The Federal High Court in Abuja has ordered the Central Bank of Nigeria to pay a judgment sum and interest of N182.7bn to Ogoni community from the account of First Bank of Nigeria. FBN manages the account of Shell Petroleum Development Company which the court compelled to pay the sum for causing damage to the…
Following the recent spike in temperature which has resulted in intense heatwaves affecting residents across Lagos, Schneider Electric has concluded an electrical safety sensitization campaign to avert possible hazards at home and workplaces. The Roadshow which was held at the Alaba International market, Lagos was aimed at enlightening members of the public on electrical safety….
Damilola Shittu – Abuja The electricity distribution companies (Discos) in Nigeria’s power sector have denied receiving financial subsidies from the federal government since 2013 when the sector was reformed, and privatisation exercise concluded. The Discos through their trade association – the Association of Nigerian Electricity Distributors (ANED), condemned a recent claim by the federal government…
Nigeria is set to build the second-largest hydropower plant in Africa after the government settled a legal dispute that was delaying the project, said power minister Sale Mamman. “We have now overcome the major problem stopping this project and it [the legal dispute] is nearly over,” Mamman said in an interview in Abuja, the capital…
Since November 2013, when the Power Holding Company of Nigeria (PHCN) successor companies were handed over to their new owners, the perennial challenge of epileptic power supply, which over the years contributed to the frail economic growth recorded by the country has remained unabated. In fact, the expectation of improved and stable supply of electricity,…
By Jumoke Adelabu The Nigerian Electricity Regulatory Commission (NERC) has placed limits on estimated bills that can be issued by electricity distribution companies to unmetered customers. It said it had cancelled the Estimated Billing Methodology Regulation as a basis for computing the consumption of unmetered customers by the Discos. NERC disclosed this in its order…
By Oke Peter The organiser of the global investment meeting for Africa’s power, energy, infrastructure and industrial sectors, Africa Energy Forum (AEF), EnergyNet Limited has announced that the 22nd edition of the Africa Energy Forum will address SDG7 and Impact of Energy Investment. Africa Energy Forum brings together stakeholders in Africa’s energy sector to identify…
By Oke Peter The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, disclosed on Monday that the corporation has assets worth over $20 billion, even as he decried the continued importation of petroleum products into the country. Kyari said this at the at the Nigeria International Petroleum Summit 2020 in Abuja. At…
In its determination aimed at providing answers to the key questions that businesses, big corporations, and policymakers have about Artificial Intelligence and Blockchain.TechCabal has announced that it will convene entrepreneurs, investors, policymakers and corporate organizations including telcos and financial institutions to examine how businesses, individuals and countries across the continent can maximize the benefits of…
By Oke Peter The Nigerian Minister for Mines and Steel Development, Olamilekan Adegbite on Thursday said he had set a target for the mining sector to contribute 3.0% of the nation’s GDP by 2025 as part of the efforts to contribute to the current administration’s diversification project. He disclosed this at the Mining Indaba conference…
By Jumoke Adelabu Some states in the South-West such as Oyo, Osun and Ogun may experience blackout as a giant transformer at the transmission station belonging to the Transmission Company of Nigeria (TCN), at Ayede, Akinyemi, Ring Road, Ibadan, was yesterday gutted by fire. Energy Worth Online learnt that the T1B 150 Mega-volt Arm (MVA)…
Usman Mohammed, managing director of the Transmission Company of Nigeria (TCN), says mistakes made during the privatisation of the power sector produced weak electricity distribution companies (DisCos). The sector was privatised in 2013 with the distribution and generation sub-sectors sold to core investors. Speaking in Lagos on Monday, Mohammed said the laws were adjusted to…
By Oke Peter In its determination aimed at establishing a forum for the next generation of miners, organiser of Mining Indaba has in invited students with interest in a potential career in the mining industry to attend Mining Indaba’s Young Leaders in Mining Programme on Thursday 6 February at the Cape Town International Convention Centre….
By John Lewis The mining sector is one of the most energy-intensive industries in the world, accounting for an estimated 6.2% of the total global energy consumption. It has also historically been a disproportionately large contributor to global warming, through the intensive use of fossil fuels to power operations. But now there is a spotlight…
The international oil benchmark, Brent crude, plummeted to its lowest level in more than a year on Monday, trading below the Federal Government’s benchmark for the 2020 budget, as the coronavirus outbreak hit fuel demand in China. The 2020 budget, which was signed by the President Muhammadu Buhari in December, was based on oil production…
The underlying causes of disruptions and disputes could be moderated by improving contracts, audits and controls Oil and gas projects are complex, usually large-scale and involve integrating complicated supply chains and diverse technologies. But this complexity does not explain the delays, disruption, defects, lost productivity and higher costs that afflict so many of these construction…
By Oke Peter The Nigeria Electricity Regulatory Commission (NERC) on Thursday moved to remove historical related liabilities from the financial records of DisCos. NERC said that the order No. NERC/196/2020 that it issued yesterday seeks to resolve the continued accumulation of future tariff-related shortfalls during the transition to cost-reflective tariffs and to prevent the accrual…
Damilola Shittu – Abuja The Senate on Thursday agreed to probe the Nigerian National Petroleum Corporation (NNPC) over the $396m expended on turnaround maintenance of refineries in the country between 2013 and 2015. The red chamber also mandated the committees on Petroleum Downstream, Upstream and Gas to carry out a holistic investigation into the expenditure…
The National Union of Electricity Employees (NUEE) has issued 14 days ultimatum to the Federal Ministry of Power to pay more than 2,000 workers that were disengaged from the defunct Power Holding Company of Nigeria or risk industrial action from electricity workers.The union gave the ultimatum on Wednesday during a media briefing in Lagos. It…
Arguably, after politics and security, the question of service delivery in the Nigerian power sector, a highly sensitive one at that, is the most discussed in the country today. The distribution sector of the electricity value chain is constantly in the news embroiled in one service delivery controversy or the other. Some of the areas…
The Nigerian government has participated enthusiastically in the U.K/Africa investment summit. It is likely to attract substantial investment flows, which will help boost productivity and output in the medium term. The diversification of the economy away from oil dependence will be enhanced by these flows and domestic commodities output is expected to surge. In the…
Damilola Shittu – Abuja Nigeria’s refineries under the management of the Nigerian National Petroleum Corporation (NNPC) made a cumulative loss of N123.25bn from January to October 2019, latest figures released on Wednesday showed. An analysis of data in the October 2019 oil and gas report of the NNPC showed that all three entities recorded losses…
The UK-Africa Investment Summit, the first of its kind hosted by the UK Government, was attended by the foreign secretary, Dominic Raab, the international development secretary, Alok Sharma, and Prince Harry. UK companies must leap at the chance to deepen economic ties with Africa, a continent with unmatched investment opportunities, several African leaders said at…
By Oke Peter The President of the Republic of Sierra Leone, Brigadier (Rtd.) Julius Maada Wonie Bio is confirmed to attend 2020 Investing in African Mining Indaba, taking place in Cape Town from 3 – 6 February 2020. President Bio was elected as the 5th President of the Republic of Sierra Leone in May 2018…
The Port Harcourt Electricity Distribution Company (PHED) says it has commenced mass disconnection of defaulting customers in the four states it operates. The states are Akwa Ibom, Bayelsa, Cross River and Rivers States. The Manager, Corporate Communications of the company, John Onyi, confirmed this to News Agency of Nigeria (NAN) in an interview in Port…
In addition to the Wednesday boost from a Phase 1 US-China trade deal that would ostensibly see China import tons of US LNG and coal, oil prices got a boost Thursday from the Senate’s approval of the US-Mexico-Canada trade agreement, with Mexico and Canada being the top two targets for US petroleum exports. However, by…
Following the system collapse which occurred at 4.15 pm on Thursday, the Transmission Company of Nigeria (TCN) today said the national grid had been fully restored. It explained that the collapse occurred while the grid was recovering from an earlier partial system slump, which it described as “system disturbance.” “Full restoration of the grid was…
Damilola Shittu – Abuja President Muhammadu Buhari has approved the constitution of two committees for the Mambilla Hydroelectric Power Project in Taraba State. He approved the Inter-ministerial Steering Committee and Project Delivery Committee for the N2trn power project. The Minister of Power, Sale Mamman, is to chair the inter-ministerial steering committee, while the director in…
For the 4th consecutive year, African women entrepreneurs can apply to the WIA 54 program. Launched by the Women in Africa initiative, through its WIA Philanthropy endowment fund and thanks to the support of its patrons Société Générale, Roland Berger, Honoris United Universities, Gfi Informatique, Stop Hunger, DS Avocats and the Total Foundation. WIA 54…
In December 2019, an ambitious refinery project in the remote Ibeju-Lekki suburb of Lagos, Nigeria, took delivery of the world’s largest single crude distillation column, to much fanfare. After years of hopes and delays, Aliko Dangote’s 600,000 barrels a day refinery – one of the world’s second biggest – is due to start operations in…
The total quantum of electricity generated on the national grid since the beginning of 2020 reached a peak of 4,898.2 megawatts on Wednesday, latest industry data obtained on Thursday in Abuja showed. Findings from the Federal Ministry of Power showed that the grid had opened the year 2020 with a peak power generation of 4,678.8MW,…
As the year 2020 begins to take shape, WebTV recently interviewed the President of the Renewable Energy Association of Nigeria, Mr. Segun Adaju, on his outlook for the power and energy sector in the year 2020. Adaju said the future of the energy sector in Nigeria hinged on consistency in deepening the supply mix, with…
By Jumoke Adelabu The Nigerian Electricity Regulatory Commission (NERC) has said the review of electricity tariffs in the country is subject to public consultation. The chairman of the board of NERC, James Momoh, said the proposed tariff is only a review that it is mandated twice in a year. Speaking at a briefing on an…
Loveth Ikolodo Days after joining and beginning her new assignment as United Nations Secretary-General’s Special Representative for Sustainable Energy for All, the Nigerian Government has reversed the suspension of Damilola Ogunbiyi as Managing Director of Rural Electrification Agency. Ogunbiyi was suspended by Minister of Power, Sale Mamman, over undisclosed infractions in the agency. Following her…
Jumoke Adelabu – Lagos Lekoil Plc says it has secured a $184m loan for the appraisal drilling and development programme of the OPL 310. The company said in a notice filed at the London Stock Exchange that as a condition for the provision of the facility, its Chief Executive Officer, Mr Lekan Akinyanmi, would pledge…
The General Secretary, National Union of Electricity Employees (NUEE), Joe Ajaero, has declared that the power sector privatization, from onset was not meant to succeed. According to him, six years down the line, no megawatts have been added and no power plant has been built by either the investors or government. Ajaero, who stated that…
The Kaduna State Deputy Governor, Dr Hadiza Balarabe, has called on those engaged in the sale of inflammable goods to move to areas that have been designated by the government for such business. The deputy governor made the call when she visited victims of Saturday’s gas explosion receiving treatment at Sabo, Barau Dikko and St…
The Nigerian Navy (NN) on Friday handed over 57 Nigerians, seven Sri-Lankans and two Ghanaians, suspected to be involved in oil bunkering, to the Economic and Financial Crimes Commission (EFCC). The News Agency of Nigeria (NAN) also reports that the seven vessels, involved in the oil bunkering and having no valid approval, were arrested by…
By Oke Peter AS part of its efforts to ensure optimal utilization of resources for the provision of electricity services, the Nigerian Electricity Regulatory Commission (NERC) on Tuesday, ordered the electricity distribution companies (DisCos) to transit into cashless collection of electricity bills. This is effective for industrial and commercial by 31st January 2020 and R3…
New year, new feels, new chances. Same dreams, fresh starts. Wishing you peace, love, health, and happiness in 2020. We thank you for journeying with us and do accept our best wishes for the year ahead. From all of us at Energy Worth Online.
By Oke Peter Following the suspension of Mrs Damilola Ogunbiyi as the Managing Director of the Rural Electrification Agency (REA) last week. President Muhammadu Buhari has appointed Engineer Ahmad Salihijo Ahmad as the new Managing Director and Chief Executive Officer (CEO) of the Agency. The Minister of Power, Engineer Mamman Sale broke the news in…
Reports have shown that a number of oil and gas projects valued at $58.4bn are facing an uncertain future as international oil companies operating in the country have failed to sanction them several years after they were announced. Industry experts said the regulatory and security challenges in Nigeria, as well as the slump in global…
Jumoke Adelabu – Abuja The Nigerian National Petroleum Corporation (NNPC) and its joint venture partners in the Nigeria Liquefied Natural Gas Limited on Friday took the Final Investment Decision on the commencement of the $10bn NLNG Train-7 project. Shareholders of the company took the FID on the Train-7 project in Abuja after about 12 years…
Sources, who described the minister’s indefinite suspension of Ogunbiyi as needless and ruthless, claimed that Mamman hated women. Sources within the Rural Electrification Agency have alleged that Minister of Power, Sale Mamman, victimised Managing Director of the agency, Mrs Damilola Ogunbiyi, out of office. Mamman in a statement on Tuesday, announced the indefinite suspension of…
On this special day, we wish our esteemed readers a Merry Christmas and Happy New Year in Advance. From all of us at Energy Worth Online.
The Presidency has said that the resolve by President Muhammadu Buhari not to allocate the nation’s oil wells as gifts to some powerful and influential Nigerians since he assumed office in 2015, has been largely responsible for the seeming hatred and bitter criticisms of his administration by the political elite in the country. Senior Special…
By Oke Peter Rivers State governor, Nyesom Wike on Monday declared that the disputed Soku oil wells belong to the people of the state as affirmed by a Federal High Court. He said the court verdict was based on the admission by the National Boundary Commission that it erroneously shifted the boundary between Rivers State and…
The Minister of State for Petroleum Resources, Chief Timipre Sylva said the Federal Government would continue to support effort to ensure the take off of Waltersmith modular refinery by May 2020. Sylva gave the assurance during his inspection visit to the Walthersmith Modular Refinery construction site located in Ohaji/Egbema Local Government Area, Imo State. The…
Damilola Shittu – Lagos Ten governors on the platform of the Nigerian Governors Forum (NGF) Friday visited the Dangote Refinery and Petrochemicals at Ibeju-Lekki in Lagos, stating that it is a pride to Nigeria and Africa. The governors, led by the Forum’s chairman, who is the Governor of Ekiti State, Dr. Kayode Fayemi, described the…
Italian prosecutors have been asked to produce a Nigerian ‘super witness’ who is a retired Assistant Inspector-General of Police, Isaac Eke, in the ongoing probe of the $1.1bn Malabu oil scandal. The Palace of Justice in Milan, Italy, during the week told prosecutors to make the key witness appear before it by January 29, 2020,…
White Paper presented at Power Sector Roundtable Conference hosted by Mainstream Energy Solutions Limited on September 24, 2019 at Kainji Dam Hydropower Plant, Niger State BackgroundThe slow pace of economic diversification The Economic Recovery and Growth Plan (ERGP) contains the federal government’s position to diversify the economy away from oil towards developing the agricultural and…
The Nigerian Electricity Regulation Commission (NERC), on Saturday, said Eko Electricity Distribution Company (EKEDC) recorded the highest remittance efficiency of 43.3 per cent in the second quarter of 2019. The Second Quarter Report was obtained by the News Agency of Nigeria (NAN) in Lagos from the website of NERC. NERC also said Jos and Kaduna…
The ambitious Integrated Resource Plan may struggle to convince investors and overcome vested interests. The reality could include a far greater dependence on gas than envisaged. The South African energy sector is in desperate need of investment and reform—with state power utility Eskom as its emblematic, dysfunctional centerpiece—while potentially transformative discoveries await development. South Africa…
Investment company Crypto Valley Venture Capital (CV VC) visits Mauritius as part of a delegation led by the Swiss Blockchain Federation and organised by the Swiss Embassy to build ‘blockchain bridges’. Investment company Crypto Valley Venture Capital (CV VC) has visited Mauritius as part of a delegation led by the Swiss Blockchain Federation and organised…
By Oke Peter The 4th annual Regional Energy Summit: West Africa (RES: West Africa) begins today in Dakar, Senegal. The event will bring together over 300 investors, project leaders and utilities stakeholders to engage and present the latest developments on enhancing the energy mix within West Africa. The event will hold from 2-3 December 2019…
Nigeria’s power management giant, Schneider Electric in partnership with the National Power Training Institute (NAPTIN) and the French Development Agency has concluded the second round of its training programme for electricians in Lagos. The second round of the training, which commenced September 3rd, rounded off on the 26th of November, 2019. Schneider Electric and NAPTIN…
Osam Iyahen is a Director at Africa Finance Corporation (AFC), a leading investment grade infrastructure solutions provider, created by sovereign African states to provide pragmatic solutions to Africa’s Infrastructure deficit and challenging operating environment, by developing and financing infrastructure, natural resources, and industrial assets, for enhanced productivity and economic growth of African States. He is…
Power distribution companies have till December 7 to submit their written responses providing reasons their licences should not be cancelled, the Nigerian Electricity Regulatory Commission (NERC) declared on Tuesday. In an updated document on the notice of hearing on the petitions by Discos on the Minor Review and Minimum Remittance Order dated November 5, 2019,…
By Oke Peter Eko Carbon Exchange (ECX), a platform for education and awareness on environmental emissions, as well as carbon pricing and climate token-based emission trading, as a voluntary mitigation pathway under the UNFCCC Kyoto Protocol has announced that it will hold a Breakfast Dialogue on waste, emissions and wealth creation. According to a statement…
By Oke Peter The Edo State Governor, Mr. Godwin Obaseki, has flayed the incessant oil theft in the Niger Delta, bemoaning the loss of about 22 million barrels of crude oil in the first quarter of 2019, estimated at $1.35 billion. The governor, while playing host to a delegation of National Executive Committee (NEC) of…
By Jessica McDonald While Senator Bernie Sanders has said “scientists tell us” that it’s possible to go carbon neutral without relying on nuclear power, fellow Democratic presidential candidate Senator Cory Booker, who backs the use of some nuclear energy, has said the data is on his side. Who’s right? Both have a point, but neither…
Sustainable Energy for All (SEforALL) has today announced that Damilola Ogunbiyi, current Managing Director of the Nigerian Rural Electrification Agency (REA), has been selected as the organization’s new Chief Executive Officer (CEO). The news followed United Nations (UN) Secretary-General António Guterres announcing the appointment of Ogunbiyi as his Special Representative for Sustainable Energy for All and Co-Chair of…
By Gail Tverberg The energy needs of the world’s economy seem to be easy to model. Energy consumption is measured in a variety of different ways including kilowatt-hours, barrels of oil equivalent, British thermal units, kilocalories and joules. Two types of energy are equivalent if they produce the same number of units of energy, right?…
Nigerians woke up on Wednesday, May 8, to a nationwide outage that cut off power from many homes and factories, leading to reduced load allocations to the distribution companies (DisCos). About 5:29 am the following day (Thursday, May 9, 2019), the grid collapsed again, compounding the nation’s energy challenge. Checks revealed that the country’s power…
The programme marks another level of Dangote Petroleum Refinery’s intervention as it is targeted at providing vocational skills to the teeming youth population About 200 youths from Ibeju-Lekki community in Lagos State have graduated from various skills acquisition programme organised by Dangote Petroleum Refinery as a way of transforming society and providing employment opportunities for…
Schneider Electric has unveiled new integrated energy solutions for the next generation across multiple market segments at the Innovation Day Lagos 2019 event held on the 10th of October 2019 at Lagos Continental Hotel, VI Lagos. In his opening remarks, the Managing Director Schneider Electric, Mr. Christophe Begat underscored the company’s interest in innovations for…
Inefficient ports have hampered the progress of what will be Africa’s largest oil refinery Aliko Dangote, who first announced his plans for a new oil refinery in Nigeria in late 2013, is battling against conditions at Nigeria’s ports to avoid further delays. Initially planned to start production in 2016, the refinery deadline slipped to the…
By Oke Peter Being a great leader is all about having a genuine willingness and a true commitment to lead others to achieve a common vision and goals through positive influence. —John C. Maxwell. For the leading Nigerian electricity distribution company, Ikeja Electric Plc, the will to win, the desire to succeed and the urge…
Government claims it’s owed money as price of crude has risen Justice minister says possible settlement isn’t ‘out of sight’ The Federal Government of Nigeria began preliminary talks with international oil companies to settle a dispute over revenue. The government, citing a 2018 Supreme Court ruling, says it’s entitled to $62 billion from the companies…
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) on Friday said it has discovered hydrocarbon deposits (crude oil) in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North-Eastern part of the country. Recall that drilling of the Kolmani River II Well was flagged-off by President Muhammadu Buhari on…
After a fruitful year of community building, exciting member sign-ups, many learnings, great events and shared success, the Mauritius Africa FinTech Hub (MAFH) celebrated its first anniversary on October 3, 2019 at the Cerne Docks Warehouse, Port Louis. Since its launch, MAFH has engaged with multiple stakeholders in the FinTech industry, including financial institutions, Venture…
Kenya, Egypt, Ghana, Morocco, Niger, Nigeria and Sudan have already engaged with the International Atomic Energy Agency to assess their readiness to embark on a nuclear programme. Senior nuclear stakeholders from international and African companies and government agencies will gather at the 9th edition of Nuclear Business Platform, being held at the Mövenpick Nairobi Hotel…
The company, based in Canada, is a private sector clean-energy technology producer and supplier of sustainable energy solutions First WATT Renewables has emerged the winners of the 4th West African Forum for Climate and Clean Energy Financing (WAFCCEF) contest, held on Thursday 26 September in Abidjan and co-organized by the African Development Bank (AfDB). The…
As the contributions of solar PV and wind power to electricity systems keep growing around the world, governments and industry are challenged to address the critical work of integrating these variable renewables into their electrical grids. This is essential to make sure that countries can benefit from higher shares of renewable power while ensuring grid…
Leading Electricity Distribution Company, Ikeja Electric Plc, has joined the global community to mark the Customer Service Week, while reassuring customers of improved experience and commitment to providing exceptional service delivery. In a statement signed by the Managing Director/Chief Executive Officer, Dr. Anthony Youdeowei, the Ikeja Electric brand is driven by an endless desire and…
As part of activities marking the 2019 Global Sustainability Week, employees of the pan-African conglomerate, the Dangote Industries Limited flagged off an environment focused initiative tagged “Waste -to-Wealth initiative”, focused on managing waste disposal while generating income and giving back to communities wherein we operate. The Company marked the Sustainability Week with the theme: “Our…
The Senior Vice President, Investments, at the Africa Finance Corporation (AFC), Mr Begna Gebreyes, has said that the corporation will continue to support the Nigeria’s mining industry. Mr Begna Gebreyes will be part of a panel discussion at forthcoming Nigeria Mining Week, which will hold in Abuja from 14-16 October. Gebreyes and other industry experts…
By Anastasia WALSH Grid modernisation, specifically the deployment of microgrids in rural areas, provides a promising strategy Electrification is an on-going and foundational investment, and a necessary one to realize all modern-day development objectives. Despite bullish policies, the fact remains that over 640 million Africans lack access to electricity. The effect of this is apparent….
