Monday June 29th, 2015
Monday June 29th, 2015
Latest

Don’t control TCN, Nnaji warns FG

  /   in Energy, News 12:31 am   /   Comments

Energy-Pix-3-gas_processing

“I believe that the private sector management was never allowed to work. That’s part of the problem. The people who were brought to manage had to endure interferences from the government appointed officials. So that is an issue.” The Federal Government had in 2012 signed a three-year contract for the management of the TCN with the Canadian firm, Manitoba, after it emerged the sole bidder. The contract has an option of a two-year extension.

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Subsidy payments can fund new refineries — NEITI

  /   in Energy, News   /   Comments

Buhari-oil

According to Short, the time for Nigeria to deepen the process of implementation of NEITI Reports as basis for the proposed reforms in the industry appears to have finally come. She said, “EITI has faith in the new administration in Nigeria. We are ready to work with the new government to reform the oil sector and NEITI independent reports in the sector will help to lead the way. I am in Nigeria to convey our support to President Buhari.”

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Non-oil revenue exceeds earnings from crude in April

  /   in Energy, News   /   Comments

naira money

“At N735.07 billion, estimated federally-collected revenue in April 2015, was lower than the monthly budget estimate by 9.8 per cent. It was, however, higher than the receipt in the preceding month by 35.8 per cent. The decline in estimated federally-collected revenue (gross) relative to the monthly budget estimate was attributable, largely, to the shortfall in receipts from oil revenue during the review month.”

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Bringing the refineries back to life

  /   in Energy, News   /   Comments

refinery

“Our domestic refineries must be made to work. Appropriate incentives need to be worked out to attract new investment in refining. While domestic refining by itself is not sufficient to guarantee product price stability, there are clear gains to be derived from domestic refining as opposed to imports,”

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World oil demand increases after price slump

  /   in Energy, News 7:28 pm   /   Comments

OIL

The supportive impact of these factors could wane in the rest of 2015. “Recent months have seen a steady acceleration in global oil demand growth, but due to the temporary nature of many of the factors that contributed to the upside, annual growth may subside in the second half of 2015.”

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Miners move to create 300,000 jobs annually

  /   in Energy, News 12:55 am   /   Comments

Enugu_mining

“The Miners Association of Nigeria, MAN, has developed a five-year Strategic Development Plan for the mining sector which would create 300,000 jobs annually as well as contribute 10 per cent to the GDP. “The vast occurrences of solid mineral resources in each state of the federation are yet to be accorded due attention; collective and affirmative action is desired in order to fully exploit the enormous prospects that exist.

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Stakeholders lament non-passage of PIB

  /   in Energy, News   /   Comments

Nigerian-Stock-Exchange-(NS

“They did not meet my expectation in this regard. I am disappointed! I thought they would pass it, but they did not. What do we do? It means all the reforms that we have been expecting in the oil industry have been postponed.” Olawore explained that the passage of the bill by the House of Representatives was an incomplete exercise, adding that the Senate also needed to pass it before it is harmonised and sent to the President for assent.

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Much ado over NNPC probe

  /   in Energy, News   /   Comments

Buhari-oil

When President Muhammadu Buhari, indicated that his administration will probe the $20 billion allegedly missing from the coffers of the government-owned, Nigerian National Petroleum Corporation, NNPC, he appeared to have spoken the minds of many Nigerians. His resolve for the probe stemmed from the allegation by the immediate past governor of the Central Bank of Nigeria, CBN, Sanusi Lamido Sanusi, who said that about $20 billion made from the sale of Nigeria’s crude oil by the NNPC could not be accounted for.

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EKEDP to generate 474MW through embedded power

  /   in Energy, News   /   Comments

nuclear-power

Federal Government’s call for electricity companies to embrace embedded generation to ensure rapid development got a boost as the Eko Electricity Distribution Plc, EKEDP, said it has concluded plans to acquire up to 474 megawatts of power through embedded generation.

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NEMSA is unhealthy rivalry —NERC

  /   in Energy, News   /   Comments

powerpix-new

THREATENED by the usurping of some of its statutory functions, the Nigerian Electricity Regulatory Commission, NERC, has described the establishment of the Electricity Management Services Authority, NEMSA, as an unhealthy rivalry, and unsuitable for the country’s fledging power market.

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Inadequate fund stalls steel sector devt —Madugu

  /   in Energy, News   /   Comments

naira

“To this end, the NMDC has already signed a Memorandum of Understanding, MoU, with the Centre for Automotive Design based in Zaria. We will be producing some steel parts for them such as crane shaft, crankshaft, connecting rods, block engines, brake drums, and wheels. These will all come to fruition very soon. “We will be able to produce corrugated roofing sheets which are made from Electroplated Zinc and other items,”

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NEITI urges AfDB to entrench transparency in resource management

  /   in Energy, News 5:54 pm   /   Comments

naira money

THE Nigeria Extractive Industries Transparency Initiative, NEITI, has called on the newly-elected President, African Development Bank, AfDB, Mr. Akinwunmi Adesina, to focus on entrenching transparency in the management and utilisation of revenues from natural resources in Nigeria and other African countries.

