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Customs, Immigration to blame for illegal mining


CUSTOMS and Immigration Agencies are to blame for illegal mining in Nigeria, the Special Adviser to the Minister of Solid Minerals Development, Professor Okey Onyejekwe said.

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Era of cheap oil coming to an end- IEA

The era of cheap oil may soon come to an end, if the prediction of the International Energy Agency, IEA, is anything to go by. The IEA said that there will be rise in oil price due mainly to unplanned outages and disruptions in places like Canada, Nigeria, and Libya. According to the Agency, it is expected that the oil market will be balanced for the rest of the year, meaning the world will pump roughly as much oil as it consumes. That should nudge prices higher. Oil is currently trading around $50 a barrel, double the nadir reached earlier this year.

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Nuclear power Plant

Century to boost Nigeria’s power supply by 500MW

Century Power, a subsidiary of the Obijackson Group, has announced plans to boost Nigeria’s electricity generating capacity by 500 megawatts (MW). In a statement by the company, Chief Executive officer and Group Managing Director of The Obijackson Group, Mr. Ernest Azudialu-Obiejesi , who was speaking on the Powering Africa panel, at the third annual London School of Economics Africa Summit, however, expressed worry about the numerous hurdles prevalent in Nigeria which had led to delay in the delivery.

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File Photo: Crude Oil

Local content: Regulators worried by lull in oil sector

Regulatory agencies in Nigeria’s oil and gas sector are worried that efforts to grow local technology and human capital through the Nigerian Content Development law could be hampered by the prevailing lull in the industry. In the last three years, there has been apathy by investors to commit to new projects in Nigeria owing to the inability of the government to pass the Petroleum Industry Bill (PIB) into law and spell out clear fiscal terms for investors, especially on deep offshore projects.

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Nigeria’s oil earnings dip by 34.1% in Q1, 16

Nigeria’S earnings from crude oil and gas, Petroleum Profit Tax (PPT) and Royalties declined by 34.1 percent, to N205.05 billion in the first quarter of 2016, according to data released by the Central Bank of Nigeria, CBN. The CBN, in its Economic Report for the First Quarter of 2016, indicated that the country earned N396.47 billion from the sale of crude oil and gas, PPT and Royalties, as against N601.52 billion recorded in the fourth quarter of 2015.

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Why Africa’s power problems persist

Speaking on the sidelines of Africa’s power sector, which was a major discuss, Vice Chairman, General Electric, GE, John Rice, said that there were some well-intentioned initiatives geared towards meeting the energy gaps, but challenges related to financing, bureaucracy, traditional risk analysis, and decision-making based on election cycles have led to delays.

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File: Banks

Crisis looms in banks over energy sector’s rising bad loans

THE Central Bank of Nigeria, CBN, has warned that the rising Non-Performing Loans, NPLs, in the oil and gas sector poses serious threat to stability in the Nigerian banking system. The CBN, in its Financial Stability Report for December 2015, released recently, disclosed that the collapse of crude oil prices and the impact on government revenues and foreign reserves portend risks to banking system stability through increase in default rates, reduction in solvency levels and volatility in exchange rates.

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Nigeria earns N1.05trn from oil, gas export in 3 months

Nigeria earned N1.052 trillion from the export of crude oil, gas and other petroleum products in three months, between January and March 2016, according to data released by the National Bureau of Statistics, NBS. NBS, in its Foreign Trade Statistics for the First Quarter of 2016, disclosed that crude oil and gas accounted for 82.9 per cent of the country’s total export for the period under review, put at N1.27 trillion.

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Seplat pledges support of gas-to-power

With constant emphases laid on non-availability of gas to power generation turbines that will generate electricity by the DISCOs, Seplat has stepped out to support the nation to meet its target in power generation. According to the Chief Operating Officer, Seplat Petroleum Development Company Plc, Mr. Stuart Connal, “In 2015, there was a notable evidence towards our contribution to power generation, through the commissioning of our new plant. This facility will provide an additional 150 million standard cubic feet per day of gas supply, translating into around a 600 Mega Watt increase in power generation.

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• A gas flare site in Niger Delta

Nigeria ranks top five among gas flaring countries in 2015

Nigeria has ranked fifth amongst countries in the world to have flared (burnt off) the highest volume of gas per day, an improvement against its second position held in 2011. The report, according to U.S State Energy Information Administration, EIA, puts the cost of the country’s associated gas production flared in 2015 at 379 billion cubic feet, bcf, about 12 per cent of its gross production.

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refinery 7

The fastest modular refinery can be achieved in 24 months- DPR

The quest for the end of petroleum scarcity in the country may not come soon, as the Department of Petroleum Resources, DPR, said the process to get modular refineries on stream takes up to two years to be completed. Speaking to Sweetcrude, Deputy Director, Engineering and Standards Division, DPR, Dr. Olumide Aladeke, said Nigeria is massively importing petroleum products due to the low production capacity of the refineries.

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