Consumers pay N1.2trn for electricity in six months — NERC
By Obas Esiedesa, Abuja Electricity consumers across Nigeria paid about N1.2 trillion for power consumed in the first six months of 2026, according to data released by the Nigerian Electricity Regulatory Commission (NERC). The figure represents revenues collected by the 11 electricity Distribution Companies (DisCos), based on NERC’s monthly commercial performance reports between January and […]
DoI cancels Arctic offshore lease sales
THE US Department of the Interior, DoI, said it will cancel the two potential Arctic offshore lease sales scheduled under the current five-year offshore oil and gas leasing programme for 2012-2017. The agency cited “current market conditions and low industry interest” as reasons for the move, Oil & Gas Journal, OGJ Online said.
Instability, technology, others impeding reserves addition – NAPE
UNTIL the Federal Government restructures its policy, introduces upgraded technologies, signes the Petroleum Industry Bill, PIB, and improves exploration activities, its quest to growing reserves will remain a dream. Disclosing this in a press conference, the Nigerian Association of Petroleum Explorationists, NAPE, added that policy inconsistency, technological challenges and the delay and non-passage of the Petroleum Industry Bill, PIB, remain the bane of oil and gas development.
Nigeria, others, constitute 90% of Africa’s gas – Report
NIGERIA, Libya, Algeria, and Egypt, account for 90 percent of Africa’s annual natural gas production, PricewaterhouseCoopers, PwC 2015 report on Africa’s oil and gas said. The just released report also said that as at the end of 2014, Africa has proven natural gas reserves of about 500 trillion cubic feet, Tcf. This is a slight drop compared to 2013, while production also decreased slightly over the period.
NNPC mulls co-location model to cut refining costs
THE Nigerian National Petroleum Corporation, NNPC, said it intends to reduce the cost of refining crude oil in country through resource co-location. The Group Managing Director, NNPC, Dr. Ibe Kachikwu, who said this, also said that with the co-location model, which is still at the proposal level, the Corporation will ensure that new refineries are situated in clusters. This is to allow for sharing of critical infrastructure like power, pipelines and technologies, and a host of other resources.
Oil sector contributes N1.78trn to Q2 GDP
THE oil and gas sector contributed N1.782 trillion to Nigeria’s Gross Domestic Product, GDP, in the Second Quarter, Q2 2015, according to the National Bureau of Statistics, NBS. Giving a breakdown of the oil and gas sector’s contribution, the NBS Nigerian GDP Report for Quarter Two 2015, said the Crude Petroleum and Natural Gas sub-sector in the Mining and Quarrying sector accounted for N1.746 trillion of the country’s GDP during the period.
