Energy

Oluwasina Phillip The Nigerian National Petroleum Corporation has said that the Nigerian oil and gas industry will require at least $40bn (N16.4trn) in direct investments in basic infrastructure to achieve the federal government’s much talked-about “Decade of Gas.” NNPC said that it was targeting between 7.4 billion cubic feet to …

Ebuka Daniel With oil pricing rising above $70 per barrel band, OPEC Secretary-General, Dr Sanusi Barkindo, has warned members against complacency. He said latest projections showed Gross Domestic Product (GDP) growth of 5.5 per cent in 2021, up from 5.4 per cent at the last meeting. He stated that the …

The Board of Directors of the African Development Bank Group has approved  $84.22 million in loans and grants to electrify nearly 80,000 rural households in south Rwanda. The project will advance the country’s goal of universal electrification and benefit small businesses and youth.   The funds comprise a loan of …

Ololade Omosan-Agie The Federal Government has said that the revocation of some Oil Mining Licenses held by Addax (a Chinese owned company) was purely a commercial decision that will not have any impact on the excellent relationship between the two countries. The assurance is the highpoint of a meeting between …

Ebuka Daniel The Nigerian National Petroleum Corporation (NNPC) has announced a N39.85bn trading surplus for the month of February 2021. The surplus, according to the latest edition of the NNPC Monthly Financial and Operations Report, represents a 314.24 per cent increase from the ₦9.62bn surplus recorded in January 2021. The …

Oluwasina Phillip The Nigerian Electricity Regulatory Commission said on Wednesday that power users in bands A and B were now paying as much as 78 per cent of their electricity bills to electricity distribution companies since the commencement of the SBT. It added that revenue to Nigeria’s power sector has …

Ebuka Daniel The Nigerian National Petroluem Corporation and Bonga PSC have signed watershed agreements to unlock about two billion barrels of oil for Nigeria under the Oil Mining Lease 118. Under the arrangement, the NNPC and Bonga PSC partners will be executing five agreements that will deliver about $700m of …

Ebuka Daniel The Federal Government has expressed willingness to recover over N17bn unpaid royalties from mineral exports. The government also stated that measures are being put in place to block revenue leakages as well asremove undue bottlenecks experienced in the process of transactions by both exporters of minerals and government …

Oluwasina Phillip The Federal Government on Friday rolled new sets of approved ministerial regulations that would be needed to foster the development of Nigerian Content. The regulations are contained in a press statement issued on Friday by Nigerian Content Development and Monitoring Board (NCDMB). The guidelines according to the statement …

Ebuka Daniel The Minister of State for Petroleum Resources, Timipre Sylva has said that the federal Government is not in a hurry to increase the price of Premium Motor Spirit as against the price increase recommended by the Nigerian Governor’s Forum. The Minister in a statement on Friday said that …