Nigeria’s leading electricity distribution company, Ikeja Electric, has received commendation from Executive Chairman, Ijede Local Council Development Association (LCDA), Honourable Salisu Fatiu Jimoh as the company donated educational packs including bags, exercise books and pens to support pupils of Anglican Primary School, Ijede. The initiative, tagged “Back to School’ campaign is in line with the…
Adesina also talked about plans for $20 billion of investments in solar and clean energy that would provide the region’s 250 million people with 10,000 MW of electricity. African Development Bank (AfDB) President, Akinwumi Adesina on Tuesday, unveiled ambitious plans to scrap coal power stations across the continent and switch to renewable energy at United…
The UK pledged £200 million ($250 million) to the Climate Investment Funds’ Global Energy Storage Programme, which in collaboration with the World Bank’s Energy Storage Partnership aims to deliver breakthrough energy storage and renewable energy solutions at scale. France’s Agence Française de Développement (AFD) and the Netherlands pledged $100 million to the Solar Risk Mitigation…
The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank (AfDB), has approved a $500,000 grant to support the development and launch of the Nigeria Energy Access Fund (NEAF). This new private equity fund has been developed by Nigerian impact investment firm, All On. NEAF will make strategic investments in sustainable energy…
Amazon’s Jeff Bezos is betting big on startup Rivian Automotive by placing the largest-ever electric vehicle purchase order in automotive history. The Michigan-based startup will be building and delivering 100,000 electric vans to Amazon over the next decade. The first 10,000 will start hitting roads in 2021 and completing the delivery the next year, with all 100,000…
A swarm of drones set off a chain of explosions the Saudi Aramco oil production facilities at Abqaiq and Khurais in eastern Saudi Arabia on 14 September 2019. It is important to note that the Abqaiq facility is not a refinery or a petrochemicals plant, but is a crude separating facility where impurities like hydrogen…
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) with its joint venture partners, Shell Production Development Company (SPDC) and Belema Oil, have resolved the dispute on the operation of Oil Mining Lease 25. The feuding group at the signing of the dispute closure agreement in Abuja on Tuesday agreed that operations at the oil…
The chairman of the Nigerian Electricity Regulatory Commission (NERC), Professor James Momoh, has assured the West African nation that “stable power supply in the nation will be realized in our lifetime.” Momoh is confident that this would be achieved when the metering situation in the country improves through the intervention of current Meter Asset Providers’…
Jumoke Adelabu – Abuja The Federal Government is making frantic efforts to ensure that some sections of the Ajaokuta Steel Company (ASC) resumes production before the end of 2019. The minister of Mines and Steel Development, Arc. Olamilekan Adegbite disclosed this when he received the Russian Ambassador to Nigeria, His Excellency Alexey Shebarshir who was…
The expansion of LNG Train-7 plant, a Nigerian Liquefied Natural Gas project, is anticipated to attract $10 billion in foreign direct investment in the next five years. After a 12-year delay, the Nigerian Liquefied Natural Gas (NLNG) Limited will now go ahead with the expansion of its LNG capacity by an additional eight metric tonnes…
By Oke Peter Nigerian government has inaugurated the largest off-grid solar hybrid power plant in Africa at Bayero University, Kano (BUK) in Kano State. The project was under undertaken by the Energising Education Programme of the Federal Government and is expected to provide constant electricity supply for about 55,815 students and 3,077 staff. Largest off-grid…
This conclusion was met upon the realisation that Africa doesn’t necessarily have a generation problem; rather a transmission and distribution problem across and in between vast areas of land. Despite reaching this potential epiphany, however, governments at the time lacked templates, frameworks, and even – in some cases – an understanding of how to develop,…
Many energy schemes across Africa wither because of the absence of effective financing structures. However, both development finance institutions and commercial lenders are committed to finding solutions that could transform the continent’s prospects. James Gavin reports. The race is on to find new ways of catalysing finance for projects that provide electricity to all Africans….
Oke Peter with Agency Report A report obtained Thursday from the System Operations (SO), a department of the Transmission Company of Nigeria (TCN) has shown that the level of electricity distribution by the 11 electricity distribution companies (Discos) in the country has significantly dropped to 2,962.82 megawatts (MW) or 46.73 per cent. The report, which…
Oluwadamilola Shittu – Abuja The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has solicited the support of the Department of State Services (DSS) to assist the corporation in its effort to recover outstanding debts as well as curb pipeline vandalism. Kyari made the plea when he led the management…
ENGIE already has significant activities in off-grid electrification in Africa ENGIE has expanded its decentralized energy offering in Africa through the acquisition of Mobisol, a pioneer of off-grid solar solutions. Founded in 2011, the company employs over 500 people as well as approximately 1,200 contractors. Mobisol has operations in Tanzania, Rwanda, and Kenya and has…
Nigeria’s energy management giant, Schneider Electric in partnership with Agence Francaise de Development (AFD) and the National Power Training Institute (NAPTIN) will begin the second round of training for Nigerian electricians across the country on September 3. Already, Schneider Electric has trained 1,000 beneficiaries in the last five years and has asked those who do…
Nigeria may face another $2.3bn fine in arbitration in France over an alleged breach of contract on Mambilla Hydroelectric project. This is coming after a British commercial court awarded $9.6bn against the country in favour of Process and Industrial Development Company in a botched gas processing deal. The Mambilla project is currently a subject of…
The Federal Government spent a total N650.2bn in subsidising Premium Motor Spirit; latest statistics obtained from the Nigerian National Petroleum Corporation have shown. The PMS, popularly known as petrol, is imported into Nigeria solely by the Federal Government-owned NNPC. The corporation subsidises the commodity to ensure that it is not sold above N145 per litre…
The government of Bangladesh has signed a $185 million financing agreement with the World Bank to add about 310MW renewable energy generation capacity. The Scaling-up Renewable Energy Project will focus on utility-scale solar PV and rooftop PV to expand new markets in renewable energy generation in the country. The project will establish the country’s first…
A trilateral collaborative joint venture (JV) between the Nigerian National Petroleum Corporation (NNPC), Nigerian Agip Oil Company, NAOC (an affiliate of Italian Oil major, Eni), and Oando has resulted in the discovery of large onshore gas and condensate deposits in the Niger Delta. The new find is the equivalent of 1 trillion cubic feet of…
In its efforts aimed at ensuring effective service delivery to its customers, Nigeria’s leading electricity distribution company, Ikeja Electric Plc (IE) has introduced its electronic billing (e-billing) platform, which enables customers to receive electricity bills promptly and conveniently, via channels such as SMS, USSD, email, IE Bill portal and IE mobile Application. The e-billing initiative…
Upgrade of three GE’s LM6000PA and one LM6000PC Aero derivative gas turbines Improved Plant Efficiency and Reliability Songas Ubungo Power Plant provides more than 20 percent of the grid connected power in Tanzania; upgrade of three GE’s LM6000PA and one LM6000PC Aero derivative gas turbines Improved Plant Efficiency and Reliability. GE and Songas today announced…
New import facilities progressing despite spare capacity in existing infrastructure Europe’s LNG receiving capacity, across ten countries from Lithuania to Greece, has experienced usage levels this year unprecedented in well over a decade, as a global LNG supply glut finds the continent a home of last resort. But, despite the significant uptick in deliveries, Europe’s…
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) on Sunday said it recorded 77 per cent rise in oil pipeline vandalism across the country in June 2019. It disclosed this in its Monthly Financial and Operations Report for the month, adding that 106 pipeline points were breached, which increased from the 60 points vandalised…
With an aim to serve as a platform to expand and develop the African Internet, the 10th annual Africa Peering and Interconnection Forum (AfPIF) took place at the Intercontinental Hotel, Balaclava, Mauritius from 20-22 August, 2019 in collaboration with the local host, Rogers Capital. AfPIF is an annual event that connects and brings key infrastructure,…
The explorer and pilot of Solar Impulse has been selected by the French government as one of the representatives of civil society that will address the G7, calling for brave policies that will turn the tide in the climate crisis. Bertrand Piccard, who has long advocated for more ambitious climate policies thanks to financially profitable…
Residents of Magodo Estate, Lagos have commended the management of Ikeja Electric Plc (IE) for providing stable electricity to customers within the Estate following the signing of the Premium Power Agreement recently. The Premium Power initiative is a power purchase agreement under the ‘Willing Buyer, Willing Seller’ initiative issued by the Nigerian Electricity Regulatory Commission…
Abdullahi Dangiwa – Abuja The Federal High Court in Abuja on Friday ordered the Minister of Petroleum Resources to grant the renewal of the Oil Mineral Lease 11 to Shell Petroleum Development Company of Nigeria for 20 years. Justice Taiwo Taiwo, in his judgment delivered on Shell’s suit, ruled that renewal would be for 20…
The President Muhammadu Buhari regime through the Nigerian Electricity Regulatory Commission (NREC) has increased electricity tariff across the country. The difference between what Abuja Electricity Distribution Company (AEDC)’s customers pay currently and what they will pay from next year, is an increase of N9.8/kWh. According to Punch, findings from various documents obtained from the NERC…
Nigeria, Egypt, South Africa, Mozambique, Senegal and Mauritania lead investment across supply and demand driven projects Africa is an exciting frontier in the global natural gas sector. The continent holds 7.1 percent of proven global gas reserves and is expected to contribute nearly 10 percent of global production growth through to 2024. On the demand…
Shittu Oluwadamilola – Abuja President Muhammad Buhari has approved the sum of N600 billion as another intervention fund for the power sector. The Market Operator, Transmission Company of Nigeria (TCN), Edmond Eje, disclosed this on Wednesday in Abuja, while speaking on the sidelines of the third MO interactive stakeholders’ forum. “The plan is at an…
Nigeria’s leading Electricity Distribution Company, Ikeja Electric (IE) has signed an agreement with Magodo Resident Association to invest in electricity infrastructure in the Estate as well as provide reliable and quality electricity supply to the residents. The contract, which is in line with the company’s Premium Power Purchase Agreement, was signed at the association’s community…
Jumoke Adelabu – Abuja Ongoing efforts by the Nigerian National Petroleum Corporation (NNPC) to provide qualitative healthcare services to Nigerians in all walks of life received a major boost over the weekend with the formal accreditation of the NNPC Health Maintenance Organization (HMO) by the National Health Insurance Scheme (NHIS). The accreditation which granted the…
By Oke Peter The Managing Director/Chief Executive Officer of the Niger Delta Power Holding Company Limited (NDPHC), Mr Chiedu Ugbo, has said the firm has completed 100 transmission and distribution projects across the country in the last four years. Chiedu disclosed this at the inauguration of a 2x60MVA, 132/33kV substation and associated 132kV transmission lines…
. Oke Peter with Agency ReportThere are strong indications that the Federal Government is considering repossession of 10 electricity distribution firms as one of the options to rescue the nation’s beleaguered electricity industry. This is coming ahead of the scheduled final performance review of the private firms that bought into the distribution companies carved out…
This November, the ruling All Progressives Congress (APC) will slug it out with the Peoples Democratic Party (PDP) for the gubernatorial position in oil-rich Bayelsa and the central state of Kogi. In the general polls earlier this year, elections for governor held in only 29 of the country’s 36 states due to a calendar distorted…
UNMISS Head of Field Office in Kuajok Anastasie Nyirigira Mukangarambe thanked all partners that supported the project and hoped that the Radio station would make impact A 300-watt solar panel system funded by the United Nations Mission in South Sudan (UNMISS) through its Quick Impact Projects (QIPs) has been handed over to authorities of Gogrial…
The six-year electricity deal signed by the Federal Government and Germany-based Siemens AG in July will cost more than N1.15 trillion to execute. The Punch has reported. The three-phase Nigerian electrification project which aims to achieve 25,000 megawatts of electricity in the country by 2025 will require more than N1.15 trillion to execute, according to…
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, is to lead other team of discussants to analyse topical issues in oil and gas industry at the 2019 edition of the Association of Energy Correspondents of Nigeria (NAEC) annual conference. The event, which is scheduled to hold at the…
May this special day bring peace, happiness and prosperity to everyone. Eid Mubarak.
