Energy Sector

Automobile Association Expects Massive Petrol Price Hike

Automobile Association Expects Massive Petrol Price Hike

Automobile Association of South Africa has warned about massive price hike for petrol in the country next month. The prices of commodities have already skyrocketed. With energy price increase, managing expenses will become even more difficult for people.

Industry analysts expect price hike of 28-32 cents for petrol, 15 cents for diesel and smaller increase for illuminating paraffin.

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Nigerian National Petroleum Corporation Issues Clarification on Missing Funds

Nigerian National Petroleum Corporation Issues Clarification on Missing Funds

Nigerian National Petroleum Corporation has denied the media reports about missing funds. The state-run oil major informed that the funds were spent on subsidies, internal expenses and pipeline management.

The current government is facing charges of corruption after the issue was exposed in media. The President had claimed no wrongdoing in the matter. The controversy gained international media attention as two days back Nigerian Prime Minister asked Central Bank Governor to step down from his post.

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Nigeria offers Spot LNG Cargo to Korea Gas

Nigeria offers Spot LNG Cargo to Korea Gas

Nigeria will offer spot LNG cargo to Korea Gas Corp for liquefied natural gas. Korea Gas is pioneer in the sector with the company registering largest revenue in the world in LNG. Nigeria will offer spot cargo for Korean firm from Tongyeong terminal.

Due to higher demand for gas for heating during winter season, the requirement of LNG jumps during the first half of every year from Asian companies. The state owner Korean company has asked for three spot cargoes. Nigeria is not having long term contract with Korea.

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Nigerian National Petroleum Corp. is not withholding $49.8 Billion in Oil Revenue: Says Company

Nigerian National Petroleum Corp. is not withholding $49.8 Billion in Oil Revenu

As per Nigerian National Petroleum Corp., the company is not retaining $49.8 billion in oil revenue as supposed by the central bank.

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Eskom Unsuccessful in Coping up with Environmental Rules

Eskom Unsuccessful in Coping up with Environmental Rules

Eskom is the current supplier of more than 95% of the South African power. The company has warned that it could face power blackouts if the license conditions are not been relaxed. It is revealed that the company has been operating beyond the licensing conditions at its Kriel power station in Mpumalanga.

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House of Representatives Sets $79 per Barrel Benchmark for Oil Price in 2014 Budget

House of Representatives Sets $79 per Barrel Benchmark for Oil Price in 2014 Bud

A closed-door meeting has taken place of the House of Representatives. The meeting that lasted for two hours concluded that the benchmark for the oil price for the next year's budget will be 79 dollars per barrel.

Rep. Victor Ogene, Deputy Chairman of the House Committee on Media and Public Affairs, affirmed that they have reached at the above given conclusion after carrying out discussions on number of issues.

Some of the many crucial issues that were discussed on the benchmark were the Medium Term Expenditure Framework (MTEF) and security.

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Eskom’s Power Supply Down to Mark of Red

Eskom’s Power Supply Down to Mark of Red

It has happened for the first time since 2008 that Eskom's power supply reserves have gone down to the mark of red.

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Cosmo Oil Co To Resume Work At Chiba Refinery

Cosmo Oil Co To Resume Work At Chiba Refinery

It has been announced by the Cosmo Oil Co that it will be partially resuming its refining operations at Chiba refinery plant. The work at the plant would begin from Thursday. The operation is being resumed with the aim of producing fuel oil for the power utilities.

Since the earthquake of March 11, it is for the first time when resumption of Chiba refinery has taken place. It has been informed that because of the earthquake, fire broke in at the refinery and the refinery was closed down.

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Nigerian Government To Put An End To Fuel Subsidies

Nigerian Government To Put An End To Fuel Subsidies

It has been reported that the Nigerian authorities are planning to put an end to fuel subsidies. It is believed if the fuel subsidies are put to an end then a hike over the prices of petrol will be witnessed.

In previous years, the government has spent as many as $8bn over fuel subsidies. The money would now be invested over improving the infrastructure. The decision of the Nigerian authorities to end fuel subsidies as led to protest among Labour unions.

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Exxon Mobil Corp Awarded With $908 Million Compensation

Exxon Mobil Corp Awarded With $908 Million Compensation

It has been reported that US oil giant Exxon Mobil Corp has been awarded with $908 million as compensation for Venezuela's 2007 nationalization of assets. The compensation has been awarded by international arbitration panel.

The Exxon Mobil Corp was expecting higher compensation but got 10% less than it actually expected. In 2007, Exxon Mobil Corp filed an arbitration claim for $10 billion in compensation for the Cerro Negro project. The claim was made after the Venezuela Government decided to nationalize the assets.

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