Tag Archives: Billion

Kenya: Kenya Signs Sh220 Billion Solar Power Deal

By Joshua Masinde Kenya will Saturday sign a Sh220 billion deal to develop a 1000MW solar power project over the next five years with the support of Canadian energy firm, SkyPower. The move is in a bid to increase the share of renewable energy onto the national grid. The landmark deal will be signed Sunday […]

Zimbabwe: ‘Arrears Award Will Create U.S.$1 Billion Deficit’

POWER utility Zesa Holdings has pleaded with workers to accept a grossly diluted salary arrears offer arguing implementing the order from a collective bargaining arbitral award would leave it with close to $ 1 billion deficit. Zesa said in view of its financial limitations and potential impact of complying with the ruling from the 2012 […]

Nigeria: Pef Saves Over U.S.$2 Billion Through Project Aquila – Executive Secretary??

By Chibuzor Emejor Abuja — Petroleum Equalisation Fund[PEF]has revealed that it saved more than $ 2billion through “Project Aquila”, which is a high-tech electronic loading and delivery system introduced by PEF to check leakages in the system as well as enthrone transparency and due process. The agency’s outgoing Executive Secretary, Mrs. Adefunke Kasali, disclosed this […]

Nigeria: Crude Price – Nigeria Loses N49 Billion in Two Months

By Bassey Udo The global drop in crude oil prices continued to affect Nigeria, as the country recorded about N48.7 billion loss in revenue from oil exports in November and December, 2014. The Accountant General of the Federation, Jonah Otunla, stated this in his revenue report during the January Federation Accounts Allocation Committee meeting held […]

Nigeria: FG’s N450 Billion IGR Insufficient As Oil Continues Free Fall

By Bukola Idowu, Friday Atufe, Chima Akwaja, Olushola Bello The federal government plan to raise about N450billion through internally generated revenue (IGR) for the 2015 budget would not be sufficient going by the continuing fall in the price of crude oil at the international market experts have said. The government’s 2015 budget proposal was sent […]

South Sudan: Govt Generated U.S$3.3 Billion From Oil Exports, Says Official

Juba — South Sudan received $ 3.376 billion as revenue from oil exports in 2014, petroleum minister Stephen Dhieu Dau disclosed on Thursday. He said $ 884 million of the money made was paid to Sudan, $ 781 million repaid loans and $ 1.711 billion (or $ 1,711 million) was retained as net amount. “Indeed, […]

Kenya: Turkana Obtains Sh2.94 Billion Grant From British Govt Ahead of the Commencement of Oil Production

Turkana County government has obtained Sh2.94 billion grant from the British Government for sensitization of the local community ahead of the commencement of oil production. Governor Josphat Nanok said there is need for the community to be taken on board at the onset of the production phase by Tullow Oil Company to manage public expectations. […]

U.S. oil reserves continue rising, surpass 36 billion barrels for first time since 1975

December 5, 2014 Source: U.S. Energy Information Administration, U.S. crude oil and lease condensate proved reserves rose for the fifth consecutive year in 2013, increasing by 9% from the 2012 level to 36.5 billion barrels, according to the report released yesterday by the U.S. Energy Information Administration (EIA). U.S. crude oil and lease condensate proved […]

N5 billion recovered, 40 arrested over oil subsidy fraud— EFCC

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By Austin Ogwuda Enugu—Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ibrahim Lamorde, yesterday, in Enugu, said the commission had cracked oil subsidy fraud in which over N5 billion had been recovered and more than 40 suspects arrested. Lamorde, who disclosed this at a workshop on effective reporting of financial crimes organized […]

Algeria: Sonatrach to Invest Nearly U.S.$3.5 Billion to Build New Gas Pipelines

Oran — Interim CEO of Sonatrach, Saïd Sahnoun, announced Sunday that the national oil group plans to invest $ 3.480 billion for the construction of new gas pipelines to improve the capacity of those already existing. In a statement he delivered at the opening of the international conference of gas industry in Algeria, Saïd Sahnoun […]

EIA’s forecast of 2014 gasoline use has risen 2 billion gallons (1.6%) in past 10 months

September 10, 2014 Source: U.S. Energy Information Administration, EIA’s short-term forecasts of gasoline consumption, which cover the current and upcoming calendar year, have risen over the past year. The latest (STEO), released yesterday, expects 2014 gasoline consumption to be 8.82 million barrels per day (135.2 billion gallons), 0.13 million barrels per day (2 billion gallons) […]

Nigeria: Govt to Expend U.S.$1 Billion On Gas Supply

Determined to boost power supply across the country, the federal government yesterday said it would expend $ 1 billion to ensure adequate gas supply. It said the fund would be sourced from the Niger Delta Power Holding Company (NDPHC) allocation, as well as the private sector providers. This was disclosed at the end of a […]

Nigeria: Unaccounted U.S.$49.8 Billion – Senate Rejects Recommendation On Fuel Subsidy Removal

Almost six weeks after the Senate Committee on Finance submitted its report on the allegation made by the former Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, on the non-remittance of oil revenue to the Federation Account by the Nigerian National Petroleum Corporation (NNPC), the Senate yesterday deliberated on the report […]

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