By Ikenna Omeje The Group Managing Director of Nigerian National Petroleum Corporation (NNPC) has said that the deregulation of the downstream sector of the oil and gas industry in Nigeria will increase investment in the refining business and facilitate exponential growth in the nation’s refining capacity. Kyari stated this at the African Refiners Association (ARA)…
By Ikenna Omeje The United States energy giant, ExxonMobil, has said that it has invested approximately $10 billion in the last 20 years on technology and programmes to improve efficiency and reduce emissions. The company stated this in a statement on Tuesday while responding to a Bloomberg News story dated October 5, 2020, entitled “Exxon’s…
By Ikenna Omeje The Federal Government has said that the 40-year-old Mambilla Hydroelectric Power project is estimated to cost $5.8bn. This was contained in a document recently obtained by Daily Sun. Part of the document reads: “The project is estimated to cost $5.8 billion and will generate up to 50,000 local jobs during the construction…
The Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA), Mrs. Abimbola Akinajo, has said that the Lagos light-rail currently under construction is expected to begin full operation in 2022. Akinajo stated this in a statement on Tuesday, after a meeting with contractors and consultants handling the Lagos Light-Rail Mass Transit (LRMT) Red and Blue…
The United States-based International Centre for Settlement of Investment Dispute has ordered Inter Ocean Oil Company to pay the federal government of Nigeria the sum of $660,129.87 as reimbursement of its share of the arbitration costs incurred in the proceedings. The tribunal, headed by Prof. William Park, also absolved the federal government from any liability, maintaining that Nigeria…
The Nigerian Content Development and Monitoring Board (NCDMB) and the National Information Technology Development Agency (NITDA) have agreed to set up a six-man joint committee that will foster their collaboration in the development of local content in information and communications technology, oil and gas industry and related sectors. The Executive Secretary of NCDMB, Engr. Simbi…
Daniel Terungwa Nigeria Extractive Industries Transparency Initiative (NEITI), has urged stakeholders of the mining and oil exploration industry to pay attention to the health and safety of people and environment where mining and crude exploration take place. The Executive Secretary of NEITI, Mr Waziri Adio, made the call while speaking during the launch of two…
… to deliver 350,000MT LPG annually The Deputy Managing Director, Nigeria LNG Limited, Sadeeq Mai-Bornu has disclosed that company since it started operations in 1999, has delivered over 5000 Liquefied Natural Gas (LNG) cargoes to various destinations globally and generated about $110 billion in revenue.Mai-Bornu in remarks on Tuesday at the 2020 NLNG/Business Day Conference…
By Ikenna Omeje The Nigerian Electricity Regulatory Commission (NERC) has ordered the 11 electricity Distribution Companies (DisCos) in the country to suspend the implementation of the new tariff, with effect from September 28, till October 11. Following an approval by President Muhammadu Buhari, the DisCos had on September 1, 2020, began implementation of a new…
By Ikenna Omeje Nigeria’s determination to overturn a court judgement in favor of Process and Industry Development (P&ID), a firm based in the British Virgin Islands, received a boost on Tuesday, as a London Commercial Court ordered the release of the $200million guarantee put in place as security for the stay of execution granted Nigeria…