Yemisi Izuora India is likely to lead global energy demand growth by 2040, the International Energy Agency said in its annual World Energy Outlook report 2017 on Tuesday. The Indian energy demand may rise by 1,005 million tonnes of oil equivalent (Mtoe), between 2016 to 2040, accounting for 30 percent of the total growth in world energy demand. Thus, India will surpass the increase in energy demand of China (790 Mtoe), West Asia (480 Mtoe) and Africa (485 Mtoe) during the above period. However, US, Japan and Europe may reduce their energy demand by 30 Mtoe, 50 Mtoe and 200 Mtoe, respectively, by 2040.…
Author: Orientalnews Staff
Yemisi Izuora Savannah Petroleum has announced a proposed, complex acquisition of certain Nigerian assets from Nigerian independent gas producer Seven Energy. The company has agreed to exclusivity (lock up agreement) in a proposed, complex acquisition of certain Nigerian assets from Nigerian gas producer Seven Energy. Seven Energy acknowledged it was involved in a “comprehensive capital restructuring” adding that the Savannah proposal was “beneficial both for the [Seven] group and its creditors.” Savannah said the transaction will involve its acquisition from Seven of: a 40 per cent stake in the Uquo oil/gas field; a 62.5 per cent stake in Universal Energy…
Yemisi Izuora The Canadian Overseas Petroleum Limited says it is going on with drilling programme at the oil prospecting lease OPL 226 project offshore Nigeria where work is slated for early 2018. The company said in a third quarter update that it is working with investment banks to source funds for the proposed programme and it has held talks with potential contractors and suppliers for the anticipated programme. Funding would be at project level, not company equity. Arthur Millholland, COPL chief executive, of the firm highlighted that the appraisal programme would potentially precede a full field development project. “We continue to…
Yemisi Izuora Diamond Bank customer Patrick Anyatonwu, has emerged star prize winner of the just concluded ‘Western Union Back to School Promo” held yesterday at Diamond bank Awolowo road Ikoyi branch. He was rewarded with a brand new Hyundai Accent salon car. According to Patrick, “I have been a long time customer of Diamond bank and Western Union. When I was initially contacted and informed that I had won a new car, I couldn’t believe it. It didn’t make sense to me. I thought it was a scam, until last Friday, when I saw the car at the official…
…Conferred With Traditional Titles Yemisi izuora President Muhammadu Buhari has in Abakiliki, capital of Ebonyi State, given fresh assurance to the people of south east that his administration will ensure the timely execution of roads, power and other projects in the South-East. Addressing Ebonyi State Leaders of Thought and Traditional Rulers at a meeting in Government House, the President commended Ebonyi people for the warm reception accorded him during the State visit. ”My presence here today is a demonstration of our strong belief in the unity of Nigeria. As the most populous country in Africa, with over 300 ethnic…
Yemisi Izuora Some residents of Ijora, a suburban community in Apapa area of Lagos, have called on the Nigerian National Petroleum Corporation (NNPC) to order licensed tank farm owners to relocate their facilities out of Apapa and its environs. The densely populated area dotted with some manufacturing firms sits in close proximity to the strategic industrial zone at A8papa, home to a galaxy of tank farms and the ports complex. Against the background of a recent explosion that rocked the Ijora jetty of the NNPC, where four persons were reported dead, residents of the community suggested to the government to…
Yemisi Izuora Two Nigerian business owners, Precious Adeho and Ngozi Deborah Atalor, have emerged winners in the 2017 Shell LiveWIRE Top Ten Innovators competition, a global contest open to beneficiaries of Shell LiveWIRE, and aimed at rewarding shining cases of innovation in businesses supported by the programme. The two Nigerians won the Merit prize along with four others in the same category, while businesses from the United Kingdom and Pakistan took the top and runner-up awards. The winners were announced during the Global Entrepreneurship Week holding from November 13 to 17 in Freetown, Sierra Leone. “We congratulate the Nigerians on this…
Yemisi Izuora Oil prices tumbled on Wednesday, from Tuesday’s slide after the International Energy Agency cast doubts over the past months’ narrative of tightening fuel markets. Brent crude futures were at $61.47 per barrel down 74 cents, or 1.2 percent from their last close. U.S. West Texas Intermediate (WTI) crude was at $55.10 per barrel, down 60 cents, or over 1 percent. The price falls mean that crude prices are now down by around 5 percent since hitting 2015 highs last week, ending a 40-percent rally between June and early November. “Crude oil prices fell sharply after the IEA raised doubts about the outlook for…
Yemisi Izuora The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has expressed the commitment of the Corporation to science education. The NNPC GMD who stated this during the grand finale of the Corporation’s 2017 National Quiz Competition in Abuja, said the Corporation’s stand was informed by the critical role of Science, Technology, Engineering and Mathematics (STEM) education in the quest for nation building. “To ensure that best standards are maintained when it comes to the quality and integrity of the quiz competition, NNPC has also gone into partnership with the West African Examinations Council…
…Promotes Cycling In Nigeria Yemisi Izuora Innovative Real Estate Company and developers of the Cocoon Atlantic Estate – Cocoon Homes Ltd, has partnered with the Sustainable Cycling Foundation of Nigeria as a key sponsor for the 2017 edition of the Lagos City Criterium. The Lagos City Criterium is a competitive cycling tournament around a technical 2.9km circuit starting and ending on the opposite side of dolphin estate, IkoyiLagos. The event took place on the 11th of November 2017. The November edition of the Lagos Cycling Criterium, saw cyclists from the pro male, pro female, junior boys and junior girls categories, come from all over the country to compete on the classic racing course cycling before crossing the finish line. As part of the sponsorship, Cocoon Homes unveiled the traditional cycling sponsored winner…