Nigeria to see increased oil production as Shell resumes export at 400,000-bpd Forcados Terminal
Innocent Obasi
October 14, 2022
By Innocent Obasi Nigeria is expected to see an increase in its oil production as Shell Petroleum Development Company Limited (SPDC) hinted in a statement on Wednesday that its 400,000 barrels per day (bpd) Forcados Oil Terminal would resume export operations by the end of this month. This is coming after months of underproduction […]
Nigeria, Morocco to endorse $25bn gas pipeline funding agreement in 2023
Innocent ObasiOctober 14, 2022
By Innocent Obasi Nigeria and Morocco are expected to endorse an agreement on the funding of the $25 billion gas pipeline that would run from Nigeria to Morocco next year, reports said quoting Mele Kyari, group CEO of Nigeria National Petroleum Company Limited (NNPCL). The huge infrastructure is expected to supply gas to Europe, […]
NNPCL signals capacity to guarantee Nigeria’s energy security
Innocent ObasiOctober 11, 2022
By Innocent Obasi Three months after it transitioned from a state-owned behemoth to a private company regulated by the provisions of the Companies and Allied Matters Act, the Nigerian National Petroleum Company Limited (NNPCL) seems to be signalling its readiness to utilize its mandate to guarantee Nigeria‘s national energy security. These signals come by way of the bold moves made by the national oil […]
NUPRC relaunches commercial gas flare programme, opens renewed bids
Innocent ObasiOctober 5, 2022
By Innocent Obasi The Nigerian Upstream Petroleum Regulatory Commission (NURPC) has announced the formal relaunch of the Nigerian Gas Flare Commercialisation Programme (NGFCP 2022). Gbenga Komolafe, the commission’s chief executive, who disclosed this in a statement, recalled that the programme, which was conceived in 2016, “is one of the strategic initiatives of the […]
NNPCL’s profit up 134% to N674bn as total assets reach N16.27trn
Innocent ObasiOctober 5, 2022
By Innocent Obasi The Nigerian National Petroleum Company Limited (NNPCL) has reported a profit after tax of N674 billion for the 2021 financial year, an increase of 134.8 percent compared to N287 billion reported for the 2020 financial year. The firm’s overall assets also increased from N15.86 trillion in 2020 to N16.27 trillion in […]
REA plans to leverage mini-grids to increase access to energy
Innocent ObasiOctober 5, 2022
By Innocent Obasi The Rural Electrification Agency (REA) has officially launched the Africa Minigrids Programme (AMP), a new United Nations Development Programme (UNDP) in Nigeria, funded by the Global Environment Facility, and in partnership with African Development Bank (AfDB) and the Rocky Mountain Institute. AMP aims to increase the commercial viability of renewable […]
Norwegian company raises $74m for solar projects in Nigeria, others
Innocent ObasiOctober 4, 2022
By Innocent Obasi Empower New Energy, a Norwegian solar development and investment business, and a consortium managed by Climate Fund Managers have reached an agreement that would speed up the raising of roughly $74 million from the consortium to construct solar projects in the Africa commercial and industrial (C&I) sector. Over the next […]
Shell acquires solar energy provider Daystar Power
Mike OchonmaOctober 4, 2022
BY MIKE OCHONMA Shell is increasing its investment in renewable energy in Africa. The London, UK-based oil company is buying all the shares of Daystar Power, a Lagos, Nigeria-based company specializing in the financing and construction of solar photovoltaic power plants for commercial and industrial (C&I) customers. Until now, the company was majority […]
Nigeria sets measures to comply with IMO 2050 zero shipping carbon emission
Chris IkosaOctober 4, 2022
By Innocent Obasi The federal government of Nigeria has implemented measures to enable the country to achieve net zero carbon emission for shipping by 2050 in accordance with the policy of the International Maritime Organization (IMO). The goal is to protect the maritime environment from the effects of shipping activities. Speaking in Lagos on Thursday at the 2020 […]
IEA predicts even tighter LNG market in 2023
Innocent ObasiOctober 4, 2022
By Innocent Obasi The global liquefied natural gas (LNG) markets may become even tighter by next year when compared to already tight LNG markets in 2022, Fatih Birol, executive director of the International Energy Agency (IEA), said on Thursday. In recent months, LNG imports into Europe have increased significantly as a result of efforts to reduce its reliance on […]