Heirs Energies, Renaissance Africa collaborate to drive Nigeria’s oil and gas devt
Heirs Energies Limited and Renaissance Africa Energy Company have expressed mutual commitment to strategic collaboration following a high-level courtesy visit by Osa Igiehon, CEO of Heirs Energies, to Renaissance's leadership team, led by the Managing Director, Tony Attah.
Seven banks deliver $260m for Imo ANOH Gas Processing Plant completion
A consortium of seven banks has on Monday, provided $260 million to fund the completion of Assa North-Ohaji South (ANOH) Gas Processing Plant.
Nigeria’s oil output drops 15% to 1.5mb/d
The average Nigeria’s oil output dropped Year-on-Year, YoY, by 15 per cent to 1.5 million barrels per day, mb/d (excluding condensate), in 2020, compared to 1.7mb/d recorded in the corresponding period of 2019, according to data obtained from Organisation of Petroleum Exporting Countries, OPEC.
Bayelsa Methanol Plant: Chinese bank, AfDB, others to raise 70% of project cost
As a major boost to Nigeria’s economy, a fresh indication has emerged that China Exim Bank, African Development Bank (AfDB), international commercial banks amongst other international donors are expected to fund 70 percent of the nation’s Methanol Plant project total cost.
EKEDC staff extort households over prepaid meter form — Investigation
Despite the Federal Government’s intervention targeted at addressing the Electricity Distribution Companies, DisCos shortfalls through the provision of prepaid meters, there are indications that residents under Eko Electricity Distribution Company, EKEDC, networks pay as high as N15,000 to acquire prepaid metre forms from marketing staff.
PIB 2020: Proposed model will trigger tensions, oil communities warn
By Emma Amaize – Asaba Oil communities in Gbaramatu and Egbema Kingdoms, Delta State, have rejected the recommended governance model under the Petroleum Industry Bill, PIB, 2020 for host communities’ development where oil companies would turn into overlords over oil producing communities, warning it would generate unnecessary anxieties in Niger Delta. The communities under the […]
ExxonMobil, Chevron CEOs discussed potential merger in 2020 ― Report
ExxonMobil and Chevron executives discussed the possibility of a merger last year as the two oil giants were battered by the pandemic, The Wall Street Journal reported Sunday. Chevron CEO Mike Wirth and his Exxon counterpart Darren Woods discussed merging as demand for oil and gas plummeted due to restrictions to stem the spread of […]
Dutch court rules Shell liable for Niger Delta oil spills
An appeals court in the Netherlands on Friday ordered Royal Dutch Shell to pay compensation to Nigerian farmers over oil pollution in the Niger Delta. The court delivered its judgment at the end of a long-running civil case. The farmers were seeking financial compensation and a clean-up by Shell for pollution caused by pipelines leaking […]
Chevron reports annual loss of $5.5bn on lower oil prices
Chevron reported a fourth-quarter loss Friday to conclude a rocky year for oil companies as the coronavirus battered demand for petroleum products. The US oil giant, which trimmed staff and slashed capital spending to ride out the downturn, finished the year with a loss of $5.5 billion, compared with earnings of $2.9 billion in 2019. […]
Power sector deficit hits N396.86bn in 9 months
By Ediri Ejoh The liquidity situation in Nigeria’s power sector has worsened, as the indebtedness of the distribution companies, DisCos, to Nigerian Bulk Electricity Trading, NBET, Plc., has increased to N396.86 billion, indicating an increase of seven per cent, compared to N368.83 billion recorded in the corresponding period of 2019. This debt profile accrued by […]
NMMP: EEDC commences free mass metering to customers
In accordance with the National Mass Metering Programme, NMMP, an initiative of the Federal Government of Nigeria designed to ensure speedy deployment of meters to electricity customers, as a conscious way of closing the identified metering gap in the sector, Enugu Electricity Distribution Company, EEDC, has commenced mass meter roll-out to its customers.
Increased electricity tariff tough for consumers to pay — Umeh
By Ediri Ejoh Chief Executive Officer of Century Power Generation Limited, Dr Chukwueloka Umeh, says that the Nigerian Electricity Regulatory Commission, NERC’s, failure to increase electricity tariff in smaller, steady steps from 2015, as stipulated in the Multi-Year Tariff Order, MYTO, has made the almost 100 per cent increase for some consumers very discomforting, especially […]
Nigeria’s oil capacity to rise by 3,500 bpd
***As Elumelu’s Heirs Holdings’ subsidiary, Tenoil, comes on stream in Q2’21 By Udeme Akpan Nigeria’s oil production capacity is set to increase by additional 3,500 barrels per day, bpd, following the expected coming on stream of Ata Field in the Second Quarter (April-June) of 2021. Ata field, located at Oil Production Licenses, OPL 2008, belongs […]
Oil price drops more than 2% over COVID-19
By Ediri Ejoh Oil prices fell more than two per cent on as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus package. Brent crude fell $1.32, or 2.34 per cent, to settle […]
Nigeria’s oil rig count down 29% to 135 in 2020
***As oil exploration suffers setback ***Stakeholders renew call for PIB, others By Udeme Akpan There are indications that limited investment has taken a toll on exploration, as Nigeria’s rig count dropped year-on-year by 27.8 per cent to 135 in the year 2020, from 187 in 2019. The oil rig count, a major index for measuring […]
FUEL SUBSIDY: FG, Stakeholders advocate shift to autogas
By Udeme Akpan Against the possible return to fuel subsidy burden, the Federal Government may have begun moves to get the organised private sector to implement a shift to gas from petrol in powering automobiles. An investigation by Vanguard shows that the Ministry of Petroleum Resources, through the National Gas Expansion Programme, NGEP, has already […]