Leading Electricity Distribution Company, Ikeja Electric Plc (IE) has fully commenced the roll out of meters under the Meter Asset Provider (MAP) scheme, to all unmetered customer across its network. In the first phase, which culminated at the end of July, metering was restricted to only customers in Ikorodu, Abule-Egba and Shomolu Business Units. However,…
By Oke Peter The Nigerian Content Development and Monitoring Board (NCDMB) will support Notore Chemical Industries Plc to fully develop its industrial complex so it could offer integrated services to oil and gas companies and increase its contributions to the agricultural and infrastructural sectors. The Executive Secretary NCDMB, Engineer Simbi Kesiye Wabote visited the company…
The petroleum products importation statistics for Q2 2019 reflected that 5.61 billion litres of premium motor spirit (PMS), 1.38 billion litres of automotive gas oil (AGO), 12.22 million litres of Household kerosene (HHK), 131.36 million litres of aviation turbine kerosene (ATK), 77.24 million litres of base oil, 41.79 million litres of bitumen, 27.68 million litres…
Damilola Shittu – Abuja In his determination towards ensuring transparent transactions, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, on Tuesday said that the corporation would respond to calls for the disclosure of contracts and contractors later this month. He noted that the biggest contracts in the corporation’s portfolio currently…
Shittu Oluwadamilola – Abuja The Association of Power Generation Companies in Nigeria (GENCOS) has disclosed that the transmission of electricity across the country is still weak despite the interventions and claim by the Transmission Company of Nigeria (TCN) that it currently has capacity to wheel over 8,000 megawatts of power. The transmission company had reportedly…
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) has for the umpteenth time assured stakeholders in Delta State and the Niger Delta in general that it has no plan to relocate the headquarters of its subsidiary, Nigerian Gas Company (NGC) from its present location in Delta State to somewhere outside the region. The NNPC…
By Oke Peter Nigeria’s Vice President, Yemi Osinbajo, has inaugurated the Nigeria’s first 2.8MW solar hybrid power project at Alex Ekwueme Federal University, Ndufu-Alike Ikwo in Ebonyi State. The project falls under the Energising Education Programme (EEP) of the Federal Government, which was implemented by the Rural Electrification Agency (REA). The clean-generated power will provide…
NIGERIA’s leading marginal field operator, Oriental Energy Resources Limited, OERL, has confirmed oil discovery in two deep prospects that were identified during extensive subsurface studies in its offshore Ebok field. Oriental Energy commenced the appraisal drilling campaign in the North Fault Block of the field in the first quarter of 2019, Q1’19, with the objective…
Despite bullish fundamentals this week that saw over 8 million barrels shaved off US inventories, shrinking OPEC production in July, a force majeure declaration by Libya, and continuing tensions in the Persian Gulf, oil prices saw the largest daily loss in years on Thursday after President Donald Trump tweeted that his administration would be putting…
Energy efficiency is the most cost-effective way to achieve economic growth, decarbonise economies and meet the goals of the Paris Climate Agreement, write Kim Fausing and Rachel Kyte. As the world increasingly benefits from the price revolution in renewable energy and the world’s largest investors come to grips with the phase-down of fossil fuels, it…
Shittu Oluwadamilola – Abuja The Nigerian National Petroleum Corporation has said the volume of foreign investment flow into the country will not be as robust as it should be until the petroleum legislation for the oil and gas sector is passed. The NNPC’s Group Managing Director, Mele Kyari, said this during a visit of the…
By Oke Peter Director-General of the Nigerian-American Chamber of Commerce, Mrs. Joyce Akpata has advised entrepreneurs in the country to build business that will outlive them, nothing that creating a gap between business and personal interest will make the business sustainable. Akpata gave the charge in her lecture entitled: ‘Creating the right structure in building…
Schneider Electric in partnership with PowerForAll and Rockefeller Foundation earlier this week in Abuja launched a campaign to develop human capital towards curbing a widening unemployment gap in the power sector. The powering jobs campaign became a necessary sequel to a recent study by PowerForAll which revealed that there is an urgent need to develop…
The Germany Africa Business Forum (GABF) brings together Africa’s foremost executives with German companies, investors and innovators with the aim of driving change The Germany Africa Business Forum (GABF), whose goal is to strengthen investment ties between Germany and Africa, announced it has, in collaboration with private partners from the energy industry, launched a multi-million…
Crowdfunding has taken off globally and has recently begun to gain traction in Africa in particular, because of the opportunities it gives individuals or businesses looking to raise awareness and funds for their innovative ideas and products. On that note, the African Crowdfunding Platform Event was held in Mauritius on Monday 22 July 2019 at…
Kenya has unveiled Africa’s largest wind power plant with plans to go 100 percent green energy by 2020. President Uhuru Kenyatta disclosed this on at the unveiling ceremony of the wind power plant on Friday. The project, according to President Kenyatta, will position the East African economic powerhouse on the pathway to becoming a global…
Being a text of an address delivered by President Muhammadu Buhari at the meeting with the President/ Chief Executive Officer, Siemens AG, Mr Joe Kaeser at the State House, on Monday, 22nd July, 2019. Thank you all for coming today and for the roles you have all played in planning what we hope will be…
By Oke Peter The Nigerian National Petroleum Corporation, (NNPC), Sunday, announced a trading surplus of N6.33 billion for the month of May 2019. In a statement on its Monthly Financial and Operations Report for May 2019, the NNPC disclosed that the trading surplus recorded in the month under review, represented an improvement of 13 percent…
Electricity customers in Obawole, Fagba and environs of Iju, in Ifako-Ijaiye Local Government Area of Lagos State have started experiencing a vast improvement in power supply, with the commissioning of the Obawole 15MVA transformer Injection Substation by Ikeja Electric Plc (IE). The Injection Substation, which was commissioned last Friday, would provide residents with the availability…
The industrial take-off required to support the much-needed economic diversification remains elusive. A principal reason is Nigeria’s structural deficit, in which the epileptic power supplies form a major part. Industry sources suggest that businesses suffer an average monthly power outage of 239 hours (equivalent to about two weeks). As such, self-generation and the associated costs…
The Transmission Company of Nigeria (TCN), said it was targeting to raise the transmission wheeling capacity to 10,000 megawatts (MW) from the present 8,100MW by reconductoring seven critical transmission lines in the country. The Managing Director/CEO, Mr. Usman Gur Mohammed who gave this indication at a quarterly press conference recently in Abuja, said this was…
Esther Ajibola – Lagos The Nigerian Electricity Regulatory Commission (NERC) has disclosed that electricity customers will be able to acquire meters without upfront payment starting from next month. NERC said customers could get meters and pay in instalments within one year or a maximum of 10 years, with the prices of a one-phase and three-phase…
To understand the implications of the world’s changing energy demands, and the eventual change in geopolitics for Nigeria, we need to understand how our relationships with key economic partners like US, China, Europe and India will change. As the US has most of the other commodities Nigeria produces and Nigerians cannot afford most American produced…
Ikeja Electric Plc. (IE) has collaborated with a multinational retail company, PEP Stores, to enable customers to pay bills or recharge their account at designated PEP Stores across Lagos. Under this partnership, post-paid and prepaid customers within IE network can pay their bills and recharge their account while doing regular shopping in PEP Stores located…
In its determination aimed at reducing the unemployment rate in the country, Ikeja Electric Plc (IE) has partnered with Slot Foundation to train 40 young persons in skill acquisition and capacity building empowerment scheme tagged: ‘Youth Empowerment Program (YEP).’ YEP is one of IE’s Corporate Social Responsibility (CSR) initiatives designed to empower youths who are…
Oke Peter with Agency Report The Nigerian National Petroleum Corporation (NNPC) has issued award letters for contracts to exchange crude oil for imported petroleum products, Reuters quoted sources familiar with the matter as saying. A total of 15 groupings, with at least 34 companies in total, received award letters, four sources with knowledge of the…
Renewable energy investor Platinum Power, minority-owned by United State private equity firm Brookstone Partners, has teamed up with China’s CFHEC to build a $300 million hydropower plant in central Morocco, it said recently. CFHEC, which is a subsidiary of state-owned construction firm CCCC, will partner with the Moroccan group to finance, build and run the…
In line with its targets for increasing crude oil production to 6.2 million barrels per day (bpd) by end-2020 and 9 million bpd by end-2023, up from the current 4.6 million bpd or so and on a par with Saudi Arabia’s output, Iraq has made it clear to foreign and domestic oil field developers alike…
Tunisian Minister of Industry and Small and Medium Enterprises (SME’s), Dr Slim Feriani, has recently granted and approved six new oil and gas prospecting permit. The beneficiaries include Hezoua, Weha, Teskraya, Kef Abed, Metline and Saouaf. The event, held on 28th June, 2019, in the presence of the Chief Executive Officer (CEO) of the Tunisian…
Managing Director of the Transmission Company of Nigeria (TCN), Mr. Usman Gur Mohammed, on Wednesday announced that three containers of electricity transmission equipment were missing from the ports. He also revealed that one of the 775 containers recovered last week was empty. He made this disclosure to journalists in Abuja during a press conference. According…
Damilola Shittu – Abuja In his determination aimed at meeting Nigerians’ expectations in the oil and gas sector, the new Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has promised to fix the nations’ four refineries before the end of May 2023. He made the promise at the valedictory session organised…
By Oke Peter Recent findings have shown that Nigerian Electricity Distribution Companies (Discos) owe service providers, including the Transmission Company of Nigeria (TCN), a total of N263 billion. The service providers in the power sector include the Nigerian Electricity Regulatory Commission (NERC), the Nigerian Bulk Electricity Trading Plc (NBET), the Transmission Service Provider (TSP), the…
Esther Ajibola – Lagos Total Nigeria Plc has berated the multiple taxes imposed on corporate entities by both the federal and local governments in the country, even as it declares N5.7 billion dividend for the financial year ended December 31, 2018. Addressing shareholders at the 41st Annual General Meeting (AGM), held in Lagos, the Chairman,…
The Commandant of the Nigeria Security and Civil Defence Corps (NSCDC) in Lagos State, Mr Tajudeen Balogun, has said the agency has proposed to use drones to enhance its operations to tackle pipeline vandalism. The NSCDC commandant spoke just as the Nigerian National Petroleum Corporation (NNPC) said it had engaged community leaders to secure the…
Low LNG prices and pressing environmental challenges are becoming key drivers for the gas-to-power sector. But widespread adoption faces political and technological hurdles Gas-to-power technology has been presented as a potential panacea both for developing countries looking to wean themselves off coal, and developed countries seeking transition-friendly energy solutions. But uncertainties remain over who will…
By Oke Peter Smugglers of Premium Motor Spirit, popularly known as petrol, smuggle the commodity to as far as Burkina Faso, Mali and Cote d’Ivoire, the Nigerian National Petroleum Corporation (NNPC) said on Wednesday. The corporation also stated that the commodity was being smuggled to neighbouring Ghana, adding that this was largely due to the…
Leading Electricity Distribution Company, Ikeja Electric Plc (IE) has commenced the roll out of meters for customers in the Shomolu Business Unit under the Meter Asset Provider (MAP) scheme. The company, which has just completed the installation of meters for all residents of Unilag Estate in Isheri, announced that it has also commenced metering of…
Plans have been concluded by the continent’s first mini-grid financing facility, Crossboundary Energy Access, to unlock $11 billion in private capital to bring energy to 100 million people in sub-Saharan Africa. Fundraising has proven difficult to date, with the CBEA pointing out solar mini-grids, like all energy projects require a significant upfront investment and yield…
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation, (NNPC), on Friday, said it has maintained its lead as the largest supplier of gas to the nation’s power sector. The Group Managing Director, NNPC, Dr Maikanti Baru in a statement in Abuja, attributed the feat to the effective management strategy adopted by the current leadership…
The Istanbul-based company, Karpowership is shaking up the power sector on the continent, currently supplying electricity to six African countries and trying to add Morocco to its client list. The six African countries include Gambia, Ghana, Sudan, Sierra Leone, Guinea-Bissau, and Mozambique, the subsidiary is, according to experts, a game changer in the field. Founded…
Stakeholders, including communities of Oil Mining Licence 25 in Akuku-Toru Local Government Area of Rivers State, and Shell Petroleum Development Company (SPDC) have agreed on the procedures for the re-opening of the oil field. The Memorandum of Understanding, which will be facilitated by the Rivers State Government, will be signed on July 1, 2019, and…
EnergyNet Limited, organiser of the foremost global investment meeting for Africa’s power, energy, infrastructure, and industrial sectors has received the ‘Organiser of the Year’ award from the event industry’s leading association the Association of Event Organisers (AEO), for the 20th Africa Energy Forum (AEF) held in Mauritius last year. The award recognised the outstanding commitment…
By Oke Peter President Muhammadu Buhari has appointed Dr Thomas John as the acting alternate chairman of the Governing Board of the Nigerian National Petroleum Corporation (NNPC), bringing to an end the tenure of the former Minister of State for Petroleum Resources, Dr Ibe Kachikwu. NNPC’s Group Managing Director, Maikanti Baru, who announced this in…
A Major Milestone for Local Energy Companies Nigerian solar energy company, Arnergy has closed a $9 million Series A round led by Breakthrough Energy Ventures with participation from All On Energy, ElectriFI and Norfund. The company will invest the funds to fuel its commercial growth with new business models and partnership opportunities, as well as…
Regulation to be separate from mining sector’s, minister says Total made country’s first deep-water oil discovery this year South Africa is working on a policy to govern the development of oil and gas resources after calls by potential investors to shield the industry from a long-running debate over laws that apply to mining exploration. The…
Heads of State, business leaders, technical experts and community representatives will gather in Zimbabwe’s Victoria Falls from 23-25 June for the Africa Wildlife Economy Summit, which aims to radically change the way the continent’s nature-based economy is managed. Convened by the United Nations Environment Programme (UNEP) and the African Union (AU) and hosted by H.E….
Encomiums have continued to pour in for the appointment of the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kolo Kyari. Leading the torrent of commendation is the Group Managing Director of the NNPC, Dr. Maikanti Baru, who described Kyari’s appointment as well as that of the new Chief Operating…
Schneider Electric has signed a Memorandum of Understanding with EM-ONE Energy Solutions, a Nigerian sustainable energy engineering company.The aim of the partnership is to create an African mini-grid industry involving decentralised electricity generation and distribution networks based on renewable energy. For 18 months, led by its sustainability department, the Group has been working to set…
Damilola Shittu – Abuja Following the removal of Dr Maikanti Baru as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) and appointment of Mr Kolo Kyari as the new NNPC helmsman by President Muhammadu Buhari on Thursday, the corporation threw more light on why Baru was relieved of his job. In a…
Mozambique’s long-awaited giant LNG project is now set for completion Anadarko’s positive final investment decision on the $20 billion-plus Area 1 Mozambique LNG project is a significant achievement for a development that has faced numerous challenges over the last decade. The project, which is based on gas from Area 1 in the Rovuma Basin, is…
By Oke Peter There are reports that a total of 3,109.5 megawatts of electricity could not be generated on the country’s power grid on Wednesday as a result of gas, frequency and water management constraints in the sector, latest figures from the industry released on Thursday showed. According to the report, 1,709.5MW of power could…
Oil entrepreneur, Femi Otedola, on Wednesday, June 19, 2019, finally sold off his majority stake in indigenous oil company, Forte Oil. In a move that trails a series of announcements concerning his decision to back away from the downstream oil business, Otedola has switched business focus to the power sector, in particular, the Geregu gas…
Yusuff Wale Raphael is the Business Development Manager, North Africa, Nigeria and Ghana, Wärtsilä Energy Business. He has over 16 years of experience in marketing and business development in the Nigerian Oil and Gas and Power Industry. Wale began his career as a Process Engineer in one of the Nigerian refineries and he has been…
Africa50 is an infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable projects, mostly in the energy, ICT and transport sectors. Its COO, Carole Wainaina, in this interview with African Business, speaks on how Africa50 is building a team to support its mission and describes some of its priority projects….
