleum Corporation on domestic gas supply to the power sector and generation showed that between March 2018…
REN-operated Sines LNG import terminal in Portugal is scheduled to receive a Nigerian liquefied natural cargo next week. Shipping data by the Port of Sines shows that the LNG Akwa Ibom tanker capable of transporting up to 141,000 cubic meters of the chilled fuel is scheduled to dock at the facility on June 17. The…
Nigeria’s deepwater assets hold the country’s lifewire in the oil and gas sector having accounted for 40.47 per cent of the total production of 2.1 million barrels per day (bpd). The country’s first deepwater well was completed in 1998, while production started in 2005. It later increased Nigeria’s oil production by 10 per cent. Aside…
Spot activity was weak on Monday as a sharp drop in light end margins kept buyers at bay. Profit margins for making petroleum feedstock naphtha have hit their weakest in over a decade in Asia and a seven-year low in Europe as the global economy weakens and large-scale processing unit outages hurt demand. Gasoline margins…
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran, and Venezuela continue to see their output contract, latest S&P Global Platts survey has shown. Nigeria also saw production fall significantly in the month, hampered…
The 21st edition of the foremost global investment meeting for Africa’s power, energy, infrastructure, and industrial sectors, Africa Energy Forum (AEF) begins today at the Lisbon Congress Center, Lisbon, Portugal. The four-day event commences with the Government opening ceremony with over 20 Ministers of Energy in attendance. According to the organiser of the event, EnergyNet…
Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia were likely to keep withholding supplies, and in relief that the United States and Mexico averted a trade war that would have damaged the global economy. oil revenue Front-month Brent crude futures, the international benchmark for oil prices, were at $63.71…
New 2D Regional Multi-client Survey will Assess True Hydrocarbon Potential of this Frontier Region As industry interest in hydrocarbon exploration offshore East Africa increases, attention is turning to frontier areas in the region such as the West Indian Ocean. At first glance, this area looks like a barren oceanic crust with little potential, but there…
BHGE expands facility in Luanda to manufacture, service and repair technologies and equipment across its four product companies; expanded facility will enable fullstream solutions to serve local and regional customers across the oil and gas value chain; expansion supports company’s localization strategy and serves as hub to serve customers in Angola and Southern Africa region….
