Due to irregular supply of public electricity, about N3.5 trillion ($21.9 billion) is spent yearly by businesses, families and others in Nigeria to buy fuel for power generation. Disclosing this yesterday at the ongoing 2016 Huawei Connect conference in Shanghai, China, the Business Leader (Distribution), Sahara Group, the firm with majority stakes in Ikeja Electricity Distribution Company, Rotimi Onanuga, said … Read More
FG Silent as Stakeholders Seek Oil Licensing Round
As some industry stakeholders continue to look forward to another oil licensing round in the country, the Federal Government has yet to unveil any plans towards awarding licences. Over the past few years, operators and other stakeholders in the oil and gas industry have decried the lack of oil licensing rounds despite the government’s quest to increase the nation’s reserves. … Read More
Leadership Tussle: $3bn IPMAN Refinery Dream Now A Mirage
The policy of deregulation of the downstream oil industry in Nigeria from an economic point of view considers the enormous subsidy pay out to petroleum marketers as Nigeria in the last five years has consistently spent over N1 trillion, that is about $5 billion, on petrol subsidies. The deregulation of the sub-sector, government argues, will open up the sector to … Read More
Natural Gas, Recipe For Fueling Nigeria’s Economy – PwC
As the President Muhammadu Buhari-led administration strives to rescue the nation’s economy with a focus on diversification, experts in the energy sector have continue to emphasise the need to deploy Liquefied Natural Gas (LNG) as a key component to hastening the initiative. There is no gainsaying that a good number of experts in the oil & gas industry perceived that … Read More
A Nigerian Develops App to Stop Manipulation of Fuel Pumps
JohnPaul Attueyi is the founder of Fuel Padi, a mobile application that enables people to find the cheapest fuel in their vicinity. It alsohelps to fight fuel pump manipulation at the filling stations in Nigeria. He spoke with Roseline Okere on how to curb manipulation of dispensing pumps at filling stations. Excerpts. Since the partial deregulation of the price … Read More
Transmission Company of Nigeria to Complete 22 Projects This Year
Transmission Company of Nigeria (TCN) has said it target the completion 22 critical projects captured in the 2016 Federal Government Budget before the end of the year. The Managing Directors and Chief executive of TCN, Engr. Abubakar Atiku, who stated this in a press briefing in Abuja, noted that resolve is part of efforts to meet President Muhammadu Buhari’s aspiration … Read More
Forex – Foreign Suppliers Cut Fuel Shipment to Nigeria Over $985m Debt
An acute shortage of foreign currencies across the country may have forced some overseas supplier of Premium Motor Spirit (PMS) popularly called petrol to suspend further supply of the commodity to Nigeria, over a $985 million debt overhang, Daily Sun findings has revealed. Their decision to cut supplies to its Nigerian customers may not be unconnected with the inability of … Read More
Regulatory Conflicts, others Frustrating Marginal Field Operations — Experts
Experts in the oil and gas industry have identified multiple regulatory authorities of the Federal Government and incessant risk emanating from host communities, as key factors inhibiting successful operation of marginal fields’ companies especially indigenous companies. Consequently, they have canvassed the need for government to align its various policies to avoid regulatory conflicts by its agencies which frustrates the operations … Read More
External Reserves Rise by $595m in Five Days
The nation’s foreign exchange reserves have increased by $595m to hit a one-month high of $26.196bn, the latest data from the Central Bank of Nigeria have shown. This came on Monday just as the naira traded around 412- 413 against the United States dollar at the parallel market, compared to 414/dollar on Sunday. External reserves stood at $25.6bn as of … Read More
Nigeria Lost N105.9bn to Gas Flaring in Six Months
Nigeria lost about $336.33 million in the first half of 2016, as oil and gas companies operating in the country flared 112.11 billion Standard Cubic Feet (SCF) of gas between January and June 2016, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.” At the Nigerian Gas Company’s average gas price of $ per $1,000 SCF of the … Read More