News

Nigeria’s Crude Oil Production Increases by 2.3%

The Organization of Petroleum Exporting Countries (OPEC), in its July report, stated that Nigeria’s crude oil output was up by 43 barrels per day or 2.3 percent to reach 1.911 million barrels per day (mbpd) in June, from 1.868 mbpd recorded in May.

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N30bn Gas Supply Debt Weighs Down Power Sector Growth

The growth of Nigeria’s gas and power sector is being curtailed by the inability of power sector operators to pay up the over N30 billion they owe the Nigeria Gas Company, a subsidiary of the Nigerian National Petroleum Corporation(NNPC).

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EKO DISCO Receives Forty-One Bids for the Supply of Embedded Power

Following the invitation of firms to submit bid for the generation of embedded power by Eko Electricity Distribution Company (Eko Disco), forty-one firms have currently bidded to supply embedded power to Eko Disco, including Aggreko, one of the world’s leaders in the field.

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Brighter Outlook for Nigeria’s IPP Scene Owing to Power Sector Reforms

There is a brighter outlook for the independent power producer (IPP) landscape in Nigeria as more projects take shape.

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Opec Envisages Decline in Demand for Crude Oil from Member Countries in 2015

The Organization of Petroleum Exporting Countries(OPEC) has cut its forecast of demand for crude oil from Nigeria and other member nations next year by 300,000 barrels per day (bpd), owing to the surging supply from non-OPEC producers, particularly the United States (US).

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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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