Nigeria has about 13Giga Watt (GW) of electricity generating capacity, a transmission capacity of 5GW and distribution that hovers between 3.5 and 4.2GW. Currently, natural gas accounts for more than 80% of Nigeria’s generating fuel needs. About 30% increase in available generation is possible if the gas constraints are resolved. Natural gas is set to become the leading fossil fuel … Read More
Oil Pessimists Exit as OPEC Cap Talk Spurs Bets Glut Easing
For a second week, money managers slashed bets on falling prices by a record and boosted wagers on a rally. Futures have climbed 23% in less than three weeks as some OPEC members raised the possibility of an output freeze amid signs the global glut is easing. “This is a lot of running from one side of the boat to … Read More
Nigeria Should Pull Out of OPEC – NPA
The General Manager, Western Ports, Nigeria Ports Authority, Chief Michael Ajayi, has said that continued naira devaluation is a key factor that would ensure Nigeria’s exit from Organisation of Oil Producing Countries (OPEC). Ajayi stated this in a paper titled: “Nigeria’s Economy and Way Forward” during the Induction of new members of the Institute of Credit Administration (ICA) in Lagos. … Read More
Lack of Investors’ Confidence Responsible for Economic Challenges – LCCI
The Lagos Chamber of Commerce and Industry, LCCI, yesterday, blamed the current lull in Nigerian economy on inability to regain the confidence of investors, both local and foreign, which had resulted in uncertainty in foreign exchange market. Director General, LCCI, Muda Lawal, who stated this in his comment on the state of the economy, said: “Regrettably, the instability and inconsistency … Read More
Power: Gas Dependency, Not The Way To a Secure Future
The Federal Government of Nigeria has said that sole-reliance on gas cannot solve the country’s existing electricity challenges. This statement was made by the Acting Chairman of Niger Delta Power Holding Company (NDPHC), Chinedu Ugbo, on behalf of the Minister of Power, Works And Housing, Babatunde Raji Fashola, during a conference in Lagos State, Business News reported. According to Ugbo, … Read More
UK to Receive First Cargo of Lagos Oil in September
The much anticipated first ever crude oil export cargo from the Aje field, offshore Lagos, will be shipped to the United Kingdom in September. Following the commencement of the first oil production at the Aje field in May 2016, Panoro Energy, the London-based energy firm in partnership with operator Yinka Folawiyo Petroleum Company Limited (YFP), announced in July that the … Read More
Niger Delta Stakeholders List Conditions for Peace
Traditional rulers and stakeholders from the Niger Delta region yesterday listed six things the federal government should do in order to stop further destruction of the country’s oil assets by militants and restore peace in the region. King Jaja of Opobo, Douglas Jaja, was among prominent rulers in the region who met with the Minister of State for Petroleum Resources, … Read More
FG Offers Incentives for Oil Exploration in Inland Basins
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has urged the National Association of Petroleum Explorationists (NAPE) to explore the hydrocarbon potentials of green inland (frontier) basins in order to increase the depleting reserves in the country. He said the federal government would be willing to make provisions for incentives for such prospective investors. … Read More
Eni Begins Work on Nigeria’s Deep-water Oil Project
Nigerian Agip Oil Company, a subsidiary of Italian oil major, Eni, said it had embarked on the development of the Zabazaba deepwater project offshore Nigeria despite the low oil price environment. The Vice Chairman, NAOC, Mr. Massimo Insulla, was quoted to have disclosed this in a statement from the Nigerian Content Development and Monitoring Board. The NAOC was said to … Read More
Militancy Result in Oil Production Deficit of 1.1mbpd – Kachikwu
Minister of state for petroleum, Ibe Kachikwu, has said that militancy in the Niger Delta has destabilised the country’s oil industry and that Nigeria needs to up its production by 1.1 million barrels per day to meet target. Kachikwu also said that declining price of oil in the international market has negatively impacted the country’s revenue leading to economic recession. … Read More