IOCs legal albatross dies with Shell’s N45.9bn Ogoni spill payment incomplete
Maduabuchi EfegadiApril 19, 2022
BY: Maduabuchi Efegadi The death last week of Nigeria’s maverick environmental lawyer, Lucius Nwosu, whose prototypical compensation payment of N45.9 billion legal victory for Ogoni community over Shell Petroleum Development Company is yet unfulfilled by the international oil company (IOC), may weaken Nigerian oil communities’ legal grit to secure payment awards. Nwosu, who hailed from […]
Global renewable power capacity rises 9.1% to 3,064 gigawatt in 2021
Charles AbuedeApril 19, 2022
BY CHARLES ABUEDE The world’s total renewable power capacity increased by 9.1 percent at the end of 2021 to reach 3,064 Gigawatt, according to data tracked globally by International Renewable Energy Agency (IRENA). The agency said renewable energy has continued to expand steadily, well above the long-term trend, adding that renewable’s share in total capacity […]
Chevron clarifies position on false link to NLNG gas supply network
Businessam StaffApril 11, 2022
American international oil company, operating in Nigeria as Chevron Nigeria Limited (CNL), said it is not a partner to Nigeria Liquefied Natural Gas (NLNG) Limited and is not involved in the gas company’s supply chain. Chevron said it was coming out to make the clarification following reports that attempted to link it to a supply […]
Expert canvasses N300bn fund to sustain modular refineries
Onome AmugeMarch 28, 2022
BY: ONOME AMUGE Modular refineries, described by oil experts as simplified petroleum refineries with capabilities of about 30,000 barrels per day, requiring less capital investment compared to traditional full-scale refinery facilities, have been considered essential alternatives towards tackling the challenges impacted by Nigeria’s refined oil importation. In light of this, the Central Bank of Nigeria […]
Government’s approach to power sector crisis seen as hypocritical
Businessam StaffMarch 21, 2022
BY OLUSOLA BELLO President Muhammadu Buhari was last Wednesday forced to offer what many analysts considered a needless apology when he was jolted to suddenly realise the economic quagmire his government’s mishandling of the country’s fuel and power problems has put Nigerians. The prolonged shortage of petroleum products and the collapse of the national grid […]
Nigeria, SSA big energy transition challenge, need $350bn to electrify
Olusola BelloMarch 21, 2022
BY: OLUSOLA BELLO Nigeria and the entire sub-Saharan Africa offer an alternative vision of how the energy transition will change power generation, according to new research by global energy consultancy Wood Mackenzie. Statistics from African Development Bank (AfDB) show that more than 640 million Africans have no access to energy, which corresponds to an electricity […]
Power grid failures pile pressure on economic growth
Onome AmugeMarch 21, 2022
BY: ONOME AMUGE Just as Nigerians continue to bear the brunt of the current energy crisis in the petroleum sector amid rising inflation, the country’s erratic electricity output, spurred by poor power supply from the national grid and the recurring electricity system collapse, has inflicted yet another blow on the populace. The agonsing trend of […]
AfricaGoGreen gets $30m to drive Africa’s energy transition
Charles AbuedeMarch 16, 2022
BY: CHARLES ABUEDE The AfricaGoGreen Fund, a flagship project under the G20 Compact with Africa has received a $30 million investment from three development finance institutions – the African Development Bank (AfDB), and the Bank’s Sustainable Energy Fund for Africa (SEFA) in collaboration with Nordic Development Fund (NDF). The new funds are expected to trigger […]
Power minister’s 18,000mw capacity whitewash fails to achieve goal
Businessam StaffMarch 14, 2022
BY: Olusola Bello. The federal government claims that the country now has an installed electricity capacity of 18,000 megawatts with 8,000 megawatts of daily generation. This claim has, as expected, roused the attention of and attracted comments from industry operators. The claim is coming amid complaints of terrible supply situations across the country with a […]
TotalEnergies CEO lauds Nigeria’s COP26 pledge, says gas key in transition
Businessam StaffMarch 14, 2022
BY: Olusola Bello Nigeria’s commitment to achieve Net Zero emission by 2060 made at the COP26 Summit in Glasgow Scotland earlier in the year has been described as encouraging as the country focuses on renewable energy by Mike Sangster, managing director and chief executive officer of Total Energies, one of the major international oil companies […]