The World Bank allocated $151 million in funding to Tunisia to assist in the process of diversifying its sources of electricity. The funds granted in the form of a loan will make it possible to produce clean and less expensive energy, with the establishment of renewable energy plants by private energy companies in the country….
There are indications that the Federal Government may be compelled to give indigenous oil and gas companies wishing to bid for the stake of the Nigerian National Petroleum Corporation in some International Oil Companies (IOCs) the first right of refusal. Some of the indigenous oil companies who spoke to Daily Sun in separate interviews on the…
Four power distribution companies in the country grew their revenue by $162m (N49.57bn at the official exchange rate of N306 to a dollar) after the intervention of the United States Agency for International Development through the Power Africa Transactions and Reform Project. It was gathered that the United States agency’s support to the four Discos…
The outgoing Group Managing Director Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru and his successor Mr. Mele Kyari have visited the oil drilling Operation site in Kolmani River II well in Bauchi and Gombe State. Baru said President Muhammadu Buhari is committed to growing Nigeria’s hydrocarbon reserves through the exploration of the various inland…
Indigenous oil and gas company Aiteoe Group said it is negotiating an alternative financing package to fund $5 billion of investment that will grow its oil production to 250,000 barrels a day and increase gas supplies to about 300 million standard cubic feet per day. The company’s Group Managing Director Victor Okoronkwo who stated this…
Nigeria’s largest independent oil producer plans to spend as much as $5 billion to boost its oil and natural gas production in the next five years. Aiteo Eastern E&P Co. plans to drill new oil wells and re-open existing ones as it seeks to raise production, CEO Victor Okoronkwo said Tuesday in an interview in…
The Nigerian Electricity Regulatory Commission (NERC) has alleged that no electricity distribution company (Disco) in the power sector has been able to meet the demands of electricity consumers in the country since the sector was reformed in 2005. It explained that the Discos have largely neglected the demands of the consumers, with service apathy mostly…
The Bureau of Public Enterprises (BPE) and shareholders of the electricity Distribution Companies (Discos) have agreed to formalise the increase in the Federal Government’s representation on the Boards of the Discos. At a meeting of the shareholders of the Discos summoned by the BPE, held on June 26, 2019, all the parties agreed that the…
THE nation’s power grid recorded its eighth total collapse this year on Sunday, plunging consumers across the country into blackout for some hours. The government-owned Transmission Company of Nigeria, which manages the grid, blamed electricity distribution companies for the system failure, which it said occurred at 9.10 am. Total generation stood at 3,825 megawatts as…
The Nigerian Ports Authority (NPA) says it is expecting 32 ships to bring petroleum products, food and other goods from June 30 to July 19, at Apapa and Tin Can Island Ports. NPA in its daily publication ‘Shipping Position’ on Sunday in Lagos said that one of the ships would sail in with diesel. The…