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PIB, deregulation, bane of petroleum industry development

  /   in Energy, News 12:55 am   /   Comments

the-petroleump-industry-bill

The Nigerian economy is heavily dependent on oil, and the oil industry is driven mainly by the price and the volume of oil being produced. But the government of Muhammadu Buhari is coming at a period of downturn for the industry both locally and internationally.
However, there is a lot of uncertainties within the global industry occasioned by the crash in oil prices at the international oil market, and even worse for Nigeria, which is undergoing political transition and also solely dependent on imported goods and services for its economic survival.

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FirstBank grants N1.47trn loans to oil firms

  /   in Energy, News   /   Comments

Despite concerns over rising Non-Performing Loans, NPL, First Bank Nigeria Plc gave out N1.465 trillion loans to oil and gas companies in two years, 2013 and 2014.

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Natural gas to challenge oil’s monopoly as transportation fuel

  /   in Energy, News 9:02 pm   /   Comments

The Nigerian National Petroleum Corporation, NNPC, said it has evacuated 98 per cent of a banned hazardous substance -Tetra Ethyl Lead, TEL, from the Port Harcourt, Warri and Kaduna refineries.

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Seven Energy begins gas supply to Calabar power

  /   in Energy, News 12:30 am   /   Comments

gas

Seven Energy International Limited, an indigenous Nigerian integrated gas Company has commenced the supply of gas to the 560 megawatts, MW, Calabar National Integrated Power Project, NIPP. The commercial delivery of gas to Calabar NIPP commenced in March 2015, and is being executed through Accugas, a wholly-owned subsidiary of Seven Energy. When operating at full capacity Calabar NIPP will increase national power generation by over 10 per cent.

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Latest

Oando to invest $36m in gas compression

  /   in Energy, News   /   Comments

gas

Gas production is set to increase by 20 million cubic feet as Oando Group announced plans to invest $36 million, about N7.2 billion, in the construction of three gas-compression plants in the country within the next one year. In an interview with Bloomberg in Lagos, Bolaji Osunsanya said the plants with an initial capacity of 20 million cubic feet of gas per day, are to be located in Aba, Abia State; Port Harcourt, Rivers State; and a third to be located in central Nigeria.

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LOCAL CONTENT: Creating enabling environment for Nigerian companies

  /   in Energy, News   /   Comments

gas

Five years ago, the Nigerian Oil and Gas Industry Content, NOGIC Act, came into force with the sole objectives to not only encouraging the participation of more Nigerians in the petroleum industry, but also increasing the c ontribution of the industry to the nation’s gross domestic product, GDP. Sebastine Obasi sought to find out how well these lofty objective have been realised and how the law can be strengthened to achieve better results for the benefit of all.

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US proposes higher onshore oil, gas royalty rates

  /   in Energy, News   /   Comments

A refinery

The United States, US Bureau of Land Management is proposing changes to federal onshore oil and gas royalty rates, rental payments, lease sale minimum bids, civil penalty caps, and financial assurances, US Interior Secretary, Sally Jewell announced. Oil & Gas Journal reports that comments on the Advanced Notice of Possible Rulemaking (ANPR) will be accepted for 45 days following its publication in the Federal Register.

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Ikeja Electric: Changing perception, new realities

  /   in Energy, News 12:05 am   /   Comments

Geregu power

The findings of recent survey of private equity backed companies indicates that the popular perception of private equity as an investor is only involved for short term gains as this couldn’t be far from the truth as propounded by Price Water Corporation, PwC. The reality is that private equity houses appear to be more willing to finance companies than traditional lenders are prepared to invest for growth.

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Streamline electricity tariff to reflect actual consumption, MAN urges Buhari

  /   in Energy, News 12:23 am   /   Comments

Buhari

The Manufacturers Association of Nigeria (MAN), yesterday, urged the incoming government to streamline electricity tariff to reflect the actual consumption by the industries instead of the current use of estimated bills. The president of MAN, Dr. Frank Jacobs, made this call at the media luncheon held at MAN’s house, adding that, if the electricity tariff is streamlined, it will drive further improvement in power supply and create a special electricity tariff lines for heavy users of electricity like steel, cement and other strategic sub-sector.

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Fashola to commission Candel’s agrochemical plant

  /   in Energy, News   /   Comments

Buhari

Lagos State Governor, Mr. Babatunde Fashola will tomorrow commissioned Candel Company Limited’s integrated manufacturing facility for crop protection chemicals and foliar fertilizers at the Lekki Free Zone, Lagos. Candel Company Limited, which is an agricultural inputs development and distribution company, said that the multi-billion naira project, which is in its first phase, when completed will deliver a facility with capacity for 80 million litres of formulated products per annum.

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Indorama, OIS partner on $130m port terminal

  /   in Energy, News 12:50 am   /   Comments

Port-Terminal

INDORAMA and OIS, said they planned to build a world-class port terminal complex estimated at over $130 million, about N25.7 billion at the Onne Port, Port Harcourt, in Rivers state. In its latest in-house publication made available to Vanguard, the Managing Director/CEO, Indorama-Nigeria, Mr. Manish, said that the port complex will be used for exporting of dry bulk Urea fertilizer from Indorama’s fertilizer plant.