The United Kingdom government’s foreign investment arm, CDC Group, has announced it will invest $300 million in power grid development in Africa over the next five years. This contribution will be made through Gridworks, a company that will be launched shortly to this end. The company will make investments in African transmission networks, but also…
The African Development Bank (AfDB) remains strong with growing operating revenues and allocable income generated since 2010 reaching $2.5 billion, the Bank Group’s Treasurer, Hassatou Diop N’sele, stated on Thursday. In 2018, the Bank earned $214 million in allocable income, 48 percent of which has been reinvested in the institution to reinforce reserves and its…
By Oke Peter Foremost technology group, Wärtsilä has launched a modular, reliable and efficient solution for sustainable power generation, with fast delivery and installation, Modular Block at the ongoing Africa Energy Forum (AEF) in Lisbon, Portugal. The Wärtsilä Modular Block power plant solution is a pre-fabricated, modularly configured, and expandable enclosure for Wärtsilä medium-speed 34SG…
The Bank of Industry is Nigeria’s oldest and largest development bank. It celebrates its 60th anniversary this year and given the strides it has made over the past few years, there is every reason to believe it will achieve its centenary in due course. Anver Versi reviews the bank’s performance over the past year. Olukayode…
The African Trade Insurance Agency (ATI) through its partnership with KfW, has launched a new renewable energy solution, the Transparency Tool on the sidelines of the premier global energy event for Africa, the African Energy Forum (AEF) in Lisbon, Portugal. The Transparency Tool is an on-line platform that works in tandem with another innovation created…
One of Nigeria’s leading electricity distribution companies, Ikeja Electric Plc (IE), has announced the roll-out of prepaid meters for customers in the Ikorodu Business Unit. According to the firm, the deployment and installation of prepaid meters to customers in Ikorodu, which will be carried out by one of its MAPs, New Hampshire Capital limited, will…
By Oke Peter The 21st edition of the foremost global investment meeting for Africa’s power, energy, infrastructure, and industrial sectors, Africa Energy Forum (AEF) begins today at the Lisbon Congress Center, Lisbon, Portugal. The four-day event commences with the Government opening ceremony with over 20 Ministers of Energy in attendance. According to the organiser of the…
Residents of Pearl Garden Estate and Pearl Nuga Park Estate located at Sangotedo Village in Eti-Osa Local Government Area of Lagos State have dragged Mr. Kelchi Mbagwu and his CMB Building Maintenance and Investment Company Limited to the Economic and Financial Crimes Commission (EFCC) over alleged fraudulent mortgage of some of their homes to secure…
By Oke Peter Shell Nigeria Gas says it has increased its gas distribution capacity by over 150 percent following the safe completion of its second gas train, the Agbara-Ota Capacity Increase Project. The facility enables SNG and its partners to achieve regular gas supply to subscribed industries in Ogun State while efforts are ongoing to…
Schneider Electric, the global specialist in energy management and automation present in more than 100 countries has launched a new range of products for its Nigerian market to address power-related challenges and the need for premium protection and innovative offers from high-end users to low-income earners. The newly launched products include a range of affordable…
Shares of Nigerian oil producer Seplat were quick to rally in London after the company denied claims by a Nigerian presidential investigation panel that the company had failed to make royalty payments between 2013 and 2017. But the denial hardly creates future visibility over Seplat’s future liabilities. The Nigerian panel claimed that Seplat owes $33m,…
The Department of Petroleum Resources (DPR) has revoked five Oil Mining Licences and one Oil Prospecting Licence belonging to five companies. In a public notice issued on Thursday by the regulatory body, the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences. The five companies affected…
The Solar Impulse Foundation and the European Investment Bank (EIB) have signed a landmark agreement for the provision of financial advisory services to innovative environmental solutions part of the #1000Solutions portfolio. The advisory process, which helps companies structure their financing strategy, could ultimately lead them to access the EIB’s products, such as venture debt facilities…
By Oke Peter In its determination to put an end to the electricity problem in Nigeria, the Presidency has met with electricity distribution companies in a bid to resolve some of the issues affecting the electricity supply industry, our correspondent has learnt. It was gathered that the Chief of Staff to the President, Mr Abba…
The Special Presidential Investigation Panel for the Recovery of Public Property has uncovered eight-dollar accounts and other naira accounts said to be kept by the Nigerian National Petroleum Corporation (NNPC) with the Ecobank Plc. The correspondences obtained by The PUNCH on Sunday show that the panel, through its chairman, Mr Okoi Obono-Obla, has written to…
Africa’s biggest economy has been crippled by its woeful power supply Babatunde Fashola’s office was buzzing like so many Nigerian workplaces, humming and whirring as diesel generators and batteries clicked on when the power cut out. That he is Nigeria’s power minister was an irony not lost on him. The fact that even the Power,…
Otunba Segun Badipe is a Nigerian nuclear medical scientist based in the United States. He is also a health administrator and a public affairs analyst. With over 36 years’ practice in private and public health care management, Badipe speaks, among other things, on issues that border on Nigeria with a Diaspora perspective. Having been a…
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) has said with the 3,500 million standard cubic feet per day of additional gas to be supplied from seven critical gas development projects, the nation’s economy can create up to seven million jobs and boost the Gross Domestic Product by about $50bn. The corporation’s Group Executive…
A father and his son were arraigned before a Magistrate court in Agbowa, on Thursday, 30th May 2019, for assaulting staff of Ikeja Electric while carrying out their duties in Oluhunda Community in Adamo, Ikorodu. From the video which trended on social media, the trio of Okiki Akintola, 50, Mohammed Akintola, 22 and Abdulameed Okiki…
At the beginning of this year, major international companies and agencies (the IAEA, McKinsey, BP, the World Nuclear Association, etc.) laid out the current trends and main statistics of the global energy market. The Global Energy and CO2 Status report by the International Energy Agency (IEA) informed us about current international trends in the field…
Jumoke Adelabu – Abuja The Senate on Thursday confirmed the payment of N11 trillion as fuel subsidy claims in the last six years. The chairman of its Committee on Petroleum Downstream, Kabir Marafa (APC, Zamfara), made the disclosure while tendering a report. This comes as the upper legislative chamber approved the payment of N129 billion…
Damilola Shittu – Abuja The Technical Committee of the National Council on Privatisation (NCP) has approved N124.3 billion bids for Afam Power Plc and Yola Electricity Distribution Company, the investigation has shown. At the financial bids opening for the two power companies in April, Transcorp Power Consortium emerged the bid winner for 100 percent equity…
Seplat Petroleum Development Company Plc’s Operations Director, Mr Effiong Okon, has stated that Africa is the destination for gas development and investment. He gave this insight in his keynote address at the Africa E & P Summit held in London recently. The Africa E&P Summit is a landmark event on Africa, which brings together key…
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) posted a total export sale of crude oil and gas of $490.03 million in February 2019 which is 32.45 percent higher than the previous month’s sale. NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in a release of the February 2019 edition of…
The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank, has recently approved a $995,000 grant to support the roll-out of a sustainable procurement framework for Independent Power Producers (IPPs) in Ethiopia. The SEFA grant is aimed at encouraging private investments into hydropower projects through Ethiopia’s Renewable Energy Programme. It will strengthen…
Oil prices fell more than 2 per cent on Wednesday, as China signalled it would use the rare earths card in its trade war with the United States, stoking concerns that an ongoing stand-off could hurt crude demand. Supply constraints linked to OPEC output cuts and political tensions in the Middle East offered some support,…
By Oke Peter The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned five oil marketers for allegedly stealing petroleum products worth N1bn belonging to the United Bank for Africa. Thompson Omoietan, Adeleke Lasun, Funmilola Oyerinde, Adegoke Shadrack and James Amore were arraigned on three counts of conspiracy, stealing and forgery. However, they pleaded not…
One of Nigeria’s leading Electricity Distribution Companies, Ikeja Electric Plc (IE), has reiterated the commitment of the company to the safety of its staff across its network area. The firm’s Head of Corporate Communications, Mr Felix Ofulue, gave the assurance in a statement in Lagos. He said the company was aware of the wave of…
The oil price recovery has not yet translated into a rush of cash into challenging offshore environments The world’s largest listed oil and gas firms are continuing to stress their financial discipline, continuing to shower their more buoyant cashflows onto shareholders through dividends and buy-backs, continuing to boost acreage in the US shale basins and…
Political turmoil is unsettling Algeria’s energy sector and its IOC investors Algeria’s energy sector finds itself in the firing line once more. Following the ousting of president Abdelaziz Bouteflika after mass street protests, the boss of state energy giant Sonatrach has been sacked and prosecutors are re-opening corruption investigations into the company. The sacking, and…
Damilola Shittu – Abuja The House of Representatives, on Thursday, asked Total Exploration and Production Nigeria to refund $592m to the Federal Government. The decision was taken following the consideration of the Report of the Committee on Gas Resources led by Fred Agbedi. The committee investigated the contract for the upgrade of OML 58, upgrade…
By Oke Peter The Nigerian National Petroleum Corporation, (NNPC), on Thursday, said its ongoing recruitment exercise has entered the third phase following the conclusion of the shortlist of the candidates. The NNPC, in a statement in Abuja, stated that shortlisted candidates had been scheduled to sit for Computer Based Testing (CBT) on Saturday, June 1,…
Nigeria’s crude oil exports have suffered a fresh setback following a fire outbreak on the Trans Forcados Pipeline, one of the nation’s key export routes. One of our correspondents learnt that the fire occurred late Sunday evening on a section of the pipeline that was undergoing repairs. It was also gathered that the fire incident…
The United Nations Industrial Development Organisation (UNIDO) and the Africa Enterprise Challenge Fund (AECF) signed a memorandum of understanding (MoU) to promote inclusive and sustainable industrial development in Africa. Under this MoU, the two organisations will support the development and growth of Small and Medium Enterprises (SMEs) and entrepreneurs that are involved in climate and…
There has been a massive reorganisation of the top management staff of the Nigerian National Petroleum Corporation, as about 50 senior personnel of the oil firm and its subsidiaries have either been removed or replaced. It was learnt that the Managing Director of the Nigerian Petroleum Development Company, Yusuf Matashi, was removed and replaced by…
Agency Report Ethiopia has started to ration electricity for domestic and industrial customers after a drop in water levels in hydroelectric dams led to a production deficit. Ethiopia’s minister for water and electricity Seleshi Bekele said that the drop in water levels at the country’s Gibe 3 dam led to a deficit of 476 megawatts…
Sahara Energy Resources DMCC Dubai and Brooge Petroleum and Gas Investment Co (BPGIC) and have signed a partnership agreement to set up an oil refinery capable of producing bunker fuel with a capacity of up to 250,000 barrel per day (bpd) in the Emirate of Fujairah. Sahara Energy and BPGIC said the facility will be…
The Egyptian Electricity Transmission Company (EETC) has signed an agreement with the International Finance Corporation (IFC) to develop a 600 MW solar power complex in Egypt’s West Nile province. Muneer Ferozie, IFC’s Regional Manager revealed the reports and said that the project will go in a long way to realising the government’s renewable energy plan…
In its latest legal moves, the Nigerian government has raised the stakes in the legal battles over the highly prospective OPL 245 oil block. The Africa Report delves into the background of what could be one of the most important corporate fraud cases in Africa’s history. On a biting cold day in Milan in January,…
Damilola Shittu – Abuja Nigeria supplies about 80 per cent of the total quantum of electricity consumed in the Republic of Benin but power is more stable in the neighbouring country than it is in Nigeria, the Transmission Company of Nigeria (TCN) has said. Aside from the Republic of Benin, Nigeria, through the TCN, supplies…
The Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, has said fuel subsidies are a huge drain on government’s revenue. Rewane stated this in his presentation at the Lagos Business School Breakfast Session on May 8, a copy of which was obtained by The Punch on Tuesday. He noted that…
Oke Peter with Agency Report Nigeria oil output has risen from 1.7 million barrels per day, mbpd, in March to 1.8 mbpd in April, 2019, indicating an increase a 5.3 percent improvement, month-on-month. In its market report obtained by our correspondent yesterday, the Organisation of Petroleum Exporting Countries (OPEC), indicated that its report was based…
THE Federal Government has started plans to connect all public buildings and institutions to solar (off grid) power, in a bid to achieve its electrification programme for the country. Minister of State for Power, Works and Housing, Mr. Mustapha Shehuri, made this known to newsmen, while speaking on investment on solar development in the country….
West African solar energy company, Daystar Power, has partnered with Trine a Swedish investment platform to finance solar plants in West Africa. The partnership opens up investments in Daystar Power’s solar power installations, previously limited to large-scale investors, to the wider public. ESI Africa reports that Daystar Power and Trine initiated their partnership by opening…
India’s Reliance Industries will shut for up to four weeks a 330,000-bpd crude oil processing unit at its 660,000-bpd Jamnagar refinery, beginning in the middle of June for planned maintenance, Reuters reported on Friday, citing two industry sources with knowledge of the company’s plans. The refinery predominantly supplies refined oil products to the domestic market….
Damilola Shittu – Abuja The Minister of Power, Works and Housing, Mr Babatunde Fashola says the power to revoke licenses of non-performing electricity Distribution Companies is vested in the Nigerian Electricity Regulatory Commission (NERC). Fashola said this on Thursday in Abuja at the 2019 Punuka Annual Lecture with the theme: “Rethinking the Model for an…
Oke Peter with Agency Report Sirieco, a Slovak company plans to set up a plant in Nigeria, to assemble electric cars and manufacture the new-generation incandescent bulbs, the company’s CEO, Groidis Peter, announced during a recent visit to the West African nation. The plant will be located at Calabar in Cross River State, South-East Nigeria,…
Construction of a one-million-barrel capacity onshore terminal in Nigeria has been approved by the Department of Petroleum Resources (DPR). Chairman of Green Energy International Ltd. (GEIL), Professor Anthony Adegbulugbe revealed the reports and said that issuance of the Approval to Construct (ATC) was sequel to the department’s review of the detailed engineering design for the…
Only seven out of the 87 deepwater oil blocks in Nigeria are producing, while six are at different phases of development, the Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru, has said. Baru also said more than half of the deepwater blocks were open and urged players in the oil and…
Jumoke Adelabu – Abuja Even though the Federal Government had anchored a significant part of its diversification programme on the mining sector, it made only N10.97bn from fees and royalties paid by mining operators in four years, an investigation has shown. In a document on the performance of the sector, the Minister of State for…
Oke Peter with Agency Report Royal Dutch Shell Plc and Eni SpA face additional corruption allegations over a Nigerian oil deal, after the Federal Government said in a London lawsuit that it believed a handful of executives, including Chief Executive Officers, were tied to more than $1bn in bribery payments. The Federal Government had in…
Nigeria is set to receive US $21m from the United Kingdom and Africa Enterprise Challenge Fund (AECF) to support the deployment of solar generated electricity small businesses in the country. The funds will provide a mix of interest free loans and repayable grants and technical assistance to private sector operators in the solar business. It…
The agreement is the second EPSA signed since South Sudan gained independence in 2012 and shows progress for the country’s oil industry as production resumes at existing oilfields and new exploration begins. According to the ESI Africa, the deal will see Block B2 operated by state-owned Strategic Fuel Fund (SFF), the Ministry of Petroleum and…
The Nigeria Employers’ Consultative Association (NECA), has joined the Global Dialogue Forum on Decent Work in the management of electrical and electronic waste (e-waste), which took place in Geneva recently, as part of ILO Centenary celebrations. According to NECA, Nigeria’s representative at the forum, the discussion focused on current and emerging issues as well as…
An investment fund focused on the development of renewable energy projects in sub-Saharan Africa, Frontier Energy II, has achieved final close at $227 million. The capital raised so far has been mainly invested in East Africa, but the fund is expected to increase its investments into other countries in sub-Saharan Africa in the medium term….
By Oke Peter The organiser of the forthcoming Africa Energy Forum (AEF), EnergyNet Limited has teamed with KOHLER, principal partner of Manchester United, and Clarke Energy, a KOHLER company, to raise £50,000 for victims of Cyclone Idai, one of the worst storms on record to ever hit the African continent. The ‘Africa Challenge Cup’ football…
By Tsvetana Paraskova The world’s largest sovereign wealth fund—Norway’s US$1-trillion fund that has amassed its wealth from oil. The country earned US$84 billion in Q1 in the “strongest quarter ever”, boosted by technology and oil and gas stocks. The Government Pension Fund Global, as the so-called ‘oil fund’ is officially known, said in its Q1…
Rwanda has announced plans to establish a Centre for Nuclear Science and Technology (CNST) within the next five years. Robert Nyamvumba, the Energy Division Manager at the Ministry, revealed the reports and said the government is in talks with Russia’s State Atomic Energy Corporation (ROSATOM) on the development process. Construction Review has reported. “Rwanda envisions…
Penny Herbst is the Strategy Director at Africa GreenCo. She is also a moderator of a session on financing renewable projects, during the Energy Revolution Africa conference session at the forthcoming African Utility Week and POWERGEN Africa in Cape Town in May. In this exclusive interview, she speaks on challenges of power finance. Excerpts Eskom’s…
The Dutch reign as a pivotal European gas supplier is officially over, as supply from the Groningen gas field declines. The Netherlands is now officially a net gas importer, as dwindling domestic gas output means it is no longer a key European supplier. As a result, the country has nearly tripled LNG imports into its…
By Oke Peter ONE hundred and thirty-two local and international companies yesterday offered to buy 14 cargoes of Nigerian crude oil monthly in the Nigerian National Petroleum Corporation (NNPC) 2019/2020 Direct Sale and Direct Purchase (DSDP) bid opening in Abuja. Group Managing Director Dr. Maikanti Baru, who presided over the opening, said that the corporation…
Vested interest opposition to wider natural gas use for electricity generation discussed as Petroleum Economist holds its first Gas to Power forum in London. Using natural gas to generate electricity as the world transitions away from coal will likely create socio-economic challenges beyond the cost, technological and environmental pressures that it already faces, attendees heard…
Damilola Shittu – Abuja The United Nations has thrown its weight behind the quest of the African Development Bank to provide electricity to 250 million people in Africa through its ‘Desert to Power’ electricity initiative. A statement made available to our correspondent in Abuja on Wednesday revealed that the United Nations Secretary-General, António Guterres, threw…
Esther Ajibola – Lagos The Department of Petroleum Resources (DPR) has turned to French data firm Kpler to help it ferret out smugglers from the thousands of ships plying Nigerian waters. The United Nations Security Council estimates that Nigeria lost $2.8 billion of revenue to oil theft in 2017, although Kpler says the minimum 100,000…
Two oil majors, Shell Petroleum Development Company of Nigeria and Total, have declared force majeure on exports of crude on each of their trunk lines, spokespersons for the firms have said. According to The Punch, Mr Bamidele Odugbesan, Manager, Media Communications for Shell, told newsmen in Lagos that the force majeure was declared on Bonny…
