Meanwhile, the NNPC, SNEPCo, ExxonMobil, Total and the other partners will take the FID on the development of the Bonga South West/Aparo (BSWA) deepwater project in 2019. The BSWA project includes the construction of a new Floating Production, Storage and Offloading (FPSO) unit with an expected peak production of 225,000 barrels of oil per day. […]
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Transcorp to up contribution to Nigeria’s power generation to 25%
The Chief Executive Officer of Transcorp Power Limited, Kalyana Sundaram said beyond the oil and gas strategy, the company has repositioned the power business to deliver a sustained increase in available and generated capacity in Nigeria. According to him, the power business would continue to consistently lead the power generation sector in Nigeria, in terms […]
Apple nears $1 trillion mark with record Q2 profits
Apple is coasting near the history-making one trillion market value after announcing on Tuesday a 30 per cent increase in its profit for the second quarter. It reported a profit of $11.5 billion, besting market expectations despite selling fewer iPhones than analysts projected. The news boosted shares in the tech giant in after-hours trading, putting […]
Brent crude set for biggest monthly drop since 2016
Oil dropped on Tuesday and Brent futures were on track for their largest monthly decline in two years after a survey showed OPEC’s output hit a 2018 high in July, reigniting concern about supply swamping demand. The Reuters survey released on Monday showed that OPEC increased production in July by 70,000 barrels per day (bpd) […]
Shell to make final investment call on Nigeria oilfield in 2019 -official
Royal Dutch Shell and its partners will decide next year on whether to go ahead with the development of Nigeria’s Bonga Southwest offshore oilfield, a senior company official said on Tuesday. The project, one of the country’s largest with an expected production of 180,000 barrels per day, will generate profit at below $50 a barrel, […]
Nokia, T-Mobile US agree $3.5 billion deal, world’s first big 5G award
T-Mobile US named Nokia to supply it with $3.5 billion in next-generation 5G network gear, marking the world’s largest 5G deal so far and solid evidence of a new wireless upgrade cycle starting to take root. T-Mobile, the third biggest U.S. mobile carrier, said on Monday the Nokia deal would help to deliver the first […]
OPEC July oil output hits 2018 peak, but outages weigh -Reuters survey
OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Reuters survey found, although losses from Iran and Libya limited the increase. The Organization of the Petroleum Exporting Countries has pumped 32.64 million barrels per […]
Nigeria’s central bank auctions Chinese currency in first yuan sale
Nigeria’s central bank sold yuan at a range of 49-51 naira at its first auction of the Chinese currency, traders said, two months after it agreed a $2.5 billion swap with Beijing. The auction, which traders said saw yuan sold for immediate and for 15-day settlement, is part of efforts to encourage the use of […]
Oil prices edge higher but trade row caps gains
Oil rose on Monday as investors remained cautious over the supply outlook, although the fallout from global trade tensions limited price gains. October Brent crude futures were last up 36 cents at $75.12 a barrel by 0902 GMT. The September contract expires on Tuesday. U.S. crude futures were up 78 cents at $69.47 a barrel. […]
Oil prices could top $120 before year-end
Oil prices have lost nearly 7% this month, but investors should be aware that a spike from last week’s levels to more than $120 is possible this year. “This is a tight market. Supply and demand are close,” says Matt Badiali, senior research analyst at Banyan Hill. Global oil demand is expected to average 99.1 […]