Oil price ‘claims first US LNG victim’

31 December 2014 - A project proposed by Texas-based Excelerate Energy has reportedly become the first liquefied natural gas victim of slumping US oil prices. According to Reuters, citing regulatory documents, Excelerate has put on hold plans to buil a floating 8 million tonne-per-annum export plant in Lavaca Bay, Texas. The proposed $2.5 billion project […] More »

Govt pays N166bn outstanding subsidy claims to petroleum marketers

31 December 2014, Abuja – The federal government has approved the payment of about N166 billion to petroleum marketers as reimbursement for outstanding subsidy claims on they petrol they imported into the country. A statement from the Petroleum Products Pricing and Regulatory Agency (PPPRA) yesterday in Abuja stated that the payment for batch I to […] More »

Oil prices hit new low at $57

31 December 2014, Lagos – As oil prices declined further on Tuesday to their lowest levels since May 2009, the global benchmark Brent, against which Nigeria’s oil is priced, tumbled below $58 per barrel. Oil prices have been in steep decline since June as a result of slow demand growth and the United States’ shale […] More »

Power generation fell to 2,900MW in Q3 —Report

31 December 2014, Abuja – Average power generation declined to 2,900 megawatts per hour in the third quarter of 2014, down from 3,250MW/h recorded in the second quarter of the year. Despite efforts to increase power generation to at least 5,000MW before the year ends, latest figures from the third quarter economic report of the […] More »

Total deposits at CBN fall by 2.9%

31 December 2014, Abuja – The total deposits at the Central Bank of Nigeria declined by 2.9 per cent to N6.683tn during the third quarter of 2014, the CBN stated in a new report. This was in contrast to the one per cent increase recorded at the end of the second quarter The CBN Third […] More »

25 ships with petroleum products, others arrive Lagos

31 December 2014, Lagos – —Twenty-five ships laden with petroleum products and other commodities have arrived at Lagos ports, according to the Nigerian Ports Authority, NPA. The NPA said yesterday in Lagos that the ships were waiting to discharge their contents at the ports.It said 12 of the 25 ships would discharge petrol, while a […] More »

Tanzania, Mozambique emerge new oil, gas frontier

30 December 2014, Dar es Salaam - Africa’s energy industry could boom in the coming years, with Mozambique and Tanzania set to emerge as new frontiers if they can attract enough badly needed investment, a report said recently. Six of the top 10 global discoveries in 2013 were made in Africa, with more than 500 […] More »

OPEC daily basket price close at $54.44

30 December 2014, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 54.44 dollars a barrel on Monday, compared with $56.03 the previous Wednesday, according to OPEC Secretariat calculations.The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran […] More »

Oil prices put Alaska projects on ice

30 December 2014, News Wires – Low oil prices will force the US state of Alaska to suspend spending on several high-profile infrastructure projects, including a small-diameter gas pipeline from the North Slope, according to reports. Alaska Governor Bill Walker said at the weekend that a variety of projects – including the pipeline, a couple […] More »

US rig count falls by 35

30 December 2014, News Wires – The number of rigs drilling for oil and gas in the US plummeted by 35 during the week of Christmas for a total of 1840, according to data from Houston-based services player Baker Hughes. The losses hit oil rigs the hardest, with 37 fewer unit drilling for the week. […] More »

Petrobras scandal could implicate pension fund

30 December 2014, News Wires – Brazil’s state-run oil company Petrobras says a growing corruption scandal may implicate its employee pension fund and has led to a freeze on payments to 23 contractors allegedly involved in the scheme. Petros, the 66 billion real ($24 billion) employee-pension fund of Petrobras was singled out by an internal […] More »

Brent continues to fall

30 December 2014, News Wires -Brent oil extended losses into a fourth session on Tuesday, with prices hovering close to a more than five-year low above $57 per barrel, as persistent worries about a global supply glut offset concerns about output disruptions in Libyan. However, forecasts for a 900,000-barrel drawdown last week in oil stocks […] More »

NERC faults Discos on claims of incremental improvements

30 December 2 2014, Abuja – An evidence-based assessment of the operational performance of the 11 electricity distribution companies by the Nigerian Electricity Regulatory Commission (NERC) indicates that claims of incremental improvements made by some of the leading electricity distribution companies in their respective coverage zones are actually far from the reality. The assessment by […] More »

Cooking gas marketers blame Akure explosion on illegal re-filling plants

30 December 2014, Lagos – The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has blamed the recent gas explosion that occurred at Arakale market in Akure, Ondo State, on illegal gas re-filling plants and urged the government at all levels to clamp down on all illegal outlets in the country to avoid incessant gas […] More »

Naira appreciates against dollar at forex markets

30 December 2014, Lagos – The naira appreciated against the dollar at the bureau de change and parallel markets yesterday. A survey conducted by the News Agency of Nigeria (NAN) in Lagos showed that naira traded at between N191 and N190 respectively at both markets, representing a gain of N2 to the dollar from the […] More »

Nine ships arrive with petrol at Lagos ports

30 December 2014, Lagos – The Nigerian Ports Authority (NPA) on Monday said nine ships laden with petrol had arrived Lagos ports, waiting to discharge. The NPA stated this in its daily publication, ‘Shipping Position’, made available to the News Agency of Nigeria (NAN) in Lagos. According to the document, the nine ships sailed in […] More »

