By Nick Cunningham Oil prices fell sharply on Wednesday on news that Libya was suddenly set to restore hundreds of thousands of barrels per day, and the U.S. struck a softer line on Iran sanctions. Brent sank more than 6 percent during midday trading on Wednesday, as Libya’s National Oil Corp. (NOC) said that it…
By Energy Worth A major stride in the attainment of national energy sufficiency was achieved in Lagos on Monday with the commencement of technical framing workshop and subsequent project signing ceremony of the seven Critical Gas Development Projects (7CGDP) to deliver about 3.4 billion standard cubic feet of gas per day (bscfd) to bridge the…
By Energy Worth The Minister of Power, Works and Housing, Mr. Babatunde Fashola, on Monday, disclosed that the indebtedness of power distribution companies, DisCos, to the Nigerian Bulk Electricity Trading Company (NBET), has risen to N859billion. As a result, the NBET has accumulated a total debt of N325.784billion which is meant for the payment of power…
By Energy Worth President Muhammadu Buhari has joined operators in the power sector to call on international customers who receive electricity from Nigeria to either pay their bills or be disconnected. Nigeria sells power to the Republics of Togo, Niger and Benin, and classifies the West African countries as international customers. Officials at the Federal…
A large number of residents of Ugborodo community in the Warri South Local Government Area of Delta State have protested against a contractor of Chevron Corporation, Jad Catering Service, for reneging on terms of agreement and demanded that the contractor be replaced. The protesters stormed the Chevron Corporation headquarters in Lekki, Lagos State, on Tuesday….
By Nick Cunningham With around 2.5 million barrels per day (mb/d) of Iranian supply targeted by the Trump administration, how will the oil market cope with the losses? Is there enough supply capacity to make up for the shortfall? There is a great deal of debate about the true extent of the world’s spare capacity….
By Energy Worth Niger Delta stakeholders have warned that the menace of crude oil theft and artisanal refining will continue unabated in the region if the issue of resource control is not addressed. They decried the delay in commencement of the clean up of Ogoni environment almost seven years after the submission of the United…
The Federal Government on Monday ordered the Nigerian Electricity Regularly Commission (NERC) to enforce the contract mandating power distribution companies to provide meters to customers and eliminate estimated electricity bills in the power sector. It said the directive to NERC became vital following the number of complaints coming from power consumers on meters, which the…
Some consumers of electricity in Ogun State have lamented alleged estimated billings by the Ibadan Electrical Distribution Company. The residents said aside from the excessive charges, the power supplied by the electricity company was poor. They noted that they were discouraged from paying their bills because the charges did not reflect their power consumption. PUNCH…
Nigeria’s electricity distribution companies under the aegis of the Association of Electricity Distribution Companies (ANED) have said the major problem in the sector is the regulator, the Nigerian Electricity Regulatory Commission (NERC), who are partial, unfair and incompetent but the regulator says the group doesn’t worth a response. This highlights the depth of the friction…
