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Discos’ operations threatened as Tesla eyes Nigerian power market

Jan 16, 2019

United States electric carmaker Tesla has introduced in Nigeria batteries that can power homes and businesses, which could worsen the pathetic situation of electricity distribution companies currently veering dangerously close to insolvency. Dissatisfied customers, especially industrial consumers who provide the big cheques to DisCos, may replace the back-up function they are currently relying on grid…

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Eland Oil & Gas announces operational update and provides 2019 guidance

Jan 15, 2019

Eland Oil & Gas, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, has provided an update on operations and guidance for 2019. Highlights Average production in 2018 was 8,000 barrels of oil per day (“bopd”) net to Elcrest, more than doubling the 2017 average production…

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Nigerian crude spot trade dwindles as new programmes due to emerge

Jan 15, 2019

Spot activity dwindled on Monday as traders awaited the new March Nigerian loading programmes that are expected to emerge this week, while India’s IOC mopped up some cargoes via a tender. BP was said to be offering a cargo of February-loading Nigerian Escravos at dated Brent plus $2.10 a barrel. Vitol was said to be…

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Off-grid solar platform BBOXX receives $31m AIIM cash boost

Jan 15, 2019

Off-grid solar power provider BBOXX has secured a USD-31-million (EUR 27m) investment from the Africa Infrastructure Investment Managers (AIIM) fund that will enable it to install two million solar systems in Africa by 2022. The investment, made through the AIIF3 fund, will give Africa’s largest infrastructure-focused private equity fund manager a minority stake in the…

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NPDC seeking N967bn to develop 416m barrels of oil

Jan 14, 2019

The Nigerian Petroleum Development Company is making efforts to raise $3.15bn through third party financing to develop the country’s oil and gas reserves from Oil Mining Lease 13. The flagship subsidiary of the Nigerian National Petroleum Corporation, the Nigerian Petroleum Development Company, is interfacing with third-party financiers to raise $3.15bn (N967.1bn at the official exchange…

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Dangote begins equipment installation for 650,000bpd refinery

Jan 14, 2019

The Dangote Oil Refining Company (DORC) Limited, says it took delivery of one of the major components of its refinery equipment; the regenerator for the Residual Fluid Catalytic Cracker last week. Fluid catalytic cracking (FCC) is widely used to convert the high-boiling, high-molecular weight hydrocarbon fractions of petroleum crude oils into more valuable gasoline, olefinic…

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AfDB to finance hydro power plants in Gabon

Jan 11, 2019

The AfDB and GPC-ERANOVE Consortium signed a LoI for the financing of Gabon’s Ngoulmendjim and Dibwangui hydropower plants. The hydropower plants will have a capacity of 73 MW and 15 MW, respectively. Following a call for expressions of interest, the AfDB confirmed its intention to act as co-arranger and co-lender, up to €160 million. The…

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Sub-Saharan Africa LNG capacity to surge over next decade – Fitch

Jan 10, 2019

The Liquefied Natural Gas (LNG) production capacity in Sub-Saharan Africa (SSA) is expected to be more than double over a 10- year forecast period, according to a Fitch Report recently released. The main drivers of the LNG demand growth are set to be Asian emerging markets. Available 2017 data indicates that Asian buyers already accounted…

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Nigeria is currently producing 1.78m barrels of crude per day – Kachikwu

Jan 10, 2019

Nigeria is producing 1.78 million barrels of crude oil per day (bpd), Minister of State for Petroleum Emmanuel Kachikwu said on Wednesday. He added that the West African country was expecting output from Egina field to reach 150,000 bpd by the end of month which could boost total production. Source: Hellenic Shipping News

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Hopes raised for Nigeria’s 2019 budget as oil price hits $60

Jan 10, 2019

The oil price rebound, yesterday, reached a significant point, selling at $60 per barrel, as the Organisation of Petroleum Exporting Countries, OPEC, continue to withdraw excess oil from the international market. Prices of Brent, West Texas Intermediate, WTI, and OPEC Basket of 14 crudes stood at $60.00, $59.91 and $56.11 per barrel respectively. Further checks…

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