NNPC/CNL Joint Venture Secures $1.4B Financing For Infill Drilling Program Chevron Nigeria Limited (“CNL”), operator of the joint venture between the Nigerian National Petroleum Corporation (“NNPC”) and CNL (“NNPC/CNL JV”) confirms that $1.4 Billion financing has been secured to fund the NNPC/CNL JV infill drilling program (“Project”) between 2022 to 2026. The financing arrangement was…
Oil Producing States Get N625bn in Two Years – Presidency The nation’s nine oil-producing states received a total of N625.43 billion as 13 percent oil derivation, subsidy and SURE-P refunds from the Federation Account in the last two years, 2021 and 2022, the Presidency has announced. A statement released on Friday by the Senior Special…
Wike, Diri trade words over 13 percent oil derivation arrears Rivers State Governor Nyesom Wike and his Bayelsa State counterpart, Douye Diri, have traded words over the 13 percent crude oil derivation arrears, which Wike revealed was released by President Muhammadu Buhari to state governors in the Niger Delta. Wike had asked the Attorney General…
Natural Gas Will Remain Key Energy Source in Next 30 Years – NLNG Amid the global push towards transition to greener energy sources, the Managing Director of the Nigeria Liquefied Natural Gas (NLNG), Philip Mshelbila, has said that natural gas will remain a key energy source to the world in the next 20 to 30…
British Gas Launches Peak Save Energy Reduction Plan British Gas is launching an energy reduction plan for this winter that will pay customers for every unit of electricity they save compared to their normal usage, the company said on Thursday. The plan, called “Peak Save”, will run between December 2022 and March 2023, and could…
Panic Buying: No Plan to Increase Fuel Price, NMDPRA Assures Nigerians The Nigerian Midstream and Downstream Petroleum Regulatory Authority on Wednesday said the Federal Government is not currently planning to increase the price of Premium Motor Spirit popularly called petrol. Fuel queues resurfaced in Lagos, Abuja and some neighbouring states, a development that has made…
Sahara Group Awards $55,000 Seed Capital to 11 African Social Innovators Sahara Group, an integrated energy company, has awarded $5,000 each as seed capital to 11 African social innovators who successfully completed its 2022 Sahara Impact Fund (SIF) Fellowship programme. The three-month Fellowship, which was organized by Sahara Foundation in collaboration with LEAP Africa, a…
NCDMB Begins Training of 500 Youths on GSM Phone Repair in Bayelsa The Nigerian Content Development and Monitoring Board (NCDMB) has begun training of 500 youths on GSM phone repair in Yenagoa, Bayelsa State. The training is an initiative of the NCDMB Youth Empowerment Training Programme aimed at building the capacity of Nigerian Youths through…
NNS Pathfinder seeks Synergy with the NUPRC to handle stolen Crude in Rivers State The Nigerian Navy Ship Pathfinder is seeking a working collaboration with the Nigeria Upstream Petroleum Regulatory Commission to tackle challenges it face in evacuation and storage of stolen crude oil from arrested oil thieves. The Commander, NNS Pathfinder, Commodore Suleiman Ibrahim…
Oil Prices Erase 2022 Gains as China’s Protests Spark Demand Worries Oil prices fell to near their lowest levels this year on Monday as street protests against strict COVID-19 curbs in China, the world’s biggest crude importer, stoked concern about the outlook for fuel demand. Brent crude dropped $2.66, or 3.1%, to trade at $80.97…