Damilola Shittu – Abuja Transcorp Power Consortium has emerged the bid winner for Afam Power Plc. The consortium submitted a bid of N105.3 billion to beat two other companies that wanted to acquire the electricity generation company (100 percent equity). Similarly, Quest Electricity won the bid for 60 per cent equity in Yola Electricity Distribution…
By Irina Slav There are strong indications that the foremost electric vehicle maker, Tesla, will cut the prices of its solar panels by as much as 38 percent below the national average in a bid to regain ground in the solar market, the New York Times reported today, noting the official announcement will be made…
Agency Report Oil prices topped $73 on Tuesday as Venezuela’s opposition leader called on the military to back him to end Nicolas Maduro’s rule and after Saudi Arabia said a deal between producers to curb output could be extended beyond June to the end of 2019. The situation in Venezuela, an OPEC member whose oil…
By Oke Peter The Federal Government has invited four firms for financial bids opening for Afam Power Plc, an electricity generation company, and Yola Electricity Distribution Company in Abuja on Tuesday (today). Three firms – Diamond Stripes Consortium, Transcorp Power Consortium and Unicorn Consortium – are expected to slug it out in the bid to…
THE Transmission Company of Nigeria (TCN) at the weekend, disclosed that a leakage on the Escravos-Lagos gas Pipeline had led to the shutdown of four power generating plants last Wednesday. As a result, it said power generated to the national grid reduced due to emergency maintenance conducted by the Nigerian Gas Company (NGC) on the…
Moroccan minister for energy, mines and sustainable development, Aziz Rabbah, has announced that the amount of investments in the country has exceeded US$13.7 billion. He noted that in selecting projects, the government has adopted a ‘national preference’ approach. Speaking at a press conference on energy and sustainable development, Rabbah stressed that Morocco has made notable…
An American company, Labacorp Power Company America, has expressed interest in developing a 900MW solar project in Zimbabwe. The US-based corporate has applied to the Government, through their local partners Craft Properties (Pvt) Ltd, for the implementation of the gigantic and game-changing project. Construction Review has reported. Craft Properties (Pvt) Ltd founder chief executive, Mr…
Damilola Shittu – Abuja The Electricity Generation Companies (GenCos) at the weekend said the country loses $29.3 billion yearly to low supply resulting from load shedding and inadequate facilities. The Executive Secretary, Association of Power Generation Companies (APGC), Joy Ogaji, in an emailed response to questions, urged the Transmission Company of Nigeria (TCN) to upgrade…
Damilola Shittu — Abuja The government of Saudi Arabia has expressed readiness to sign a memorandum of understanding with Nigeria for the revamp of Nigerian refineries and for the construction of a new one. This was revealed by the Federal Ministry of Petroleum Resources. It said based on the proposed MoU, Saudi Arabia had expressed…
The United States government has further shown commitment towards the Republic of Korea’s $1 billion contribution to boost electricity supply to African countries, as a way of ensuring that the dream to light up the African subregion becomes a reality. An indication to this emerged on Wednesday in Washington, during an ongoing United States/Korea reporting…
No fewer than five oil wells, belonging to Chevron Nigeria Limited, in some communities in Ilaje Local Government Area of Ondo State, caught fire on Thursday. A source disclosed that the fire started in the Ajegunle Ikorigho community and spread to communities like Ojumole, which is located in Ikorigho land in the local government. According…
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…
Nigeria has cut its official selling prices of a basket of May-loading crude oil grades in a bid to attract buyers. The nation’s crude oil has had a difficult time clearing in recent weeks, as offer levels were too high to attract buying interest from European refineries. Nigeria released its official selling prices for May,…
By Tim Daiss Wind power capacity in the United States increased by 8 percent last year, soaring to an impressive cumulative total of 96.5 gigawatts (GW), the American Wind Energy Association (AWEA) said in a new report last week. The report said that the industry had “emerged from 2018 stronger than ever” as it now…
In a move that demonstrates its readiness to deliver efficient services to customers, leading Electricity Distribution Company, Ikeja Electric Plc (IE), has assured customers across its network of its commitment to ensuring hitch-free services during the Easter holiday. In a release signed by the company’s Head of Corporate Communications, Felix Ofulue, Ikeja Electric wishes its…
Prime Minister of Portugal, His Excellency António Costa, has confirmed to meet investors at the Africa Energy Forum (AEF) at the Lisbon Congress Center, Lisbon, Portugal from 11-14th June 2019. According to a release signed by EnergyNet’s Head of Marketing, Amy Offord, Energy Secretary, João Galamba, will also present the tender process for 1.35GW (2019)…
Construction process of the Kandadji hydroelectric project on the Niger River set to cost US $167m, has been officially launched by President of Niger, Mahamadou Issoufou and works has commenced. President Mahamadou Issoufou, who has been personally following this project since the eviction of the Russian company Zarubezhvodstroy which had proved unable to carry out…
By Oke Peter The nation’s power generation fell to a record low on Tuesday following the collapse of the national grid on Monday night. Data from the Nigeria Electricity System Operator (NESO), an arm of the Transmission Company of Nigeria (TCN), stood at 1,675MW as of 6.00 am on Tuesday. “System disturbance: This is to…
A High Court of the Federal Capital Territory (FCT) in Jabi has ordered the arrest of two former ministers – Mohammed Adoke (Justice) and Deazia Louya Etete (aka Dan Elete) (Petroleum Resources). The News Agency of Nigeria (NAN) has reported. Also to be arrested are Raph Wezels, Casula Roberto, Pujato Stefeno and Burrato Sebastino, who…
Damilola Shittu with Agency Report The Senate, Wednesday bowed to President Muhammadu Buhari’s positions on Petroleum Industry Governance Bill (PIGB) and six others he had vetoed, reviewing and passing them in accordance with the observations and recommendations of the president. The president had, exercising his powers under the 1999 Constitution, refused assent to the PIGB,…
A New York-based Natural Resource Governance Institute (NRGI) yesterday stated that the financial reports of the Nigerian National Petroleum Corporation (NNPC) do not contain systematic financial information that would enable the Federal Government to demand for accountability in its operations. In its latest report titled: ‘Resource Governance Index: From Legal Reform to Implementation in Sub-Saharan…
By Tsvetana Paraskova The United States sanctions on Venezuela’s oil industry have tightened the global heavy to medium crude oil market, sending oil buyers scrambling for alternatives to the heavy Venezuelan oil. Refiners in the United States and Europe have started to replace Venezuela’s oil with some of the crudes produced closer to their home,…
Damilola Shittu – Abuja The Federal Government has given its nod to three firms to proceed with the financial bids opening in the bid to acquire Afam Power Plc, an electricity generation company. It has also given approval to one firm, Quest Electric Nigeria Limited, to proceed with financial bid opening for Yola Power Plc,…
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC) says it has reduced cash call arrears owed to international oil companies, its Joint Venture partners, by $1.5bn. The corporation has cash call arrears of $5.1bn. Group Managing Director of NNPC, Dr Maikanti Baru, said this at the 12th National Conference of the Nigerian Association…
Agency Report The Minister of Finance, Mrs. Zainab Ahmed has disclosed that the federal has commenced discussion with the World Bank with a view to take a $1 billion loan for the development of the power sector. Also, Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele, has said that the current foreign…
Construction of a US $75m liquefied petroleum gas (LPG) plant in Liwatoni area of Mombasa, a coastal city in Kenya, has commenced. According to the Construction Review, the onshore storage and filing facility, whose construction works shall be overseen by Mansa East Africa Ltd, a two firms’ joint venture by US company Petredec and Kenya’s…
The managing director of the Transmission Company of Nigeria (TCN), Usman Mohammed, has revealed that the company has begun the execution of a $170 million power transmission project called the Abuja Feeding Scheme. Mohammed said TCN targets to build five new transmission substations under this programme, which will be built over a period of 24…
Nigeria has launched its first organic waste power-generating plant in the University of Nigeria, the first indigenous university in the country, located South East of the country with the aim of cubing power outages which are frequent and random in the country. The project, which was initiated by the former vice chancellor of the institution,…
Damilola Shittu – Abuja The Petroleum Product Pricing Regulatory Agency (PPPRA) has put the country’s daily supply of Premium Motor Spirit, otherwise known as petrol, at 56 million litres. In a statement signed and made available to our correspondent in Abuja on Sunday by the Executive Secretary, Abdulkadir Saidu, PPPRA said that daily supply of…
South Africa is set to receive the US $300 boost from the Development Bank of Southern Africa (DBSA) and New Development Bank (NDB) after they the signed a loan agreement to facilitate the Greenhouse Gas Emissions Reduction in the Energy Sector Development project in the country. The agreement was reached at the fourth yearly meeting…
The International Monetary Fund has criticised the government of Nigeria for mismanaging the Excess Crude Account and not saving enough for the rainy day. The News Agency of Nigeria (NAN) has reported. The Director, African Department at the IMF, Abebe Selassie , in an interview with Nigerian journalists after presenting the regional economic outlook on…
Chevron agreed to buy Anadarko Petroleum in a $33 billion bet on the Permian shale-oil region and liquefied natural gas, intensifying a battle with Exxon Mobil to be America’s top energy company. Chevron is making a double bet on what many in energy consider the future of the majors over the next decade. The deal…
By Oke Peter Filling stations in some parts of Lagos experienced queues on Friday amid a supply hitch that slowed down the distribution of the Premium Motor Spirit (petrol). Our correspondent learnt on Friday that the hitch was resolved on Thursday, with more vessels expected to arrive in Apapa and discharge the product over the…
Efforts of the Federal government to eliminate gas flaring in the country got a boost on Thursday as the Minister of State, Petroleum Resources, Dr Ibe Kachikwu disclosed that over 800 Expression of Interest (EoI) have been received from various multinational companies jostling to harness gas currently being flared for greater economic use. According to…
Agency Report The Managing Director, International Monetary Fund (IMF), Mrs. Christine Lagarde, has advised the Nigerian government to jettison spending on fuel subsidy and expend the money on health, education and infrastructural development. Also reviewing the sub-Sahara African countries’ situation, the World Bank Group said the level of poverty in Nigeria is getting worse despite…
By Oke Peter In its determination aimed at ensuring a functional power sector, foremost legal practitioner committed to the promotion of excellence in the Nigerian legal practice, ESQ Legal Practice, recently organised a training tagged: ‘Energy and Power School’. The training, according to the organiser, was designed to equip delegates with a detailed understanding of…
Esther Ajibola – Lagos Lagos Chamber of Commerce and Industry, (LCCI), has described fuel subsidy which the World Bank said cost Nigeria N731 billion in 2018, as the biggest fiscal burden currently staring the nation’s economy in the face. LCCI, which response was based on the World Bank report, released on Monday in Abuja focussed…
The European Union (EU) and All On – an impact finance outfit, would launch a €30 million worth of electrification financing initiative for off-grid and commercial and industrial captive power projects in Nigeria, organisers of the upcoming fourth Nigeria Energy Forum (NEF 2019) have disclosed. According to a statement by the NEF organisers, the funding…
By Oke Peter The Managing Director/Chief Executive Officer of Niger Delta Power Holding Company (NDPHC), Mr. Chiedu Ugbo, on Tuesday met with the Chairman of AMEA Power, His Excellency, Hussain Nowais, at the ongoing Annual Investment Meeting (AIM2019) in Dubai, United Arab Emirate (UAE). They both discussed investment opportunities in the Nigerian energy sector. The…
By Tim Daiss China has long been criticised for imposing massive debt on developing countries as well as securing their natural resources to help them build up infrastructure with funding by Beijing, something about which the U.S. has been especially vocal, particularly in Africa and South Asia. Now, that criticism will likely be taken to…
By Oke Peter The Shell Petroleum Development Company (SPDC) has unveiled a $15 billion investment in the oil and gas sector in the next five years. Its Managing Director, Osagie Okunbor, broke the news at the second edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) organised at the weekend by the Nigerian Content…
The international oil benchmark, Brent crude, extended its gains on Monday, rising to a five-month high. Brent, against which Nigeria’s crude oil is priced, hit a high of $70.86 per barrel, with instability in Libya raising the prospect of further supply constraints at the same time that the Organisation of Petroleum Exporting Countries (OPEC) has…
Symbion Power has signed an agreement with the Rwandan government for the construction of a 56 MW power plant on Lake Kivu in the Eastern African nation. The 56 MW power plant will be operational in fourteen months with a cost estimated at $200 million. The construction of the plant is part of the Rwandan…
More than 50 per cent of Nigeria’s oil and gas blocks remain untapped even as crude oil production continues to hover around two million barrels per day while gas shortages persist in the country over the years, ’FEMI ASU reports Out of 390 oil blocks in the country, 211 are yet to be allocated by…
The Nigerian Electricity Regulatory Commission (NERC) will begin mass metering for electricity consumers by May 1, to bridge the metering gaps in the country. Dr Usman Arabi, NERC General Manager Public Affairs in a statement said the metering will be executed under the Meter Asset Providers programme of the Federal Government. “The commission issued permits…
The Abuja-Kaduna-Kano (AKK) gas pipeline project received a major boost on Thursday as the Kaduna State government pledged to join forces with the Nigerian National Petroleum Corporation (NNPC) to ensure effective optimisation of the project by stakeholders across the state. Kaduna State governor, Mallam Nasur el-Rufai, declared the support while receiving the Group Managing Director…
Damilola Shittu – Abuja The Senate has directed the Shell Petroleum Development Company to respect its earlier resolution which mandated it to pay N6, 936,899,900 to some oil producing communities in the Niger Delta region. The fresh directive followed the protest by people of the affected communities who lamented the refusal of the SPDC to…
By Esther Ajibola The Minister of State for Petroleum Resources, Ibe Kachikwu has tasked indigenous operators to step up their investments and take over major operations from international oil companies, especially as many are already considering divesting and charting new paths. Besides, the Minister emphasised the need to double oil production to four million barrels…
Total Nigeria’s Q4 2018 earnings of N295m were disappointing. Although sales were up 21 percent y/y, significantly higher cogs and operating expenses weighed on profitability. The operating environment was tough in 2018 as the landing cost of gasoline was higher than the pump price for most of the year. In addition to this, delayed payments…
Foremost metallurgy, power and gas projects company, MYTILINEOS SA has announced the signing of a contract with JAVNO PODJETJE LJUBLJANA, Ljubljana’s energy company engaged in electrical and thermal production, transmission and distribution, operating Slovenia’s largest District Heating System. The contract involves the Engineering, Procurement, and Construction of a new Combined Heat and Power (CHP) plant…
By Oke Peter The International Monetary Fund (IMF) has said the crude oil refinery being built by Dangote Industries Limited will improve the trade balance by $2bn per year after coming on stream. The Washington-based fund noted that Nigeria, despite being a long-time crude oil exporter, continued to import refined oil to meet domestic demand….
By Oke Peter Chairman of the Nigerian Electricity Regulatory Commission (NERC), Professor James Momoh, receiving an Award on behalf of the Commission, under the World Bank Category — ‘2019 Doing Business Ranking’ from the Vice President, Professor Yemi Osinbajo, during the Presidential Enabling Business Environment Council (PEBEC) Awards ceremony at the State House Conference Hall,…
Oke Peter with Agency Report Nigeria has failed to comply with the new quota given by the Organisation of Petroleum Exporting Countries (OPEC) as it produced far in excess of its cap. OPEC and 10 non-OPEC countries agreed in December to cut oil production by 1.2 million barrels per day effective from January for an…
Mayowa Okekale – Abuja The Nigerian National Petroleum Corporation (NNPC) has expressed its commitment to a zero gas flare regime for every new gas project, even as it trains its sights on commercializing existing gas flare projects for the benefits of the host communities and Country at large. Group Managing Director of the NNPC, Dr….
Nearly two and a half years after exiting Nigeria’s downstream oil sector, ExxonMobil is weighing the sale of some oil and gas fields in the country. The United States-based oil major recently held talks on the sale of a suite of oil and gas fields in Nigeria as the company focuses on new developments in…
By Oke Peter The Commissioner, Legal, Licensing and Compliance, Nigerian Electricity Regulatory Commission (NERC), Barrister Dafe Akpeneye has disclosed that NERC would leave no stone unturned at ensuring quality and affordable services. Akpeneye disclosed this while delivering a lecture at the Energy and Power School training organised by the ESQ Legal Practice Training Limited, held…
The restoration of Ogoni land in Rivers State from environmental degradation occasioned by decades of careless oil exploitation in the area has continued to suffer from the customary official lethargy. Almost eight years after the receipt of the technical report prepared by the United Nations Environment Programme (UNEP) at the instance of the Federal Government,…
By Oke Peter At the backdrop of the continued comatose state of the Nigeria’s local refining capacity, the country may have spent about N10 trillion in the provision of pump price subsidy on imported petroleum products from 2006 to 2018. A research report by BudgIT, a public finance focused Non-Governmental Organisation (NGO), said this amount…
Mayowa Okekale – Abuja Better days are ahead for petroleum products consumers across the Country as the Nigerian National Petroleum Corporation (NNPC) and the Major Marketers Association of Nigeria (MOMAN) exchanged vows to strengthen synergy to ensure seamless supply of petroleum products across the country. Speaking during a MOMAN Chief Executive Officers Strategy Retreat Dinner…
Leading Electricity Distribution Company, Ikeja Electric (IE), has partnered with foremost mobile phones sales/support services company, Slot Foundation, to train 40 youths on repairs of Phones, Laptops and other mobile devices. The training, which is a Corporate Social Responsibility (CSR) initiative, will be held at the Slot Academy and will benefit 40 youths selected from…
Damilola Shittu with Agency Report The narrowing spread between Northwest European diesel and petrol cracks has helped support some Nigerian crude grades which have suffered from a lack of European demand, traders have said. The Amsterdam-Rotterdam-Antwerpfront-month diesel crack was assessed at $14.54 per barrel on Monday, with the benchmark ARA front-month Eurobob petrol crack at…
Themis, an Africa-focussed power company backed by Denham Capital, has partnered with Kingline Development Nigeria (Kingline) to develop a 550MW natural gas-fired power plant in Ondo State, Nigeria. Themis, an Africa-focussed power company backed by Denham Capital, has partnered with Kingline Development Nigeria (Kingline) to develop a 550MW natural gas-fired power plant in Ondo State,…
The East African Community (EAC) has secured $2.5 billion loan from the African Development Bank (AfDB) to provide an additional 7,480 megawatts (MW) of electricity by 2022. The regional bloc comprises six member states in the African Great Lakes region in eastern Africa, namely: Burundi, Kenya, Rwanda, South Sudan, Tanzania and Uganda. The funds –…
The Nigeria Integrated Water Resources Management Commission has issued licences to Nestle Water and Winners Power Gardens companies for water supply and hydropower construction respectively. The Executive Director, Reuben Habu, who confirmed this to The Punch, said the issuance of licences to prospective applicants was another landmark, having met the conditions required by law. Habu…
While China may be the world’s largest market for electric vehicle sales, Chinese car buyers have a new love affair: pickup trucks. As in the U.S., pickups are ideal for construction, farm, and maintenance companies — but consumers find them very appealing for the horsepower and cargo capacity. Chinese vehicle maker Great Wall Motor Co….
