Nigeria to enforce law on shipment of oil & gas in 2015

Crude-oil-vessel

23 November 2014, Abuja — In order to safeguard and to benefit maximally from oil and gas exports from Nigeria, as well as monitor crude oil produced at any point in time, starting from the next quarter...

OPEC panel reviews oil outlook in a start to talks on oversupply

Oil-world

23 November, LONDON/DUBAI - A panel of national representatives reviewed OPEC’s oil market outlook for 2015 this week, OPEC sources said, preparing the ground for a policy-setting meeting next week that will decide how to address a looming oversupply of crude. The Economic Commission Board concluded a two-day meeting in Vienna on Friday ahead of the...

Cosco Delivers self-erecting drilling tender barge to Energy Drilling

23 November 2014, Singapore - Cosco Corporation (Singapore) Limited (the Company) announced that Cosco (Guangdong) Shipyard Co., Ltd. (Cosco Guangdong), a subsidiary of the Company’s 51 percent owned Cosco Shipyard Group Co., Ltd, has...

Statoil takes $350m hit on Angola exploration halt

23 November 2014, OSLO - Norway’s Statoil said on Friday it was halting exploration in Angola after poor drilling results, retreating from an offshore area it had high hopes for and capping a poor year for exploration. Statoil said...

Exxon Mobil in final talks with Ivory Coast over two oil blocks

23 November 2014, Yamoussoukro - Ivory Coast is finalising production sharing agreements with oil company Exxon Mobil for two ultra-deepwater blocks in the Gulf of Guinea, a senior official with the country’s energy ministry told...

Your Event here

Power generation, marketing and distribution updates

GE’s distributed power expands presence in Nigeria

22 November 2014, Lagos – Seeking to further expand its gas engine sales presence in Africa’s oil and gas sector, GE’s Distributed Power business (NYSE: GE) today announced IGPES Gas & Power Limited will serve as the new authorized distributor and service provider for GE’s Waukesha gas engines and genuine parts in Nigeria. IGPES Gas & Power is a subsidiary of IGPES...

Tunisia’s solar power initiative could serve Europe

22 November 2014, Tunis – If Europe decides to turn away from nuclear and other sources of energy, as current trends tend to indicate, where will the continent look to power its future? Some say: Tunisia.  As nuclear scientists continued to give dire reports over the state of the damaged...

Africa: U.S. official outlines future of energy in Africa

21 November 2014, Washington D.C —  The United States is committed to aggressively addressing Africa’s lack of electricity because that lack is “one of the core obstacles to the continent’s development,” an official from the U.S. Agency for...

Nigeria: Govt, market participants agree to boost power generation

21 November 2014, Abuja - The Nigerian Government has signed agreements with power generation and distribution companies as well as independent power producers, international oil companies and the Nigerian Gas Company for the supply of gas to further boost the country’s...

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

Angola: BNA Governor defends alternative fund sources

Angola Reserve Bank (BNA), Governor José de Lima Massano

23 November 2014, Luanda — The commercial banks in their brokering and financing role have regulation imposed limitations associated with the application of resources pertaining to their customers. This...

NSE loses N477bn in market cap in one week

Nigeria Stock Exchange

23 November 2014, Lagos – Last week, the Nigerian stock market succumbed to the interplay of forces within local and international financial markets as the aggregate Market Capitalisation declined...

Nigeria: Govs want $2bn from Excess Crude Account

22 November 2014, Abuja – For the fourth month running, statutory revenue available for distribution between the three tiers of government dropped as the total revenue for October stood at N593.34...

Foreign exchange: CBN accuses authorised dealers of round tripping

22 November 2014, Abuja – The Central Bank of Nigeria (CBN) has cautioned all authorized dealers in foreign exchange to desist from selling forex for items not supported with necessary shipping documents. CBN...

Level playing field for Local, foreign insurers is necessary – Fashola

Fasholaxx

24 September 2014, Lagos – Managing Director of Industrial and General Insurance Plc (IGI), Mr. Rotimi Fashola, in this interview with Nnamdi Duru, spoke on the need for a level playing field for...

EI-Anchor Pension targets N3bn share capital

IEIx

16 September 2014, Abuja – Managing Director of IEI-Anchor Pension Managers, Solomon Okoli has assured shareholders that the company has overcome its teething problems and is now positioned for...

IEI settles N616.18m claims in six months

27 August 2014, Lagos – International Energy Insurance (IEI)Plc paid a total of N616.18 million in the first half of the year ended June 30, 2012. The Managing Director of the company, Mrs. Roseline...

Renewable energy insurance spend to triple by 2020

04 August 2014, Lagos – The renewable energy industry could be spending three times as much on insurance every year by 2020, to mitigate risks to projects, according to a new report by Bloomberg...

NEITI blasts states on mineral revenue application

Zainab Ahmed, Executive-Sec, NEITI

Oscarline Onwuemenyi 17 November 2014, Sweetcrude, Abuja - The Nigeria Extractive Industries Transparency Initiative, NEITI, has criticised states in the Niger Delta Region in the utilisation of revenue...

Solid minerals producing states to Enjoy 13% Derivation

08 November 2014, Lagos – States endowed with solid minerals will soon join their Niger Delta counterparts to enjoy 13 per cent revenue allocation from the federation revenues. The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr. Elias Mbam, disclosed on Thursday  that the sharing formula was being worked out. He...