Federal, State, and Local Governments Benefit from N2.517 Trillion FAAC Exchange Rate Gain in 2023 In a significant financial development, the Federal Government, alongside the 36 states and all local government areas (LGAs) in Nigeria, shared a substantial sum of approximately N2.517 trillion as FAAC exchange rate gain for the fiscal year 2023. This revelation…
NNPC Collaborates with US and Deloitte to Address Greenhouse Gas Emissions in Nigeria. In a proactive move to address environmental concerns, the Nigerian National Petroleum Company (NNPC) has forged a partnership with the US Department of State and global consultancy firm Deloitte. Together, they aim to confront greenhouse gas emissions stemming from NNPC’s upstream operations….
Palantir and Bapco Upstream Form Alliance to Advance AI-Driven Energy Production in Bahrain Palantir Technologies and Bapco Upstream have revealed a strategic partnership aimed at deploying AI systems to optimize energy production in Bahrain. This collaboration is poised to assist Bahrain in fulfilling its commitment to reducing carbon emissions and integrating its energy infrastructure effectively….
Orsted Lowers Production Targets Due to Escalating Operational Costs Orsted, the global leader in offshore wind development, has declared a decrease in its production targets as a result of rising operational expenses. This development has initiated a broader conversation surrounding the cost-efficiency and sustainability of renewable energy sources. Key Points: Reasons for Recalibration: Orsted, the…
Aker Solutions Reports Robust Financial Performance and Positive Outlook for 2024 Aker Solutions AS, a Norwegian engineering company, has provided a comprehensive overview of its strong financial performance for the fourth quarter of 2023 and the entire fiscal year. The company’s outlook for 2024 is optimistic, with intentions to propose a dividend and implement a…
Dangote Refinery Plans to Substitute Nigerian Crude with WTI Midland Additional information has surfaced regarding the decision-making behind the choice of the Dangote Refinery Lekki, the largest single-train refinery globally, owned by Africa’s wealthiest individual, Alhaji Aliko Dangote, to import crude oil from the United States. Insights from credible sources familiar with the agreement suggest…
NIES Summit to Tackle Security, Transition, and Finance Challenges in Oil Sector The Nigeria International Energy Summit (NIES) 2024, scheduled to take place in Abuja from February 26 to March 1, 2024, is poised to delve into the critical aspects of security, transition, and finance within the context of the evolving global energy landscape. With…
NAPE Seeks Collaboration with Lawmakers to Tackle Oil Sector Challenges The Nigerian Association of Petroleum Explorationists (NAPE) is seeking the support of the National Assembly to address inherent challenges bedeviling the oil and gas sector in the country. NAPE, during a courtesy visit to the National Assembly, said the move is needed to drive value…
TCN Restores Grid, Supplies 2,686.135MW to 11 Discos The Transmission Company of Nigeria (TCN) successfully restored the partially collapsed grid, ensuring the transmission of 64,467.24 megawatt-hours (MWH) of electricity, averaging 2,686.135 megawatts (MW), to the 11 Electricity Distribution Companies (DisCos) on Sunday, February 4. According to TCN‘s data, the total energy generated on that day…
NCDMB Commits to Accelerating Approvals for Oil Industry Projects Engr. Felix Omatsola Ogbe, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), has reaffirmed the agency’s commitment to expediting the approval process for requests and documents submitted by operating oil and gas companies. The primary objective of this commitment is to facilitate…
