Nigeria’s state oil firm NNPC could sign crude-for-product deals with Shell and ExxonMobil, similar to one signed with BP last week, a senior NNPC official said on Monday. Nigerian National Petroleum Corporation (NNPC) announced last Wednesday that it had signed such a deal with BP and would provide more details later. “Unfortunately, Shell and ExxonMobil…
A total of 230.35Billion Cubic Feet (BCF) of natural gas was produced in the country in July 2018, averaging a daily production of 7,678.17Million Standard Cubic Feet (mmscfd), NNPC Monthly Financial and Operations report for July 2018 has stated. The sum represents 8.81 per cent increase compared to the previous month of June 2018. The…
Abuja, Nigeria – The Federal Government of Nigeria through the Rural Electrification Agency has commenced the implementation of a Federal Government programme, “Energizing Economies Initiative” (EEI), which aims to provide efficient, clean and sustainable power to four economic clusters across Nigeria. This initiative will have a transformative impact with the provision of reliable power supply…
The Nigerian Content Development and Monitoring Board (NCDMB) and the Indigenous Petroleum Producers Group (IPPG), have signed a Service Level Agreement (SLA), which would drive local content implementation and simplify the procurement and tendering processes for oil and gas projects. The Executive Secretary of NCDMB, Mr. Simbi Kesiye Wabote, and the agency’s General Manager, Projects…
The federal government has disclosed plans to re-sell the Yola Electricity Distribution Company as well as privatise the Afam Power Plant. The proceeds from the sale are expected to be utilised in funding part of the 2018 budget. The Director General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, revealed this in Lagos…
Savannah Petroleum, the British independent oil and gas company focused around oil and gas activities in Niger and Nigeria, has announced an update on the Seven Energy Transaction. Further to the Company’s announcement on 20 September 2018 regarding the gas for oil swap with Frontier Oil and the buy-out of minority shareholders in Universal Energy…
Eko Electricity Distribution Company (EKEDC) has announced an outage of power in Ikoyi and is environs. It said it wished to inform its esteemed customers in Banana Island and other parts of Ikoyi that the current power outage being experienced is due to faulty equipment at its injection substation. It however noted that repair work…
Spot trade in Nigerian cargoes remained slow on Wednesday, thanks to a stalemate that has developed between the owners of physical barrels and the buyers that believe offers are too high. Nigerian Bonny Light, Bonga and Qua Iboe were offered at around dated Brent plus $1.75 a barrel, unchanged from the previous day, but found…
The Federal Government is considering a number of options, including cost-reflective tariffs and injecting new investors into the electricity distribution and generating companies so as to revive the firms, the Bureau of Public Enterprises has said. The Director General, BPE, Mr Alex Okoh, said this in an interview with journalists during the presentation of certificates…
RensourceEnergy, a leading Lagos-based distributed energy services company, today announced an investment of an undisclosed amount in its first microutility project Sabon Gari Energy by Paris-based NEoT Offgrid Africa. NEoT Offgrid Africa, which is managed by NEoT Capital, is a platform investing in distributed renewable energy projects in Africa and is backed by infrastructure development giant, Meridiam, and France’s electric utility,…