Russian Oil Price Cap Adopted by EU.
According to Politico Europe, which cited diplomatic sources, the EU has tentatively agreed to set a price ceiling on the…
Category: Energy
Overall Revenue Losses In The Power Sector Total N420billion.
The umbrella organization for Nigeria’s power generation is APGC. According to the executive secretary of the Association of Power Generation…
Fears of Sabotage Are Stoked By Gas Leaks In Russian Pipelines To Europe.
The prime ministers of Poland and Denmark both accused the other of sabotage but did not provide any supporting proof.…
Energy Monopolies Now Control The LNG Shipping Market Due To The Gas Crisis.
Since 2011, the size of the global LNG industry has more than doubled; bringing in dozens of new firms and…
Ghana Saved $300million On Energy Programme.
In 2021, the government avoided giving utilities in the energy industry $300 million in credit. The credit arose from agreements…
Businesses Spend N639bn On Energy And Self-Generate Over 14,000MW.
Due to inadequate supply from power distribution providers, factories self-generate more than 14,000 megawatts of electricity, which is disrupting productive…
FG, EU, AFD Sign €25m To Strengthen Electricity Grid In Northwest.
A grant agreement for €25 million has signed by the Nigerian government and the French Development Agency (AFD) for the…
United States and Nigeria Agree To Deploy Gas In Support Of Renewable Energy Sources.
The United States said that it would contribute $200 million to Nigeria; and other nations to speed up their transition…
The Impact Of Europe’s Energy Crisis Will Grow Over Time.
The energy crunch is a long-term issue that will increase public debt in Europe; render the continent less competitive and…
Nigeria FG Intends To Enhance Gas Exports To Europe in 2022.
08, August, 2022 the price of Brent, the world’s standard for petroleum, decreased by 5.01%, or $4.65, to close at…
Another nationwide strike is imminent in the power sector.
There are signs of a new strike approaching, after the recent country’s blackout was suspended. The government is allegedly unwilling…
Turkey Raises Electricity, Gas Prices By 50% For Industry, 20% For Homes.
Turkish authorities raised electricity and natural gas prices for households by around 20% and by around 50% for industry. Putting…
Russia Deepens Europe’s Energy Squeeze With New Gas Halt.
Russia halted gas supplies via Europe’s key supply route, intensifying an economic battle between Moscow and Brussels. Raising the prospects…
Nigeria’s Electricity Sector Dips By 11.5% In Q2 2022 Following Multiple Grid Collapses.
The latest GDP report for the second quarter of 2022 released by the National Bureau of Statistics (NBS); showed that…
Seplat Energy Shareholders Lose N71 Billion.
Investors of Seplat Energy Plc recorded a loss of about N70.56 billion from trading in the shares of the company.…
German gas storage progress better than expected.
Germany is making better progress than expected in filling its gas storage facilities; but it’s not enough to get the…
Gas Prices To Fall Soon As Germany Hits Storage Targets.
German Economy Minister Robert Habeck expects gas prices to fall soon as Germany is making progress on its storage targets;…
TotalEnergies Shifts Drilling On Egina, Akpo To December.
TotalEnergies has said it will start a major drilling campaign on Egina and Akpo oil fields in December. With 200,000…
Analysis: The Rise In Gas Prices Has Caused Inflation Fears For European Markets.
Another dramatic spike in natural gas prices appears to have ended any hopes that Europe’s inflation battle is set to…
Gas Crisis Sends Euro Back Below Parity Against Dollar.
The euro briefly fell back below parity against a robust dollar on Monday and was languishing at five-week lows; weighed…
Oil Snaps 3-day Winning Streak On Strong Dollar, China’s Sluggish Demand.
After three days of gains, oil prices dropped considerably due to concerns that aggressive interest rate increases; by the United…
Power Production Was Reduced By Striking Workers To 43 MW-FG.
The recent one-day strike by workers of the Transmission Company of Nigeria crashed Nigeria’s power generation from a peak of…
Blame Policymakers, Lawmakers For Oil Price Rises, OPEC Sec Gen Says.
Policymakers, lawmakers and insufficient oil and gas sector investments are to blame for high energy prices, not OPEC, Secretary General…
Why We Can’t Generate 5,000mw Of Power – Nigeria FG
The Federal Government blamed its inability to reach the target of 5,000 megawatts of electricity generation as promised on shortage of…
Electricity Workers Suspend Strike Amid Blackout- Nigeria.
The National Union of Electricity Employees (NUEE) has suspended its nationwide strike for two weeks. The secretary-general of the union, Joe…
Nigerian President Withholds Approval Of Exxon Mobil’s Asset Sale.
Nigeria’s President Muhammadu Buhari has withheld his initial approval of Exxon Mobil’s (XOM. N) sale of local offshore shallow water assets to…
U.S Gasoline Prices Fall Below $4 For First Time Since March.
The average price of U.S. retail gasoline fell below $4 per gallon on Thursday for the first time in months,…
Petroleum Minister, Timipre Sylva, Says Nigeria Loses 400,000 Barrels Per Day To Oil Theft.
Rising cases of oil theft which has affected Nigeria’s earning capacity in a period of high crude prices could be…
NNPC Sells N147bn Petrol, Diesel In One Month.
The Nigerian National Petroleum Company Limited said it made N147.36bn from the sale of petrol and diesel in October 2021.…
Brazil’s 3R Petroleum Subsidiary Agrees On $500 Mln Loan To Pay For Potiguar Oil Field.
Brazil oil company subsidiary 3R Lux agreed to a $500 million loan to pay for the country’s Potiguar oil field.…