CESEL unveils dPOWER solar system, targets 3,000 jobs
Businessam Staff
September 13, 2019
In its quest to deliver affordable and clean energy to millions of rural households living without electricity, Community Energy and Social Enterprise Limited (CESEL) has unveiled dPOWER, its Diaspora focused solar power initiative. The initiative is poised to boost Nigeria’s renewable energy policy which aims to increase power generation from renewable energy sources from 13 […]
Nigeria, Iraq agree to cut oil output
Businessam StaffSeptember 13, 2019
The Organisation of Petroleum Exporting Countries (OPEC) has agreed to trim oil output by asking over-producing members Iraq and Nigeria to bring production in line with their targets. The group is striving to prevent a glut amid soaring U.S. production and a slowing global economy. Nigeria is to reduce supply by 57,000 barrels per day […]
GenCos release 3,633MW of electricity to national grid— Report
Businessam StaffSeptember 12, 2019
Electricity Generation Companies (GenCos), comprising gas-fired and hydro stations, said they released an average of 3,633 megawatts of electricity into the national grid on Wednesday. The figure as contained in a daily energy report compiled by the Advisory Power Team, Office of the Vice President, was made available to newsmen on Thursday in Abuja. The […]
‘Nigeria’ll abide by OPEC’s rules’
Businessam StaffSeptember 12, 2019
Timipre Silva, the minister of state, petroleum resources, on Wednesday said the federal government will comply with the rules of the Organisation of Petroleum Exporting Countries (OPEC). “It is not every day,” he said when asked about current overproduction. “We are team players. We will do what OPEC asks,” he told Reuters. Meanwhile, Californian refineries […]
OPEC’s Barkindo welcomes reforms taking place at NNPC
Businessam StaffSeptember 11, 2019
Reforms currently taking place at the Nigerian National Petroleum Corporation (NNPC), the country’s state-owned oil company, have been welcomed by no less a person than Mohammed Barkindo, the secretary general of the Organisation of Petroleum Exporting Countries (OPEC). The reforms are targeted at changing the fortunes of the corporation for the better, NNPC top executives, […]
Thieves stealing our 10,000bpd, Shell cries out
Businessam StaffSeptember 10, 2019
Shell Petroleum Development Company of Nigeria Limited has said it is losing about 10,000 barrels of oil per day from its pipelines to crude oil theft. The oil major, in a statement, cried out for help from government, communities and other stakeholders to stem the incessant attack on oil assets in the Niger Delta. The […]
Aviation fuel enough to last 37 days at current consumption, says NNPC
Businessam StaffSeptember 5, 2019
The Nigerian National Petroleum Corporation on Thursday said it had enough stock of aviation fuel to meet the needs of airline operators and other consumers of the product. NNPC’s spokesperson, Ndu Ughamadu, stated that the assurance became necessary to douse rumours in certain quarters that there was a shortage of aviation fuel across the country. […]
Nigeria’s 13% contribution to drive global new-build refinery CDU capacity growth by 2023, says GlobalData
Samson EchenimSeptember 4, 2019
By Samson Echenim Nigeria is expected to drive new-build crude distillation unit (CDU) capacity growth in the global refinery industry from planned and announced (new-build) projects during the outlook period 2019 to 2023, contributing around 13 percent of global CDU capacity growth by 2023, according to GlobalData, a leading data and analytics company. The company’s […]
N1.215bn Guarantee: DisCo fails to comply 4wks after suspension
Businessam StaffAugust 29, 2019
Kano Electricity Distribution Company (KEDCO) is stuck on its inability to post N484.5 million to meet its N1.215 billion letter of credit (LC) guarantee requirement to pay for ancillary energy services in the electricity market since July 2019. The distribution company (DisCo) was suspended from the electricity market on July 29, 2019 and August 6, […]
DPR begins digital measurement of fuel to check under-dispensing
Businessam StaffAugust 28, 2019
The Department of Petroleum Resources, DPR, has commenced the gradual phase-out of manual measurements of fuel at petrol stations, during its enforcement activities, with the introduction of a digital measuring device to detect sharp practices by petrol filling stations across the country. Addressing newsmen in Abuja after conducting a surveillance of petrol stations, Buba Abubakar, […]