Erha North Phase II adds 65,000bpd to Nigeria’s oil production

21 February 2017, Lagos – Nigeria’s oil production is expected to get a boost with the coming to stream of 65,000 barrels per day, bpd, Erha North Phase II, a deepwater field operated by ExxonMobil...

Indigenous companies lack capacity for oil, gas production – PwC

*Offshore oil field 21 February 2017, Lagos – Indigenous oil companies in Nigeria may still have a long way to go in the exploration and production of oil and gas, if the verdict of the PricewaterhouseCoopers, one of the foremost...

Non-passage of PIB crippling oil industry – Egbogah

Dr. Egbogah 21 February 2017, Lagos – Chairman of Emerald Energy Institute, EEI, Dr. Emmanuel Egbogah, has attributed the current woes of the country’s economy as well as the difficulties in the petroleum industry to non-passage...

NNPC records $2.45bn crude oil export sale in one year

21 February 2017, Abuja – The Nigerian National Petroleum Corporation (NNPC) has said that $2.4 billion export sale was recorded in 12 months of 2016. The corporation’s monthly Financial and Operations Report for the month of...

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Power generation, marketing and distribution updates

16 power turbines now functional, generation rises – Report

*Electricity. 21 February 2017, Abuja – About 16 power generating turbines have in the last one week become functional and pushed up electricity generation from a little above 3,000 megawatts recorded earlier this month to 4,302.1MW on February 18, 2017. Findings showed that since the 16 turbines of the various power plants across the country began to function, electricity generation had...

Kenya: Longer wait for cheaper Sh15,000 power connection

*Kenya Power. 21 February 2017, Nairobi — Homes seeking electricity connection will have to wait longer for installation of additional transformers and power lines to enjoy the subsidised Sh15,000 connection fee. Energy Secretary Charles Keter says the bulk of homes without power will qualify...

16 power turbines now functional, generation rises – Report

*Electricity. 21 February 2017, Abuja – About 16 power generating turbines have in the last one week become functional and pushed up electricity generation from a little above 3,000 megawatts recorded earlier this month to 4,302.1MW on February 18, 2017. Findings...

Osinbajo approves Usman Gur Mohammed as new TCN boss

*Yemi Osinbajo, Vice President of Nigeria. Oscarline Onwuemenyi 20 February 2017, Sweetcrude, Abuja – Acting President, Prof Yemi Osinbajo, has approved the appointment of Mr. Usman Gur Mohammed as interim Managing Director/Chief Executive Officer of Transmission...

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

NNPC records $2.45bn crude oil export sale in one year

21 February 2017, Abuja – The Nigerian National Petroleum Corporation (NNPC) has said that $2.4 billion export sale was recorded in 12 months of 2016. The corporation’s monthly Financial and...

Financial market products & services update

*Financial markets. 21 February 2017, Sweetcrude, Lagos — The local and international financial market products and services update. NIGERIA: Nigeria’s central bank said on Monday it would...

Market gains N29bn as CBN reviews forex policy

21 February 2017, Lagos – The Nigerian equities market appreciated by N29bn on Monday as the Central Bank of Nigeria released a new foreign exchange policy in the country with immediate effect. The...

Naira hits 520/dollar, forex retailers examine CBN action

Bundles of N1000 Naira notes. 21 February 2017, Lagos – The naira tumbled to 520 against the United States dollar at the parallel market on Monday as scarcity of the greenback continued to keep the...

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...

Nigeria: Forex scarcity stifling insurance operations, NIA, CIIN lament

*Forex. *Minimum capital for composite firms down to $16.13m from $25.12m 18 September 2016, Abuja — Even as insurance practitioners are complaining about the prevailing apathy by the public towards...

Fayemi reaffirms commitment to curbing illegal mining

Dr. Kayode Fayemi 16 February 2017, Abuja – The Minister of Mines and Steel Development, Kayode Fayemi, on Thursday in Abuja said addressing illegal mining would be one of the priorities of the...

Plateau govt orders NSCDC to shoot at sight on illegal miners

*Illegal mining activity. Oscarline Onwuemenyi 09 February, 2017, Sweetcrude, Abuja – In the wake of the violence among some illegal miners, which led to the death of about 10 people, the Plateau State government has reportedly given an immediate order to the Nigeria Security and Civil Defence Corps (NSCDC) to shoot at sight illegal miners at Lamido...