Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC) has said it seeks to increase the nation’s crude oil reserves to 40 billion barrels and production capacity to four million barrels per day by 2025. The Federal Government in 2010 set the target of 40 billion barrels of crude oil reserves and production of…
Damilola Shittu – Abuja The Managing Director / CEO of Nigeria Bulk Electricity Trading Plc (NBET), Marilyn Amobi, has charged journalists to ensure responsible and balanced reportage of the power sector in order to grow the industry. Amobi who made this know in Abuja, while receiving the executives of the Nigeria Union of Journalists (NUJ)…
By Oke Peter In its determination aimed at ensuring that Nigerian refineries are functional, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the Federal Government is asking Saudi Aramco for some investment into the nation’s refineries. Kachikwu stated this on Wednesday while speaking with ‘Bloomberg Daybreak: Americas’ on the sidelines of…
The Transmission Company of Nigeria (TCN) has disclosed that it has begun the execution of the $170m power transmission project called the ‘Abuja Feeding Scheme’. The revelations were made by the Managing Director of TCN, Mr. Usman Mohammed during the ground breaking ceremony for the projects in Abuja. “The main purpose of this project is…
An indigenous oil servicing company in Akwa Ibom State, The Pioneer Divers Int’l Limited, has dragged the Nigeria Content Development and Monitoring Board (NCDMB) to court for alleged breach of local content laws. The Punch has reported. In a suit number HEK/96/2019, filed before the Akwa Ibom State High Court in Eket, the plaintiff, Divers…
Damilola Shittu – Abuja The Nigerian Electricity Regulatory Commission (NERC) has issued permits to Meter Asset Providers to provide meters to customers who receive electricity supply from four power distribution companies. According to NERC, the permits were issued to meter asset providers that are to supply meters to customers in the franchise areas of Port…
The nation’s crude oil exports have suffered a setback as Aiteo Eastern Exploration and Production Company Limited declared force majeure on Nembe Creek Trunk Line following a fire outbreak. The NCTL, a major crude oil transportation channel used for export, evacuates crude to the Bonny Crude Oil Terminal. It is 100 kilometres long and has…
Oke Peter with Agency Report The international oil benchmark, Brent crude, surged on Monday to its highest level since late October 2018 after the United States President, Donald Trump, announced the decision to end waivers that allowed some countries to buy crude oil from Iran without facing US sanctions. Brent, against which Nigeria’s oil is…
By Michael J. Coren Elon Musk stood up in front of a room of investors today (April 22) to announce the era of the self-driving car had arrived—at least for Tesla. At “Autonomy Investor Day,” the Tesla Chief Executive Officer (CEO) said it had developed its own self-driving chip designed specifically for Tesla vehicles, and…
Ten oil block licences, including the controversial Oil Prospecting Licence 245, held by international and local firms will expire in 2020 and 2021. The Punch has reported. OPL 245, better known as Malabu oil block, is one of the biggest sources of untapped oil reserves on the African continent with reserves estimated at nine billion…
