Tuesday September 1st, 2015
Tuesday September 1st, 2015

You are here : Home » Business » Energy

Energy

Latest

Hope for Nigeria: Making refineries profit oriented

  /   in Energy, News 5:30 am   /   Comments

refinery

“The issue with the refinery is not only TAM but lack of feedstock to sustain their operations. The cost of TAM is very high and if you finish TAM and no feedstock then it is not economical.” He also added that pipelines vandalism came to compound the issues, saying that “Federal Government and NNPC must ensure adequate supervision of the pipelines to reduce vandalism to the barest levels.”

Read More →
Latest

NERC, NBET disagree over renewable energy policy

  /   in Energy, News   /   Comments

The NERC had last week presented to power sector stakeholders a consultation paper on the draft feed-in tariff regulations on renewable energy electricity in Nigeria. The policy was designed to promote generation of electricity from renewable energy sources by allowing power producers to sell renewable energy sourced electricity to distributors at a predetermined fixed tariff over a guaranteed period of time, usually from 20 to 35 years.

Read More →
Latest

Nigeria requires $2.3bn to achieve gas targets – Report

  /   in Energy, News   /   Comments

gas

“Government may also consider dedicated bonds and developmental loans including Diaspora Bonds to fund the Master Plan. The Federal Government can consider guaranteeing loans and bonds for reputable companies to invest in the gas sector. By this arrangement, the Federal Government will only incur contingent liabilities which will not crystallise if the projects are well managed.”

Read More →
Latest

Appoint petroleum minister from private sector – NACCIMA

  /   in Energy, News   /   Comments

Buhari-oil

THE Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, has called on President Muhammadu Buhari to discard the idea of making himself minister of petroleum resources, urging him to appoint a minister from the private sector.

Read More →
Latest

How to boost local content, capacity, by Offor

  /   in Energy, News 12:51 am   /   Comments

Exhibition: Eloghosa Iyamu, a student of the University of Benin (left) and former Adviser to the President on Petroleum, Dr Emmanuel Egbogah, inspecting a car built by students of the institution for the Shell Eco-marathon competition at the 2015 conference and exhibition of the Society for Petroleum Engineers, in Lagos.

Chrome Group, a fast growing indigenous conglomerate has reiterated the need for more jobs to be given Nigerian companies to boost capacity development and technology transfer in the nation’s petroleum industry. The Group said this is the only way to boost Federal Government’s objective in Nigerian Content development, even as its subsidiary, Kaztec Engineering Limited, recently won an $84.5million rehabilitation contract for Shell’s Trans Niger Pipeline, TNP, as part of the pipeline integrity fortification.

Read More →
Latest

NNPC’s audits marred by irregularities, lack due process — NRGI

  /   in Energy, News   /   Comments

nnpc

Natural Resource Governance Institute, NRGI, has faulted past audits of the Nigerian National Petroleum Corporation, NNPC, describing the audits as questionable and marred by irregularities and lack of due process. NRGI, an independent, non-profit organisation with focus on governance issues in oil, gas, and mining, in a report titled, “Inside NNPC Oil Sales: A Case for Reform in Nigeria,” stated that only national oil companies with strong audit and reporting requirements tend to realise better returns from their operations.

Read More →
Latest

NLNG denies non-remittance of N2.32trn to Federation Account

  /   in Energy, News   /   Comments

Nigeria LNG Limietd, NLNG, has said that it cannot dictate to the owners and investors in the Badagry Dry Dock project on the location to site the project, especially as it has no stake in the project. This was even as the Liquefied natural Gas, company denied claims that it did not remit N11.6 billion, about N2.32 trillion to the Federation Account.

Read More →
Latest

Oil crash, dwindling revenue threaten Nigeria’s 2015 budget

  /   in Energy, News 7:39 am   /   Comments

crude-oil-pipe-702x336-436x336

The low crude oil price has started to take its toll on Nigeria’s economy, triggering a huge decline in the country’s foreign reserves and engendering a free fall of the naira, and a host of others. Already, in the April Federation Account Allocation Committee, FAAC, meeting, it was stated that the country recorded a revenue shortfall of N 86.42 billion, due to a N78.36 billion decline from oil revenue.

Read More →
Latest

Nigeria’s Q1 crude export dips by $5.66bn

  /   in Energy, News 12:54 am   /   Comments

File Photo: Crude Oil

NIGERIA’S crude oil and gas exports dipped by $5.66 billion, about N1.13 trillion to $13.3 billion in the first quarter of 2015, according to the Central Bank of Nigeria, CBN. The CBN, in its External Sector Development Report for the first quarter of 2015, stated that crude oil and gas exports component declined from $18.96 billion and $20.85 billion in the fourth and first quarter of 2014 respectively to $13.30 billion.

Read More →
Latest

Building blocks for Nigeria’s electrical future

  /   in Energy, News   /   Comments

The wide gap between electricity demand and supply adds greatly to the cost of operations by forced reliance on diesel generators at four times the cost of normal grid power as well as major lost work-time. From a personal standpoint, there is a universal reduction in quality of life due to the lack of dependable electricity to homes and places of work.

