Sunday March 1st, 2015
Sunday March 1st, 2015
Latest

Power: How vandals constrained generation to 4,500MW— Minister

  /   in Energy 12:58 am   /   Comments

Minister-of-Power-Prof.-Chinedu-Nebo-

The Federal Government has expressed grave concerns over the sustained vandalism of gas pipelines, noting that the incidents have constrained gas supply to power plants and held generation at less than 4,500 megawatts, MW. The Minister of Power, Prof. Chinedu Nebo, who stated this while speaking at an event in Abuja, regretted that once the power generation was approaching 5,000MW, the vandals struck and brought it down to about 3,000MW

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Latest

NERC issues licences to companies to generate 590MW

  /   in Energy   /   Comments

powerpix-new

The Nigerian Electricity Regulatory Commission has issued two on-grid licences to KVK Power Nigeria PVT Limited, and Aluminium Smelter Company of Nigeria, ASCON Plc to generate 590 megawatts, MW, of electricity from solar and gas respectively. The Commission in a statement issued last week in Abuja, explained that KVT Power would be located in Yabo, Sokoto State, adding that the firm had met the requirements for the granting of 50MW on-grid generation licence with no objection received from the general public to its application.

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‘Falling oil price may not affect $3.8bn Egina project’

  /   in Energy   /   Comments

oil platform

THE current economic impact of global downtrend in the prices of oil that is already taking its toll on key sectors of the Nigerian economy may not have adverse effect on the country’s Egina oil platform project valued at $3.8 billion. The project was awarded by Total E&P Nigeria to Samsung Heavy Industries, with a mandate to integrate a Floating Production Storage and Offloading, FPSO platform at the LADOL base in Lagos, as the local content partner.

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Nigeria’s gas demand to hit 10bcf — NNPC

  /   in Energy   /   Comments

gas

The Nigerian National Petroleum Corporation, NNPC, yesterday, stated that Nigeria’s domestic gas demand will rise to about 10 billion cubic feet, bcf, per day within the next five years, from current demand of about two billion cubic feet per day. Group Managing Director of the NNPC, Mr. Joseph Dawha, was quoted in a statement by the Corporation as saying that the increased demand will be driven by the growth in the country’s power sector.

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Latest

Lower oil price’ll not stop rise of solar panels

  /   in Energy   /   Comments

*PSC Solar generator

New analysis from Frost & Sullivan indicates that lower oil prices will not stop the “dazzling rise of solar photovoltaic.” In a release, the firm indicated that lower oil prices would have an impact on petrol prices and manufacturing costs, but would also have implications on the power generation sector – coal, gas, nuclear, hydro, wind, solar, bioenergy, grid modernization, energy storage and microgrids.

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Learn to cut prices in dwindling sector, service providers told

  /   in Energy   /   Comments

NNPC Towers, Abuja

Service providers in the oil and gas industry should learn how to cut costs in the face of dwindling resources in the sector, if they desire to remain afloat.This is as the Nigerian National Petroleum Corporation, NNPC, said it is committed to promoting local capacity in the sector.

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Forensic Audit: Alison-Madueke declares NNPC’s accounting most transparent

  /   in Energy   /   Comments

Diezani Alison-Madueke

Despite various allegations of financial impropriety levelled against the Nigerian National Petroleum Corporation, NNPC, on a continuous basis, the Federal Government has defended the Corporation, saying it is the most transparent organisation in terms of its processes and accounting. Speaking in an interview in Abuja, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, said the NNPC is today more transparent than it has ever been over the last 25 years.

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Latest

Petrolog acquires ocean diving vessel

  /   in Energy   /   Comments

Bonga oil field ...alleged source of the massive spill

Oil service giant, Petrolog Group, has acquired an ocean diving support vessel to boost its operations and advance the local content policy of the Federal Government, thereby setting the pace in its area of operations. The brand new 100 per cent Nigerian flagged, ABS classed Dynamic Positioning, DP2, dive support system vessel, which is currently in Nigerian waters is the largest indigenous owned vessel in its class and is capable of providing diving, offshore construction and field support.

