Baker Hughes: US oil rig decline smallest since December

US weekly offshore rig count.

US weekly offshore rig count. 29 March 2015 - The number of rigs drilling for oil in the United States declined by 12 this week to 813, the smallest decline since December, oil services firm Baker Hughes...

CNOOC to boost output 18% over 3 years

CNOOC

CNOOC *Vows cost cuts 29 March 2015, HONG KONG – China’s top offshore oil producer CNOOC Ltd said on Friday it aims to boost output by 18 percent over the next three years, after reporting stronger-than-expected 2014 profit on cost cuts and higher production. CNOOC, China’s third largest oil company, plans to boost output to 513 million barrels...

Oil dives 5% as worries about Iran talks trump Yemen

Oil price drop 29 March 2015 New YorK - Oil tumbled 5 per cent at the weekend, erasing the previous session’s gains, as Yemen’s conflict looked less likely to disrupt Middle East crude shipments and investors turned their focus...

Shell moves rigs to Alaska ahead of possible drilling permit

Shell in the Arctic 29 March 2015, London - Royal Dutch Shell is moving oil rigs to Alaska ahead of the possible resumption of controversial drilling activities as the oil major awaits the green light from U.S. authorities. The Anglo-Dutch...

Nigeria: Six ships laden with petrol arrive in Lagos

Petrol laden ships 29 March 2015, Abuja - Six ships laden with 157,200 tonnes of petrol have arrived Lagos ports awaiting to berth the News Agency of Nigeria, NAN, reports. The Nigerian Ports Authority, NPA, stated this in its daily publication...

Power generation, marketing and distribution updates

South Africa: Electricity demand contributes to Eskom crisis

Eskom, power utility 29 March 2015, Pretoria — President Jacob Zuma says Eskom has since the dawn of democracy had to meet a demand for electricity which had not been met under Apartheid, and that naturally led to an extraordinary pressure on the national grid. He was replying to Parliamentary questions for written reply. The President said the end of apartheid and the election of a new democratic...

Residential consumers won’t enjoy 50% electricity tariff reduction – NERC

Electricity meters *As agency clarifies position on tariff reduction, insists it’s not political  Oscarline Onwuemenyi  28 March 2015, Sweetcrude, Abuja - The Nigeria Electricity Regulatory Commission (NERC) has stated that electricity consumers in the residential cadre of it’s tariff...

Power: Govt may take definite action on Geometrics Aba Power concession

*To convene a three-parties meeting on the controversy soon 27 March 2015, Abuja – There are indications that the federal government may soon take a final decision on the ‘ring-fencing’ agreement it reached with Geometric Aba Power Plant for distribution...

Aba Power to take off soon as Jonathan moves to resolve feud between parties

27 March 2015, Lagos – President Goodluck Jonathan has stated that the feud  between Geometric Power Ltd and Interstate Electrics, the new owner of the Enugu Distribution Electricity Distribution Company (EEDC), which has stalled the take off of the 141 MW ...

Monitoring of ongoing projects undertaken by the Niger Delta Power Holding Company, NDPHC. View More Pictures...

Nigeria: Currency-in-circulation fell 7.6 % in January

Naira notes and one dollar notes.

Naira notes and one dollar notes. 29 March 2015, Lagos - Contrary to the fear of unrestrained use of cash in the run up to the general elections, the Central Bank of Nigeria has reported a marginal drop...

Unilever acquires N43bn shares of Nigerian unit

Unilever

Unilever 29 March 2015 - Unilever is planning to raise its stake in its Nigerian unit to as much as 75 per cent to benefit from expected economic growth in Africa’s most populous nation. Unilever, whose...

Polls reduce domestic investments by N40bn

29 March 2015, Lagos – Domestic investments in the Nigerian Stock Exchange have recorded a substantial decline due to fears and uncertainties regarding the 2015 general elections, as well as concerns...

Currency-in-circulation fell 7.6 % in January

29 March 2015, Abuja – Contrary to the fear of unrestrained use of cash in the run up to the general elections, the Central Bank of Nigeria has reported a marginal drop in currency-in-circulation...

No premium, no cover: Government agencies refuse to insure assets – Fashola

Gov Babatunde Raji Fashola of Lagos

12 March 2014, Lagos – Group Managing Director of Industrial and General Insurance Plc, IGI, Mr. Rotimi Fashola has said that many government ministries and agencies no longer insure their assets...

CRFFN takes up life insurance scheme for members

insurance

25 February 2015, lagos – The Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, has taken up a life insurance scheme of N1 million, for its members in case of death. Disclosing...

Nigeria: Compulsory insurance certificate now precondition for contract awards

  Nigeria’s Commissioner for Insurance Mr. Fola Daniel o8 January 2015, Benin - The Federal Government has said it will soon mandate all those seeking for government contracts to present their...

Why insurance is hard sell in Nigeria

21 December 2014, Lagos – Insurance  business remains a hard sell in Nigeria today. This unpalatable news, according to industry stakeholders, is definitely not music in the ears of insurance companies...

Enugu coal: Millhouse Engineering to provide training for Nigerian workforce

Coal mine

25 March 2015, Sweetcrude, Lagos – US-based company, Millhouse Engineering and Construction of Chicago, would be providing training for the Nigerian workforce in the process of developing, exploring...

AfDB commits $200m to coal-to-power

AfDB

24 March 2015, Abuja — In its determination to deepen the development of renewable energy, the African Development Bank, AfDB, has offered to provide a support to the tune of about $200 million towards the growth of coal-to-power projects in Nigeria. AfDB The Managing Director and Chief Executive of Nigerian Bulk Electricity Trading Plc, NBET, Mr. Rumundaka...