Read More →
Latest

Nigerians spent N1.7trn on petrol in 2014

  /   in Energy 11:10 am   /   Comments

crude-oil-pipe-702x336-436x336

NIGERIANS spent about N1.69 trillion on Premium Motor Spirit, also known as petrol, in 2014, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.

Read More →
Latest

Oando seeks legislation on renewable energy use

  /   in Energy   /   Comments

Renewable-energy

Oando Energy Resources, OER, has called on governments at all levels to develop legislative and regulatory frameworks to drive renewable energy use.

Read More →
Latest

Fossil fuel’ll remain dominant till 2040 —ExxonMobil

  /   in Energy   /   Comments

Despite the significant successes in alternative fuels, the use of fossil fuel or hydrocarbons will remain dominant until at least 2040, America’s oil giant, ExxonMobil has predicted.

Read More →
Latest

Union Bank lends N194bn to energy firms

  /   in Energy   /   Comments

Naira

Union Bank Nigeria Plc lent about N193.6 billion to energy firms in two years, 2013 and 2014, amid fears by the Central Bank of Nigeria, CBN that Nigerian banks are in danger of capital erosion due to falling oil price in the international market.

Read More →
Latest

Solar energy to boost cottage industries in villages soon

  /   in Energy, News 12:39 am   /   Comments

Thatch house powered by Solar Energy.

TWO weeks ago, United Nations Development Programmes, UNDP, and the Bank of Industry, BOI, empowered two local firms in the renewable energy sector with loans totaling over N160 million, to connect Solar photovoltaic (PV) panels to 1, 200 houses in remote villages that have not been reached by national grids.

Read More →
Latest

Nigeria loses N174bn to gas flaring — NNPC

  /   in Energy 2:20 am   /   Comments

• A gas flare site in Niger Delta

Nigeria has lost up to $868.8 million, about N173.76 billion to gas flaring in 2014, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.

Read More →
Latest

Oversupply threatens global oil market —IEA

  /   in Energy   /   Comments

crude-oil-pipe-702x336-436x336

Nigeria and other oil producing countries are set for tougher times following the fall in global oil prices, according to the Oil Market Report of the International Energy Agency, IEA.

Read More →
Latest

‘Nigeria’s tax system hindering oil industry growth’

  /   in Energy   /   Comments

oilx

ANALYSTS at GTI Capital have called for a review of Nigeria’s tax policy especially as it affects the country’s petroleum industry, saying that the current tax system does not allow for technological advancement in the industry.

Read More →
Latest

Brass LNG: Management tasks Buhari on FID

  /   in Energy   /   Comments

Buhari

Notwithstanding the beaming of torchlight on activities of the petroleum industry, the management of the Brass Liquefied Natural Gas, LNG, has charged President Mohammadu Buhari to do all it takes to facilitate shareholders taking the final investment decision, FID, of the project

Read More →
Latest

Stakeholders attribute NNPC Board dissolution to infractions

  /   in Energy, News 12:55 am   /   Comments

Buhari-oil

President Muhammadu Buhari’s decision to dissolve the Board of the Nigerian National Petroleum Corporation, NNPC, has been applauded as a major step towards sanitising the Nigerian oil and gas industry and the NNPC in particular. Many see the Corporation as lacking in transparency, amid allegations of corruption which the Board and management made no effort to check.

Read More →
Latest

Subsidy: ‘Focus on inflation, high interest, exchange rates’

  /   in Energy, News   /   Comments

SUBSIDY-EXPRESS

The Federal Government has been urged to exercise caution in thecall for the removal of petroleum subsidy, and instead focus onaddressing all the economic bottlenecks sabotagingNigeria’s common wealth. An economist,Mr. Henry Boyo, argued that the direct removal of subsidy will serve as a great disincentive to the economic wellbeing of all Nigerians.

Read More →
Latest

Prepare for electricity tariff hike, EKEDC tells customers

  /   in Energy, News   /   Comments

prepaid-meters

The management of Eko Electricity Distribution Company, EKEDC,has urged consumers within its franchise network to prepare for adjustment in electricity tariffs. The Chief Executive Officer, EKEDC, Mr Oladele Amoda, stated this at a stakeholders’ meeting with electricity consumers from the 11 Business Units under its jurisdiction in Lagos.

Read More →
Latest

NERC urges Presidency to intervene in NEMSA, EMS crisis

  /   in Energy, News   /   Comments

Geregu power

ABUJA: The crisis rocking the power sector over the establishment of the Electricity Management Service Limited, EMS, and the Nigerian Electricity Management Services Authority, NEMSA, has taken a new dimension with the Nigerian Electricity Regulatory Commission, NERC, calling on the Presidency to intervene.

Read More →
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.

Read More →
Latest

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.”

Read More →
Latest

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.”

Read More →
Latest

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,”

Read More →
Latest

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.”

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →