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,…