Damilola Shittu – Abuja The Federal Executive Council (FEC) meeting yesterday approved N1.4 billion for the design of 12-floor building design for the Department of Petroleum Resources (DPR). The Minister of State for Petroleum Resources, Ibe Kachikwu briefed State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential…
By Haley Zaremba Although nuclear is often touted as an ultra-efficient and therefore affordable as well as clean alternative to fossil fuels, some states are beginning to discover that this is not necessarily the case as their local governments pour more and more money into nuclear plant subsidies only to see the nuclear industry come…
Mr Babatunde Fashola, the Minister of Power, Works and Housing has said that some cities in Nigeria can now boast of constant power supply. He made the assertion on Channels Television’s Sunrise Daily on Wednesday. “Sitting down here I can tell you some states that have almost 24 hours – Kebbi, Yobe. Some have five,…
By Oke Peter As households and businesses continue to lament the nation’s electricity woes, power generation companies in the country have said there is no incentive for them to increase output from their plants. The Gencos said their total generation capacity rose to 7,383.04 megawatts in 2018 from 4,214.32MW in 2013, when the power sector…
Mayowa Okekale – Abuja The Phase One of the ongoing recruitment exercise by the Nigerian National Petroleum Corporation (NNPC) which kicked off via nationwide advertisements in the national dailies and online media on Wednesday, 13 March, 2019 ended midnight yesterday with the closure of the corporation’s application portal. A release today in Abuja by the…
The police in Nigeria have emerged as the most corrupt public institution in the country, according to a new survey released today by Socio-Economic Rights and Accountability Project (SERAP). The News Agency of Nigeria (NAN) has reported. The power sector was ranked second in the survey’s corruption index, which examined five public institutions in Nigeria…
The Association of Nigerian Electricity Distributors (ANED) said 10 Distribution Companies (DisCos) reached 66 percent collection efficiency as they collected N438 billion revenue for energy served to consumers in 2018. The Director of Advocacy and Research at ANED, Mr Sunday Oduntan, in a document said the 10 DisCos, excluding Yola DisCo, received energy worth N666.6bn…
By Oke Peter Electricity supply in Delta State has been threatened following the vandalisation of six towers belonging to the Transmission Company of Nigeria (TCN). In a statement issued in Abuja on Tuesday, General Manager, Public Affairs at TCN, Ndidi Mbah, said it would take another four weeks before vandalised towers would be put in…
Damilola Shittu – Abuja Gas flaring has continued to take its toll on the Nigerian economy, the environment and the lives of the people of oil-producing communities, as the country lost $987.175 million, about N302.076 billion in 2018, to the continuous flaring by oil and gas firms operating in the petroleum industry. According to data…
Port Harcourt Refining Company (PHRC) Limited, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has attained the International Organization for Standardisation (ISO) 9001:2015 Quality Management System (QMS) certification, the first by any refinery on the African continent. Mr. Richard Omale, Managing Director of 3FM Solutions, a Management Consulting Company whose outfit conducted the QMS…
The Transnational Corporation of Nigeria Plc yesterday said it plans to invest $2.5 billion in the power sector to boost power supply across the country. The investment will be made through its subsidiary, Transcorp Power Limited. Transcorp Power has so far injected about $1 billion in projects with a combined capacity of 700Mw, Chairman, United…
Femi Falana, Senior Advocate of Nigeria (SAN) and human rights lawyer, has urged President Muhammadu Buhari not to renew the licences of oil block owners in the country. Sahara Reporters has reported. In a letter addressed to the President, dated March 20, 2019, Falana commended him for taking the decision to revoke the licences of…
In a responsive approach to mitigate customer complaints arising from estimated bills, Ikeja Electric has set up a Bill Dispute Resolution Panel (BDRP) across its undertaking offices to help expedite cases of disputed bills. The panel, which comprises selected staff with expertise in the business operations and customer services, will meet with customers, once in…
By Haley Zaremba Across the United States, gas stations outnumber charging stations for electric vehicles by a ratio of approximately seven to one. Large stretches of highway without charging stations and a general scarcity of places to plug in give many potential EV adopters cold feet, and understandably so. This means that building more charging…
Shell Petroleum Development Company of Nigeria Limited says it has increased the size of its contractor support fund by $200m in a bid to boost the financial capacity of vendors and suppliers in Nigeria’s oil and gas industry. The oil major said in a statement on Sunday that with the latest move, the fund size…
Mayowa Okekale – Abuja The gale of transparency and probity which has pervaded the operations of the Nigerian National Petroleum Corporation (NNPC) under the current dispensation received global affirmation over the weekend with the conferment of the highest discloser status by the global extractive industries watchdog, Extractive Industries Transparency Initiative (EITI). The accolade is the…
By Oke Peter The national power grid lost 1,770 megawatts in two days as generation fell below the 3,000MW mark on Friday, the latest data obtained by our correspondent on Saturday revealed. The total available electricity generation fell to 2,938.5MW as of 6am on Friday from 4,708.3MW on Wednesday. Data from the Nigeria Electricity System…
By Oke Peter Nigeria’s effort at ensuring local sufficiency in refined petroleum products was bolstered Thursday with the formal commencement of the first phase of the rehabilitation of the 210,000 barrels per day capacity Port Harcourt Refinery complex that comprises the 60,000 barrels per day old Refinery built in 1965 and the 150,000 barrels per…
By Tsvetana Paraskova Amid growing global concern about the overuse of plastic, Austria’s oil and gas group OMV and Austrian Airlines have partnered to turn the plastic cups the airline’s passengers have used into synthetic crude that could be later processed into fuels or other plastic products. OMV said on Friday that it had started…
By Irina Slav A senior United States government official has told Indian media that private local refiners had stopped importing crude oil from Venezuela, noting the cooperation of Indian companies in this respect. “My understanding is that Indian private companies, who were importing Venezuelan oil, have stopped,” the official, whose name was not disclosed, said…
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, disclosed on Thursday, in Port Harcourt, Rivers State, during the kick-off of the rehabilitation of the Port Harcourt refinery that: “It is my hope that sometimes in 2020, we will collectively sit here and celebrate 90 percent capacity utilisation in Port…
The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigeria LNG Limited will on Friday (today) sign the Nigerian content plan for the NLNG’s Train 7 project, estimated to cost $1bn. The Executive Secretary, NCDMB, Mr. Simbi Wabote, and the Managing Director, NLNG, Mr. Tony Attah, met at the board’s headquarters in Yenagoa, Bayelsa…
Supply cuts by the Organisation of Petroleum Exporting Countries (OPEC) and United States’ sanctions against Iran and Venezuela will push the oil market into undersupply and boost the cost of crude in coming months, Morgan Stanley forecasts. The investment bank previously said oil prices were more likely to fall after Brent crude topped $65 a…
By Oke Peter The operating deficit recorded by the nation’s refineries rose by 39 percent to N132.5bn in 2018, compared to the previous year, data from the Nigerian National Petroleum Corporation (NNPC) showed on Tuesday. The refineries posted a loss of N95.09bn in 2017, according to the NNPC data. The refineries, which are located in…
With over 90 million households yet to be connected to the national grid, the Transmission Company of Nigeria (TCN), yesterday, disclosed that it has been unable to connect new Electricity Generating Companies (GENCOs) because of the inability of the Electricity Distribution Companies (DISCOs), to take additional load. This is coming as the National Power Training…
By Tsvetana Paraskova The United Kingdom is on track to import this month its highest volume of liquefied natural gas (LNG) since October 2015, as a wave of new global LNG supply and muted winter demand and low spot prices in Asia are boosting flows of the fuel to Europe. As many as 14 cargoes…
Damilola Shittu – Abuja Five firms have submitted financial and technical bids to purchase a 51 percent stake in the Afam Power Plc – an electricity generation company – and Yola Electricity Distribution Company. Head, Public Communications at the Bureau of Public Enterprises, Amina Othman, disclosed this in a statement made available to our correspondent…
There appears to be no let-up in the activities of vandals who in December last year pushed pipeline breaches across the Country by a whopping 34 percentage point, NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, stated this in a release Sunday in Abuja. Ughamadu said the upward swing in the breaches…
By Vanand Meliksetian The electrification of most industrialized societies has taken off in a big way. In the EU and China government support such as regulations and subsidies are pushing automakers towards alternative technologies which don’t utilize fossil fuels as a source of energy. Also, in North America, despite Trump’s support for the fossil fuel…
By Tsvetana Paraskova Royal Dutch Shell has set its first-ever short-term goals to cut the carbon footprint of its operations and product sales as the oil and gas industry is under intense investor and shareholder pressure to address to climate change. In its annual report published on Thursday, Shell said that in early 2019, it…
With India signing an agreement to import 0.6 million barrels of oil from the United States, Nigeria’s crude exports could further be threatened if new markets are not explored, a new report has revealed. The research noted that India was Nigeria’s top crude oil buyer in five of the last six years. According to The…
Full-year 2018 results from Seplat Petroleum Development Co. the indigenous oil and gas company dual-listed in Lagos and London, may have encouraged some investors that the Nigerian energy sector is turning the corner. Standard & Poor’s in January upgraded Seplat to B in anticipation of improved results. While profit was hurt by deferred tax, revenue…
By Oke Peter The African Development Bank (AfDB) will double its climate finance commitment for the period 2020-2025, the Bank’s President, Dr. Akinwumi Adesina announced Thursday. He said the Bank would commit at least $25 billion towards climate finance. Speaking at a plenary in the presence of heads of states at the One Planet Summit…
Ajibola Esther – Lagos The Nigerian National Petroleum Corporation (NNPC) has disclosed that Nigeria and the United States of America had been very good partners with about $35billion worth of trade between the two countries. The group managing director of NNPC, Maikanti Baru, who disclosed this during a meeting with the US Energy Secretary, Rick…
By Tsvetana Paraskova – The United States sanctions on Venezuela’s oil industry have not had a significant impact on the operations of the largest U.S. refiner Marathon Petroleum Corp, chairman and chief executive officer Gary Heminger said at IHS Markit’s CERAWeek conference in Houston. According to Heminger, Marathon Petroleum had seen sanctions coming a long…
United Nations Environment and the European Union (EU) came together at UN Environment in Nairobi, Kenya today to share insights on SWITCH to Green — a major global initiative that supports governments in their transition to green economies. The primary aim of SWITCH to Green is to turn environmental challenges into opportunities. It is based…
By Oke Peter President Muhammadu Buhari has ordered the Nigerian National Petroleum Corporation (NNPC) to take over the operatorship of the entire Oil Mining Lease 11 from Shell Petroleum Development Company (SPDC). According to a letter from State House, Abuja, to the Group Managing Director of NNPC, dated March 1, 2019, with reference number SH/COS/24/A/8540…
Fresh from his comfortable re-election, Nigerian President Muhammadu Buhari faces a huge hurdle to keep his vow to end the economy’s addiction to oil: win a lasting peace in the crude-rich Niger River delta. The 76-year-old former military ruler will have to score a breakthrough that’s eluded previous governments in an area where armed groups…
Eight months after the signing of the Front End Engineering Design contract for Train 7 of the Nigeria LNG Limited, there is still uncertainty as to when the shareholders will take the final investment decision on the project. The Punch newspaper has reported. The Nigeria National Petroleum Corporation (NNPC), which is one of the shareholders,…
Being a text of an address by Mr. Siim Kiisler, President of the fourth UN Environment Assembly and Ms. Joyce Msuya, Acting Executive Director of UN Environment at the opening plenary of Fourth United Nations Environment Assembly in Nairobi, Kenya. Honourable Minister Siim Kissler, Minister of Environment for Estonia and President of the fourth UN…
Access to clean energy in the Gambia is set to be transformed under a new €142 million initiative to harness solar power and supply clean energy across the country, backed by the European Investment Bank, World Bank and European Union. Once operational the scheme will increase energy supply in the Gambia by one fifth and…
By Oke Peter The United States cut its imports of Nigerian crude oil by 48.87 million barrels or 43 percent in 2018, according to the latest data released by the Energy Information Administration. The US imports of Nigerian crude fell to 64.06 million barrels last year from a five-year high of 112.92 million barrels in…
EnergyNet Limited has announced that the co-located ‘Africa Energy Forum: Off the Grid’, and ‘Regional Energy Co-operation Summit’ meetings taking place in Addis Ababa, Ethiopia between 27 and 29 March will welcome the launch of the updated version of Ethiopia’s National Electrification Program (NEP 2.0), presented by the Government of Ethiopia. According to a statement…
By Oke Peter Power distribution companies in the country failed to remit a total of N325.54bn to the Nigerian Bulk Electricity Trading (NBET) for the electricity sold to them from January to October last year. The government-owned NBET buys electricity in bulk from generation companies through Power Purchase Agreements and sells through vesting contracts to…
Azuri Technologies, a leader in pay-as-you-go solar in Africa and crowdfunding platform, Energise Africa yesterday announced the latest phase of debt financing from United Kingdom (UK) impact investors to deliver affordable, clean energy and help solve the energy crisis in Nigeria and other sub-Saharan Africa countries. The Azuri and Energise Africa collaboration plans to raise…
Esther Ajibola – Lagos The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote has said that next two years promises to be bright for operators in the Nigerian oil and gas industry with an investment opportunities of $25 billion underway. Addressing journalists in Lagos yesterday, Wabote revealed that within the past…
Damilola Shittu – Abuja President Muhammadu Buhari has approved the 2019 operational budget of the Nigerian National Petroleum Corporation (NNPC), the Group Managing Director of e state oil company, Dr. Maikanti Baru, disclosed Wednesday. Although Baru did not state how much the corporation’s budget for 2019 was worth, he however disclosed that Buhari was gracious…
Royal Dutch Shell has disclosed that it does not have plans to declare force majeure on Bonny Light exports after a fire in an area around a key pipeline. A force majeure is usually declared to protect an oil exporter against any liability with buyers because of its inability to meet obligation. Shell stated that…
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) on Tuesday announced that it had recovered assets worth over N771 million from some oil marketers who under-paid for petroleum products supplied to them from the Kaduna depot of the Petroleum Products Marketing Company. NNPC’s Anti-Corruption Committee Chairman, Mike Balami, said the committee, in collaboration with…
In the wake of growing uncertainty in the price of crude oil, Nigeria faces the challenge of losing its market in Asia as Saudi Arabia has concluded plans to invest $100 billion in India, Nigeria’s major oil importer, thus threatening future importation of the country’s crude by India. According to Thisday The move by Saudi…
Oil prices rose on Monday, buoyed by output cuts by OPEC and reports that the United States and China are close to a deal to end a year-long tariff row. International Brent futures were at 65.25 dollars a barrel at 07:13 GMT, up 18 cents, or 0.3 per cent, from their last close. U.S. West…
The nation’s crude oil export has suffered a setback following the shutdown of the Nembe Creek Trunk Line, one of the major crude oil transportation channels used for export. The NCTL, which is 100 kilometres long and has a capacity of 150,000 barrels per day at Nembe Creek, evacuates crude to the Bonny Crude Oil…
By Oke Peter Nigeria’s refineries posted a cumulative loss of N114.3 billion in the first 11 months of 2018, the latest industry data have revealed. Figures obtained from the Nigerian National Petroleum Corporation (NNPC) on Friday in Abuja showed that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical…
The organizers of African Utility Week (AUW) and POWERGEN Africa, have announced a media partnership with the global news organization and broadcaster, CNN, in the run-up to the event that will hold between 14 and 16 May 2019, in Cape Town, South Africa. In a release signed by the organization’s Senior Communications Manager, Annemarie Roodbol,…
Kenya’s Electricity Generation (KenGen) on Monday, said it secured a multi-million shillings contract to provide geothermal drilling services to state-run Ethiopian Electric Power. The power producer’s contract with East Africa’s largest power producing company is being funded by the World Bank through a loan to the Ethopian government for 7.6 billion shillings ($76.8 million), KenGen…
Dutch prosecutors are preparing criminal charges against Royal Dutch Shell over its $1.3 billion acquisition of Nigerian offshore oilfield OPL 245 in 2011. Shell said in a statement on its website that it had been informed by the Dutch Public Prosecutor’s Office (DPP) that it had nearly concluded its investigation and is preparing to prosecute…
Scores of persons are still missing in Nembe community, Bayelsa State, after a gas explosion from the Creek Trunk Line operated by the Aiteo Eastern Exploration and Production Company in the community. According to The Punch, the explosion caused tension among indigenes of the seven communities of Nembe in Nembe Local Government area of the…
To deepen offshore investments in the nation’s oil and gas industry, the Federal Government on Wednesday unveiled Nigeria’s $48 billion investment opportunities available in emerging capital projects expected on stream soon. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, while speaking at a panel session on the topic “Insights…
The African Development Bank (AfDB) has kicked off a feasibility study to explore the potential of electricity cooperative business models in Nigeria and Ethiopia. The effort is part of the Bank’s goal of achieving universal electricity access across Africa by 2025, having realised that power shortages diminishes the region’s Gross Domestic Product (GDP) growth between…
Nigeria earned N3.72 trillion from royalties and petroleum profit tax (PPT), in the oil and gas sector in 2018, according to data obtained from the Central Bank of Nigeria, (CBN). The CBN, in its Economic Report for the Fourth Quarter of 2018, stated that the amount the country earned from royalties and PPT in 2018…
By Oke Peter The organizer of the longest running meeting for senior level decision makers in African energy, EnergyNet Limited has launched a new brand identity to better represent Africa Energy Forum (AEF) core values of innovation, integrity and stakeholder collaboration. The event attracts over 2,000 attendees annually to discuss the financing and development of…
The power generation statistics for Q4 2018 reflected that a total average of 68,625 MWh of energy was generated daily by thermal power stations while thermal power stations generated an average of 27,913 MWh of energy within the same period. According to the report made available by the National Bureau of Statistics ((NBS), thermal stations…
Thirty engineering graduates have been inducted to the fifth batch of the Shell Nigeria internship programme, a four-year old scheme designed to help young graduate engineers upscale their skills in readiness for employment in the energy sector. The internship programme, run in collaboration with the Petroleum Technology Association of Nigeria (PETAN), places the interns with…
Nigeria has ordered foreign oil and gas companies to pay nearly $20 billion in taxes it says are owed to local states, industry and government sources said, in a move that could deter investment in Africa’s largest economy. In a letter sent to the companies earlier this year via a debt-collection arm of the government,…
Damilola Shittu – Abuja The Nigerian Content Development Monitoring Board (NCDMB), has announced plans to introduce a new financing scheme to address the gaps witnessed under the Bank of Industry (BoI) funding initiative for companies operating in the Nigerian oil and gas industry. Speaking in Abuja, Executive Secretary of the NCDMB, Mr. Simbi Wabote, stated…
President Muhammadu Buhari has pledged the cooperation of Nigeria to the reduction of oil output to attract higher prices in the global market. Speaking with Mr Ahmad Qattan, Special Envoy of King Salman Bin Abdulaziz, Minister of State for African Affairs of the Kingdom of Saudi Arabia, at the State House, Abuja, Buhari said as…
ENGIE has announced that a commercial operation was achieved on 30 January, 2019 for the 100 MW Kathu Solar Park in South Africa. This state of the art plant is a greenfield Concentrated Solar Power (CSP) project with parabolic trough technology and equipped with a molten salt storage system that allows for 4.5 hours of…
The ongoing gas flare commercialisation programme of the Federal Government will attract $3.5 billion worth of investments to Nigeria. In a reply to enquiries on the status of the programme, senior officials of the Federal Ministry of Petroleum Resources explained that inward investments valued at over $3bn would come into Nigeria through the Nigerian Gas…
Damilola Shittu – Abuja The Ministry of Power, Works and Housing has pledged commitment to pay N701 billion Payment Assurance fund to power Generation Companies (GenCos). Reacting to a media report, which claimed government would discontinue the payment, Permanent Secretary in the Federal Ministry of Power, Louis Edozien, discredited the publication, insisting the payment has…
Despite the Transmission Company of Nigeria’s (TCN) attainment of 5,375 megawatts, MW peak generation, stakeholders said the nation still has a long way, considering the 180,000 megawatts, MW requirement. The General Manager, Public Affairs of TCN, Ndidi Mbah, had stated in an email to Vanguard that the current capacity of Electricity Generation Companies, GENCOs had…
It was an atmosphere of joy and excitement at the Children’s Ward of National Orthopaedic Hospital, Igbobi, Lagos (NOHIL), when the staff of leading electricity distribution firm, Ikeja Electric Plc (IE), visited the hospital to celebrate Valentine’s Day with them. The visit, which was in line with the objectives of the company’s Personal and Corporate…
President Muhammadu Buhari has vowed to probe the $16 billion spent on failed power project by the administration of former President Olusegun Obasanjo. The News Agency of Nigeria (NAN) has reported. He said his government would recover the money and expose those behind the scam. President Buhari, who spoke on Tuesday in Yenagoa, the Bayelsa…
Damilola Shittu – Abuja The power Distribution Companies (DisCos) have insisted that there is no 2,000 megawatts (MW) stranded in the Nigerian Electricity Supply Industry (NESI) that can’t be delivered. But the Generation Companies (GenCos) confirmed the existence and are seeking ways to evacuate and supply more electricity to Nigerians. The Permanent Secretary (Power), Federal…
Ashaka Cement Company, a subsidiary of Lafarge Africa Plc has unveiled plans to inaugurate a 16-megawatt power plant in order to improve and solve the country’s energy problem. The Managing Director, Ashaka Cement, Rabiu Abdullah Umar, who disclosed this while speaking with journalists during the 2018 award ceremony for its distributors, said the company spent…
By Oke Peter The Federal Government, has warned it would revoke the licenses of oil producing firms that failed to pay up their royalties. Minister of State for Petroleum Resources, Dr Ibe Kachikwu, gave the warning at a Ministerial press briefing on key achievements of the Department of Petroleum Resources on crude oil, LNG tracking…
By Alfred Akuki First Bank of Nigeria Limited and Azuri Technologies, a leader in pay-as-you-go solar technology, today announced a unique partnership that will help deepen financial inclusion in Nigeria while bringing affordable, reliable and clean power to millions of Nigerians. Under the partnership, Azuri’s solar home TV product will be co-branded and co-marketed by…
By Colleen Goko, Paul Burkhardt and Prinesha Naidoo South Africa’s debt-laden power utility raced to stabilise the grid by resorting to the most intense supply cuts in four years while Moody’s Investors Service warned a plan to fix it fell short. Eskom Holdings SOC Ltd. is implementing so-called stage 4 rotational power cuts from 1…
The oil and gas sector in Nigeria, particularly upstream, will be affected by policy uncertainties, security, and slump in the price of crude oil, stakeholders have said. Players in the industry, in an outlook, ahead of the general elections, equally urged politicians to desist from comments that could further reduce investment inflow of into the…
Oil and gas companies operating in Nigeria got a total of 12,383 service permits in 2018 for the services rendered in the sector. The Punch has reported. The Department of Petroleum Resources (DPR) said the service permits were issued in three categories. In a document detailing some of its achievements in 2018, which was obtained…
By Laurie Hammond and Thibaut Hollanders The world, including investors, will keep a close eye on the various national elections to be held in Africa this year. The lead up and aftermath of national polls usually comes with uncertainty, something which investors tend to avoid if possible. National elections have recently been completed in the…
The Transmission Company of Nigeria said on Thursday that it had raised a total of $1.623bn for power transmission projects across the country. The News Agency of Nigeria (NAN) has reported. The Managing Director/Chief Executive Officer, TCN, Mr Usman Mohammed, who disclosed this in Lagos at the inauguration of a substation in Ilashe, said the…
Five people have been killed by a gas explosion in an unused coal mine in South Africa’s eastern province of Mpumalanga and several others remain trapped, police said on Thursday. State broadcaster SABC said about 20 people were still stuck underground at the mine in Middleburg. According to Reuters, rescue efforts were hampered by dangerously…
Esther Ajibola – Lagos The management of Nigeria’s largest power generation company, Egbin Power Plc, is increasing both technical and engineering works to generate power at installed capacity before end of this month. The management also reaffirmed its commitment to ensuring the power plant increases its electricity generation capacity by 100 per cent in 2019,…
Introduction The Nigerian Gas Flare Commercialization Programme (NGFCP) was launched by President of the Federal Republic of Nigeria, Muhammadu Buhari, in his capacity as the Minister of Petroleum Resources (Minister) on 13th December, 2016. The objective of the NGFCP is to establish a bankable commercial framework for the monetization of flare gas, by providing flare…
Crude oil production by the Nigerian Petroleum Development Company (NPDC), the flagship subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased by 57,000 barrels per day. The NNPC, in its January 2019 news edition obtained in Abuja on Monday, said crude production by the NPDC increased from 108,000bpd in 2016 to 165,000bpd in 2017….
