Energy News

Operational Capital Stalls Reversal of Power Sector Sale

The federal government is considering a reversal of the privatisation in the Nigerian power sector, LEADERSHIP has learnt.

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Hydro Plants Maintenance Drags Power Supply Up by 400 Megawatts

The Federal Government has said power supply leaped by 400 megawatts in the past two weeks after key maintenance in the hydro power plants.

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S&P slashes Nigeria credit rating on oil production drop

Ratings agency Standard & Poor’s cut Nigeria’s credit rating on Friday, saying the drop in oil production and a restrictive foreign exchange regime was hurting its economic prospects.

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Oil prices drop as Nigeria, Libya set to raise output

World oil prices fell Friday as the prospects of higher output from Libya and Nigeria further fueled oversupply concerns.

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11 oil blocs set to expire in 2016 as PIB delays licensing round

Hopes that the Federal Government would hold any licensing round for oil blocks this year is dim due to the delay in the passage of the Petroleum Industry Bill (PIB), The Guardian reports.

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US oil exports threaten Nigeria’s market share

Almost seven months after the United States lifted the 40-year-old ban on the exports of its crude oil, producers in the country have made inroads into Europe, the largest regional importer of Nigerian oil, The Punch reports

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Oil prices bounce on Nigeria attacks, but decline still in the offing

Crude prices bounced back on Friday from two-month lows hit in the previous session, but benchmark Brent was in line for its largest weekly decline since January as bearish economic indicators weighed on oil, Reuters reports

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China accounts for 30% growth in Africa’s power sector – IEA

The International Energy Agency (IEA), has said that China now accounts for 30 percent of Africa’s energy growth, with more than 200 greenfield power projects contracted to Chinese companies in the last five years, even as it has completed not less than three projects in Nigeria,

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Nigeria signs $80bn oil, gas infrastructure deals with China

The Nigerian state oil company, Nigerian National Petroleum Corporation (NNPC) said on Thursday that the country has signed oil and gas infrastructure agreements worth $80 billion with Chinese companies, Reuters report

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OPEC sees record high oil output in June on Nigerian resurgence

The Organization of the Petroleum Exporting Countries (OPEC’s) oil output has risen in June to its highest in recent history, a Reuters survey found on Thursday, as Nigeria’s oil industry partially recovers from militan

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