More

Oil firms rein in spending to save cash for dividends

Sep 6, 2013

Oil and gas firms are cutting back on investments to try and improve profits and save cash for dividends, perhaps signalling an end to a decade-long boom in capital spending. Companies seeking to bring oil fields into production have splashed out on new drilling, equipment or pipelines, supported by rising oil prices. But suppliers and…

Read More

Transocean’s new drillships get Rockwell Automation safety solutions

Sep 5, 2013

Daewoo Shipbuilding & Marine Engineering (DSME), a South Korean shipbuilder established in 1973 in South Korea, has awarded a $6.7 million+ order to Rockwell Automation. Rockwell Automation will deliver fully integrated safety solutions for Transocean, a leading international provider of offshore contract drilling services for energy companies, and an important DSME customer. Rockwell Automation will…

Read More

Naira depreciates further amid tight dollar supply

Sep 5, 2013

The naira has weakened further on Wednesday on the back of strong demand for the dollar even as the Central Bank of Nigeria, CBN pledged that it had no plans to devalue the local currency. The naira fell to N163.6 to the dollar on the interbank compared with N162.95 a dollar on Tuesday. The Reuters…

Read More

CBN to resist pressure to devalue Naira

Sep 5, 2013

Central Bank of Nigeria, CBN will resist pressure to devalue the naira since it retains ample funds to defend the currency, its spokesman, Ugochukwu Okoroafor has said. Naira has fallen in recent months, trading outside the CBN’s target band of 150-160 naira to the U.S. dollar since June, initially due to foreign investors booking profits…

Read More

MEND to Chevron: Stop oil production by October or face our wrath

Sep 5, 2013

The dreaded militant group, Movement for the Emancipation of the Niger Delta (MEND) has given the nation’s second largest oil producing company, Chevron Nigeria Limited till October 1, 2013 to evacuate the Escravos Terminal and Tank Farm or face imminent attack. MEND, in a statement yesterday signed by its spokesperson, Jomo Gbomo, said from midnight…

Read More

OPEC daily basket price stood at $111.20/b on Tuesday 3rd of September 2013

Sep 4, 2013

The price of OPEC basket of twelve crudes stood at 111.20 dollars a barrel on Tuesday, compared with $110.32 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), Iran Heavy (Islamic Republic of Iran), Basra…

Read More

Total Nigeria Plc – Battling with high finance costs

Sep 4, 2013

When shareholders of Total Nigeria Plc, the highest priced stock in the petroleum products marketing sector of the Nigerian Stock Exchange (NSE) met last June, they commended the board and management of the firm for its 2012 performance. They were so pleased for receiving a bumper harvest of dividend that stood at N11 per share.…

Read More

Siemens to deliver power supply solution for drilling rigs

Sep 4, 2013

Siemens Energy has received an order for two complete electrical power generating stations, including Siemens’ “closed ring solution”, for supplying offshore drilling rigs with electricity. The 7th generation semi-submersible drilling rigs of the Frigstad D90™ design are under construction at the Chinese shipyard Yantai CIMC Raffles Offshore Ltd in Yantai, China. Delivery of the first…

Read More

Edo tasks oil firms on CSR

Sep 4, 2013

Edo State Governor, Adams Oshiomhole, on Monday, tasked oil firms across the state to give more of what they got to their host communities. He stated this at an event organised by an Oil firm, Dubril Oil, operating in the state when the company gave out several items running into millions of naira to its…

Read More

Insurance sector grappling with inadequate infrastructure – Wiggle

Sep 4, 2013

Managing Director of Linkage Assurance Plc, Mr. Gus Wiggle has said that the insurance industry is grappling with inadequate infrastructure and unstable weather which exposed insured assets to natural disasters such as floods. According to him the current performance of the industry has not been sufficient for it to reach the critical mass necessary to…

Read More

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...