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Latest

Scarcity mars FG’s ‘Kero Correct’ initiative lConsumers express frustration

  /   in Energy   /   Comments

Oil spill in the river

Four weeks after the Nigerian National Petroleum Corporation, NNPC launched its kero correct project, aimed at making kerosene available to all corners of the country, the exercise appears to have been marred by non-availability of the product. This is as Nigerians, who had expressed relief with the seeming reduction in price are frustrated by their inability to access the product.

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Latest

Europe set for LNG supply surge after premiums top Asia

  /   in Energy   /   Comments

Energy-Pix-3-gas_processing

Europe is luring twice as many liquefied natural gas (LNG) tankers as last year and more are expected in what is now the premium-priced market after a year-long demand slump in Asia. In just a week, seven new LNG tankers embarked for Belgian, British and Dutch ports and six more may arrive in the next month, attracted by the widest and most consistent premium to Asian prices in at least five years, price data on Reuters Eikon shows.

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Latest

Petrol marketers induce fuel scarcity

  /   in Energy 1:46 am   /   Comments

Abuja-Scarcity

There are indications that petrol marketers are out to inflict hardship on Nigerians by hoarding the product six weeks to the general elections. This may not be unconnected with the apparent cold war between marketers and the management of the Petroleum Products Pricing Regulatory Agency, PPPRA.

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Latest

Oil prices to experience partial rebound — IEA report

  /   in Energy   /   Comments

CRUDE-OIL

Global oil prices will recover only partially from spectacular lows, which are unlikely to spur economic growth or kill off United States, U.S. shale gas production, the International Energy Agency, IEA, has said.

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Oil price fall: MOMAN cautions against panic

  /   in Energy   /   Comments

CRUDE-OIL

Major Oil Marketers Association of Nigeria, MOMAN, has called on Nigerians not to panic, as the crude oil price will still rise again.

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Latest

Eaton vows to drive energy growth in Nigeria

  /   in Energy   /   Comments

Energy-Pix-3-gas_processing

Eaton, a United States power management company said it is out to drive energy growth in Nigeria’s emerging economy.

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Nigerian content: Egina attracts $1bn investment — Nwapa

  /   in Energy   /   Comments

refinery1

The Nigerian Content Development and Monitoring Board, NCDMB, said that over $1bn has been invested in the Nigerian oil and gas industry to create capacity and execute Nigerian Content scopes provided on the Egina deep water project.

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Oando rig achieves 5 years without lost time

  /   in Energy   /   Comments

Oando Energy Services Limited, OESL, an Oando Plc subsidiary and operator of swamp drilling rigs services, said it has successfully achieved five years of continuous operations without Lost Time Injury, LTI, on its flagship rig, OES Teamwork.

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Latest

Shell restates commitment to Bonga South West/Aparo project

  /   in Energy   /   Comments

The Shell Nigeria Exploration and Production Company Limited, SNEPCo, has restated its commitment to the implementation of the SNEPCo-operated Bonga South West/Aparo, BSWA project. It therefore denied recent reports that it has stopped the development due to the slump in oil price.

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Latest

Price slump: Nigeria prone to uncompetitive investment — Report

  /   in Energy 12:54 am   /   Comments

oil2

Analysts at ARM Research have projected that the slump in the prices of crude oil in the international market will make Nigeria uncompetitive for investments in 2015.The analysts, in their report titled, “Oil Stains on Economic Growth Picture,” also projected further crisis regarding Nigeria’s fiscal savings, saying that state governments will resist any attempt to save some money in the Excess Crude Account, or Sovereign Wealth Fund.

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Latest

Electricity supply: FG accuses DISCOs of sabotage

  /   in Energy   /   Comments

Power

NIGERIANS may not have been told the whole truth behind the country’s inadequate power supply, as the Minister of Power, Prof. Chinedu Nebo, has accused distribution companies, DISCOs, of deliberately sabotaging Federal Government’s efforts to improve power supply in the country.

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Latest

FG to enforce standardisation of electricity installations

  /   in Energy   /   Comments

Lafarge WAPCO's new 90mw thermal plant

The Minister of State for Power, Mr. Mohammed Wakil, said that the Federal Government is set to enforce quality control and standardisation of electricity materials installations. Wakil gave the assurance during the official commissioning of the remodeled National Meter Test Station and opening of the Technical Inspectorate Service Field Office in Lagos.

