Energy News

Rising Carbon Level Hits New High, Threatens Human Existence

The rising level of carbon dioxide in the atmosphere has averaged 400 parts-per-million (ppm) for the third time in a row last June and this could scale up global warming effects beyond human adaptation, climate change scientists have said.

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Nigeria’s Power Market in Limbo, Puts Investors, Financiers in a Jam

The Nigerian electricity market has remained largely in a state of limbo eight months after the privatization of the now defunct state-owned Power Holding Company of Nigeria (PHCN).

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US Oil Production Gains in Contrast to Nigeria’s Government-Induced Stagnation

The United States of America’s spectacular oil production gains that have seen the country emerge as the world’s biggest oil producer is in sharp contrast to Nigeria’s government induced stagnation in its oil exploration and production sector.

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220 Million Barrels Of Oil Unaccounted for in 10 Years

A report by the watchdog, Nigeria Extractive Industry Transparency Initiative(NEITI) has revealed that a total of 222,437,870 barrels of crude oil was unaccounted for by the Nigerian government in the period between 2004 and 2014.

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Nigeria Oil Production Rebounds to 2.15 Mbpd in June

Nigeria’s crude oil production rose by 200,000 barrels a day to 2.15 million in June, a Bloomberg survey of Organization of Petroleum Exporting Countries (OPEC) producers shows. The gain in Nigeria was the second-biggest in the survey and the highest output since September.

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Growing Domestic Energy Demand Cuts Oil Available for Export

Nigeria’s crude oil that is available for export is declining as a result of the rapidly increasing domestic energy demand combined with an inability to boost output.

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Dangote wins $300m Loan from AfDB for Proposed Refinery

The African Development Bank(AFDB) has approved a loan of $300 million to Dangote Industries Limited for the construction and operation of a greenfield fertilizer manufacturing plant as part of efforts to boost fuel supply and fertilizer production in Nigeria.

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OPEC oil output slip by 70,000 bpd in June

Opec's oil output has fallen in June from May's three-month high, a Reuters survey found on Monday, as fighting in Iraq closed its largest oil refinery and technical problems slowed its southern exports.

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POOR REFINERIES HALTING PROGRESS OF MULTI-BILLION NAIRA PETROCHEMICAL INDUSTRY

The near-decrepit state of the nation’s four refineries, whose privatisation is expected to begin in the first quarter of 2014, has continued to slow down the growth of the vital petrochemicals industry.

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