Energy

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said it has paid over N58bn to oil marketers as outstanding bridging claims. It said this in a statement issued on Thursday in response to the threat issued by oil marketers of the possibility of the worst case of fuel scarcity …

The Independent Petroleum Marketers Association of Nigeria has asked Nigerians to prepare for the worst fuel crisis. To avoid this, the petrol marketers association asked the Federal Government to prevail on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to pay its members their outstanding bridging claims amounting to over …

The Chairman, Nigerian Electricity Regulatory Commission, Mr Sanusi Garba, has said the agency has not approved tariff rate review in the power sector in recent times. Garba told journalists in Abuja that the last tariff review was approved on December 31, 2021, and became effective in February this year. He …

The debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021 amid the lingering problems plaguing the sector since it was privatised over eight years ago, according to the Central Bank of Nigeria data. In July …

The Organisation of Petroleum Exporting Countries (OPEC) Fund has announced that it will contribute $14.3 million to Phase II of the feasibility study for the Nigeria-Morocco Gas Pipeline estimated at $25 billion. This is coming as the Nigerian National Petroleum Company (NNPC) Limited has offset its cash call debts to …

THE Federal Government said the value of Nigeria’s proven gas reserves of about 206.53 trillion cubic feet was over $803.4tn, adding that the country had the most extensive gas resource in Africa. It also stated that the European Union had proposed categorising natural gas as a green energy source, as …

The Petroleum and Natural Gas Senior Staff Association of Nigeria says it will ensure that issues of casualisation in the oil and gas industry are reduced to a minimal level. The PENGASSAN President, Mr Festus Osifo, made this known at a media parley with journalists in Lagos, according to a …

A total of 2,495.3 megawatts of electricity was not utilised nor distributed by power distribution companies in one week, despite the demand for electricity nationwide, industry data obtained from the Federal Government’s power company showed. In the Transmission Company of Nigeria’s latest report on national grid performance: TCN-Discos Interface from …

The number of functional crude oil production rigs in Nigeria decreased by 37.5 per cent to just 10 operational rigs in March 2022, the Organisation of Petroleum Exporting Countries has said. An oil rig, offshore platform, or oil and/or gas production platform is a large structure with facilities to extract, and …

THE President of the Chartered Institute of Bankers of Nigeria, Dr Bayo Olugbemi, has advised the Federal Government to deregulate the economy fully and build modular refineries to address the issue of growing fuel subsidy. Olugbemi said this in Ibadan on the sidelines of the inauguration of the CIBN Bankers …