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…
