Gas reform: Stakeholders advocate willing buyer-seller model

01 December 2016, Lagos -Industry stakeholders have highlighted the need to reform the domestic gas market by allowing gas suppliers and buyers to determine the price of the commodity. The Managing Director/Chief Executive Officer, Total E&P Nigeria Limited, Mr. Nicolas Terraz, who described the development of the gas sector as critical, said several key enablers […] More »

Nigeria: Power generation drops by 964MW on gas shortage

01 December 2016, Lagos – The nation’s power generation capacity has dropped from 4,285 megawatts recorded on September 16 to 3,321 megawatts on December 1 due to dearth of gas. The figure was obtained from the website of Nigerian Electricity System Operator on Thursday. The Transmission Company of Nigeria puts the total output of all the […] More »

Indonesia quits OPEC over oil production cut

01 December 2016, Lagos – Indonesia has suspended its membership in oil producer club, the Organisation of Petroleum Exporting Countries again, as the crude oil importer said it does not agree to the club’s production cuts. Indonesia first joined OPEC in 1962 and left it in 2009 due to its dwindling domestic oil production, which […] More »

Oil prices surge, trading volume records smashed as OPEC and Russia agree

01 December 2016, Lagos  – An agreement between oil producer club OPEC and Russia to produce less to drain a global glut sent prices soaring in record trading volumes on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Wednesday its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted […] More »

ExxonMobil Nigeria chief engineer killed in blast

01 December 2016, Lagos – A Senior ExxonMobil staff in Eket, Akwa Ibom State has been killed by a blast in the early hours of Tuesday Nov. 24. The deceased was identified as one Mr G. Okorocha, the Chief Engineer (Aviation Department), who was in charge of servicing of aeroplanes and helicopters in the company. […] More »

President Buhari outlines Nigeria’s plans on clean energy

“In 2008, the federal government developed a Gas Master Plan to promote investment in pipeline infrastructure and new gas-fired power plants to help reduce gas flaring and provide more gas,” the report stated. More »

OPEC daily basket price close at $44.80/b

01 December 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $44.80 a barrel on Wednesday, compared with $43.87 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), Rabi […] More »