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Savannah Petroleum’s takeover of Seven Energy’s assets continues to drag

Dec 14, 2018

Savannah Petroleum had not concluded its takeover of Seven Energy’s assets in Nigeria as of December 14, 2018, less than three weeks to the end of the year. After signing off on the deals regarding the gas for oil swap with Frontier Oil Limited and the buy-out of minority shareholders in Universal Energy Resources Limited,…

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Azuri and ElectriFI showcase innovative financing for African renewable projects at COP24

Dec 14, 2018

Pay-as-you-go solar pioneer Azuri Technologies and the Electrification Financing Initiative (ElectriFI) will feature at the UN Climate Change Conference COP24 this week to showcase how innovative financing in the off-grid solar sector is helping millions across Africa access affordable, renewable, clean energy. Azuri announced earlier this year an innovative US$20 million off-balance-sheet multi-phase debt financing…

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Probability of loadshedding remains low until January 2019 -Eskom

Dec 14, 2018

Eskom has not implemented loadshedding in four consecutive days. The probability of loadshedding remains low from today until Sunday 13 January 2019. This is as a result of the expected decrease in demand as businesses and industries close down for the festive break. However heavy rains over the December to March period could impact coal…

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FG targets 4,800mw from nuclear energy by 2028

Dec 14, 2018

Inspired by the need to diversify Nigeria’s energy mix and plug the current electricity shortfall, the federal government has set an ambitious target of generating 4,800 megawatts of electricity from nuclear sources between 2025 and 2028, the Chairman, Nigerian Atomic Energy Commission (NAEC), Simon Mallam, disclosed recently. The federal government, it would be recalled, recently…

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Nigeria’s oil production to hit 2.5mbd in 2019 – Kachikwu

Dec 14, 2018

Minister of State for Petroleum Resources, Dr Ibe Kachikwu, yesterday said that Nigeria’s crude oil production is expected to increase from current average of 2 million barrels per day to 2.5 million barrels per day by the end of 2019. He also disclosed that the country intends to further grow it to 3mbd by 2020.…

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Nigeria, W. Africa see higher petroleum product inflows

Dec 13, 2018

Refined oil product arrivals into Nigeria and other West African countries in December so far are 1.19 million metric tonnes as of Wednesday, compared with 1.21 million mt in the whole of November, S&P Global Platts trade flow software cFlow showed. Based on fixtures seen by Platts, of these arrivals, 1.02 million mt were thought…

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Privatising Kaduna Refinery not best option – KRPC MD

Dec 13, 2018

Managing Director of the Kaduna Refining and Petrochemical Company (KRPC), Adewale Ladenegan, has said privatising the facility is not the best option of maximising its potential.He made the assertion while speaking with members of the House of Representatives Committee on Petroleum Resources (Downstream) who paid an oversight visit to the refinery. Responding to a question…

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FG files $1.1b lawsuit in London against Shell, Eni over OPL 245 deal

Dec 13, 2018

Lawyers for the Nigerian government said they had filed a $1.1 billion lawsuit against Royal Dutch Shell and Eni in a commercial court in London on Thursday in relation to a 2011 oilfield deal. The OPL 245 oilfield is also at the heart of an ongoing corruption trial in Milan in which former and current…

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Total wins contracts for 2 deep offshore blocks in Mauritania

Dec 12, 2018

Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and the Ministry of Petroleum, Energy and Mines of Mauritania have signed an agreement awarding Total two new exploration and production contracts for Blocks C15 and C31 deep offshore Mauritania, covering an area of 14,175 square kilometers. According to the terms of the contracts, Total will be the operator of these…

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OPEC, non-OPEC cooperation deal to be signed in 3 months – UAE

Dec 12, 2018

A general cooperation agreement between OPEC and non-OPEC countries will be signed in three months’ time in Saudi Arabia, the UAE’s energy minister said on Monday. “By (the) end of March the document will be ready for signature,” Suhail al-Mazrouei said at an event in Abu Dhabi of the cooperation agreement, which will be a…

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