Some of the world's biggest oil nations are planning a meeting in Russia later this month to discuss a proposed output freeze. Nigeria's oil minister expects "dramatic price movement" from the talks.
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Showing posts with label Oil. Show all posts
Showing posts with label Oil. Show all posts
Friday, 4 March 2016
Friday, 26 February 2016
Tuesday, 23 February 2016
Friday, 29 January 2016
Jan 29 Nigerian shares rose on Friday as investors, encouraged by gains in the price of oil, sought bargains in a market that has fallen sharply this month.
The main index rose 1.34 percent to close at 23,916 points, with the banking, petroleum and food sectors leading gains.
Sub-Saharan Africa's second-largest stock index has fallen 17.6 percent so far this year on falls in the naira currency and in crude, Nigeria's main export.
Wednesday, 20 January 2016
Crude oil pipelines in Nigeria’s volatile Niger Delta have been shut following a series of attacks late last week, the state-controlled Nigerian National Petroleum Corporation (NNPC) said Tuesday.
“We shut in the pipelines as a result of the weekend development, please note that this is different from shut down,” NNPC spokesman Ohi Alegbe told Anadolu Agency, referring to the pipelines that carry crude oil to refineries.
He denied claims that refineries in Kaduna, northwest Nigeria, and Warri, an oil hub in Delta State, had been shut down in the wake of three bombings between Thursday and Saturday.
“We shut in the pipelines as a result of the weekend development, please note that this is different from shut down,” NNPC spokesman Ohi Alegbe told Anadolu Agency, referring to the pipelines that carry crude oil to refineries.
He denied claims that refineries in Kaduna, northwest Nigeria, and Warri, an oil hub in Delta State, had been shut down in the wake of three bombings between Thursday and Saturday.
Monday, 18 January 2016
The Nigerian Liquefied Natural Gas Limited (NLNG) has taken delivery of one of the six new ships it procured last year from South Korea, ThisDay reports.
The vessel christened NLNG Finima 11 was received by a team of NLNG officials led by NLNG Manager Commercial Shipping, Captain Ahmed Hambali Yusuf shortly after the conclusion of its maiden voyage, which terminated in Bonny Island, Rivers State.
It is owned by Bonny Gas Transport Limited, one of the subsidiaries of NLNG. NLNG Ship Management Limited (NSML), another subsidiary of NLNG manages the operations of the ship, which has a registered tonnage of 34, 970 and its port of registry as Hamilton.
Source: Energy Mix Report.
Thursday, 14 January 2016
The Managing Director of Cloud Energy, trading as cloudenergy.com.ng, Mr. Theophilus Nweke, has called on the federal government to consider setting up a renewable energy fund for Nigerians, to enable them have easy access to finance that will boost electricity supply to their homes, offices and business premises, ThisDay reports.
Nweke, who focuses on providing alternative power supply to Nigerians, through cloudenergy.com.ng, by using solar energy, said the federal government, including state governments, must begin to see the need to support renewable energy supply in the country, by setting up a renewable energy fund that Nigerians could access to enable them connect to alternative power supply, just like it is done in developed countries of the world.
For conceptualising, structuring and delivering an oversubscribed deal in a challenging macro-economic environment, the Joint Finance Team of the Nigerian National Petroleum Corporation (NNPC) and its Joint Venture Partners, Chevron Nigeria Ltd, have clinched the prestigious Thomson Reuters /PFI Magazine 'Africa and Middle East Oil Deal of the Year Award 2015'.
The global award, which is one of the most prestigious in the international financing market, is based on feedback from peers and market operators with full endorsement by the judges at Thomson Reuters/PFI.
Meanwhile, the Minister of State for Petroleum, Dr. Ibe Kachikwu, has expressed optimism that the oil price will rebound and end the year between $40-$50 per barrel as Brent crude traded briefly below $30 per barrel on Tuesday for the first time in 12 years.
Thursday, 31 December 2015
Football Pitch in Nigeria Powered by Kinetic Energy: Vanity Project for Oil Multinational or Future for Renewables?
An innovative new football pitch in Lagos opened in December using power generated by the players running on special tiles that capture kinetic energy. The project at the Federal College of Education in Akoka is supported by multinational oil company Shell and uses technology developed by British company Pavegen.
“We found a community that had no light, has no way at night time for people to socialise or play sport,” Pavegen founder Laurence Kemball-Cook told RFI. “We're creating a real legacy project here to really change the way energy used and viewed in Africa,” he adds.
Radio report
More than 90 tiles located under the pitch capture kinetic energy generated by the movement of the players.
“Each tile produces up to 7 watts of power per footstep,” says Kemball-Cook. “If you had 8 people continuously walking over the tiles you could produce up to 56 watts of power continuously.”
Saturday, 26 December 2015
International Monetary Fund has predicted that crude oil prices may slump to as low as $20 per barrel in 2016.
In the ‘IMF Executive Board Concludes 2015 Article IV Consultation with Iran’ report, the body highlighted that the price of crude oil could drop by between $5 and $15 in 2016.
As of Thursday, the price of crude oil in the international market averaged $37. On December 17, the price fell to $36 per barrel.
The Federal Government 2016 budget had based the 2016 budget on a benchmark oil price of $38 per barrel. If the IMF prediction comes true, the country will be in serious trouble as there won’t be any buffer for the budget.
As of Thursday, the price of crude oil in the international market averaged $37. On December 17, the price fell to $36 per barrel.
The Federal Government 2016 budget had based the 2016 budget on a benchmark oil price of $38 per barrel. If the IMF prediction comes true, the country will be in serious trouble as there won’t be any buffer for the budget.
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