NCDMB extends ‘transitional’ equity to Waltersmith’s expanded refinery
Tobias Pius
February 19, 2021
By Tobias Pius Nigeria’s National Content Development Monitoring Board (NCDMB), a 30 per cent participant in the first phase of the 5,000 barrels per day and 271 million litres of petroleum products per year Waltersmith Refinery facility in Ibigwe, Imo State, has declared its willingness to further invest in the next phase of the […]
Global solar PV demand to reach 150 GW in 2021
Ben EguzozieFebruary 18, 2021
Growth to be driven by China, Europe’s favourable policies, adding 77 GW India to add 9 GW motivated by its auctions for utility-scale projects IEA says PV growth to hit 880 GW by 2024, from 635 GW in 2019 Global demand for photovoltaics, otherwise called PV, is set to witness an uptick […]
Biting power tariff back in disguise
Charles AbueFebruary 17, 2021
By Charles Abuede, Onome Amuge, Zainab Iwayemi & Tobias Pius Hit Nigerians hard with outrageous bills, rapid depletion of energy units Consumers blame the government, regulatory authority The power sector in Nigeria has had its myriads of challenges prior to the Covid-19 pandemic. But the health crisis only made it more glaring as Nigerians […]
Brent crude passes $63 as risk-on sentiment soars, FXTM analyst
Ben EguzozieFebruary 15, 2021
As Bonny Light crude rallies at $60.52 Oil prices kicked off the week on a strong footing, hitting a new 13-month high in early Asian trade. The robust recovery in oil prices and industrial metals over the past couple of months is driving the idea of a new commodities supercycle in which […]
BUA’s 200,000bpd refinery project on track for 2024 commercial operations
Onome AmugeFebruary 11, 2021
By Onome Amuge The proposed 200,000 barrels per day BUA refining and petrochemical plant in Akwa Ibom is on course towards full commercial operation in 2024, barring any unforeseen developments in the local and international economy. Abdul Samad Rabiu, founder and executive chairman of the leading foods and infrastructure conglomerates made the disclosure while […]
NNPC rallies operators on production cost optimization as Nigeria targets $10 per barrel
Ben EguzozieFebruary 10, 2021
Sylva, petroleum minister, launches NUCOP At current $30 for its JV, and $20 for PSC, Nigeria far outshoots Saudi Arabia’s $2.80 The Nigerian National Petroleum Corporation (NNPC) has called on stakeholders in the oil and gas industry to join in working towards reducing operations cost to achieve the $10 or less per barrel […]
REA ramps up electrifying Nigeria under NEP PBG with 5 more communities
Tobias PiusFebruary 9, 2021
By Tobias Pius The Rural Electrification Agency (REA) is increasing its pace in electrifying Nigeria one community at a time, with the expansion of its coverage of communities to be energized through Nigeria Electrification Project (NEP) – Performance-Based Grant (PBG) to five. The five communities are set to be energized with clean, safe and […]
World Bank’s $500m facility to ramp up Nigeria’s electricity supply
Tobias PiusFebruary 9, 2021
By Tobias Pius, with wire report Nigeria’s decrepit power sector is about to benefit from a $500 million loan the World Bank has approved to aid in revamping its lacklustre service delivery. Among the key areas the money will push to solve issues on includes electricity access improvement and an expansion on the current […]
NGC, HQ, NETCO, Duke Oil help NNPC to 54% November trade surplus
Ben EguzozieFebruary 9, 2021
Posts crude, gas export sales of $108.84m Expenditure fell by N4.81bn Crude & gas exports stood at $2.89bn in year to Nov. 2020 Two major cost management related actions at both the Nigerian Gas Company (NGC) and the headquarters helped Nigeria’s state-owned energy giant, the Nigerian National Petroleum Corporation (NNPC) post a […]
Production of Nigerian made pre-paid electricity meters begins end of February
Tobias PiusFebruary 3, 2021
By Tobias Pius Production of locally made pre-paid electricity meters is set to commence in Nigeria’s commercial capital Lagos, by the end of February, 2020, with Lagos-based international electrical wares manufacturing firm, Elsewedy Electric, taking up full operation on the production. The production is set to be stationed at Elsewedy Electric Badagry factory and […]