Zimbabwe’s Kariba hydro plant may suspend operations if water levels stay low -minister

Zimbabwe's Kariba hydro plant may suspend operations if water levels stay low -minister.Zimbabwe’s largest hydropower plant More »

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Trans Focados pipeline operator shuts-in 240,000b/d facility

OpeOluwani Akintayo Lagos — Heritage Energy, the operator of the Trans Forcados pipeline has shut-in the 240,000 barrels per day facility. The pipeline was shut-in over a fire incident which broke out two weeks ago following excessive heat from a pumping machine which was being used to transfer crude oil from the barge site into […] More »

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US & India lead new-build capacity growth in LNG liquefaction, regasification

Lagos — The US and India are expected to lead capacity growth in the global LNG liquefaction and regasification industries from planned and announced (new-build) projects, respectively during the outlook period 2019–2023, according to GlobalData, a leading data, and analytics company. The company’s report ‘Global LNG Industry Outlook to 2023 – Capacity and Capital Expenditure […] More »

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General Electric to cut cost, jobs in Nigeria, Africa

OpeOluwani Akintayo Lagos — General Electric, GE, is preparing to cut some jobs in Nigeria, and in Africa as a way of trimming down its costs, SweetcrudeReports has learned. According to a source close to the matter, the exercise would see about 500 hundred staff losing their employment soon. In April, GE released its first-quarter […] More »

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OPEC daily basket oil price closes at $67.42 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $67.42 a barrel on Monday, compared with $67.40 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […] More »

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Occidental to sell parts of Anadarko after debt-fueled acquisition

Houston – Occidental Petroleum snatched up some of the richest shale oilfields in Texas when it beat out rival Chevron Corp in a bidding war to acquire Anadarko Petroleum. It also quadrupled its debt – to $40 billion – at a time when investors are calling for spending cuts and higher dividends. That means the […] More »

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Spain proposes EU carbon tax on energy imports

Spain proposes EU carbon tax on energy imports. Spain’s acting government has called on the European Union to assess a potential More »

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NNPC earns $490m from oil & gas export in February

Ike Amos Abuja — The Nigeria National Petroleum Corporation, NNPC, Sunday, said it grossed $490.03 million from crude oil and gas export in February 2019. In a statement on its Monthly Financial and Operations Report for February 2019, the NNPC said earnings from crude oil and gas export in the month under review, appreciated by […] More »

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Fashola finally bows to DisCos’ pressure on Eligible Customers

*Directs NERC to collect competition charge OpeOluwani Akintayo Lagos — Minister for Power, Works, and Housing, Babatunde Fashola, has, in the long run, bowed to Distribution Companies, DisCos’ pressure over allowing potential customers under their jurisdictions, to independently source for electricity outside theirs, a process is widely known as Eligible Customers, EC. The DisCos had […] More »

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Nigeria: Trans Forcados oil pipeline resumes operations – source

Nigeria: Trans Forcados oil pipeline resumes operations - source. Nigeria’s Trans Forcados oil pipeline resumed flows on Friday, a source familiar with More »

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W. Africa Crude-Sonangol said to finalise July term allocations

W. Africa Crude-Sonangol said to finalise July term allocations. Angolan state oil company Sonangol has finalised its allocations More »

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Nigeria’s oil sector shrinks by two percent in Q1 2019

OpeOluwani Akintayo Lagos — Nigeria’s oil sector shrank by 2 percent in the first quarter of this year, according to newly released data by the National Bureau of Statistics, NBS. NBS on Monday said in the first quarter, the non-oil sector grew 2.47% while the oil sector shrank 2.40%. Although the Central Bank of Nigeria […] More »

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Oil flat as U.S.-Iran tensions support prices, trade war weighs

New York — Oil futures held steady on Tuesday, supported by U.S.-Iran tensions and expectations of ongoing OPEC supply cuts but under pressure from concerns about a drawn-out trade war between Washington and Beijing. Brent crude futures, the international benchmark for oil prices, rose 1 cent to $71.98 a barrel by 11:01 a.m. EDT (1501 […] More »