The power and water industries on the continent have responded with enthusiasm to the latest call for nominations for the sixth edition of the annual African Power, Energy and Water Industry Awards that returns to Cape Town on 15 May 2019. Pioneering utilities, projects and people in the energy and water industries on the continent…
Damilola Shittu with Agency Report Nigeria’s oil revenue shop up by 129 per cent to N9.4 trillion in 2018 buoyed by increased crude oil price. Investigations revealed that average price of Nigeria’s crude oil; Bonny Light rose by 26 per cent to $70.66 per barrel in 2018 from $52.51 per barrel in 2017. Indication that…
France plans to double its renewable energy capacity with a system of regular tenders under a draft 10-year energy strategy plan published on Friday. According to Reuters, the so-called PPE plan, which lays out capacity targets for various energy sectors over the 2019-2023 and 2024-28 periods, also confirmed that four to six nuclear reactors –…
By Susanna Twidale Lightsource BP, Europe’s biggest solar energy developer, will build a 70 megawatt (MW) solar project for Penn State university in Pennsylvania, the company said on Tuesday. The project is expected to be complete by July 2020 and will provide around 25 percent of the university’s state-wide electricity demands for 25 years, Lightsource…
ExxonMobil and partner Qatar Petroleum said today they have made a final investment decision to proceed with development of the Golden Pass LNG export project located in Sabine Pass, Texas. Construction will begin in the first quarter of 2019 and the facility is expected to start up in 2024. “Golden Pass will provide an increased,…
Nigeria’s former Vice President and presidential candidate of the People’s Democratic Party (PDP) Alh Atiku Abubakar, on Tuesday, promised to complete the Mambilla Dam if elected president in the forthcoming presidential election. The Sun has reported. Abubakar made the promise while addressing party faithful in at the presidential campaign of the party in Jalingo. He…
By Oke Peter The leadership of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association (PENGASSAN) has again appealed to President Muhammadu Buhari to accelerate the final executive assent to the entire Petroleum Industry Bill (PIB). The oil workers argued that the bill, when passed into law,…
Damilola Shittu – Abuja The Minister of Power, Works and Housing, Babatunde Fashola, has stated that power generation in Nigeria increased by 100 per cent within a space of three years. Fashola, who disclosed this while playing host to members of the Federation of Construction Industry in his office on Monday in Abuja, specifically stated…
Damilola Shittu – Abuja The Ministry of Mines and Steel Development said it revoked 4,176 mining titles between 2011 and 2018. The Ministry disclosed this in a report made available to newsmen in Abuja. It said that 908 mining titles were revoked in 2011, none was revoked in 2012, 548 were revoked in 2013 and…
Oil prices gained roughly 18 per cent in January, the largest gain for that month of the year on record. “A break through $55 in WTI and $65 in Brent would be a very bullish signal for these and could be the catalyst for more significant upside, with oil having stabilised over the last few…
Hungary’s Ambassador to Ghana, András Szabó, has unveiled $70 million worth of power generation investment from Hungary for the first stage of the 400+ megawatt (MW) Bridge Power Project. This investment includes three out of five GE aero-derivative gas turbines (TM 2500) that will be used to operate this first stage of the power plant…
Heads of State, environment ministers, environmental activists and innovators, non-governmental organisations and chief executive officers of multinational companies will once again gather to discuss and make global commitments to environmental protection at the world’s highest-level environmental forum, Fourth United Nations Environment Assembly in Nairobi, Kenya between March 11 and 15, 2019. The week-long Assembly will…
By Esther Ajibola The long awaited dream of oil and gas exploration in the northern part of Nigeria became a reality, yesterday, as President Muhammadu Buhari flagged off the spud-in of Kolmani River-II Well in Gongola Basin of Upper Benue Trough. Performing the flag off ceremony, Buhari said that in spite of the diversification of…
The Nigerian Customs Service (NCS) cumbersome documentation process may have delayed about 25 vessels currently stuck on the Lagos high sea, laden with petroleum products, and other goods waiting to berth and discharge the products for domestic consumption. The Guardian has reported. The latest Shipping Position released by the Nigerian Ports Authority (NPA), revealed that…
By Oke PeterIn its determination to make a difference in the world’s dwindling energy resources and tackling energy poverty, EnergyNet Limited United Kingdom has been proffering workable solutions through generation of ideas, discovery of new opportunities, as well as facilitating investment summits, where international investors build relationships with credible public sector stakeholders across Africa and…
Damilola Shittu – Abuja The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, yesterday said the Federal Government was targeting about two billion dollars from oil and gas lease licences renewal. Kachikwu disclosed this while fielding questions from newsmen at the just concluded Nigerian International Petroleum summit, on Wednesday in Abuja. “We projected for…
Oke Peter with Agency Report No fewer than two persons and five vehicles were burnt on Wednesday morning at Barracks Bus Stop, along Mile 2 on Badagry Expressway after a 33,000 litre fuel tanker fell and exploded. The Director of Lagos State Fire Service, Mr Musibau Rasaki confirmed the incident to the News Agency of…
German auto maker giant Volkswagen has just upped its bet on electric vehicles (EVs) by announcing it will begin manufacturing batteries and charging stations for those cars, which the company plans to also start mass producing soon. The Wolfsburg-based company said it would invest 870 million euros (about $985 million) by 2020 to develop e-vehicle…
ExxonMobil said today that it has reached a final investment decision and started construction on a new unit at its Beaumont, Texas refinery that will increase crude refining capacity by more than 65 percent, or 250,000 barrels per day. The third crude unit within the facility’s existing footprint will expand light crude oil refining, supported…
Esther Ajibola – Lagos In line with its belief that the future of Nigeria should be in Nigerian hands, Samsung Heavy Industries (SHI) has set a new record on Nigerian content in the oil and gas industry as it has trained another batch of internationally-certified female welders. Speaking to journalists, one of the beneficiaries of…
By Cyril Widdershoven The political power struggle in Venezuela is heating up, and there seems to be no real solution on the horizon yet. The surprise move by Venezuela’s opposition leader Juan Guaido to declare himself interim president on Wednesday has backed the country’s president Nicolas Maduro into a corner. The outcome of this power…
By Oke Peter The ongoing investment in refining, petrochemicals, fertilizer and gas is driven by the desire to bring innovation and efficiency into all aspects of Nigeria’s oil and gas sector, the President/Chief Executive, Aliko Dangote has said. Dangote, who made this disclosure yesterday, at the ongoing Nigeria International Petroleum Summit (NIPS), in Abuja, said…
Despite recent assurance by the Federal Government that there were no irregularities in the ongoing renewal of over 42 oil licences, stakeholders in the oil and gas sector, yesterday, raised the alarm over the ongoing exercise. Even though the Petroleum Act of 1969, as well as the Petroleum (Drilling & Production) Regulation of 1969 (as…
A suspected vandal, Saifullahi Sa’idu, of the Kadangaru Quarters, Dutsin-ma Local Government Area of Katsina State, is now in police custody after suffering serious burns while allegedly attempting to steal cables from a power transformer in Dutsin-ma town. According to The Punch, Sa’idu was initially admitted to the General Hospital, Dutsin-ma before he was arrested…
By Sean Fleming At a site in the Western Desert, some 650 kilometre south of Cairo, one of the world’s largest and most ambitious solar energy projects is underway. The Benban Solar Park will produce enough electricity to power one million homes. But more than that, it is part of a whole new strategy for…
By Irina Slav Saudi Aramco, in partnership with United States Air Products and Chemicals, will build the first hydrogen fuel cell station in the Kingdom, leveraging Air Products’ SmartFuel hydrogen fueling technology, Reuters reports, citing a joint statement. The station, to start operating in the second half of this year, will fuel a fleet of…
By Prajakta Khandagale The hybrid power solutions market is forecast to register its name in the billion-dollar fraternity down the line of six years, by exceeding a revenue of $55 billion by 2024 with a projected CAGR of 18.5 per cent over 2018-2024. This is according to a recent industry report put forward by Global…
Oke Peter with Agency Report The Department of Petroleum Resources and the Ministry of Petroleum Resources have said there are no irregularities in the ongoing renewal of oil and gas leases. A News Agency of Nigeria’s (NAN) report, on Thursday, quoted the House of Representatives as saying it would investigate the Minister of State for…
When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics – climate change and pressure from investors. The conclusion of the discussions was worrying for those present – pressure is rising and the industry is…
By Nick Cunningham The oil market is heading towards rebalancing this year, most analysts seem to think, with OPEC+ production cuts, combined with a potential slowdown in U.S. shale eating away at the surplus. However, the “rebalancing” all hinges on the steady demand growth projections that most analysts have at the heart of their forecasts….
Oil prices rose by more than one percent on Friday as turmoil in Venezuela triggered concerns that its oil exports could soon be disrupted. Reuters has reported. Washington on Thursday, signalled it could impose sanctions on Venezuela’s crude exports as Caracas descends further into political and economic turmoil. International Brent crude oil futures were at…
The first-ever global assessment of environmental rule of law finds weak enforcement to be a global trend that is exacerbating environmental threats, despite prolific growth in environmental laws and agencies worldwide over the last four decades. Despite a 38-fold increase in environmental laws put in place since 1972, failure to fully implement and enforce these…
In its determination to further optimise operations through adequate maintenance of installations and reduction of downtime, Nigeria’s leading electricity distribution company, Ikeja Electric Plc (IE), has commenced the electronic tagging of electricity poles across its network. The exercise, known as ‘E-Pole Tagging Project’ entails labeling of all 11KV and 33KV High Tension (HT) poles with…
The Federal Government has declared the willing-buyer- willing-seller policy as one of the surest steps to addressing Nigeria’s power challenges. The Guardian has reported. Vice President, Professor Yemi Osinbajo, noting that power remains very critical to national development, said if the generation companies do not have the resources to produce electricity; other companies can take…
CNOOC Limited today announced its business strategy and development plan for the year 2019. The Company’s net production target for 2019 is 480 million to 490 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 63% and 37%, respectively. The Company’s net production for 2018 is expected to…
Esther Ajibola – Abuja A bill seeking to amend the Electric Power Reform Act, prohibit and criminalise estimated billing of consumers passed the third reading at the House of Representatives on Tuesday. The Majority Leader, Mr Femi Gbajabiamila, sponsored the bill in protest against the “crazy bills” Electricity Distribution Companies force their customers to pay….
By Oke Peter Mr Mordecai Ladan, Executive Director, Department of Petroleum Resources (DPR) says the organisation generated N1.3 trillion as revenue and additional 200 million dollars from legacy indebtedness in 2018. Ladan made this known at the opening of a workshop on Revenue Generation, Accounting and Reporting Process to the Federation Allocation Accounting Committee (FAAC)…
4 mins ago 0 8 0 The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged government to revoke the licences issued to non-practising companies and individuals on modular and private refineries. The News Agency of Nigeria (NAN) has reported. The association in a statement urged the government to immediately revoke and…
Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tonnes a year, the petroleum minister said. “We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” the minister, Tarek El Molla, said…
The Nigerian National Petroleum Corporation (NNPC) has sought effective collaboration with members of the African Union of Transportation and Logistics Organisation to halt incidents of cross-border leakages of petroleum products. The corporation said smuggling of petroleum products remained a blight in the nation’s fuel supply and distribution matrix. NNPC Group Managing Director, Dr Maikanti Baru,…
Fernando Gonzalez is the Chief Executive Officer (CEO) of Cerro Dominador, a Concentrated Solar Power (CSP) Photovoltaic Plant in Chile, Latin America. He has over 20 years experience in the power industry, having worked at Private Equity, Fortune 500 and accounting firms in the United States of America (USA), United Kingdom and Argentina. Fernando will…
By Kimani Chege United Kingdom renewable energy company, BBOXX, has landed a USD 31 million financing deal with Africa Infrastructure Investment Managers (AIIM) to expand operations in East Africa. Also, 10 million people will gain energy access following a deal between BBOXX, a next generation utility platform, and Africa Infrastructure Investment Managers (AIIM). AIIM, though…
More than five years after the nation’s power sector was privatised, 55 per cent of electricity consumers are still being subjected to estimated billing. The Punch has reported. The Nigerian Electricity Regulatory Commission, in its latest quarterly report, said the provision of meters would improve revenue collection by the distribution companies. It said, “Metering gap…
The World Bank Thursday, unveiled its approved Action Plan on Climate Change Adaptation and Resilience covering a period of five years. Under the plan, the bank will ramp up direct adaptation climate finance to reach $50 billion over FY21–25. According to the bank, this financing level, an average of $10 billion a year is more…
By Paul BurkhardtSaudi Arabia is in talks to build an oil refinery in South Africa as part of a pledge to invest as much as $10 billion in Africa’s most developed economy. Joint studies for a refinery and petrochemical complex will be conducted by state oil giant Saudi Aramco and South Africa’s Central Energy Fund,…
Stealing fuel from oil pipelines appears not to be a peculiar Nigerian habit. It is also a problem in Mexico, where the theft cost the government about $3 billion in 2018. The News Agency of Nigeria (NAN) has reported. At least 20 people were killed and 54 were injured on Friday when a pipeline ruptured…
Damilola Shittu – Abuja Between June 2018 and January this year, power distribution companies have disconnected a total of 1,205 premises that were constructed under high-tension power lines across the country, the Nigerian Electricity Management Services Agency (NEMSA) announced on Thursday. NEMSA said the disconnection was as a result of its directive to the DisCos…
Eko Refinery and Petrochemical Company has appealed to the Federal Government to support local refiners with sovereign guarantees loans for the completion of their modular refineries. The News Agency of Nigeria (NAN) has reported. Mr Emmanuel Iheanacho, the Chairman of the Company, made the appeal in Lagos against the backdrop of local refiners’ inability to…
In a renewed commitment to its high safety standards, Nigeria’s leading electricity distribution company, Ikeja Electric Plc (IE), has warned the public under its network against building structures and engaging in social and economic activities under power lines. According to a release signed by the firm’s Head of Corporate Communications, Felix Ofulue on Wednesday, the…
The Nigerian National Petroleum Corporation (NNPC) on Tuesday said total revenues generated from the sales of white products for the period October 2017 to October 2018 stands at ₦2.684 trillion, while petrol contributed about 88.32 per cent of the total sales value of ₦2.371 trillion. This is as the national oil company raised the alarm…
Eleven companies have indicated interest to operate the troubled Ajaokuta Steel Company but the federal government was not yet ready to hand over the facilities. The News Agency of Nigeria (NAN) has reported. Alhaji Abubakar Bwari, the Minister of State, Mines and Steel Development, announced while giving a three-year account of his stewardship (2016-2018) in…
By Oke Peter Electricity generation companies in the country have said they will be forced to shut down their power plants if the challenges facing them are not addressed. The Association of Power Generation Companies, the umbrella body for the Gencos, said on Monday that the recent decline in available generation capability could be traced…
Damilola Shittu – Abuja There is no budgetary provision for the construction of the 3,050 megawatts Mambila hydropower project, the Federal Government declared on Sunday. The government said the claims that the loan negotiations for the project had stalled since 2017 because of an attempt to utilise $600m (N219 billion) from the project for an…
By Irina Slav There is no need for the Organisation of Petroleum Exporting Countries (OPEC) to schedule an extraordinary meeting before April, Saudi Arabia’s Energy Minister, Khalid al-Falih, told media, as quoted by Reuters. At the same event, an industry conference taking place in Abu Dhabi, Al-Falih also said the market was moving in the…
Morocco’s state-owned Company “Office National des Hydrocarbures and des Mines (ONHYM) and Nigerian National Petroleum Corporation (NNPC) have chosen Penspen to carry out the 1st phase of the FEED (Front-End Engineering) of the gas pipeline project to run from Nigeria upto Morocco. The FEED first Phase consists of a detailed review of the feasibility study…
Nigeria has successfully completed 8 multi million power plants under the Federal Government’s National Independent Power Project (NIPP) with an aim of increasing electricity generation in the highly populated country. According to the company behind the construction of the plants, the Niger-Delta Power Holding Company (NDPHC), the plants installed include; 750MW Olorunsogo 11, 450MW Sapele,…
With the successful completion of the Egina Floating Production Storage Offloading (FPSO) unit and the achievement of First Oil in the facility, Samsung Heavy Industries, along with partners, could be justified in spending time looking back with pride. The Sun has reported. According to a statement by the company, at the weekend, the completion of…
Nineteen prospective investors are currently conducting due diligence on Afam Power Plc and Yola Electricity Distribution Company, The PUNCH has learnt. While seven of the companies are currently examining the data on Afam Power Plc, twelve are examining the data and assets of Yola Electricity Distribution Company in order to determine what exactly is on…
By Oke Peter Stakeholders in the nation’s oil and gas sector on Thursday, in Abuja, called for collaborative measures to end sharp practices that could undermine safety of lives, investments and properties in the country. The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru; Chairman, House of Representatives Committee on Petroleum…
The Nigerian National Petroleum Corporation (NNPC) is set to implement effective commercial framework that would halt the export of propane and butane which are major components in the production of Liquefied Petroleum Gas (LPG), also known as cooking gas. The Corporation explained in a press release by its Group General Manager, Group Public Affairs Division,…
Twenty-two members of the academia from 12 Nigerian universities have begun research attachments at The Shell Petroleum Development Companies of Nigeria (SPDC), in several fields of study in the latest phase of the sabbatical and internship programme of the SPDC Joint Venture introduced in 1980. The number represents 13 per cent increase from the outgoing…
By Bennett OghifoThe all-electric Jaguar I-PACE has been awarded Norwegian Car of the Year 2019. Eight expert jurors voted for Jaguar’s first electric vehicle (EV) against eight other finalists, including the Volvo V60, Nissan Leaf and Ford Focus. The jury, which included a racing driver and industrial designer as well as automotive journalists, evaluated all…
Damilola Shittu – Abuja Executive Secretary of the Association of Power Generation Companies (APGC), Dr Joy Ogaji, on Tuesday, in Abuja said the investment made by operators, especially power generation firms, was under threat. This, she, said was due to a regulation introduced by the Nigerian Electricity Regulatory Commission (NERC) to favour electricity distribution companies…
By Jonathan Browning JPMorgan Chase & Co. acknowledged that Bear Stearns made millions of dollars of payments to a friend of the son of Libyan dictator Moammar Al Qaddafi around the time it raised $200 million for the country’s wealth fund. But the bank is refuting the Libyan Investment Authority’s central allegation in a London…
Greenlight Planet, a solar home energy company, said it has delivered clean energy to more than two million individuals in Nigeria, while focusing on rapid innovation of its product and distribution strategy. On a mission to power the underserved, Greenlight Planet began distributing its Sun KingTM solar home energy products in the country in 2011….
