A consortium of seven local and international lenders has signed an agreement to refinance Neconde Energy Limited’s Senior Secured Medium-Term Loan Facility Agreement, worth $640 million (N2.3trillion). The refinancing of the facility followed the renewal of Neconde Energy Limited’s Oil Mining Licence (OML) 42 for the next 20 years, effective June 2019, by the federal…
Nigeria may continue to lose an estimated N995.2 billion yearly to crude oil theft except the Federal Government adopts efficient technology in metering and mapping movement of crude from extraction to exportation. The Federal Government should also enforce stringent penalties for oil thieves and their collaborators across the country. This was the view of Niyi…
The nation’s crude oil reserves dropped by 481 million barrels to 36.972 billion barrels in 2018, according to a new report by the Organisation of Petroleum Exporting Countries. OPEC, in its 2019 Annual Statistical Bulletin, said Nigeria’s crude oil reserves stood at 37.453 billion barrels in 2017 and 2016; 37.062 billion barrels in 2015 and…
Nigeria lost N44.6bn as a result of the drop in oil revenue occasioned by the shut-ins and shutdowns of some terminals by the Nigerian National Petroleum Corporation in April 2019, latest data obtained from the Central Bank of Nigeria revealed. The CBN said the country’s oil earnings fell from the N516.88bn recorded in March to…
The overall output of the State-owned oil firm Sonangol swings from 10 to 20 percent of the overall domestic production, which currently stands at 1.4 million barrels per day, the company’s CEO, Sebastião Pai Querido, said on Tuesday. The manager, who disclosed the information during a joint press conference granted at the end of the…
The Chairman of the Nigerian Electricity Regulatory Commission (NERC), Prof. James Momoh, has commended the management of Eko Electricity Distribution Company (IKEDC) for being the best performed distribution company in Nigeria. Momoh gave the commendation at the completion of training programme for the 100 newly employed graduates by the company in Lagos. He said the…
Abu Dhabi, United Arab Emirates: 13 June 2019 – Eleven million people were employed in renewable energy worldwide in 2018 according to the latest analysis by the International Renewable Energy Agency (IRENA). This compares with 10.3 million in 2017[1]. As more and more countries manufacture, trade and install renewable energy technologies, the latest Renewable Energy and Jobs – Annual…
….. Urges Staff To Keep Fit. The Management of the Nigerian Ports Authority (NPA) has reassured staff of the Organization of its unflinching and firm resolve at prioritizing health details concerning its employees in order that the best of all officers would be effectively tapped into as the Authority harnesses all variables towards greater dividends…
The Executive Vice Chairman, Alpha African Advisory, Mr. Mustafa Chike-Obi, has advised the federal government to put an end to certain subsidy arrangements and then pay greater attention to security and infrastructure. According to him, the three subsidies are fuel, foreign exchange and electricity subsidies. Speaking at an agenda-setting forum for the Buhari’s second term…
The 5,000 barrels per day modular refinery being developed by Waltersmith Refining and Petrochemical Company Limited would be completed in May 2020. The project has equity investment support from the Nigerian Content Development and Monitoring Board (NCDMB). This date was confirmed by the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote after inspection of the project…