BMI Research announced Thursday that it has revised up its oil price outlook for the next two years. In a report sent to Rigzone, the research firm revealed that it now forecasts an annual average for Brent crude oil of $75 per barrel for 2018 and $80 per barrel for next year. “This compares to…
Nigeria and other oil producing countries across the world will expend about $105b on decommissioning in the next 10 years. According to a recent report release by Wood Mackenzie otherwise called WoodMac, between 2018 and 2022, nothing less than $32 billion would be spent on decommissioning around the world. While UK, the US and Norway,…
Three months of loading programmes for Nigeria’s key grade Bonny Light emerged on Friday. Exports of Nigeria’s Bonny Light crude oil are set to fall in September to five cargoes from seven in August, a loading programme from a trade source showed. September cargoes will load at a rate of 152,000 barrels per day (bpd),…
As part of its commitment to impacting communities, Lumos, a solar power and off-grid solar home systems provider has donated 100 units of customized Solar Powered Systems to the Nigerian Army. The presentation which took place at the Monguno Army Barracks, Borno State, was part of activities to mark the 2018 Nigerian Army day celebrations….
The Nigerian National Petroleum Corporation (NNPC) has commenced comprehensive community integration and stakeholders’ engagement to sensitize dwellers of Iwure, Ojor and Osomba/Akin communities of Cross River State ahead of planned oil palm-based biodiesel project in that part of the state. A release by Corporation’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu, said the…
The Federal Government said that electricity generation from hydro sources could reach 19,000 megawatts if fully harnessed. The Minister of Science and Technology, Mr. Ogbonnaya Onu said this at the 2018 Seminar on “Construction and Management of Water Conservancy and Hydro-power Projects’’ organized by the Chinese Government in Abuja on Tuesday. Onu, who was represented…
In the first two months of 2018, the Nigerian Customs Services (NCS) imposed between 5% and 10% import duties on solar panels. Never mind contravening a law that originally stipulates zero percent import duties on these same solar panels, this new development threatens the establishment of a major power alternative in Nigeria. In all this…
The Federal Government, Wednesday, disclosed moves to complete Farin Ruwa dam project in Nasarawa State, including generation of 20 megawatts of electricity from it when completed. This was made known by the Permanent Secretary in the Federal Ministry of Water Resources, Dr Musa Ibrahim, during a meeting with a delegation of Nasarawa State Government in…
Gombe State Government on Thursday appealed to the Federal Government to fast-track work on the Dadin-Kowa hydroelectric power project, as earlier promised. Hassan Ahmadu, State Commissioner for Rural Development, made the call in an interview in Gombe. It would be recalled that Chidi Izuwah, Ag Director-General, Infrastructure Concession Regulatory Commission, had given October 2018 as…
The Federal Government has committed the sum of N1.023 trillion in bailouts in the form of low interest loans and grants to Nigeria’s power sector within the last three years yet the country is unable to move the needle on stable power supply. In 2015, the Federal Government through the Central Bank of Nigeria (CBN)…