Meter producers seek access to forex for business survival
Onome AmugeJune 24, 2021
Nigerian meter manufacturers under the auspices of Meter Asset Providers (MAP) have emphasised the need for the Central Bank of Nigeria (CBN) to facilitate access to foreign exchange to enable progressive continuity of their businesses. The manufacturers, who aired their demand in a communique issued at the end of a recent meeting in Lagos, said […]
Nigeria’s electricity deficit: Experts see solution in full privatisation of power sector
Ben EguzozieJune 22, 2021
DisCos report inefficiency 50%, above global best practice’s 15% Inefficiencies, tariff irregularity affect electricity payment chain Cumulative tariff collection shortfalls 2015–19 hit N1,678trn; with 2019 alone N524bn 500,000 to 800,000 households need to be connected yearly to achieve universal electricity access Experts knowledgeable within the electricity production, distribution and management value chain say that full […]
Nigeria flags off construction of its $7bn NLNG Train 7 project
Ben EguzozieJune 16, 2021
To increase gas liquefaction capacity by 35% to 30 MTPA Buhari asks NLNG management to move up quickly to Train 8 Nigeria, Africa’s top oil producer, began early positive steps to realizing gas liquefaction effort with the flag-off the construction of its Nigeria LNG Limited’s (NLNG) Train 7 project with the groundbreaking by […]
Nigeria’s proven gas reserve climbs to 206.53tcf, says DPR
Onome AmugeJune 10, 2021
By Onome Amuge Nigeria’s proven natural gas reserve stood at 206.53 trillion cubic feet (tcf) as at January 1, 2021, the Department of Petroleum Resources (DPR) has stated. Sarki Auwalu, DPR director, who made the disclosure in Abuja during the 2021 Nigeria International Petroleum Summit, explained that associated gas recorded 100.73tcf and non associated […]
Oil prices fall as demand fails expectation test
Onome AmugeJune 10, 2021
By Onome Amuge Crude oil prices fell on Thursday after data by the Energy Information Administration (EIA) showed an inventory plunge of 5.2 million barrels for the week in the United States. This, market watchers said, indicated a weaker-than-expected fuel demand in the world’s top oil consuming nation. Brent crude oil futures shed 0.5 […]
NNPC follows in footsteps of Saudi Aramco in refining capacity acquisition
Ben EguzozieJune 4, 2021
Dangote, BUA, Waltersmith, others to shed off equity stakes Oil industry structure shifts from supply tightness to supply surplus NNPC has begun following in the footsteps of successful National Oil Companies (NOCs) across the world in acquiring stakes in refineries outside their boundaries. Specifically, Saudi Arabia’s Saudi Aramco has been buying up stakes in […]
NNPC’s MOFOR shows company saw 314% increase in trading surplus in February ‘21
BEN EGUZOZIEMay 31, 2021
…National oil company heavily importing all products Ben Eguzozie, in Port Harcourt The Nigerian National Petroleum Corporation (NNPC) announced a N39.85 billion trading surplus for February 2021 representing a massive 314.24% leap from the N9.62 billion surplus it recorded in January 2021. In its February 2021 edition of Monthly Financial and Operations […]
Nigeria waking up to moves to incentivize its deep-water, signs deal with PSC partners
BEN EGUZOZIEMay 26, 2021
…12-yr dispute cost parties $9bn in contingent liabilities …Kyari says deal to yield $780m in immediate revenues to government …Unlock $10bn investment Ben Eguzozie, in Port Harcourt After a 12-year dispute that had marred business relationship and affected trust and investment in Nigeria’s oil industry, Nigeria is waking up to moves […]
IEA steps up new global campaign to stop oil drilling to counter Nigeria’s ridiculous search resumption in Sokoto Basin
BEN EGUZOZIEMay 24, 2021
…Intergovernmental body says stopping new oil wells are paths to avoid climate catastrophe …With OPEC to control global oil by half by 2050, how far campaign go …Investment decisions are driven by what’s profitable, not what’s best for the planet Ben Eguzozie, in Port Harcourt The International Energy Agency (IEA), […]
NLNG signs GMoU to drive sustainable community development in Rivers State
BEN EGUZOZIEMay 21, 2021
Ben Eguzozie, in Port Harcourt Coming a day after inaugurating its multi-billion-dollar global headquarters in Port Harcourt, Nigeria’s major gas company (NLNG) Limited has signed Global Memoranda of Understanding (GMoU) with host communities that would enable the communities to take ownership and drive sustainable community development with the active support of the […]