Posts
Controversy trails $5.8bn Mambilla Power Project, as Chinese investor stalls funding
The $5.8bn Mambilla hydropower project, a 3.05GW hydroelectric facility that is to be developed on the Dongo River near Baruf in Kakara Village of Taraba State has suffered a setback which will not only push forward the expected date of operation but will also cost the country a loss of $2.3 billion as a result…
UK pledges £100m to renewable energy projects in Africa
By Simone RenschThe UK has pledged £100m extra funding to renewable energy projects in Africa giving hundreds of thousands access to electricity, the government has announced. This triples the funds for the Renewable Energy Performance Platform (REPP) and will support up to 40 more renewable projects over the next five years in Sub-Saharan Africa, the…
Gas production: Shell announces FID on project
Shell Petroleum Development Company of Nigeria Limited (SPDC) has announced the Final Investment Decision (FID) on the Assa North Gas Development Project in Imo State, the News Agency of Nigeria (NAN) has reported. At peak production, the project is expected to deliver 300 million standard cubic feet of gas per day and will be treated…
Swiss close to revealing Nigerian beneficiaries of $1.1bn Malabu oil bribes
Materials in a suitcase seized nearly three years ago by Swiss authorities may unlock the identities of the Nigerian recipients of the $1.1 billion in corrupt payments by Shell and ENI over the purchase of OPL 245 from Malabu Oil. A Geneva prosecutor is now reviewing the materials and will decide what can be shared…
Financial flow from oil, gas sector drops to $17.05bn in 2016 –NEITI
The Nigeria Extractive Industries Transparency Initiative (NEITI) says that total financial flows from Nigeria’s oil and gas sector reduced to $17.05 billion in 2016, indicating a 31 per cent decline on the $24.79 billion generated in 2015. The News Agency of Nigeria (NAN) has reported. NEITI disclosed this in its 2016 Oil and Gas Audit…
Between Gencos, TCN and Discos
The blame game over the electricity shortage across the country continued last week when government accused Electricity Distribution Companies (Discos) of low investment in their networks. Minister of State for Power, Works and Housing Mustapha Shehuri made the accusation in Uyo, when he voiced out his dissatisfaction over the inability of Discos to distribute available…
Total to launch oil exports from new Nigerian field February
By Tsvetana Paraskova Just as the Organisation of Petroleum Exporting Countries (OPEC) and partners will have started the new round of production cuts to reduce oversupply, France’s Total is set to begin exports from the new ultra-deep Egina oil field offshore Nigeria in February 2019, at an initial rate of just over 100,000 bpd, Bloomberg…
FAAC: Shocker as $1.68bn is withdrawn from ECA in 3 weeks
Oke Peter with Agency Report The Federal Account Allocation Committee (FAAC) rose from its last meeting in 2018 with a startling disclosure that the Excess Crude Account (ECA) crashed from $2.319 billion to $631 million between November 25 and December 19, meaning $1.68 billion (72.7%) was withdrawn from the account within three weeks. This is…
Ikeja Electric expands network maintenance to ensure stable supply during yuletide
The management of Ikeja Electric (IE) has announced the expansion of network patrol teams and field operations preemptive maintenance across its network to ensure customers have an enjoyable yuletide. In a statement released by the company’s Head of Corporate Communications, Felix Ofulue on Wednesday, the move will see various installations undergo preventive maintenance work, as…