Russia indicates it can lift oil output if deal on curbs lapses

*Russian oil production. 24 April 2017, Moscow — Russian oil output could climb to its highest rate in 30 years if OPEC and non-OPEC producers do not extend a supply reduction deal beyond June 30,...

ExxonMobil to release first quarter 2017 financial results

24 April 2016, Sweetcrude, Houston, Texas – ExxonMobil Corporation says it will release its first quarter 2017 financial results on Friday, April 28, 2017. Jeff Woodbury, vice president of Investor Relations, said the results will...

Chevron announces planned sale of Bangladesh companies

24 April 2016, Sweetcrude, Houston, Texas -US oil giant Chevron Corporation has announced that its wholly-owned subsidiary, Chevron Global Ventures Limited has entered into an agreement to sell the shares of its wholly-owned indirect...

Oil slips on OPEC cut extension doubts, Russia output worries

*OPEC. 24 April 2017, New York — Oil prices slipped about 1 percent on Monday, extending last week’s decline, on the lack of confirmation that OPEC will extend output cuts through the end of 2017 and as Russia indicated it...

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Power generation, marketing and distribution updates

Kaduna Electric holds AGM, promises improved services

Engr. Garba Haruna 24 April 2017, Sweetcrude, Lagos – Kaduna Electric has held its maiden annual  general meeting with a promise to double its efforts in delivering efficient power to its customers despite the harsh economic challenges in the country. The Chairman of the Company, Alhaji Yusuf Hamisu Abubakar, who briefed shareholders, identified certain macro-economic, regulatory and...

South Sudan: AfDB approves $14m loan for Juba Power project

*Motorists on a highway in Juba, South Sudan. 22 April 2017, Juba — The African Development Bank (AfDB) has approved a $14.57 million supplementary loan for South Sudan’s power project. The money will be used to rehabilitate and expand electricity distribution networks in the capital...

Buhari nominates Prof. Momoh as NERC chairman

Kunle Kalejaye 22 April 2017, Sweetcrude, Lagos – President Muhammadu Buhari has forwarded Prof. James Momoh’s name to the Senate for confirmation for the position of chairman of the Nigerian Electricity Regulatory Commission, NERC. If confirmed by the...

Electrocution: 50 confirmed dead at football viewing centre in Calabar

*High voltage direct current, HVDC, transmission line. Mkpoikana Udoma 21 April 2017, Sweetcrude, Calabar – Over 50 people have been reported dead at a football viewing centre in Calabar, Cross River State capital, after being electrocuted by a high tension cable...

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

ExxonMobil to release first quarter 2017 financial results

24 April 2016, Sweetcrude, Houston, Texas – ExxonMobil Corporation says it will release its first quarter 2017 financial results on Friday, April 28, 2017. Jeff Woodbury, vice president of Investor...

EFCC recovers N17bn from whistleblower policy in four months – Magu

*EFCC, Nigeria. Oscarline Onwuemenyi 24 April 2017, Sweetcrude, Abuja – The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, has disclosed that they have...

Adoke denies alleged role in Malabu Oil scam

*Mohammed Adoke. 24 April 2017, Abuja — Nigeria’s erstwhile Attorney General of the Federation and Minister of Justice, Mr. Mohammed Bello Adoke yesterday said disclosed that contrary to reports...

World Bank cuts Sub-Saharan Africa’s 2017 growth forecast

*World Bank headquarters. *Bank trims region’s GDP forecast to 2.6% from 2.9% in January *Estimate reduced on weak South Africa, Nigeria, Angola rebound 24 April 2017, London — The World Bank cut...

Kenya to save $200m spent on marine insurance

*Mombasa Port. 15 April 2017, Nairobi — The Kenyan Principal Secretary for Shipping and Maritime Affairs spoke about why cargo shippers are now required to buy insurance for their imported goods...

Global ship insurers to resume near full coverage for Iran oil – Officials

*A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf. REUTERS/Raheb Homavandi/File Photo. 17 January 2017, Tokyo/Singapore — Global shipping insurers have devised...

NAICOM threatens to sanction violators of local content policy

28 December 2016, Lagos —The National Insurance Commission, NAICOM, has threatened to sanction insurance operators that contravene local content policy by ceding businesses offshore, without fully...

Nigeria: Reps uncover massive fraud in insurance payments

*The House of Representatives. 05 October 2016, Abuja — A House of Representatives panel has uncovered massive fraud in the payment of billions of naira to government officials annually by insurance...

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Uba Malami heads Solid Minerals Development Fund

Dr. Kayode Fayemi, Minister of Mines and Steel Development 24 April 2017, Sweetcrude, Abuja – A geologist and former vice-president of the Abuja Chambers of Commerce, Mr. Uba Malami, has been appointed...

Fayemi briefs President Buhari on $150m World Bank mining grant

*Dr. Kayode Fayemi, Nigeria’s Minister of Mines and Steel Development. Oscarline Onwuemenyi 22 April 2017, Sweetcrude, Abuja – The Minister of Mines and Steel Development, Dr. Kayode Fayemi, has briefed President Muhammadu Buhari on the 150 million dollars loan obtained from the World Bank for the development of the nation’s mining sector. Fayemi...