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Oil bunkering allegations: We’ll not join issues with Gov Wike – Army

Mkpoikana Udoma Port Harcourt — The Nigerian Army, Six Division, Port Harcourt has said that it will not join issues with the Rivers State Governor, Nyesom Wike, over his allegations that the Army was deeply involved in oil theft and illegal bunkering activities in the state. Recall that Governor Wike, recently accused the General Officer […] More »

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SNEPCo paid N366 billion in revenue to the Nigerian govt in 2018

Michael James Lagos — Shell Nigeria Exploration and Production Company Limited, SNEPCo, says it has paid N366 billion in 2018 as revenue to the Federal Government from its exploration activities, while it made another N2.1 billion as statutory payment to the Niger Delta Development Commission. SNEPCo’s Managing Director, Bayo Ojulari stated this recently to journalists […] More »

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Enyo Retail and Supply launches Lekki Mega Station

Lagos — To mark its 2nd year anniversary, Enyo Retail and Supply company have launched its Stillwater mega station at Lekki-Epe expressway. The 2nd-anniversary celebration was dedicated to the company’s growing customer base especially in the Lekki axis of Lagos. Enyo Retail uses a popular tag line” our litre is a litre” derived from feedback […] More »

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China’s CNPC breaks into Myanmar fuel retailing with Singapore brand

Singapore/Yangon — China National Petroleum Corp is planning to open dozens of petrol stations in Myanmar, the first major foreign investor to enter the fast-growing Southeast Asian fuel market, as the state giant expands its retail oil business, company officials said. The investment, which could eventually reach tens of millions of dollars, follows a new […] More »

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Kazakhstan’s Kashagan oilfield resumes output after maintenance

Nur-Sultan — Kazakhstan’s biggest oilfield, Kashagan, has resumed output after maintenance, 10 days earlier than initially planned, the Central Asian nation’s energy ministry said on Monday. Output at the field is expected to reach 370,000-400,000 barrels per day in early June, it said in a statement. Reuters More »

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Wanted: A mental revolution in the Niger Delta

…a conversation with the Governor of Niger Delta State Markson Ibibo Port Harcourt — Imagine for a moment that there is an entity in Nigeria called Niger Delta State, and the Governor is His Excellency Tiko K. Tiko. The name may sound Japanese or Korean, but this man has nothing to do with either. He […] More »

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NDDC commences study on 7,000MW power grid for Niger Delta

Mkpoikana Udoma Port Harcourt — The Niger Delta Development Commission, NDDC, says it has initiated a study to kick-start work on a 7,000MW regional power pool and industrialisation project, in order to drive the development of the Niger Delta region using electricity as a catalyst. The commission said it would create three industrial parks in each of […] More »

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NERC targets robust tariff review process

NERC targets robust tariff review process. Power sector regulator, the Nigerian Electricity Regulatory Commission, NERC, has said it is implementing More »

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Force majeure: Nigerian crude facing loading delay

OpeOluwani Akintayo Lagos — Nigerian crude grades, Amenam, and Bonny Light are currently facing loading delays at the international market due to force majeure. Exports of Total’s grade, Amenam, and Bonny Light have been put on hold for a while now, causing slowdowns in meeting orders, according to market reports from traders. Operator of the […] More »

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25 Nigerian June cargoes remain unsold – Report

25 Nigerian June cargoes remain unsold - Report. About 25 or more of Nigeria's June crude oil loading cargoes remained unsold as at the More »

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Dutch envoy inspects Ogoni clean-up, pledges support

Dutch envoy inspects Ogoni clean-up, pledges support. Netherlands' ambassador to Nigeria, Ms Marion Kappeyne, has pledged to support More »

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Nigeria needs $200 billion investment to address the energy gap

Ike Amos Abuja — Managing Director of Shell Nigeria Exploration and Production Company, SNEPCO, Mr. Bayo Ojulari, has bemoaned the widening energy gap in Nigeria, while he disclosed that Nigeria needs between $40 billion to $200 billion worth of investments to bridge the gap. In a presentation titled, ‘Nigeria’s Energy Security: Opportunities, Present Threats and […] More »

