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.
I was dumped in the creeks by my abductors – Donu Kogbara, renowned columnist
Donu Kogbara, Vanguard columnist, looked calm as she spoke to journalists who rushed to her residence as news of her release by kidnappers filtered into Port Harcourt, Rivers State capital, yesterday morning.
‘Without sale of refineries we will not make any headway’
THE announcement by the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Ibe Kachikwu, that the nation’s four refineries would not be sold, has continued to draw knocks, as well as commendations from different strata of the country’s economy. A former Senate Committee Chairman on Petroleum Resources, Senator Lee Maeba, insisted that government is not in a position to run the refineries efficiently.
Concerted efforts needed against pipeline vandalism, crude theft
EFFORTS geared towards blocking leakages in the petroleum industry seem not to be yielding the desired results, as pipeline vandalism and crude oil theft had over the years served as a major setback in the sector, disrupting businesses, discouraging investments and increasing expenses. The Nigerian National Petroleum Corporation, NNPC, in its Annual Statistic Bulletin 2015, disclosed that a total of N242.778 billion was lost to pipeline vandalism in different parts of the country.
Price slump: Seven Energy records N11bn losses
THE low price of crude oil has taken a toll on the finances of Seven Energy International Limited, as the company posted a loss after tax of $53 million, about N10.6 billion in six months, between January and June 2015. The company, in its financial statement for the half year, HY1 2015, released to its investors and other stakeholders, disclosed that the loss, compared to a profit of $27 million, about N5.4 billion recorded in the same period of 2014, was primarily due to the fall in oil price.
DISCOs, GENCOs not ready for TEM – TCN
SEVEN months after the take of the transitional electricity market, TEM, generation and distribution companies, GENCOs and DISCOs are yet to meet the contractual terms for the implementation, the Transition Company of Nigeria, TCN, has said. The Executive Director, the Nigerian Electricity Market, an arm of the TCN in charge of systems operations, Mrs. Ngozi Osuhor, said that the DISCOs are not prepared for the take-off of TEM, as they continue to circumvent its contractual demands.
