By Ikenna Omeje The Organization of Petroleum Exporting Countries (OPEC) Reference Basket (ORB), increased by $7.51 to $25.17 per barrel, averaging 42.5 percent in May. According to the OPEC Monthly Oil Market Report for May, the recovery of prices was mainly because of the historic voluntary production cuts by Declaration of Cooperation (DoC) participating…
By Ikenna Omeje The Director, Department of Petroleum Resources (DPR), Engr. Sarki Auwalu has inaugurated the network code operationalization team for the full implementation of the Nigeria Gas Transportation Network Code (NGTNC). NGTNC which was launched by the Minister of State for Petroleum Resources, Chief Timipreye Sylva in February, at the Nigeria International Petroleum Summit…
By Ikenna Omeje Italian energy giant, Eni, has said it trained more than 19,000 employees on human rights in 2019, capping a total of 25,845 hours, as part of its commitment to human rights. This was contained in the updated version of its “Eni for Human Rights,” report published yesterday on its official website….
By Ikenna Omeje The Minister of Power, Engr. Saleh Mamman, has said that the new tariff order proposed by the Federal Government will kick off in July, 2020. Nigerian Electricity Regulatory Commission (NERC), had in January announced that there would be an upward review of electricity tariff across the country from April 1. The…
By Ikenna Omeje The Managing Director, Nigerian Liquefied Natural Gas (NLNG), Tony Attah has said the time for Gas has come and that after many years of exploration, production, exportation and trading of oil, gas is Nigeria’s hope for the future. Giving a spotlight on a live interview on Train 7 on…
By Ikenna Omeje The Federal Government, through the Minister of Power, Engr. Saleh Mamman, has announced the sacking of the Managing Director/CEO of the Nigerian Bulk Electricity Trading, PLC (NBET), Dr. Marilyn Amobi, replacing her with Dr. Nnaemeka Eweluka. This was contained in a statement issued by the Minister’s Adviser on Media, Mr….
By Ikenna Omeje The Federal Government, through the Ministry of Works and Housing, plans to commence a major private sector participation program to boost investment in Nigeria’s national highways under the regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC). The program, which is in partnership with the Lagos Business School Centre for…
By Ikenna Omeje The Federal Government is to roll out the National Gas Expansion Programme in the next few weeks, to expand the usage of gas in the country. Nigeria has over 200 trillion cubic feet of gas reserves, but despite this enormous deposit, gas production and utilisation is still very minimal. …
By Ikenna Omeje International Energy Agency (IEA) has said Global gas demand is expected to fall by 150 billion cubic metres (bcm), representing 4 percent – twice the drop occasioned by the 2008 global financial crisis. This was stated in its annual market report titled, “Gas 2020”. The global energy watchdog, said the…
By Ikenna Omeje The Nigerian Electricity Regulatory Commission (NERC) has said the Federal Government received zero payment from its international electricity customers (Societe Nigerienne d’electricite – NIGELEC and Communaute Electrique du Benin–CEB) in the last three months of 2019. The commission made this known in its fourth quarter report while also stating that the invoice issued to…