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Funding remains a major challenge to indigenous oil firms — Baru

Ike Amos Abuja — Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, has lamented the difficulties experienced by indigenous oil and gas firms in securing funds to finance their operations, stating that this has negatively affected their growth trajectory. In a presentation titled, ‘Energy Security and Sustainable Development in Nigeria: The Way […] More »

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Gambia signs oil exploration deal with BP for A1 block

Gambia signs oil exploration deal with BP for A1 block. Gambia’s government said on Tuesday it had signed a contract with BP to explore oil and More »

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Nigeria: Monthlong power shortage takes toll on homes, businesses

Nigeria: Monthlong power shortage takes toll on homes, businesses. Nigeria has been experiencing acute power shortage since the beginning of April More »

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Germany’s RWE to review climate lobbying as investor pressure rises

Germany's RWE to review climate lobbying as investor pressure rises. German utility RWE, under investor pressure as one of Europe’s More »

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European diesel markets rally on Russia pipeline shutdown

European diesel markets rally on Russia pipeline shutdown. The European diesel market is finding unexpected support from disruption in the refining sector More »

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Tunisia orders army to transport fuel during walkout

Tunisia orders army to transport fuel during walkout. Tunisia ordered the army on Friday to transport fuel to filling stations on Friday More »

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UK Gas-Prices mixed on oversupplied system, low temperatures

UK Gas-Prices mixed on oversupplied system, low temperatures. British wholesale gas prices were mixed on Friday with an increase in Norwegian More »

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Cameroon’s GDP growth to rise to 4.2 pct in 2019 – IMF

Cameroon's GDP growth to rise to 4.2 pct in 2019 - IMF. Cameroon’s economic growth is expected to rise to 4.2 percent this year More »

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Chevron sells remaining South Africa’s downstream assets for $1 billion

OpeOluwani Akintayo Lagos — U.S oil major, Chevron has finally sold its remaining assets in South Africa for $1 billion, exiting the country’s downstream sector. After a one-year drag, the company’s board has approved the sale of its downstream assets for a total of $1 Billion to a firm controlled by oil trader, Glencore. Chevron […] More »

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Former BP, Equinor executive to lead African Energy Chamber in Angola

*Mr. Pugliese will lead the chamber’s activities in Angola and support the Chambers’ partners in unlocking value in Angola’s multi-billion-dollar oil and gas market Johannesburg, South Africa — The African Energy Chamber is pleased to announce that it has appointed Mr. Sergio Pugliese as President for Angola, effective May 1st, 2019. In this role, Mr. […] More »

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Italy court rejects appeals against oil-gas permits granted Global Petroleum

Rome — An Italian regional court has thrown out an appeal by local municipalities against oil and gas exploration permits granted to Australia’s Global Petroleum Limited, according to a ruling seen by Reuters. The ruling said the municipalities had claimed Global Petroleum had made four different requests to carry out seismic exploration in the Adriatic […] More »

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Trump administration to relax offshore safety rules sparked by 2010 Gulf oil spill

Trump administration to relax offshore safety rules sparked by 2010 Gulf oil. The Trump administration will unveil on Thursday its final More »

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Elumelu’s Transcorp Power Consortium wins bid for Afam Power

OpeOluwani Akintayo Lagos — Transcorp Power Consortium promoted by the Nigerian businessman, Tony Elumelu, has won the bid for Afam Power Plc. The National Council on Privatisation, NCP on Tuesday, declared the firm winner after it emerged the most preferred financial bidder. Chairman of the technical committee of the NCP, M.K. Ahmed, said Transcorp Consortium […] More »

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W. Africa Crude-Awards for Indian tenders awaited, Nigerian offered high

W. Africa Crude-Awards for Indian tenders awaited, Nigerian offered high. Spot trading was muted on Tuesday as market participants awaited More »

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Poll pushes average oil price forecast 2% higher in 2019

Poll pushes average oil price forecast 2% higher in 2019. A monthly survey of 31 economists and analysts forecast Brent crude would average $68.57 More »

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