Energy

Nigeria has sued an oil exploration production company, ALLIED ENERGY PLC , owned by Texas-based billionaire Kase Luqmon Lawal to demand $35.7million debt.

Nigeria drags Kase Lawal to court over $35 million debt

Nigeria has sued an oil exploration production company, ALLIED ENERGY PLC, owned by Texas-based billionaire Kase Luqmon Lawal to demand $35.7 million debt.
Koeberg Nuclear Power Plant. 21 August 2010. Wikimedia Commons-Paul Scott

South Africa to develop plan for new 2,500 MW nuclear plant

South Africa will soon start developing a plan for a new 2,500 megawatt (MW) nuclear power plant, the energy ministry told lawmakers on Thursday.
The National Industrial Court in Abuja has ordered the Nigerian Bulk Electricity Trading (NBET) to pay a whistleblower, Sambo Abdullahi, all his salaries and other emoluments from December 22, 2017, till date.

President Buhari reconstitutes NBET board

President Muhammadu Buhari has reconstituted the Board of Directors of the Nigeria Bulk Electricity Trading Company Plc (NBET).

Petrol to sell at N117 per litre as PPMC cuts ex-depot prices

The Petroleum Products Marketing Company (PPMC), Wednesday, slashed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to N108 per litre, a move reflecting the drop in crude oil prices. It is also expected to result in a lower pump price at petrol stations by end of this week.
The Ibadan Electricity Distribution Company, IBEDC, has appealed to its customers to go through the proper channel and avoid fraudulent activities in meter collection.

Official: Abuja Disco to discontinue service to debtors

The Abuja Electricity Distribution Company (AEDC) says it will, from May 12, no longer be in a position to serve all those who are indebted to it.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

Africa’s oil producers impacted by OPEC production cut

Crude oil prices rose marginally on Friday (May 1) as the Organization of Petroleum Exporting Countries (OPEC) and their allies started reducing output.
A worker fills a car's tank at the CO-OP petrol station in Cairo, Egypt April 2, 2020. REUTERS-Mohamed Abd El Ghany

Centre demands framework for fuel subsidy removal

The federal government should provide a detailed framework for its decisions to end fuel subsidy in the country and the planned oil and gas licensing round, civil society groups advocating for the reform of the country’s oil and gas industry have demanded.

NCDMB chief bemoans impact of coronavirus on oil, gas industry trainings

The Nigerian Content Development and Monitoring Board (NCDMB) has advised companies handling trainings in the Nigerian oil and gas industry to reposition themselves.

Nigeria: Fuel subsidy will not return

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, and the Central Bank of Nigeria Governor, Mr Godwin Emefiele, made the pledge in a letter to the Managing Director of the International Monetary Fund, Mrs Kristalina Georgieva.

Shell cuts dividend for first time since second world war

Royal Dutch Shell on Thursday cut its dividend for the first time since the 1940s after a first-quarter loss – and warned virus-ravaged oil prices will take time to fully recover.
LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and other West African nations has secured $184 million to finance the appraisal drilling and initial development programme activities on the Ogo field within Oil Prospecting Lease, OPL 310.

Lekoil, Optimum agrees on deferring $7.6 million OPL310 payment due May 2

Lekoil said it has reached an agreement with Optimum Petroleum Development Company, the Operator of the OPL 310 License, on deferring the final tranche of payment of US$7.6 million due on or before 2 May 2020.
The National Oil Spill Detection and Response Agency (NOSDRA) says it is collaborating with Ghana-based Kofi Annan International Peace and Training Centre (KAIPTC) to strengthen the capacity of its staff.

NOSDRA concludes probe of oil spill from Shell’s facility in Bayelsa

The National Oil Spills Detection and Response Agency (NOSDRA) says it has concluded investigations on oil spill from Well 13 at Angiama in Bayelsa.

Oil price rises to $25 as US inventories drop

Crude oil price is set to end the nightmare of producers as it rose for the second day thursday by 13.8 per cent to $25.65 per barrel.
Power returned to much of Argentina and two neighboring countries following a massive blackout that left tens of millions in the dark on Sunday.

Power generation dips to 1,601 megawatts

Power generation of the Nigeria Electricity Supply Industry (NESI) at 06:00 hour on Wednesday, dipped to 1,601 megawatts despite the Nigerian National Petroleum Corporation (NNPC) recent release of N200 billion to gas suppliers.
Nigerian National Petroleum Corporation (NNPC)

1,000 NNPC graduate trainees begin work on Monday

More than 1,000 graduate trainees recently recruited by the Nigerian National Petroleum Corporation are to assume duty from Monday, May 4 2020.
ConocoPhillips, Alaska’s largest oil producer announced Thursday it will cut production by 100,000 barrels in June.

ConocoPhillips cuts Alaska oil production

ConocoPhillips, Alaska’s largest oil producer announced Thursday it will cut production by 100,000 barrels in June.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

Petroleum explorationists, others call for central bank’s intervention

Following the crash in global oil prices occasioned by the coronavirus pandemic, indigenous Petroleum Explorationists have called for urgent intervention of the Central Bank of Nigeria, CBN, as they would be unable to meet their financial exposure to commercial banks at the current oil prices.

Shell cuts dividend for first time since 1940s as oil demand collapses

Royal Dutch Shell RDS cuts its dividend for the first time in 80 years and suspended the next tranche of its share buyback programme following the collapse in global oil demand due to the coronavirus pandemic.

Recent Stories

Medical council validates four coronavirus test kits – registrar

The Medical Laboratory Science Council of Nigeria (MLSCN) says it has validated four Rapid Test Kits to determine their suitability for testing SAR-COV-2 infection popularly known as COVID-19 in the country.
Legendary reggae artiste, Majekodunmi Fasheke, aka Majek Fashek is dead. The artiste died in a New York hospital after a protracted illness on Monday about 5-45pm. He was aged 71.

Nigerian celebrities mourn deceased Majek Fashek

Nigerian celebrities have taken to their social media platforms to mourn the death of Music Legend, Majekodunmi Fasheke, a.k.a Majek Fashek.
Rwanda says it will announce new restrictions on containing the coronavirus Tuesday, a stark reversal of the country's plan days ago to ease restrictions, including motor vehicle travel throughout the country.

Rwanda set to announce new coronavirus restrictions

Rwanda says it will announce new restrictions on containing the coronavirus Tuesday, a stark reversal of the country's plan days ago to ease restrictions, including motor vehicle travel throughout the country.
Nigerian President Muhammadu Buhari3

Nigeria declares telecoms facilities critical national Infrastructure

In response to the yearnings of industry stakeholders to declare telecom facilities Critical National Infrastructure, President Muhammadu Buhari, has finally approved and also directed that necessary physical protective measures be put in place to safeguard telecommunications infrastructure deployed across the country.
President Muhammadu Buhari has again, addressed Nigerians on the efforts of its government to contain the coronavirus pandemic (covid-19) that is ravaging the country 4

ASCAB: President Buhari’s speech underestimate Sani Abacha’s $5 billion loot

Alliance for Surviv­ing COVID-19 and Beyond, (ASCAB), a group led by prominent Nigerian human rights lawyer, Femi Falana has said that President Mu­hammadu Buhari’s claim that late dictator, Sani Abacha, stole $1 billion con­tradicts the figures earlier released by his own officials.