Nigeria’s oil production fell to 1.4 million b/d, as at May, 2016, nearly a 30-year low, the United States Energy Information Administration has said. In a report released yesterday, the agency said the Niger Delta Avengers’ (NDA) attacks resulted in immediate and severe disruptions in crude oil production, as some of them targeted key oil-gathering and export infrastructure. According to … Read More
Renewable Energy Development in Nigeria
Nigeria’s renewable energy division is on the rise as multiple agreements for new clean power plants are being signed to enhance the country’s energy generation supply. Earlier this week, independent solar power producer Scatec Solar contracted a 20-year Power Purchase Agreement with the Nigerian Bulk Electricity Trading Plc (NBET) to develop the 100MW Nova Scotia Power plant in Jigawa state. … Read More
Crude Oil Production Commences Outside the Niger Delta Basin
The federal government has said that four of the five oil wells discovered in Badagry legitimately belong to Lagos State, for which the state would be entitled to 13 per cent derivation from the Federation Account. However, it disclosed that Aje 3 oil well falls beyond the 200-mile isobaths and therefore cannot be legitimately attributed to the state. The Chairman … Read More
OPEC, Others Head For Oil Output Freeze
Members of the Organisation of Petroleum Exporting Countries (OPEC) and other oil producing countries are in discussion to strike an output-freeze deal next month in Algiers, Algeria as OPEC’s biggest producers are already pumping flat-out, the group’s former president said. While a similar initiative failed in April, an agreement can now be reached as Saudi Arabia, Iran, Iraq and non-member … Read More
Niger Delta Militants Willing to Negotiate With Government
After a sustained bombing of oil facilities reducing Nigeria’s oil output and revenue, the Niger Delta Avengers has said that it is now willing to dialogue with the Federal Government. As a prelude to the talks and an expression of readiness to lay down arms and embrace peace, the NDA, Wednesday, raised what it calls “Contact and Dialogue Team headed … Read More
Chevron spends $3.6 billion on Local Content
Chevron Nigeria spent $3.6 billion on Nigeria content in 2015 as part of its commitment to the Local Content Act which is aimed at developing local capacity, boosting local economies and creating job opportunities. The company said in its 2015 Corporate Responsibility Report that it consistently reserves significant portions of job scopes to benefit indigenous companies and community contractors from … Read More
Nigeria Government to Commence Oil Exploration in Benue Trough
President Muhammadu Buhari has ordered the Nigerian National Petroleum Corporation, NNPC, to commence the search for crude oil and other hydrocarbon exploration in the Benue Trough. According to a statement by the NNPC, Group Managing Director of the NNPC, Mr. Maikaniti Baru, disclosed this while receiving a delegation from the Benue State Government, who paid him a courtesy visit in … Read More
Economic Recession and the Petroleum Industry
The Nigerian economy has slipped into recession. The evidence is showing up in all the usual ways: slowing output growth, slumping purchasing-manager indexes, widening credit spreads, declining corporate earnings, falling inflation expectations, receding capital investment and rising inventories. The economic recession in the country has been blamed on the decline in crude oil prices, which led to reduction in the … Read More
FG Promises Holistic Approach To Tackling Electricity Challenges
The Federal Government has said it would adopt a holistic approach towards addressing the infrastructural decay and other challenges facing the electricity industry. The Minister of Power, Works and Housing, Mr. Babatunde Fashola, stated that as part of these efforts to boost the electricity supply in the country, the Nigerian Bulk Electricity Trading Plc (NBET) and the Transmission Company of … Read More
Naira Weakens Against the Dollar Despite Oil Price Rise
The Naira, yesterday, depreciated against the dollar at the parallel market, just as crude oil price hit five-week high, gaining about 10 per cent in a three-day rally to close at $48.05 as speculations intensified over potential producer action to support prices amid a crude glut. Data from market intelligence firm, Genscape, estimating a draw of more than 350,000 barrels … Read More