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Latest

Litigations force govt to renew pre-privatisation meter contracts

  /   in Energy   /   Comments

meter

The Federal Government is being forced to revalidate contracts entered into by the defunct Power Holding Company of Nigeria, PHCN, for the supply of electricity metres to Nigerians before the privatisation of the generation and distribution segments of the power sector.

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Latest

Falling oil price: Nigeria, others risk N5.1tn in pipelines projects

  /   in Energy   /   Comments

oil platform

NIGERIA among other countries may risk over N5.1 trillion ($30 billion) worth of oil and gas pipelines projects due to the persisting decline in crude oil price. As it stands, some major infrastructure project pipelines are being threatened of being heavily curtailed, as falling oil prices force those governments reliant on oil revenues to make cuts, this is according to the Business Monitor International, BMI’s Infrastructure Key Projects Database.

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Latest

Contract based electricity trading kicks off

  /   in Energy   /   Comments

electricity

THE Nigerian Electricity Supply Industry, NESI, has commenced the much awaited Transition Electricity Market, TEM, whereby wholesale buying and selling of electricity is based on contractual and regulatory rules. This is sequel to directive by the Nigerian Electricity Regulatory Commission, NERC, announcing the takeoff of the transitional market on February 1, 2015.

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Latest

FG lauds energy mix revolution

  /   in Energy   /   Comments

Energy-Pix-3-gas_processing

The Federal Government has said that its effort at providing electricity to a majority of Nigerians without easy access to the grid through diversification of the nation’s energy mix has been very successful.

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Latest

Benin Disco blames poor power on transmission

  /   in Energy   /   Comments

power

Benin Electricity Distribution Company, BEDC, has blamed the Transmission Company of Nigeria, TCN, for the poor electricity supply currently witnessed in Edo, Delta, Ondo and Ekiti states.

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Latest

Pump price reduction: Whitewashing a broken fence

  /   in Energy 12:42 am   /   Comments

fuel11

There have been two huge developments in Nigeria’s petroleum sector over the last couple of days. First was the (still not officially confirmed) news that filtered into various international media that oil trading giant Trafigura had ended the Nigerian oil swap deal. The second was the announcement by the Petroleum Minister that the pump price for petrol has been reduced from N97 per litre to N87 per litre.

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Latest

Nigeria’s production down by 160,000 bpd — Alison-Madueke

  /   in Energy   /   Comments

Petroleum minister, Mrs Diezani Alison-Madueke

Nigeria is losing about 160,000 barrels of oil daily due to the activities of pipeline vandals, the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke has said.

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Latest

Petrol price reduction: FG considers increase in marketers’ margin

  /   in Energy   /   Comments

Black market thrives as fuel scarcity hits Lagos. Photo: Bunmi Azeez

The Federal Government has reached an agreement with major oil marketers in the country’ for an upward review of traders/marketers margins in the sale of imported Premium Motor Spirit, PMS or petrol.

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Latest

Vandals attack Trans Forcados pipeline again

  /   in Energy   /   Comments

Gas Pipeline

ABUJA — The Trans Forcados oil pipeline has again been vandalised at Oteghele axis in Bayelsa State by yet-to-be identified persons, causing a crude oil spill in the area.

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Latest

Egbin Power invests N50bn

  /   in Energy   /   Comments

electricity

Residents of Lagos and its environs may be in for improved power supply going by the investment of N50 billion for the restoration of 220 megawatts of unit six of the Egbin Power Plant.

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Nigerian banks can’t fund oil, gas exploration — Osahon

  /   in Energy   /   Comments

gas tanks

The Director of Petroleum Resources, DPR, Mr. George Osahan, has said that the banking sector is not capable of financing exploration in the oil and gas industry.

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Scrap NNPC now — Former executives, others

  /   in Energy 1:57 am   /   Comments

Gas Pipeline

Many former management executives of the Nigerian National Petroleum Corporation, NNPC, and other oil companies’ senior executives have called for the scrapping of the Corporation, saying, it has destroyed its values and hindered the growth of the Nigerian oil and gas sector.

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