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Nigeria, other OPEC members commit to exceed voluntary oil output cuts

Mar 26, 2019

Nigeria and other member countries of the Organisation of Petroleum Exporting Countries (OPEC) as well as their non-OPEC allies led by the Russian Federation have said they are committed to making their voluntary oil production adjustment plan work efficiently, and would in this regard follow through their respective commitments in the next coming months. The…

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Elumelu’s Transcorp approves $2.5b for Nigeria’s power sector

Mar 26, 2019

Nigerian business mogul Tony Elumelu plans to invest as much as $2.5 billion in power projects across Africa’s electricity-starved biggest oil producer. The chairman of United Bank for Africa Plc and Transnational Corporation of Nigeria Plc will make the investments through a subsidiary, Transcorp Power Ltd., to help boost power supply in the West African…

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EITI unhappy with Ghana’s oil, mineral resources management transparency

Mar 25, 2019

Ghana’s inability to publish an audited report on its extractive sector has angered an International body established to promote accountable management of oil, gas and other mineral resources. Guided by the belief that a country’s natural resources belong to its citizens, the International body, the Extractive Industries Transparency Initiative (EITI) standard requires the disclosure of…

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Power shortage looms for Zambia, Zimbabwe as Kariba Dam dries up due to drought

Mar 25, 2019

The Zambezi River Authority (ZRA), which manages the Kariba Dam on behalf of Zimbabwe and its northern neighbour Zambia, has warned of a serious electricity crisis as water levels in the man-made lake have gone down to 39 percent. ZRA reported Thursday, that water levels had gone down by seven centimeters mid March owing to…

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USTDA lauds Eko petrochemical refinery project

Mar 25, 2019

The U.S. Trade and Development Agency has commended the management of Eko Petrochemical and Refining Company Ltd. for the level of work done so far,assuring of its continuous and total support. Mr Thomas Hardy, USTDA’s Acting Director gave the commendation at the weekend during a project inspection of the 20, 000 barrel per day production…

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Solar Nigeria FTP looks to build Nigeria’s largest rural mini-grid in Ogun

Mar 25, 2019

Solar Nigeria for the People Limited (Solar Nigeria FTP), the Nigerian subsidiary of Solar Philippines at the weekend signed a Community Agreement with Ode Omi Community to invest about half a million dollars to build Nigeria’s largest rural mini-grid. Signing the agreement, the Country Director of Solar Nigeria FTP, Tobi Oluwatola, said the project when…

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Nigeria’s power sector shortfall exceeds N1.4trn due to tariff – ANED

Mar 25, 2019

Owing to the non-review of the Multi Year Tariff Order (MYTO) since February 1, 2016, the shortfall of the Nigerian Electricity Supply Industry (NESI) has exceeded N1.4trillion. The Executive Director, Association of Nigeria Electricity Distributors (ANED), Barrister Sunday Oduntan, broke the news to reporters in Abuja. Asked to state what losses the freezing of the…

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Exxon, Algeria talks to tap shale gas falter over unrest

Mar 24, 2019

Talks between Exxon Mobil and Algeria to develop a natural gas field in the North African country have stalled because of domestic unrest, industry sources said. Irving, Texas-based Exxon entered talks with Algeria’s national oil company Sonatrach several months ago to develop a field in the southwestern Ahnet basin, the sources close to the discussions…

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Limited risk to oil majors’ investments from energy transition in medium term – GlobalData

Mar 23, 2019

Major oil and gas companies are increasingly highlighting the alignment of their corporate strategies with climate change goals. They are also pursuing major production growth projects, but the value risk to these investments from the energy transition is limited, according to GlobalData, a leading data and analytics company. The company’s latest analysis shows that planned…

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Anadarko to charter 16 tankers for Mozambique LNG project

Mar 23, 2019

Anadarko said on Thursday it would seek long-term charters for around 16 liquefied natural gas (LNG) tankers it would need to ship gas from a proposed project in Mozambique. The independent U.S. energy producer aims to take a final investment decision on the $20 billion project in the coming months, having signed up long-term buyers…

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