Nigeria, sub-Saharan Africa, account for 30% global oil discoveries

Sub-Saharan Africa

21 October 2014, Lagos - Almost 30 percent of global oil and gas discoveries made over the last five years were in sub-Saharan Africa, reflecting growing global appetite for African resources, the World...

Brent holds on Chinese demand

Oil demand

21 October 2014, News Wires – Brent edged up on Tuesday, holding above $85 per barrel as robust China oil demand supported prices, although gains were capped by oversupply and lingering fears of a weak global economy. Implied oil demand at the world’s largest energy consumer jumped 6.2% in September from August to 10.3 million barrels per day,...

New twist in Oriental Energy, Afren saga

20 October 2014, Lagos – THE controversy engendered by a recent statement from oil industry operator, Afren, on a transaction has taken a new with Oriental Energy Resources Limited (“Oriental) the allegations against it. Oriental...

Two rival Libyan governments claim to control oil policy

20 October 2014 - A self-styled rival government controlling Libya’s capital announced its own oil policies this week, drawing a rebuttal from Prime Minister Abdullah al-Thinni who said oil revenues continued to go to the elected...

OPEC daily basket price close at $83.19/b

20 October 2014, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 83.19 dollars a barrel on Friday, compared with $81.17 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference...

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Power generation, marketing and distribution updates

Nigerian firms win $400,000 in Africa off-grid energy contest

21 October 2014, Lagos - Four Nigerian companies have emerged winners of the Power Africa Off-Grid Energy Challenge sponsored by General Electric (GE), the U.S. Africa Development Foundation (USADF) and the U.S. Agency for International Development (USAID). Each of the companies received a grant of $100,000. The companies, are Ginphed Nigeria Limited, Quintas Renewable Energy Solutions, Sky Resources...

Transitional electricity market will create bankable market – energy experts

20 October 2014, Lagos - Some experts in Nigeria’s power sector have posited that the plan by the Nigerian Electricity Regulatory Commission (NERC) to ask the Minister of Power, Prof. Chinedu Nebo to declare the Transitional Electricity Market (TEM) would create a bankable electricity market...

Central Africa adopts common strategy for energy

*Energy Ministers from the region adopted the 2014-2030 White Paper 20 October 2014, Yaounde - Ten member countries of the Economic Community of Central African States (ECCAS) and the Central African Economic and Monetary Community (CEMAC) now have a common plan for...

1,266 Lagos schools to get solar powered electricity – Fashola

20 October 2014, Lagos - Lagos is estimated to need up to 20,000 Megawatts, MW, of electricity for its over 20 million people, but only an average of 1,000 MW is delivered to the State from the national grid. According to records, the state has 906 primary schools with...

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

New revenues can offset Africa’s rising income inequality

Market place in Ibadan, Nigeria

21 October 2014, Washington D.C — Combating rising income inequality in sub-Saharan Africa will require a pragmatic, multipronged approach to uncover new sources of revenue while also enabling critical...

Nigeria proposes $78/b oil price benchmark for 2015 budget

CBN corporate Hq

*2015 Oil output target set at 2.278 mb/d 21 October 2014, Lagos - Nigeria is proposing an oil price benchmark of $78/barrel for the purposes of revenue calculations in its 2015 budget, according to a...

Financial market products & services update

21 October 2014, Sweetcrude, Lagos - Local and international financial market products and services update. NIGERIA: The Minister of Power, Prof. Chinedu Nebo, said on Monday that N160 billion investment...

Falling oil price: CBN moves to protect economy

20 October 2014, Lagos - The Central Bank of Nigeria, CBN is set to unveil policy measures that would protect the economy from the recent decline in price of crude oil. CBN Governor, Mr Godwin Emefiele...

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...

BFIG has no claim to ALSCON — BPE

alsconx

15 October 2014, Abuja – The controversy over the privatisation of Aluminium Smelter Company of Nigeria, ALSCON, Ikot Abasi, Akwa Ibom State, has continued to rage as Bureau of Public Enterprises,...

BFIG Group now new manager of ALSCON

13 October 2014, Abuja –  Following the recent Supreme Court judgment, BFIG Consortium has taken over the management of Aluminium Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom state. The Chief Executive Officer of BFIG, Dr. Reuben Jaja, disclosed this when he paid a courtesy visit to the paramount ruler of Ikot Abasi, Edidem Joe Ntuk-Obom...