Category: Business News

By Oke Peter The Federal Government on Monday announced that it had recovered $64.63m electricity debt from the Republics of Benin and Niger. According to the Minister of Power, Works and Housing, Babatunde Fashola, the Nigerian Bulk Electricity Trading Company (NBET) has been directed to work out the modalities for the distribution of the money…

Alhaji Idris Mohammed is the former Managing Director of the Kaduna Electric Distribution Company (KADECO) and founder and Chief Executive Officer of Consultancy Dell’Amore International Limited, the authorised country partner for the EnergyNet Limited of United Kingdom. He was a guest speaker at the just-concluded 6th Powering Africa Nigeria Summit, at Transcorp Hilton Hotel, Abuja,…

The Nigerian National Petroleum Corporation (NNPC) has pledged to promote the development and commercialization of home-grown technology in collaboration with the Nigerian Content Development and Monitoring Board (NCDMB). Delivering the Lead paper at the 47th Conference and Annual General Meeting of Nigerian Society of Chemical Engineers in Port Harcourt on Friday, Group Managing Director of the…

The Federal Government is undecided about routing electricity distribution investments through the power distributors operating in the country despite that it owns 40 per cent stake in each of the 11 distribution companies. It, however, stated that it was interested in the well-being of the power distribution firms and urged the Discos to increase their…

The 2017 OPEC World Oil Outlook (WOO) was launched recently at the OPEC Secretariat in Vienna. First published in 2007, the WOO offers a thorough review and assessment of the medium- and long-term prospects to 2040 for the global oil industry, as well as analysis of various sensitivities that have the potential to impact the…

The Federal Government and a consortium of three Chinese firms on Friday signed an agreement for the construction of the 3,050 megawatts Mambilla Hydroelectric Power Plant worth $5.79bn. According to the government, the project which is being constructed in Taraba State is expected to be completed in six years. Funding for the power plant will…

The Nigerian National Petroleum Corporation (NNPC) has pledged to provide more support to indigenous companies in Nigeria’s Oil and Gas Industry. Group Managing Director of the Corporation, Dr. Maikanti Baru, made the pledge while commissioning the Lagos Midstream Jetty (LMJ) at the Apapa Harbour in Lagos on Tuesday. “NNPC will continue to support all players…

One of Africa’s leading platforms for energy investment and policy, Africa Oil & Power, has signed an agreement with Atlas and Oranto Petroleum to assist the companies in attracting farm-in partners to their extensive portfolio of exploration licenses. Africa Oil & Power will be responsible for promoting all the available acreage of both companies and…

Nigeria loses an estimated $1 billion yearly in the West African bunkering market valued at over $3 billion as some oil companies operating in the country patronise cheaper petroleum products sourced from illegal bunkering activities to fuel marine vessels and Floating Production Storage Offloading vessels (FPSOs), investigation has revealed. In the global petroleum and marine…

Total has signed an agreement with Engie to acquire its portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.49 billion. This portfolio includes participating interests in liquefaction plants, notably the interest in the Cameron LNG project in the US, long term LNG sales and purchase agreements, an LNG tanker…