It is no longer news that crude Oil price has been travelling South at an alarming speed since the fall of last year. What is news is that several companies are seeking and developing innovative methods to remain in business. Necessity, as they say, is the mother of invention. This is what has prompted some…

The African Renewable Energy Fund (AREF) has hit its fundraising target of $200 million (about N38 billion), which it plans to use for investing in grid-tied renewables in sub-Saharan Africa (excluding South Africa). This is coming as the World Renewable Energy Network, declared that renewable energy presently contributes only 11 per cent to primary energy…

There are indications that Nigeria’s crude oil exports may fall by about 10 per cent in November, as loading were assessed to be on the lower scale. Indeed, loading programmes continued to emerge on Monday, with exports on track to fall from October’s high. The provisional loading programmes showed that Nigeria plans to export a…

Egbin Power Plc, has increased electricity generation from 500MW to above 1000MW consistently into the national grid. Chairman of the Company, Kola Adesina, who made this disclosure in Lagos, while giving an update on the company’s activities, noted that the company was able to achieve the feat due to continuous investment and upgrade activities on…

A new World Bank report showed that the number of implemented or planned carbon pricing schemes around the world has almost doubled since 2012, with existing schemes now worth about $50 billion. According to the World Bank report on carbon pricing released recently, about 40 nations and 23 cities, states or regions are using a…

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has unveiled plan that would move the country’s oil and gas sector towards profitability. Among other things, the GMD, has vowed to flush out more people who engage in illegal activities from the NNPC, reduce loses of Nigeria’s crude oil resources…

The United States Energy Information Administration (EIA) has said that sustained low oil prices could mark the beginning of a long-term drop in upstream investment. According to the agency, oil prices reflect supply and demand balances, with increasing prices often suggesting a need for greater supply. It added that greater supply, in turn, typically requires…

The intrigues trailing the N3.6 billion compensation for damages caused by the Bonga oil spill may be deepening, as the Ilaje communities in Ondo State, are currently considering a legal action against Shell Nigeria Exploration and Production Company, (SNEPCO), a subsidiary of Shell Petroleum Development Company (SPDC) for alleged marginalisation. Specifically, the communities alleged that…

Africa focused oil and gas company, Eunisell Solutions has achieved a milestone of 100,000 plus man-hours without loss time incident on one of the nation’s marginal oil fields in Qua Iboe. The company’s Chief Executive, Dickson Okotie, who made this known in a statement issued on Monday, attributed the achievement to the professionalism of the…

NIGERIAN employers have been advised to create healthy environment for workers, promote the best occupational health and safety standards. Speaking at the 1000 Days Without Lost Time Accident organised by FrieslandCampina WAMCO Nigeria Plc, Lagos, the Managing Director, of WAMCO, Rahul Colaco, said the company has achieved a lot in terms of safe workplace for…

Inter-regional gas trade is expected to expand by 40 per cent from 2014 to 2020, surpassing 780 billion cubic metres (bcm), according to projections in the International Energy Administration (IEA) Medium-Term Gas Market Report 2015.

DESPITE efforts to cut costs, the petroleum industry can’t make money on $1.5 trillion in pending investments on conventional and North American shale drilling projects with $50 oil, Wood Mackenzie estimates.