Consumers are in for a shock at the pumps as the price of petrol is set to increase by 74 cents a litre from Wednesday. The Department of Energy on Monday announced fuel hikes of 74 cents a litre for both grades of petrol 93 (ULP and LRP) and 95 (ULP and LRP). In its…
The Nigerian National Petroleum Corporation (NNPC) has expressed its preparedness to build additional Independent Power Plants (IPP) in Abuja, Kaduna and Kano which is expected to add 4, 0000 megawatts of power to stabilize the national grid. The National Oil Company also disclosed that it would construct a Fertilizer Project in Brass, Bayelsa State. Chief…
Nigeria earned a total of N5.54tn from oil revenue last year, figures obtained from the Central Bank of Nigeria revealed. The N5.54tn revenue was earned through three major oil revenue sources. They are crude oil/gas sales, petroleum profit tax/royalties and others. A breakdown of the N5.54tn oil revenue showed that the sum of N1.28tn was…
Three years after the Kenya Pipeline Company took over the Kenya Petroleum Refinery Ltd in a government-forced merger, the lease under which the union was created is set to expire in March. This creates uncertainty about the operations of KPRL, which was converted into a storage facility after halting refining operations in 2013. Since the…
Eco (Atlantic) Oil & Gas Ltd, an oil exploration-focused company with licences in offshore Guyana and Namibia, has been granted a one-year extension to the first renewal exploration period on all of its Namibia Licenses to March 2019 by the Namibian Ministry of Mines and Energy. Each license will automatically enter the second renewal period,…
Africa’s first solar-powered seawater desalination plant, the OSMOSUN plant, designed by Mascara and located in Witsand, in the Hessequa municipality, in the Western Cape, has produced more than 10 000 kℓ of drinkable water. The plant has been fully operational since December 20, 2018, providing the local population with a steady water supply, especially over…
FluidOil and National Oil Corporation (NOC) are pleased to announce that a Memorandum of Understanding (“MOU”) has been signed between FluidOil and National Oil Corporation of Libya to evaluate the development of the Haram heavy oil field. This evaluation will focus on using the latest heavy oil production techniques in conjunction with FluidOil’s VHTL on-site…
From today, BBOXX customers in Togo will receive a subsidy to spend on solar energy – in what is the first government subsidy for the purpose of solar energy payments in Africa. Dubbed the “CIZO Cheque”, households with BBOXX solar home systems will be granted a monthly subsidy of 2,000 FCFA (c.4$) over a three-year…
An expert with international online energy news platform Upstream; has said that while the legitimacy of Nigeria’s poll result may be called into question, the second term for President Muhammadu Buhari is good news for the reform of Nigeria’s oil sector. The incumbent head of state Muhammadu Buhari battled for a second term against a former…
Saudi Arabia has concluded plans to invest $100 billion in India, Nigeria’s major oil importer, thus threatening future importation from the country. The moves by Saudi Arabia, the 14th largest country in the world, covering around two million square kilometres, making it the second largest OPEC member country with a population of over 32 million,…