Crazy bills: NERC gives excuses for not penalising power firms

30 December 2014, Abuja – Electricity distribution companies across the country may continue to extort money from their customers through ‘crazy bills’ as the Nigerian Electricity Regulatory Commission has said that it is difficult to penalise the errant firms. According to the commission, the difficulty is because a lot of electricity consumers who complain of […] More »

BEDC laments harassment of staff in Etsako

30 December 2014, Benin – Benin Electricity Distribution Company (BEDC) has lamented the harassment of its staff by youths of Iyahmo community in Etsako West local Government area of Edo State over a disagreement with its officials and security agents attached to the company. The youths and other electricity consumers in the area, it was […] More »

Govt partners firms on 1GW solar power development project

30 December 2014, Abuja – The Federal Government said it will directly engage with prospective project developers to set up renewable energy projects in the country. In a bid to realize this ambition, the federal government has received pledges from three companies to set up 1 gigawatt, GW solar power capacity in the country. The […] More »

Nigeria: Three tiers of govt share N6.3trn in 10 months

29 December 2014, Lagos - The three tiers of government shared N6.3 trillion as statutory allocations from January to October this year. However, revenue from crude oil into the federation account fell by 3.3 percent to N5.7 trillion during this period, reflecting the impact of the falling price of crude oil.Data published by the Central […] More »

OPEC daily basket price close at $56.06/b

29 December 2014, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 56.06 dollars a barrel on Wednesday, compared with $55.59 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

Oil rises to $60 on Libya disruption

29 December 2014 - Brent crude oil rose to $60 per barrel on Monday, supported by concerns about disruption to output from Libya, but a global supply glut kept prices nearly 50% off their peak for the year. Libya is producing a comparatively scant 128,000 barrels of oil a day from fields connected to the […] More »

Stock market: Investors lose N3.23trn in 2014

29 December 2014, Lagos – Investors reaped more from their investment in the global capital market, even though it recorded mixed performance than the Nigerian capital market in the year, 2014. The investors in the Nigerian capital market lost N3.23 trillion or 24.4 percent towards the end December, 19, 2014. Specifically, the equity market of […] More »

$20bn oil money: APC accuses govt of suppressing probe report

29 December 2014, Abuja - The All Progressives Congress, APC, has alleged that the PDP-led Federal Government is trying to suppress the audit report on the $20 billion oil money. The party said the deadline for the release of the report, which was set by the government itself, has come and gone but without any […] More »

Saudi ministry to discuss deficit financing with central bank

29 December 2014, Riyadh - Saudi Arabia’s Finance Ministry will discuss with the central bank its options for financing the large state budget deficit expected next year, and may cover some of the shortfall with borrowing, Finance Minister Ibrahim Alassaf said. Responding to the plunge of oil prices, the ministry announced on Thursday a 2015 […] More »

Energy conservation can save Nigeria N400bn – Nebo

29 December 2014, Abuja -The use of energy efficient bulbs and judicious power consumption can save the country N400bn, the Federal Government has said. It said if Nigerians embraced the use of energy efficient lightings, the country would have over 1,000 megawatts of electricity available for other purposes, adding that efficient consumption of electricity by […] More »

CBN justifies naira devaluation

29 December 2014, Abuja – The Central Bank of Nigeria (CBN) has said the post-devaluation band for the naira is “appropriately priced”, but black marketers on the street are trading it at between three and five per cent below its floor in the run-up to Christmas. Reuters reports that despite an eight per cent devaluation […] More »

‘Stable power supply is work in progress’

29 December 2014, Lagos – Managing Director/Chief Executive Officer, Ikeja Electric (IE) (formerly Ikeja Electricity Distribution (IKEDC), Engr. Abiodun Ajifowobaje, has said the country’s transition to uninterrupted power supply is work in progress. He expressed confidence that the advent of privatisation in the power sector will deliver the expected dividend. Ajifowobaje who spoke with The […] More »

Continental revises 2015 CAPEX budget

28 December 2014 - Continental Resources has announced a revised 2015 non-acquisition capital expenditures budget of $2.7 billion. This level of activity is projected to yield 16 percent to 20 percent production growth in 2015 compared to estimated 2014 production. Harold G. Hamm, chairman and chief executive officer, commented, “This revised budget prudently aligns our […] More »

NACCIMA to govt: Explore alternative energy sources

29 December 2014, Lagos – The Nigeria Association of Chambers of Commerce Industry Mines and Power (NACCIMA), has urged the Federal Government to demonstrate the political will to implement its policy on alternative energy sources. It said this is an important step for government to achiev stable power supply in the country to stimulate economic […] More »

Falling crude: Oil companies seen cutting spending 25% in 2015

28 December 2014, HOUSTON - Plunging oil prices will prompt energy companies to cut investments in new projects by 25 per cent or more in 2015, analysts said over the past week, as firms try to stay cash-flow positive and keep debt in check.With oil prices down more than 40 percent since June, some companies, […] More »

Oil spill in Russian Black Sea

28 December 2014 - Containment effort under way as major pipeline running to port of Tuapse springs a leak, report saysOil has spilled from a major Russian Black Sea pipeline near the port of Tuapse, according to a report. Efforts are currently under way to contain the spill, the size of which is not known, […] More »