Axxela to Build Gas Processing Plant in Delta State, Nigeria Axxela Limited, a leading gas and power company in Sub-Saharan Africa, announced a major investment in a new gas processing plant. The facility will be situated in Oil Mining Lease (OML) 56, Delta State, in southern Nigeria. Project Details and Timeline This strategic investment marks…
Platform Petroleum Explores Nigeria’s Marginal Field Potential as Bronze Sponsor at IAE 2024 Paris, April 24, 2024 – Platform Petroleum, a prominent Nigerian operator, is set to participate as a Bronze Sponsor at the prestigious Invest in African Energy (IAE) 2024 forum in Paris. The company’s involvement underscores its commitment to leveraging new investments and…
EKo Disco Wins Big at Energy Times Awards Eko Electricity Distribution Company (EKEDC) emerged victorious at the inaugural Energy Times Awards, claiming the coveted title of “Disco of the Year 2023.” The ceremony, held at the prestigious Eko Hotels and Suites in Lagos on April 19, 2024, recognized EKEDC’s dedication to providing its customers with…
Nigerian Government Announces Shakeup in Power Sector: DisCo Privatization and Metering Contract Revocation The Nigerian government has unveiled a two-pronged approach to address challenges in the electricity sector. In a move aimed at improving distribution efficiency, the Federal Government plans to sell off the five Electricity Distribution Companies (DisCos) currently under the control of banks…
NNPC Ltd, Partner Unlock 12,000bpd Production from Awoba Unit Field Keen on optimising production from the nation’s hydrocarbon assets to boost revenues and meet the nation’s OPEC production quota, the Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner in the Awoba Unit Field, Newcross Exploration and Production Ltd, have restarted production…
The Shell project [embedyt] https://www.youtube.com/watch?v=4cDppX0Xckc[/embedyt]
NUPRC, not delaying $1.3bn ExxonMobil assets deal By Ibrahim Musa There are indications that the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, the regulator of Nigeria’s upstream oil sector, is not responsible for the alleged delay in granting consent to the sale of $1.3 billion ExxonMobil’s 40 percent stake in Mobil Producing Nigeria Unlimited, MPNU’s assets…
IMF Explains Rationale Behind Insistence on Fuel Subsidy Removal in Nigeria The International Monetary Fund (IMF) has provided insights into why it strongly advocated for the removal of fuel subsidies in Nigeria, a move that has sparked significant debate and controversy within the country. During the ongoing Spring Meetings of the IMF and World Bank…
FAAC Allocates N1.123 Trillion for March 2024 The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.123 trillion to the Federal, State, and Local Government Councils for the month of March 2024. This allocation was disclosed in a communique issued at the conclusion of FAAC’s April 2024 meeting. The distributed revenue of N1.123…
Nigeria Customs Slashes Exchange Rate for Import Duty The Nigeria Customs Service (NCS) has announced a reduction in the exchange rate for import duty collection, setting it at N1,147 per dollar compared to the previous rate of N1,238 per dollar. This latest adjustment reflects a decrease of N91.1 since the last revision made on April…