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…