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Mining: Group seeks involvement in developing sector

  /   in Energy, News   /   Comments

Sand mining

ABUJA- THE Nigerian Mining and Geosciences Society, NMGS, has expressed readiness to be part of the effective development of the nation’s mineral resources as the incoming government takes over leadership of the country soon. This was made known by President, NMGS, Prof. Olugbenga Okunlola, at a press conference held in Abuja. Okunlola said with the society’s membership of over 6,000, this enormous human resource will add value in the harnessing of the abundant mineral resources in the oil and gas, solid minerals, metallurgical, geotechnical, water and environmental sectors of the economy.

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Operators call for intervention on costs cut, CBN dollar policy

  /   in Energy, News   /   Comments

*Diezani

OPERATIONS in Nigeria’s oil and gas industry have cried out against a recent directive by the international oil companies, IOCs, compelling them to cut project costs by at least 30 per cent to cushion the effects of the slump in global oil prices. They have equally complained about recent Central Bank of Nigeria, CBN policy against the dollarisation of in-country services, as a way of strengthening the falling value of the Naira, saying that both policies are inimical to their survival.

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Vandalism: Sambo urges protection of power facilities

  /   in Energy, News   /   Comments

Vice President Sambo

HOST communities of power stations have been told to protect such installations against vandals so as to reap the benefits for which the projects were built. Vice President Namadi Sambo gave the charge last weekend at the commissioning of the 330/132/33kv at Oke-aro, a border line community between Lagos and Ogun states, built under the National Integrated Power Project, NIPP, of the Niger Delta Power Holding Company, NDPHC.

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Oil glut worsens as OPEC market share battle begins – Report

  /   in Energy, News   /   Comments

Alison-Madueke, Petroleum Minster

NiGERIA may find it difficult to finance the 2015 budget going by the impending global oil glut. At a benchmark of $65 per barrel, it will be hard to fulfill its budgetary obligations due to the dwindling revenue occasioned by the oil glut. According to the International Energy Agency, IEA, a global oil glut is building as the Organisation of the Petroleum Exporting Countries, OPEC kingpin, Saudi Arabia, pumps near record highs in an attempt to win a market share battle against stubbornly resistant U.S. shale production.

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OTC: Cautious optimism, commendation trail participation

  /   in Energy, News   /   Comments

Offshore gas facility

PARTICIPANT at the just concluded Offshore Technology Conference, OTC, in Houston, Texas, have expressed cautious optimism at the level of attendance by Nigerians to the conference, regarded as the biggest oil and gas event in the world. The Managing Director of Kaztec Engineering Limited, Mr. John Niezner, said that though the low oil prices may have affected the attendance, focus should be on how to reduce cost in the industry.

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Latest

GE completes Shell’s subsea tree refurbishment …Achieves 40% growth

  /   in Energy, News   /   Comments

* Lekki model sea port

GE Oil & Gas said it has completed the first refurbishment of subsea production trees for Shell Nigeria Exploration and Production Company, SNEPCo at its service base in Onne, Rivers State. The feat, reputed as the first-of-its-kind to be done in Nigeria, highlights GE’s commitment to investing in Nigeria and demonstrating the high-value services offered to its customers.

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FG reiterates commitment to regulate use of explosives

  /   in Energy, News   /   Comments

Bauchi State Commissioner of  Police, Alhaji Mohammed Ladan briefing newsmen on the suicide bomb attack on harvest field church in Yelwan, bauchi on sunday (3/6/12) beside is a detonated bomb discovered at the blast scene. NAN Photo

ABUJA- THE Federal Government has reiterated its commitment to the regulation for the use of explosives in mining activities by operators in the sector. The reassurance was made by the Minister of Mines and Steel Development, Mr. Musa Sada, while delivering a keynote address at the Stakeholders Forum on the Draft Explosives Act and Regulations held in Abuja. Sada said that the ministry deemed it necessary to convey the meeting to take stock of views and inputs by stakeholders in the mining industry on the Explosives Act, as it concerns new provisions for export, use, and security of explosives.

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Universal Energy commences commercial oil production at Stubb Creek

  /   in Energy, News   /   Comments

oil platform

UNIVERSAL Energy Resources Ltd said it has commenced crude oil production from its Stubb Creek Field in Akwa Ibom State. The development followed the approval to embark on delivery of oil through the ExxonMobil’s Qua Iboe Terminal, which came on stream in early February 2015.

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Ethiopia’s electric power coverage reaches 55%

  /   in Energy, News   /   Comments

nuclear-power

Addis Ababa — The Ethiopian Electric Power (EEP) said that electric power coverage in Ethiopia has now reached 55 per cent from only 17 per cent 24 years back. EEP External Public Relations Director, Miskir Negash, said that the coverage rose significantly during the past years owing to the due attention given by the ruling party- The Ethiopian People’s Revolutionary Democratic Front (EPRDF).

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