Indorama gas deal offers $18bn that could lift Nigeria’s economy
Post AMUGE
January 29, 2024
GDP to gross $3bn annually monetization of 1.7 tcf gas, 100m bbl reserves 55,000 direct-indirect jobs coming Ben Eguzozie Nigeria’s cash-strapped economy could begin to receive some financial fillip beginning this year, from the early tranches of $18 billion expected in the life cycle of Indorama Nigeria’s gas utilisation partnership between its […]
Dangote refinery enlists 3 major oil marketers in distribution network
Post AMUGEJanuary 23, 2024
Business a.m The Dangote Group has announced that three associations of marketers in the Nigerian oil sector have been registered as distributors of refined products from its Dangote Petroleum Refinery. A statement, which was released via the company’s X page,said the marketers registered as distributors of refined products from the Dangote Petroleum Refinery include members […]
African oil industry faces complex challenges under energy transition
Post AMUGEJanuary 22, 2024
Onome Amuge The post-mortem of the 28th meeting of the Conference of Parties (COP28) held in December 2023, has revealed a mixed picture of progress and challenges on climate change. In its closing communique, the conference called on countries to transition away from fossil fuels and phase out subsidies for inefficient fuels, while submitting economy-wide […]
NNPC GCEO,Kyari advocates academia-industry collaboration for sustainable energy development
Post AMUGEJanuary 19, 2024
Joy Agwunobi Mele Kyari, the group chief executive officer of the Nigerian National Petroleum Company Limited (NNPCL), has stressed the need for collaboration between the academic sector and the oil and gas industry to address the challenges of energy sufficiency and sustainability. Kyari noted that such collaboration would be crucial in meeting the global energy […]
AEDC signs tripartite deal to deliver uninterrupted power solution in Abuja
Post AMUGEJanuary 19, 2024
The Abuja Electricity Distribution Company (AEDC) has reinforced its position as a leading provider of integrated power solutions with the signing of a tripartite agreement with Daystar Power Solutions Limited (Daystar Power) and The Wood Factory Limited (Wood Factory), one of the country’s leading furniture manufacturers. This collaboration will pioneer the delivery of the […]
Abia aims to commence oil production with modular refinery in 2025
Post AMUGEJanuary 18, 2024
Business a.m The Abia State Government has announced that the modular refinery at the Abia Industrial Innovation Park (AIIP) is scheduled to become operational by 2025. Okey Kanu, Abia State’s Commissioner for Information and Culture, made the disclosure during a press conference following the state executive council meeting held in Umuahia. He said that the […]
NNPC Limited busts 83 illegal refineries in major crackdown
Post AMUGEJanuary 17, 2024
Business a.m In an ongoing effort to crack down on illegal activities and crude oil theft, the Nigerian National Petroleum Company Limited has uncovered 83 illegal refineries and 15 illegal pipeline connections in the Niger Delta region in the past week. The NNPCL announced the discoveries on its X handle, noting that the discoveries were […]
Shell to exit oil exploration in Nigeria after deal to sell SPDC
Post AMUGEJanuary 16, 2024
Business a.m Shell has announced its decision to exit the Nigerian oil exploration industry by divesting its onshore Nigerian oil assets at Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, a consortium of five entities for a consideration of $1.3 billion, with buyers making an an additional payment of up to $1.1 billion […]
W.A. Power Pool seeks $156m for region’s key power transmission line
Post AMUGEJanuary 15, 2024
Business a.m The West African Power Pool (WAPP), a regional energy agency that coordinates electricity development and trading in West Africa, has proposed a $156 million annual budget for the execution of its North Core transmission project. The 330kV project aims to link Nigeria with four other West African countries. The project will involve the […]
Africa’s oil & gas future on the agenda at SAIPEC 2024
Post AMUGEJanuary 15, 2024
Onome Amuge The eighth edition of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC), a premier event that brings together leading players in the oil and gas industry will be held in Lagos, Nigeria, from February 13-15, 2024. The venue of choice for the prestigious event is the Eko Convention Center, a state-of-the-art facility that […]