Nigeria spared as seven OPEC+ producers raise output by 188,000 bpd
Nigeria was not part of the meeting because it is not participating in the additional voluntary production adjustment arrangement, meaning the latest output increase does not affect its production plans.
NERC issues licences to companies to generate 590MW
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.
‘Falling oil price may not affect $3.8bn Egina project’
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.
Shareholders condemn SEC over dividend rulings (2)
SEC has come up with a new rule that dividend would be returned to the company to start up a new business outside its original business after one year of release without claim from shareholders. In continuation from last week’s edition, shareholders disapprove of such rule. They further argued that registrars also constitute a major challenge to the issue of dividend collection. This is because they do not effect change of address received from shareholders among others.
Nigeria’s gas demand to hit 10bcf — NNPC
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.
Lower oil price’ll not stop rise of solar panels
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.
