ENERGY

Transnational Corporation of Nigeria has suspended plans to build one of the nation’s biggest power plants as a local gas shortage makes it difficult to obtain fuel and a downturn in Africa’s largest economy hinders efforts to raise funds for the project. According to Bloomberg report monitored by Business247 News...

Cargoes of West African crude oil sailing east are on track to fall in August on fierce competition, shaky demand and disruptions in Nigerian loadings that forced at least one cancelled cargo. A total of 55 cargoes, for 1.685 million barrels per day (bpd) are booked to sail to Asia...

As the effect of global economic challenges in the oil & gas sector persist, Oando Plc has announced a loss of N26.99 billion in half year ended June 30, 2016. The Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchanges, profit dropped by 23 per...

Nigeria’s Mohammad Sanusi Barkindo assumed office today in his role as Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC) at the OPEC Secretariat in Vienna, Austria. Barkindo was officially appointed to the post for a three-year term at OPEC’s 169th Meeting of the Conference on 2 June...

  Net loss rises to $61 million as Forcados remains shut Working Interest gas production up y/y Alternative crude evacuation route gathering some momentum 41k-48k boed production no longer feasible; Vetiva estimate 27k boed Earnings revised lower, TP cut to N216.15 (Prev: N264.77) Seplat reported wider losses in first half...

The Nigerian National Petroleum Corporation (NNPC) has said that Nigeria’s oil production is now 700,000 barrels per day (bpd) lower as a result of persistent militant attacks on oil pipelines and infrastructure. With average production usually around 2.2 million bpd, meaning that Nigeria’s oil production currently stands at 1.5 million...

The Senate has decried the current cash call indebtedness of Nigeria National Petroleum Corporation (NNPC) Joint Venture, which has risen to over $6 billion (about N1.8 trillion). It also noted that the issue had become a huge problem staring the nation’s economy in the face. According to the Senate, investigation...

  The Acting Director-General of Bureau of Public Enterprises (BPE), Dr. Vincent Akpotaire has called for the separation of the Nigerian National Petroleum Corporation (NNPC) and the Department of Petroleum Resources (DPR). According to him, the oil and gas industry is not efficient and effective because PDR which is the...

The repairs on the fourth turbine of the Shiroro Hydro Dam in Niger State has been completed and there is hope of  improved power supply in the country as a result of the development. The turbine which collapsed since 2010 had defiled all efforts to bring it back on stream...

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said there was no going back on its planned strike. The National President of PENGASSAN, Mr Francis Johnson, made this assertion today when he appeared as a guest on Television Continental (TVC) Breakfast programme in Lagos. Johnson said...