Nigeria’s oil production fell to 1.4 million b/d, as at May, 2016, nearly a 30-year low, the United States Energy Information Administration has said. In a report released yesterday, the agency said the Niger Delta Avengers’ (NDA) attacks resulted in immediate and severe disruptions in crude oil production, as some of them targeted key oil-gathering and export infrastructure. According to … Read More
Renewable Energy Development in Nigeria
Nigeria’s renewable energy division is on the rise as multiple agreements for new clean power plants are being signed to enhance the country’s energy generation supply. Earlier this week, independent solar power producer Scatec Solar contracted a 20-year Power Purchase Agreement with the Nigerian Bulk Electricity Trading Plc (NBET) to develop the 100MW Nova Scotia Power plant in Jigawa state. … Read More
Crude Oil Production Commences Outside the Niger Delta Basin
The federal government has said that four of the five oil wells discovered in Badagry legitimately belong to Lagos State, for which the state would be entitled to 13 per cent derivation from the Federation Account. However, it disclosed that Aje 3 oil well falls beyond the 200-mile isobaths and therefore cannot be legitimately attributed to the state. The Chairman … Read More
Niger Delta Militants Willing to Negotiate With Government
After a sustained bombing of oil facilities reducing Nigeria’s oil output and revenue, the Niger Delta Avengers has said that it is now willing to dialogue with the Federal Government. As a prelude to the talks and an expression of readiness to lay down arms and embrace peace, the NDA, Wednesday, raised what it calls “Contact and Dialogue Team headed … Read More
Chevron spends $3.6 billion on Local Content
Chevron Nigeria spent $3.6 billion on Nigeria content in 2015 as part of its commitment to the Local Content Act which is aimed at developing local capacity, boosting local economies and creating job opportunities. The company said in its 2015 Corporate Responsibility Report that it consistently reserves significant portions of job scopes to benefit indigenous companies and community contractors from … Read More
Nigeria Government to Commence Oil Exploration in Benue Trough
President Muhammadu Buhari has ordered the Nigerian National Petroleum Corporation, NNPC, to commence the search for crude oil and other hydrocarbon exploration in the Benue Trough. According to a statement by the NNPC, Group Managing Director of the NNPC, Mr. Maikaniti Baru, disclosed this while receiving a delegation from the Benue State Government, who paid him a courtesy visit in … Read More
Naira Weakens Against the Dollar Despite Oil Price Rise
The Naira, yesterday, depreciated against the dollar at the parallel market, just as crude oil price hit five-week high, gaining about 10 per cent in a three-day rally to close at $48.05 as speculations intensified over potential producer action to support prices amid a crude glut. Data from market intelligence firm, Genscape, estimating a draw of more than 350,000 barrels … Read More
Nigeria Electricity Target, Not Achievable
Ten thousand megawatts (Mw) of electricity target in the country may not be achievable, the Vice Chairman Senate Committee on Power, Senator Bukar Mustapha, said yesterday. He, however, said President Muhammadu Buhari has laid the foundation for the country’s prosperity in the last one year of his administration. The lawmaker who spoke to reporters in Abuja expressed disappointment over the … Read More
Dormant Power Stations Contribute to National Grid
Three power stations, which had been dormant have come back on stream and started contributing to the National Grid, the Transmission Company of Nigeria (TCN), has said. TCN who disclosed this in its Independent System Operator (ISO) review of the national grid performance, listed the power plants to include Omoku, Trans-Amadi and Rivers Independent Power Plant (IPP). It noted that … Read More
Transparency, Critical to Overcoming Oil and Gas Sector Challenges.
Nigeria heavily relies on revenue derived from the oil and gas sector. Currently, oil and gas provide the highest external income to the 36 states government that make up the federation but it contributes less than 40 per cent to the country’s Gross Domestic Product (GDP). As vital as this sector is to the economy, it is constantly bedeviled … Read More