Energy

OPEC Sec-Gen Sees Oil Market Improving

OPEC sees the oil market improving because of higher demand for the group's crude and a drop in supply growth from non-members, its secretary-general said, the latest sign that OPEC believes its strategy of defending market share is working.

Oil prices have almost halved in the last year on oversupply in a drop that deepened after the Organisation of the Petroleum Exporting Countries in 2014 changed strategy to protect market share against higher-cost producers, rather than cut output to prop up prices as it had done in the past.

Reps Asks NERC, Discos to Stop Upward Review of Electricity Tariff

The House of Representatives on Tuesday asked the National Electricity Regulatory Commission (NERC) to immediately stop distribution companies (Discos) from further increase in electricity tariff.

This came up during plenary as the House summoned NERC and the Discos to appear before it to answer questions on the issue to ensure Nigerians were not short changed.

EFCC Arrests Oil Tycoon as Corruption Probe Widens

Nigeria has arrested the chairman of a local oil firm, a security official said on Tuesday, as part of a widening graft investigation in Africa's biggest petroleum producer that has also netted former oil minister Diezani Alison-Madueke.

Reuters reports that days after British police detained Alison-Madueke, one of Africa's most powerful women, the official said Nigeria's Economic and Financial Crimes Commission (EFCC) had arrested Atlantic Energy chairman Olajide Omokore on corruption and money laundering charges.

Shell Starts Production from Bonga Phase 3 Project in Nigeria

Shell has commenced production from Bonga phase 3 project in Nigeria, Reuters reports.

Bonga phase 3 is an expansion of bonga main development, with peak production expected to be some 50,000 barrels of oil equivalent.

Bonga phase has capacity to produce more than 200,000 barrels of oil and 150 million standard cubic feet of gas a day.

UK Crime Agency Authorised to Seize Cash from Ex-Oil Minister –Court

Britain's National Crime Agency obtained court permission on Monday to temporarily seize 27,000 pounds ($41,000) from a former Nigerian oil minister embroiled in a financial scandal, a court official in London said.

Nigerian authorities confirmed the arrest in London of Diezani Alison-Madueke, who served as oil minister from 2010 until May 2015 under former president Goodluck Jonathan. Nigerian media said she had been granted bail.

Illegal Refineries: Navy Destroys Camps, Seizes Stolen Crude

The Central Naval Command in Yenagoa has raided six illegal refineries, operated by suspected oil thieves at Bilabiri Community in the Ekeremor Local Government Area of Bayelsa.

The News Agency of Nigeria reports that some two million liters of illegally refined diesel and over one million substances suspected to be crude were seized during the raid.

Speaking shortly after the seizure, the Flag Officer Commanding (FOC), Rear Adm. Apochi Suleiman, said the illegal camps were discovered on Wednesday through intelligence gathering.

CORRUPTION: Diezani Alison-Madueke Arrested, Granted Bail in London; EFCC Seals Abuja Home

The immediate past Minister of Petroleum Resources, Diezani Alison-Madueke, was on Friday arrested in London, Premium Times authoritatively reported. She was later granted bail.

The former minister, who was one of the most powerful officials of the President Goodluck Jonathan administration, was arrested Friday morning by the UK National Crimes Agency, alongside four other people.

The identities of the four other people arrested along with her could not be immediately ascertained.

OPEC Oil Output Rises in September –Survey

OPEC oil output has risen in September from the month before, a Reuters survey found on Wednesday, as Iraq's northern exports recovered from disruption that had halted supply growth from the group's second-largest producer.

Saudi Arabia and other Gulf members of the Organization of the Petroleum Exporting Countries have kept output mostly steady, a further sign they are sticking to their focus on defending market share instead of prices.

‘Shell will Focus Future Investment in Nigeria on Gas’

Shell will focus its future investments in Nigeria on natural gas for domestic consumption and export, the managing director of the oil major's joint venture in the country said on Wednesday.

"Our strategy is to invest a lot more in gas, for domestic consumption and export. We want to grow our deep water and constrain our onshore oil production," Osagie Okunbor told reporters in Port Harcourt, the country's oil hub.

Shell has been divesting onshore oil-producing assets for the last few years and completed another set near the end of March.

Environmentalist Urges Prosecution of Importers of Substandard Solar Panels

An Environmentalist, Atayi Babs, has called on the Federal Government to prosecute importers of substandard solar panels and renewable energy materials into Nigeria.

Mr. Babs said that such incident would discourage Nigerians from embracing substandard renewable energy. He added that the problem of importing substandard panels should be urgently tackled by the Standard Organisation of Nigeria (SON) and other relevant agencies by arresting and prosecuting culprits.

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