Flintstone Technology has secured a substantial contract with MODEC for its in-line tensioning and pull through connection mooring system to be deployed off West Africa. The system will be used on Tullow Oil’s Kwame Nkrumah MV21 floating production storage and offloading (FPSO) vessel located on the Jubilee field off the coast of Ghana. The mooring…
Beginning from today (Tuesday) containers and oil tankers would start moving goods from Lagos ports through the newly acquired Railway wagons to the north. The goods would move to the dry port in Kaduna in the North. The transport minister Rotimi Amaechi had ordered some wagons for the Lagos-Ibadan railway for the purpose. This measure…
Royal Dutch Shell Plc and Eni SpA face additional corruption allegations over a Nigerian oil deal, after the West African country’s government said in a London lawsuit that it believes a handful of executives, including CEOs, were tied to more than $1 billion in bribery payments. In court documents filed in early April, the Nigerian…
Nigerian investors and industry players will be keeping an eagle eye on a current wave of investment opportunities about to open up for local companies as International Oil Companies (IOCs) move to fully divest from onshore assets. According to sources, oil majors in Nigeria are expected to be selling off their onshore assets while focusing…
Budapest, 3rd May, 2019 – Today, MOL Group announced its financial results for Q1 2019. In the first quarter MOL Group delivered over USD 500mn EBITDA in line with the full-year guidance. Upstream EBITDA remained flat year-on-year in the first quarter at USD 283mn (HUF 79,4bn) as strong production offset other negative drivers. Production further edged…
The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Mohammad Barkindo, has said the group does not politicise crude oil. This development is coming as OPEC and other oil-producing countries led by Russia will on May 19 review their agreement to cut down on oil output to prevent an energy crisis. Barkindo’s…
The Nigerian Electricity Regulatory Commission (NERC) will next week in Lagos meet with the 11 electricity distribution companies (Discos) in Nigeria’s power sector to assess the take-off and implementation of the third-party meter deployment scheme, Meter Asset Providers (MAPs), initiated by the regulatory agency, THISDAY has learnt. However, as the date for the MAPs to…
The Nigerian National Petroleum Corporation (NNPC) Thursday, said it had saved $2.2bn through the Direct-Sale-Direct-Purchase (DSDP) scheme of petroleum products supply since its inception in 2016. This was disclosed by the Group Managing Director of NNPC, Dr. Maikanti Baru, at the public opening of bids for the 2019 term-contract for lifting crude oil and petroleum…
Ethiopia and China have signed a partnership agreement to invest in energy transmission and distribution lines for the nation’s mega projects. The project will build power transmission and distribution lines to 16 industrial parks, part of the Meqelle to Djibouti railway line and to other cities in the country. The agreement was signed last week…
President Museveni on Monday met the French oil giant Total’s chief executive and board chairman, Mr Patrick Pouyanné, as part of efforts to fast track the ongoing back-to-back activities leading to Final Investment Decision (FID) scheduled for later this year. Mr Pouyanne, who was accompanied to the State House Entebbe meeting by among others, Total’s…