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…
