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….
Construction of 40 MW Malindi solar photovoltaic project in Kenya has commenced. Globeleq, project developers and Africa’s leading independent power producer announced the reports. The project which is located about 120 km Northeast of Mombasa recently reached a financial close of US $66m. The British government’s development finance agency will contribute US $50m while its partner, Globeleq,…
Ghana National Gas Company (Ghana Gas) is owing Ghana National Petroleum Corporation close to $1Billion, being cost of raw gas it has received from the state hydrocarbon company without paying the latter. Between January and June 2018, Ghana Gas sold processed gas with total invoice value of $160,648,513.18. This amount comprised expected revenue from the…
To tackle its power challenge, the Federal Government is partnering ROSATOM, the Russian government-owned nuclear agency. In a recent interview with The Nation, ROSATOM’s Central and Southern Africa Chief Executive Officer Dmitry Shornikov said Nigeria is serious and on course to utilize nuclear energy as part of its energy mix in the near future. When asked…