Oke Peter with Agency Report Nigeria’s Minister of State for Petroleum Resources, Mr Ibe Kachikwu, has said the Federal Government generated over $2 billion from the renewal of oil block licences. The former Group Managing Director the Nigerian National Petroleum Corporation (NNPC), said the funds will be used to implement the nation’s budget. “We have…
ExxonMobil said today that it has begun drilling the Haimara-1 exploration well offshore Guyana, the first of two planned wells in January. The Stena Carron drillship is drilling the well, which is located 19 miles (31 kilometers) east of the Pluma-1 discovery in the southeast Stabroek Block. The Noble Tom Madden drillship is expected to…
Edo State Ggovernor, Godwin Obaseki yesterday inspected progress of work and equipment at the 55 Megawatts CCETC/Ossiomo Power plant facility in the state. The plant is located at Ologbo on Benin-Sapelr road axis of the state. Addressing reporters after the inspection, Obaseki said when the plant was completed, more electricity would be provided for distribution…
Oil and gas firms operating in the country flared a total of 215.9 billion standard cubic feet of natural gas in the first nine months of last year, amounting to a potential loss of N197 billion. The Punch has reported. Data obtained from the Nigerian National Petroleum Corporation (NNPC) showed that 31.68 billion scf of…
Oke Peter with Agency Report A Niger Delta militant group, known as the Koluama Seven Brothers, has blown up a crude oil pipeline owned by Conoil in Bayelsa State. The group launched the bomb attack on the pipeline located at Koluama community in the Southern Ijaw Local Government Area of the state late on Friday….
Damilola Shittu – Abuja A sum of N1. 149, 385 trillion is estimated to go into the payment of subsidy on petrol imported into the country this year. With the provision of a mere $1 billion, which is about N305 billion in the 2019 budget year, the country may run into a massive budget deficit…
By Julianne Geiger Iran’s Parliament Research Center is predicting negative growth for Iran in the current fiscal year that ends March 20 due to its falling exports, Radio Farda reported on Friday. The economic contraction could be as significant as 5.5 per cent negative growth, the Research Center figures, with the best-case scenario ending with…
The General Manager, Corporate Communications, Eko Electricity Distribution Company (EKEDC), Mr Godwin Idemudia, said the company distributed food items to orphanages in 10 districts within its network. Idumudia said on Thursday, in Lagos that the gesture was part of the company’s Corporate Social Responsibility (CSR). Idemudia said the food items were distributed between December 20,…
Damilola Shittu with Agency Report Crude oil cargoes leaving for the United States from Nigeria and other members of the Organisation of Petroleum Exporting Countries (OPEC) dropped in December to the lowest level in at least five years, data from Refinitiv Eikon and market intelligence firm, Kpler, showed. Oil cargoes departing from OPEC nations to…
By Irina Slav The oil industry, it seems, has gone all-in on digital technology, having gotten an early taste of how much various solutions can influence its cost discipline and bottom lines. Last month, Oilprice wrote how some in the digital tech field expected artificial intelligence for the oil and gas industry to pass from…
India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping N719.2 billion of crude and N37.7 billion of natural gas exports from the country. India also bought cashew nuts worth N4.7 billion. According to the News Agency of Nigeria (NAN), latest figures from the National Bureau of Statistics (NBS), covering July, August…
Brazil’s Mines and Energy Minister, Moreira Franco, has emerged the winner of the Petroleum Economist’ ‘Minister of the Year’ award. The Petroleum Economist Award was created in 2014. Energy Ministers from around the world participate for this award. The honour recognises the minister who has made a significant contribution to the energy sector of his…
The task of determining the daily consumption and subsidy on petroleum products has been taken over by the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC). The development came as statistics show that the government currently pays N2.434 billion daily to subsidise petrol.It was gathered that the Petroleum Products…
Total has started up production on December 29, 2018 from the Egina field, located in around 1,600 meters of water depths, 150 kilometers off the coast of Nigeria. At plateau, the Egina field will produce 200,000 barrels of oil per day, which represents about 10 per cent of Nigeria’s production. The Floating Production Storage and…
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) on Tuesday said daily crude oil production recorded an upward swing of about 2.09million barrels in the outgone 2018. The increase, which translates to 9 per cent, when compared with the 2017 average daily production of 1.86 million barrels, is an indication that the nation maintained…
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Oil prices climbed on the last trading day of the year on Monday, mirroring gains in stock markets, but were on track for the first yearly decline in three years amid lingering concerns of a persistent supply glut. Hints of progress on a possible U.S.-China trade deal helped bolster sentiment, which has been battered by…
In the whole of West Africa, Nigeria is the only producer of high-voltage cables and the sixth country to adopt the technology in the Africa. The Managing Director, Coleman Wires and Cables Limited, George Onafowokan, said this in an interview with The Guardian on Wednesday. He attributed its growth in the sector to many factors,…
The Minister of Power, Works and Housing, Babatunde Raji Fashola, has call for consistency and understanding in the privatized power sector, saying decision to privatize is a matter of policy and policies take time to take effect. “Let’s be consistent here and let us understand that the decision to privatize is a matter of policy….
By Haley Zaremba Solar makes sense. It’s cost efficient, it’s eco-friendly and has no carbon footprint, electricity is generated in the same grid where it is consumed, and the price of installing panels on residential rooftops is a fraction of what it cost just ten years ago, even after Donald Trump’s prohibitive tariffs slapped on…
The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦9.85billion for the month of September 2018, a figure which is higher than the previous month’s deficit of ₦3.90 billion. Details of the report which is contained in the newly released September 2018 edition of the NNPC Monthly Financial and Operations Report indicated…
Royal Dutch Shell said on Wednesday it has begun output at its Prelude Floating Liquefied Natural Gas facility in Australia, the world’s largest floating production structure. It is also the last of a wave of eight LNG projects built in the country over the last decade. The project started up later and cost more than…
Damilola Shittu – Abuja Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, on Monday assured of uninterrupted supply of fuel during the Christmas and New Year celebrations and beyond, saying it has 60-day fuel in stock. He said the corporation imports about 60 million litres of fuel daily, while it…
The Chairman of Forte Oil Plc, Mr Femi Otedola, has announced his decision to sell all his shares in the firm’s downstream business. The Punch newspaper has reported. This is coming more than three years after the firm sold 17 per cent of its equity to a Swiss oil trading firm. Forte Oil disclosed on…
The $5.8bn Mambilla hydropower project, a 3.05GW hydroelectric facility that is to be developed on the Dongo River near Baruf in Kakara Village of Taraba State has suffered a setback which will not only push forward the expected date of operation but will also cost the country a loss of $2.3 billion as a result…
By Simone RenschThe UK has pledged £100m extra funding to renewable energy projects in Africa giving hundreds of thousands access to electricity, the government has announced. This triples the funds for the Renewable Energy Performance Platform (REPP) and will support up to 40 more renewable projects over the next five years in Sub-Saharan Africa, the…
Shell Petroleum Development Company of Nigeria Limited (SPDC) has announced the Final Investment Decision (FID) on the Assa North Gas Development Project in Imo State, the News Agency of Nigeria (NAN) has reported. At peak production, the project is expected to deliver 300 million standard cubic feet of gas per day and will be treated…
Materials in a suitcase seized nearly three years ago by Swiss authorities may unlock the identities of the Nigerian recipients of the $1.1 billion in corrupt payments by Shell and ENI over the purchase of OPL 245 from Malabu Oil. A Geneva prosecutor is now reviewing the materials and will decide what can be shared…
The Nigeria Extractive Industries Transparency Initiative (NEITI) says that total financial flows from Nigeria’s oil and gas sector reduced to $17.05 billion in 2016, indicating a 31 per cent decline on the $24.79 billion generated in 2015. The News Agency of Nigeria (NAN) has reported. NEITI disclosed this in its 2016 Oil and Gas Audit…
The blame game over the electricity shortage across the country continued last week when government accused Electricity Distribution Companies (Discos) of low investment in their networks. Minister of State for Power, Works and Housing Mustapha Shehuri made the accusation in Uyo, when he voiced out his dissatisfaction over the inability of Discos to distribute available…
By Tsvetana Paraskova Just as the Organisation of Petroleum Exporting Countries (OPEC) and partners will have started the new round of production cuts to reduce oversupply, France’s Total is set to begin exports from the new ultra-deep Egina oil field offshore Nigeria in February 2019, at an initial rate of just over 100,000 bpd, Bloomberg…
Oke Peter with Agency Report The Federal Account Allocation Committee (FAAC) rose from its last meeting in 2018 with a startling disclosure that the Excess Crude Account (ECA) crashed from $2.319 billion to $631 million between November 25 and December 19, meaning $1.68 billion (72.7%) was withdrawn from the account within three weeks. This is…
The management of Ikeja Electric (IE) has announced the expansion of network patrol teams and field operations preemptive maintenance across its network to ensure customers have an enjoyable yuletide. In a statement released by the company’s Head of Corporate Communications, Felix Ofulue on Wednesday, the move will see various installations undergo preventive maintenance work, as…
To resolve the power deficit situation in Africa and reach the United Nations’ (UN) target of Universal Access by 2030, the continent will need to add around 250GW capacity, which will require about 7GW yearly from now to 2030. This, the Executive Chairman, Nigerian Electricity Regulatory Commission (NERC), Professor James Momoh said would require…
Esther Abiola – Lagos In 13 years of deep-water exploration, the Bonga vessel of the Shell Nigeria Exploration and Production Company (SNEPCo) has produced over 800 million barrels of crude oil. In its review of the performance of the Bonga Floating Production, Storage, and Offloading (FPSO) vessel for 2018, Managing Director, SNEPCo, Bayo Ojulari, expressed…
An Italian judge, Giusy Barbara, found out on Monday that Eni and Royal Dutch Shell were fully aware that their 2011 purchase of Nigeria’s Oil Prospecting Lease (OPL 245) would result in corrupt payments to Nigerian politicians and officials. Italy’s Eni and Shell bought the OPL 245 offshore field for about 1.3 billion dollars from…
Oke Peter with Agency Report With electricity supply, particularly from the distribution companies remaining at an average of nine hours a day in the first half (H1) of 2018, local manufacturers’ expenditure on alternative energy source stood at N43.19 billion during the period. Although electricity remained a core challenge of the manufacturing sector in H1…
The details of the “Desert to Power Initiative” have been outlined as part of the Paris Agreement climate change talks at COP24 in Katowice, Poland last week.Energy poverty in Africa is estimated to cost the continent 2-4 % GDP annually, according to the African Development Bank (AfDB), which is leading the project. The Initiative aims…
Zambia has denied the fake news by a US official that China is about to take over its state power utility to recover $6-10 billion debt, noting the utility was never provided as collateral and its debt to Beijing was only $3.1 billion. U.S. National Security Advisor John Bolton said on Thursday that China’s quest…
Mr Henry Ikem-Obih, Chief Operating Officer, Downstream, Nigerian National Petroleum Corporation (NNPC) says the Federal Government has paid the agreed N236 billion as first tranche of the outstanding subsidy claims to oil marketers. Ikem-Obi, who disclosed this in an Interview with the News Agency of Nigeria (NAN) on Monday in Abuja, said that government, through…
Delegates from nearly 200 countries on Sunday finalised a common rule book designed to deliver the Paris Climate treaty goals of limiting global temperature rises to well below two degrees Celsius (3.6 Fahrenheit). “Putting together the Paris agreement work programme is a big responsibility,” said COP24 president Michal Kurtyka as he gavelled through the deal…
Damilola Shittu – Abuja Barring the unforeseen, the $12 million Liquefied Petroleum Gas plant (LPG) currently under construction in Ikuru in Rivers State, by Green Energy International Limited (GEIL), operator of Otakikpo Marginal field in OML 11, will become operational by the second quarter of 2019. The 12MMSCFD capacity plant which Approval To Construct (ATC)…
Nigeria’s first gold refinery being built by Kian Smith Trade & Co Limited is billed to be completed by the end of June next year.There was already a significant monthly supply of gold from Zamfara, Kebbi, Kwara, Niger, Kaduna, Ibadan, Ile-Ife, and Ilesha and about 100kg per month from other parts of Africa,” said the…
Nigeria has so far saved over $1 billion through the application of the Direct Sales, Direct Purchase (DSDP) agreement, the architect of the system, Engr. Salihu Garba Aliyu has said. The Nation has reported. The DSDP, a swap agreement first signed in May 2017 by which crude oil is exchanged for equivalent amount of refined…
The government of Nigeria is suing Royal Dutch Shell, Eni and othotherer companies for more than $1 billion over a 2011 oil deal it says was tainted by corruption. According to the World Oil, the suit, filed Wednesday in London, alleges that money the oil companies paid to acquire an oil exploration license in the…
Nigeria’s Petroleum Technology Development Fund (PTDF), has said it would leverage existing in-country capacity available at the Nigerian National Petroleum Corporation (NNPC), and Nigerian Content Development Monitoring Board (NCDMB), to address the challenges of research in the nation’s oil sector. Speaking at a meeting organised for members of the National Board of Trustees (NBT) for…
Darren Woods, ExxonMobil chairman and chief executive officer, presented $50,000 to Family Compass today to further the organization’s goals of ending child abuse and neglect. The grant marks the 13th annual ExxonMobil Chairman’s Gift given during the holidays to benefit and highlight a deserving nonprofit organization in North Texas. “Every child in our community should…
The Nigerian Content Development and Monitoring Board has identified the types of vessels that local operators in the shipping business should purchase that can guarantee good business and return on investment. The Executive Secretary, NCDMB, Simbi Wabote, stated this in Lagos on Tuesday, during the Shipowners Association of Nigeria’s annual workshop and dinner.Speaking at the…
Fifteen game-changing initiatives in fourteen countries were honoured as winners of the United Nations Climate Action Award at a special ceremony at the UN Climate Change Conference (COP 24) in Katowice, Poland, on Monday. “These activities shine a light on scalable climate action around the world,” said Patricia Espinosa, Executive Secretary of UN Climate Change….
Today, at the United Nations Climate Change Conference (COP 24) in Poland, 15 international organisations jointly announced a commitment to make their operations climate neutral. The organizations will measure their greenhouse gas emissions, reduce them as much as possible and compensate the currently unavoidable ones with credible carbon credits. Representing over two million tons of…
By Tsvetana Paraskova The commissioning of a mega refinery and petrochemical complex worth US$44 billion and involving Saudi Aramco and ADNOC has been pushed out by two years to 2025, a top executive at the Indian consortium part of the project told Reuters on Tuesday. Ratnagiri Refinery & Petrochemicals Ltd (RPPL), the joint venture company…
The Total E & P Nigeria Limited (TEPNG) recently sponsored quiz, spelling and comprehension competition for over 1,000 primary five and six pupils as well as students at the junior secondary school level, in Ahoada East Local Government Area of Rivers State. The essence of the competition was to awaken and encourage the pupils and…
By Haley Zaremba Solar energy is no longer a cutting-edge technology. The public is well-acquainted with the sight of solar panels dotting the rooftops of their cities, and the sight is only becoming more common as the years go by. But while it’s not obvious to the average layperson, solar energy in in fact evolving…
By Haley Zaremba On Tuesday, just days after president Andrés Manuel López Obrador took office in Mexico, the Mexican government announced that it would be suspending a scheduled auction of long-term, clean-energy contracts. The new administration under leftist president López Obrador, who won the presidency in a landslide election back in July, will keep the…
Damilola Shittu – Abuja The Depot and Petroleum Products Marketers Association of Nigeria has suspended its earlier directive to shut down depots nationwide and has given the Federal Government a five-day grace to pay part of the outstanding debt which it owed the marketers. DAPPMAN had declared on Sunday that it would from midnight of…
Damilola Shittu – Abuja Despite threats by petroleum depot owners to shutdown operations if their unpaid N800 billion subsidy claims were not cleared, the Nigerian National Petroleum Corporation (NNPC) says it has sufficient petroleum products in its facilities and urged consumers across the country not to engage in panic buying. The Corporation said it currently…
This partnership is expected to boost the state’s economy and contribute to the projection of attracting up to $10 billion in investments over the next five years
The best path for South Africa is to engage with the US on a free trade agreement.
The award organisers referred to Egbin Power’s approach as a blueprint for the future of energy development in Nigeria.
The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday
This initiative is not a stopgap solution.
AFC also returned to the Islamic finance market after eight years, closing a US$400 million Shariah-compliant facility.
The collaboration between Egbin Power and the FG underscores a shared vision to enhance the nation’s technological capabilities and foster innovation in the digital sector.
Dover brings an estimated peak production of 20,000 barrels of oil equivalent per day (boed).
Mining operations in Zamfara have been suspended for the past six years, and as such, there should be no legitimate mining activity in the area.
This solution is set to enhance both the efficiency and reliability of businesses across Nigeria and beyond.
