Financial Market Update

Financial Market UpdateLagos - Local and international financial market update.Nigeria - Standard & Poor’s (S&P) has raised the long-term counterparty credit ratings on First Bank of Nigeria Plc , Zenith Bank Plc, and Guaranty Trust Bank Plc to ‘BB-’ from ‘B+’. The firm said also raised the long-term Nigeria national scale ratings on the three lenders to ‘ngAA-’ from ‘ngA+’, adding that the

OPEC daily basket price close at $106.59/b

OPEC daily basket price close at $106.59/bVienna, Austria - The price of OPEC basket of twelve crudes stood at 106.59 dollars a barrel on Monday, compared with $105.21 the previous Friday, according to OPEC Secretariat calculations.The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic

NNPC woos investors for untapped oil basins

NNPC woos investors for untapped oil basinsLagos - Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr. Andrew Yakubu, has urged potential investors to tap into the nation’s yet-to-be explored oil basins, including the offshore and inland basins.Yakubu said, in a statement by his acting Group General Manager, Public Affairs, Mr. Fidel Pepple, that geological

Urine-powered Generator Unveiled

Four Nigerian girls have created a generator that produces electricity for six hours using a single liter of urine as fuel.The generator was unveiled at last week’s Maker Faire in Lagos, Nigeria, by the four teens Duro-Aina Adebola, Akindele Abiola, and Faleke Oluwatoyin, all age 14, and Bello Eniola, 15. So how exactly does the urine-powered generator work?Urine is put into an electrolytic cell,

Afren profit up from increased Nigerian output

Afren profit up from increased Nigerian outputLondon - AFREN, the UK firm with operations in Nigeria, has seen its profit rise following increased production off Nigeria.Profit doubled at Africa and Middle East-focused Afren in the first nine months but some financial items dented vastly-improved revenues.The company posted net profit in the first three quarters of $122.8 million as compared with

Sudan: UN expert to assess situation of internally displaced persons

Sudan: UN expert to assess situation of internally displaced personsGeneva, Switzerland - United Nations Special Rapporteur Chaloka Beyani will visit Sudan, at the invitation of the Government, from 14 to 22 November 2012 to examine the overall situation of internally displaced persons in the country, and gather first-hand information from displaced persons and affected communities.“I will

NOSDRA estimates Mobil oil spill at 100 barrels

NOSDRA estimates Mobil oil spill at 100 barrelsLagos - Nigeria’s National Oil Spills Detection and Response Agency, NOSDRA, has estimated the lastest oil spill from the facility of Mobil Producing Nigeria, MPN, an ExxonMobil subsidiary, in Ibeno, Akwa Ibom State at 50 to 100 barrels.“We received a report from Mobil that there was a spill at their field and we have dispatched our officers from our

ECOWAS supports Nigerian flood victims with $382,000

ECOWAS supports Nigerian flood victims with $382,000Abuja, Nigeria - The ECOWAS Commission has presented a cheque for US$382,000 to the Government of Nigeria to help mitigate the effects of the recent flood disaster which claimed several lives and caused substantial damage to property in parts of the country.“While I know that there is no volume of assistance that can bring back lives, we wish to

More facts emerge on Otumara flow station’s killings

More facts emerge on Otumara flow station’s killingsWarri - More facts have emerged on the recent killing of three persons during the clash for supremacy between two groups in Ugborodo community - host to the Otumara Flow Station. The groups are contending over leadership of the Ugborodo Trust Board.The two groups had since last year been laying claims to the leadership of Ugborodo Community

Technip grabs EPIC contract in Angola

French company, Technip, has landed an engineering, procurement, construction and commissioning, EPIC, contract from fellow French company Total for the second phase of the Girassol Resources Initiatives development project off Angola.

 
Total E&P Angola handed out the contract, covering the project management, engineering, fabrication and installation of 21 kilometres of umbilicals and 13