Ten thousand megawatts (Mw) of electricity target in the country may not be achievable, the Vice Chairman Senate Committee on Power, Senator Bukar Mustapha, said yesterday. He, however, said President Muhammadu Buhari has laid the foundation for the country’s prosperity in the last one year of his administration. The lawmaker who spoke to reporters in Abuja expressed disappointment over the … Read More
Oil Service Firms Face $110 Billion Debt
The worst may be yet to come for some strained oil services companies as $110 billion in debt, most of it junk rated, creeps closer to maturity. More than $21 billion of debt from oilfield services and drilling companies is estimated to be maturing in 2018, almost three times the total burden in 2017, according to a report from Moody’s … Read More
Dormant Power Stations Contribute to National Grid
Three power stations, which had been dormant have come back on stream and started contributing to the National Grid, the Transmission Company of Nigeria (TCN), has said. TCN who disclosed this in its Independent System Operator (ISO) review of the national grid performance, listed the power plants to include Omoku, Trans-Amadi and Rivers Independent Power Plant (IPP). It noted that … Read More
Ghana Pass Petroleum Industry Bill into Law
Ghana’s Parliament has given its approval to the Petroleum Production and Exploration Bill on. The law, which will regulate the nation’s oil sector, comes 9 years after Ghana discovered oil. Emmanuel Kofi Buah, Energy Minister, said that even though the PNDC Law 84 which had regulated the industry has been helpful, the new phase the nation has entered in terms … Read More
Transparency, Critical to Overcoming Oil and Gas Sector Challenges.
Nigeria heavily relies on revenue derived from the oil and gas sector. Currently, oil and gas provide the highest external income to the 36 states government that make up the federation but it contributes less than 40 per cent to the country’s Gross Domestic Product (GDP). As vital as this sector is to the economy, it is constantly bedeviled … Read More
NNPC Highlight Obstacles to Nigeria’s Reserve, Production Target
The Nigerian National Petroleum Corporation ( NNPC ) has hinged the inability of the country to reach the Four million production and 40 billion reserve target on funding constraints, infrastructure vandalism, security concerns and a host of others. The Group Managing Director of NNPC, Dr. Maikanti Baru, who made this disclosure during the conference organised by the Society of Petroleum … Read More
OPEC Predicts Oil Price Rise, Meets in September
The Organisation of Petroleum Exporting Countries (OPEC), is hopeful that oil prices will rise in September through December, following expectations of higher oil demand. Analysts have said this should put pressure on oil producing nations to raise production for the expected increase in demand which will prompt the price increase. OPEC president, Mohammad Al-Sada, who made the projection, yesterday, also … Read More
Oil & Gas Industry Records 26 Percent Job Cut Globally
Data obtained from the United States, US, Energy Information Administration, EIA, has put the continued decline of employment in the oil and natural gas production across the world at 26 percent between 2014 and 2016. The report, which captured between October 2014 and May 2016, stated that employment in oil and gas production reached a height of 538,000 jobs in … Read More
Oil Above $100/bbl Was ‘Abnormal’ – OPEC’s New Chief
Oil’s climb above $100/bbl before prices crashed in 2014 was driven by “abnormal” conditions that couldn’t last, according to OPEC’s new Secretary-General. The “skyrocketing of prices” that pushed crude as high as $147 in 2008 was “unsustainable” and probably harmful to the global economy, Mohammed Barkindo said in the group’s monthly Bulletin. The Organization of Petroleum Exporting Countries will continue … Read More
Shale Drillers Add Oil Rigs for Longest Streak In 1 Year
U.S. oil drillers added rigs for the sixth-straight week, marking the longest period of expansion in a year, as the shale patch revives from the worst downturn in a generation. Rigs targeting crude in the U.S. rose by 7 to 381 in the past week, Baker Hughes Inc. said on its website Friday. Explorers have now added 51 rigs since June 24, … Read More