By Oke Peter The Nigerian Electricity Regulatory Commission (NERC), on Thursday, announced a fine of N50m against the Ibadan Electricity Distribution Company (IBEDC), as a result of inappropriate financial transactions conducted by the Disco. According to the power sector regulator, the IBEDC violated its directives in Order 173 with respect to the financial transaction in…
By Oke Peter The federal government has said on Thursday that it is considering a review of the power sector privatisation, commencing with the 11 electricity distribution companies (Discos) in the country. The Minister of State for Budget and National Planning, Mrs Zainab Ahmed, unveiled government’s new plan in Abuja at the question and answer…
By Oke Peter An international oil giant, Total, has entered into an agreement with GASORED, a group of service station owners, to rebrand a network of around 250 service stations in and around Mexico City under the Total brand. Present in Mexico since 1982, Total is aiming to capitalise on the deregulation of the country’s…
By Oke Peter The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed that Nigeria will begin to export refined petrol and other petrochemical products within the next four years if plans to ramp up the country’s domestic refining capacity work out well. Kachikwu stated this recently in Abuja, while addressing journalists on…
By Oke Peter Seven Energy International Limited and its wholly-owned subsidiary, Seven Energy Finance Limited has announced an update on its capital restructuring. The Group continues to progress discussions with Savannah Petroleum PLC and the Group’s lenders, including an ad hoc group of holders of the $300,000,000 10 ¼ % senior secured notes due 2021…
By Oke Peter The Minister of Power, Works and Housing, Mr Babatunde Fashola, has assured Nigerians to expect more stable and reliable electric supply. He stated this on Thursday, while declaring open the 6th Powering Africa Nigeria Summit, at Transcorp Hilton Hotel, in Abuja. The event was organised by the EnergyNet Limited. While commending the…
By Oke Peter A Russian State Nuclear Energy Corporation, Rosatom, has shared its best practices with participants of the annual Powering Africa Nigeria summit held in Abuja, Nigeria. The event, attended by high profile government officials from across the continents as well as representatives from global energy companies and organizations. During a panel discussion on…
By Oke Peter The Minister of Power, Works, and Housing, Mr Babatunde Fashola, has described Nigeria’s electricity reform law — the Electric Powers Sector Reform Act (EPSRA) — which was passed in 2005 by the National Assembly, as the most perfect and one of the best in the world. Speaking during his opening remarks at…
Oke Peter An international oil giant, Total, said it has expanded residential gas and power distribution market in France with the introduction of Total Spring, a natural gas and green power offering that is 10 per cent cheaper than regulated tariffs. While commenting on the project, Chairman and Chief Executive Officer of Total, Patrick Pouyanné, said: “Although…
By Oke Peter ExxonMobil Corporation today announced it had made a fifth new oil discovery after drilling the Turbot-1 well offshore in Guyana. Turbot is ExxonMobil’s latest discovery to date in the country, adding to previous discoveries at Liza, Payara, Snoek and Liza Deep. Following completion of the Turbot-1 well, the Stena Carron drillship will…
