By Energy Worth Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has urged the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), as an independent arbiter, to ensure recovery of revenues borne by the corporation on behalf of the Federal Government. Baru, who spoke on Wednesday, during a courtesy visit by…
By Nick Cunningham Mexico’s President-elect Andres Manuel Lopez Obrador, or AMLO, has promised to invest around 175 billion pesos ($9.4 billion) into the state-owned energy companies. One of the goals is to reverse the decade and a half of declining oil production. “Fourteen years ago, oil production was 3.4 million barrels a day. Now it’s…
Crude oil production from the Organisation of Petroleum Exporting Countries (OPEC) increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met. The kingdom’s oil production grew by 230,000 barrels a day in July to 10.65 million barrels per day. This is just shy…
By Energy Worth The federal government has reportedly approved the Transmission Company of Nigeria (TCN) to be the anchorman for a N72 billion investment it plans to sink into the 11 electricity distribution companies (Discos) to upgrade their distribution infrastructure and networks. This is just as the TCN has dissed Discos in Nigeria for repeatedly…
By Energy Worth The Transmission Company of Nigeria (TCN) says it will construct six 330kv transmission substations in Lagos and Ogun s to improve power supply and boost industrialisation in the country. The Managing Director of TCN, Mohammed Usman-Gur, made this known at a news conference in Abuja, on Tuesday. He said the construction…
By Energy Worth The organised labour has called on the Federal Government to immediately review the privatisation of the power sector and revoke the licences of Electricity Generation Companies, GENCOs and Electricity Distribution Companies, DISCOs, to tackle the worsening power situation in the country. Speaking through the United Labour Congress of Nigeria (ULC), labour said…
By Energy Worth The Minister of Power, Works and Housing, Babatunde Fashola has called on state governors to support access to electricity through improved power infrastructure in their respective states, saying “It is no longer news that the Distribution Companies (DisCos) are having difficulty funding Distribution Infrastructures”. “Therefore, as collective 40% shareholders, we cannot sit…
By Nick Cunningham The oil industry is more profitable than at any time in years, yet the industry could fail to supply enough oil to meet global demand in just a few years’ time. A series of second quarter earnings reports over the past two weeks has revealed surging profits across the oil industry, with…
By Energy Worth The decision to go ahead or withhold action the development of Nigeria’s Bonga Southwest offshore oilfield by Royal Dutch Shell and its partners has been put off till 2019, a senior company official said. It is not clear if the delay is connected to the political trend in the country. The project…
By Energy Worth The disagreement between the Federal Government and power distribution companies continued on Tuesday, with the Discos threatening to quit the sector and expressed willingness to resell the power assets at discounted rates. Investors in the Discos came out this time around to speak for their companies rather than sending the spokesperson for…
