The Organisation of the Petroleum Exporting Countries (OPEC) says its compliance with the OPEC+ oil production cuts deal totalled 122 per cent in April, as production averaged 25.08 million barrels per day. In March, OPEC’s compliance with the production cuts deal was 124 per cent, at 25.04 million barrels per day. “According to secondary sources, […]

By Udeme Akpan In an apparent reflection of the measures taken to achieve stability in the global market by the Organisation of Petroleum Exporting Countries, OPEC, pipeline vandalism and oil theft in the Niger-Delta, Nigeria’s oil production has fallen by 30 per cent in the last four years to 1.423 million barrels per day, mb/d […]

By Kingsley Adegboye Bridges in Lagos, particularly Apapa axis, are at risk of collapse because of the weight of parked heavy-duty trucks on them. These bridges are under great stress from immobile articulated vehicles, a situation worsened by recurring gridlocks and the deplorable state of roads leading to ports and tank farms. An empty 20-feet […]

By Udeme Akpan The Federal Government has taken delivery of 656,752 prepaid meters, under the phase 0 of the Central Bank of Nigeria-funded National Mass Metering Programme, NMMP. This represents almost 85 percent of the one million meters to be provided to Nigerians, whose bills are still based on estimation. However, of the 656,752 prepaid […]

The Minister of State for Power, Mr Goddy Agba, says the ministry will continue to support the Federal Government’s policies on diversification of the energy sector. Agba said this on Friday during the inauguration of the 60kwp Solar Hybrid Mini-Grid in Ikangha Mkpansi Community in Ikom Local Government Area in Cross River State. The minister […]

By Obas Esiedesa – Abuja With over 850 million Africans still dependent on solid fuel for cooking, refiners and distributors of Liquefied Petroleum Gas, LPG, have called for speedy deployment of clean cooking fuel across the continent. The adoption, LPG experts say, would save the lives of about 600,000 people annually on the continent. Speaking […]

By Prince Okafor Diversified conglomerate, Transnational Corporation of Nigeria Plc, Transcorp, has stepped up its presence in the nation’s power and petroleum sectors. Speaking at the 15th Annual General Meeting (AGM) in Abuja, the shareholders, while commending the company for declaring dividends despite the negative impact of the Covid-19 pandemic, noted the significant advances in […]

By Ediri Ejoh There are indications that the Federal Government through the Nigerian National Petroleum Corporation, NNPC would be under more pressure to fund Nigeria’s petrol under-recovery or subsidy as the price of Bonny Light rises to $65 per barrel in May 2021. This showed an increase of 150 per cent when juxtaposed against $26 […]

By Obas Esiedesa As a part effort to support and grow revenue of the power sector, the Central Bank of Nigeria, CBN, last week disclosed that it has disbursed about N3.6 billion for procurement of pre-paid meters to stabilise the billing system in electricity consumption in Nigeria as part of its N120.2 billion investments in […]

By Obas Esiedesa Despite the improving revenue in the power sector, the federal government is set to effect another tariff increase on July 1, following a notice by the Nigeria Electricity Regulatory Commission, NERC, to that effect. The government’s latest move which is part of the half-yearly review of the Multi-Year Tariff Order, MYTO, has […]

By Obas Esiedesa Six months into the Federal Government’s intervention in the revenue process of the power sector, the latest figures have shown that revenue grew by 33.93 percent in the last three months to N184.26 billion as of February, 2021. The Presidential Power Sector Working Group had in September 2020, intervened in the collection […]

The Nigerian Electricity Regulatory Commission (NERC) has given approval to Ikeja Electric Plc to invest the sum of N121.92 billion for infrastructure upgrade across its network within a period of five years. NERC, which is the regulator of Nigeria’s electricity sector, also approved N93.76 billion for Eko Electricity Distribution Company (EKEDC) to upgrade infrastructure across […]

By Udeme Akpan & Ediri Ejoh Consumers of electricity, experts, others, Tuesday, reacted as the Nigerian Electricity Regulatory Commission (NERC) plans a new tariff review in the nation. In its notice issued April 26, 2021, NERC had stated: “Accordingly, this notice is issued to inform the general public and industry stakeholders of the Commission’s intention […]

By Udeme Akpan THE rig count of Nigeria has dropped by 55.34 per cent in the first quarter, January–March, 2021 to 19, according to data collated from recent reports of the Organisation of Petroleum Exporting Countries, OPEC. The rig count, a major index of measuring activities in the upstream sector, had stood at 65 in […]

By Ediri Ejoh with Agency Report There are indications of possible hike in electricity bills in Nigeria as the Nigerian Electricity Regulatory Commission, NERC, said it is concluding the Extraordinary Tariff Review process for the 11 Electricity Distribution Companies, DISCOs. In a notice obtained from its website, NERC stated that the review was pursuant to […]