UTM Offshore and the African Export-Import Bank (Afreximbank) have signed an MoU to raise 2 billion dollars for the development of Nigeria’s first Floating Liquefied Natural Gas (FLNG) project. Dr Yahuza Kassim, Principal Consultant for the development of the facility stated in Lagos on Wednesday that the MoU was signed on Tuesday in Abuja. He …read more →
ENERGY
FG Did Not Takeover Abuja Electricity Disco
The Nigerian Electricity Regulatory Commission (NERC) and Bureau of Public Enterprises (BPE) have said that the action to appoint an interim team to manage Abuja Electricity Distribution Company (AEDC) was not done on the directive from the Federal Government, but on the basis of legal processes arising from the failure of the core investor in …read more →
TCN Upgrades Kaduna-Kos 330kv Transmission Line to 1500MW
In line with efforts to further expand its transmission capacity, the Transmission Company of Nigeria (TCN) said it has commenced the final stage of the construction of its new Kaduna–Jos 330kV double circuit transmission line, with the erection of eight triple-circuit towers at the intersection point of the new double circuit and existing single circuit …read more →
Local Content: Butane Energy’s LPG plant opens in Katsina
Butane Energy Limited, one of the gas-based business supported with equity investment by the Nigerian Content Development and Monitoring Board (NCDMB) has opened its 100 metric tonnes Liquified Petroleum Gas (LPG) Storage and Bottling Plant in Kabukawa layout, Kastina State. The project was commissioned on Saturday by the Kastina State Governor, Rt. Hon Aminu Bello …read more →
NNPC Spent Over N100bn On Refineries, Pipelines In 9 Months
The Nigerian National Petroleum Corporation (NNPC) has reported it has spent N109.85 billion on the rehabilitation of refineries and pipelines in the first three quarters of 2021. The NNPC report revealed that N34.85 billion was expended on securing pipelines and maintenance, also, N75 billion was for the rehabilitation of unused refineries. An analysis of the …read more →
FG Puts Electricity Subsidy Cost at N1tn
The Federal Government has hinted that its subsidy on electricity tariff is about N1.0 trillion between 2019 and 2021. The amount represents the gap between the Cost Reflective Tariff (CRT) and Allowable Tariff (AT) which peaked at N28 per unit of electricity supplied to consumers. This, according to the government, was largely responsible for liquidity …read more →
The Economist Blames Shortage of Natural Gas and Wind for Hike in Price of Electricity in Europe
In Europe the cost of electricity is soaring. Prices had been rising steadily this year, as economic recoveries got under way. But they have spiked in the past few weeks. Since the start of September, wholesale power prices in Germany and France have climbed by 36% and 48%, respectively. They are now hovering at around …read more →
PIB Will Unlock Opportunities for Indigenous Companies – Oando Energy Boss
The Chief Operating Officer, Oando Energy Resources, ALEX Irune, has said that the passage of the Petroleum Industry Bill (PIB) will unlock several partnership opportunities for indigenous oil and gas companies. Irune made the assertion during a panel session at the ongoing Nigeria Oil and Gas (NOG) conference and exhibition on Wednesday in Abuja. The …read more →
Dangote Refinery Will Transform Downstream Sector, Provide Better Margin for Marketers – Oil Marketers
The Major Oil Marketers Association of Nigeria (MOMAN) has expressed optimism that when the 650,000 Dangote Refinery comes on stream, it will change the way business is carried out in the downstream petroleum sector and deliver much value for operators in the industry. Chairman MOMAN, Adetunji Oyebanji said the group hope that Dangote refinery would …read more →
PIB: Local Refineries to Pay for Crude Oil in Naira
With the passage of the much-awaited Petroleum Industry Bill (PIB) by both chambers of the National Assembly last week, local refineries would be able to purchase Nigerian crude in Naira. All private refining plants will have access to local crude oil by paying naira instead of foreign exchange as before. Dangote refinery is nearing completion and …read more →