Oil and Gas

IEA’S WORLD ENERGY OUTLOOK 2017

The resurgence in oil and gas production from the United States, deep declines in the cost of renewables and growing electrification are changing the face of the global energy system and upending traditional ways of meeting energy demand, according to the World Energy Outlook 2017. A cleaner and more diversified energy mix in China is another major driver of this transformation.
 

FG unveils intervention plan for Apapa ports access roads

The Federal Government has rolled out fresh intervention plan for the rehabilitation of the access roads to Apapa ports.
 
The move, which is expected to bring respite to the residents and businessmen around Apapa and its environs, would see to reconstruction of the roads; relocation of empty trucks from the axis and building of new trailer parks, among others.
 

NPA Ghana wins 2017 Climate & Clean Air Award

 
Chief Executive Officer of the National Petroleum Authority, Hassan Tampuli, has reiterated the authority’s commitment to promoting clean environment, as ongoing policy to promote low sulfur diesel standards are enforced. He said this when he received this year’s “Outstanding Policy” award from the Climate and Clean Air Alliance at the on-going Climate Change Summit (COP23) in Bonn, Germany.
 

NPA may re-engage Intels as Reps settle TSA dispute

The Nigeria Ports Authority (NPA) and Intels Nigeria Limited have settled their dispute over payment of revenues through the Treasury Single Account (TSA).
 
NPA’s Managing Director, Hadiza Bala Usman, who disclosed this during a session with a House of Representatives panel, said Intels has agreed to pay all its outstanding debts owed NPA through the TSA platform.
 
Recall that NPA had in September announced the termination of its contracts with Intels, following the later’s refusal to make payments through TSA platform. 
 

Oil prices rise to $62.06 per barrel

Oil prices rose slightly on thursday following expectations that the Organisation of Petroleum Exporting Countries (OPEC), will extend production cuts at a meeting at the end of this month. 
 
Brent crude at the international averaged $62.06 per barrel, up 19 cents, or 0.3 per cent, from their last close, while the United States, West Texas Intermediate (WTI) crude futures stood at 55.39 dollars a barrel, six cents up from their last settlement. 
 

Transparency: NNPC reviews Corporate Governance system

The Management of the Nigerian National Petroleum Corporation (NNPC) is executing a major restructuring of its corporate governance framework to engender an accountable and fraud repellent system across its value chain. 
 
Declaring open the 2017 Fraud Awareness Week at the NNPC Towers, Abuja on Tuesday, Group Managing Director of the Corporation, Dr. Maikanti Baru, said the rejig which is an integral part of the on-going transformation of the Corporation would set new standards and processes controls, compliance and risk management.
 

Shale boom sets U.S up for global oil dominance

The U.S. will be a dominant force in global oil and gas markets for many years to come as the shale boom becomes the biggest supply surge in history, the International Energy Agency predicted.
 
By 2025, the growth in American oil production will equal that achieved by Saudi Arabia at the height of its expansion, and increases in natural gas will surpass those of the former Soviet Union, the agency said in its annual World Energy Outlook. The boom will turn the U.S., still among the biggest oil importers, into a net exporter of fossil fuels.
 

Savannah Petroleum targets Seven Energy acquisition

Savannah Petroleum is pleased to announce that it has entered into a lock up agreement with, Seven Energy, Seven Energy Finance Limited (SEFL), the Seven Group and certain of the creditors of the Seven Group. 
 
The Lock-up Agreement relates to the proposed acquisition by Savannah of certain of the Seven Group's assets and the associated proposed financial restructuring of the Seven Group. 
 

Investment: Emadeb unveils new retail outlet, commences lube production

Emadeb Energy Services Limited, a leading player in Nigeria’s downstream oil and gas sector has upped the ante of competitiveness in the petroleum retail business with the recent launch of its Flagship Mega Retail outlet, lube production line and completion of a 12 million-litre capacity storage tank for Aviation Turbine Kerosene (ATK) in Lagos.

Following its recent diversification along the entire downstream value chain, Emadeb Energy has once again taken the initiative to consolidate its strategic investments in state-of-the-art last mile assets.

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