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Nigerians disagree over plans by power firm to export electricity

Babatunde Fashola

A communiqué issued at the end of the 14th monthly meeting of the Minister of Power, Works and Housing, Mr. Babatunde Fashola, with operators of the power sector, at the National Control Centre, Osogbo has hinted plans by a private electricity generating company, Paras Energy & Natural Resources Development Limited, to sell some megawatts of electricity outside Nigeria. But Nigerians ...

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TCN has driven national grid capacity from 500 MWs in 2013, to 6,500 MW

fashola switches op transmiter

Contrary to speculations in some quarters that the Transmission Company of Nigeria (TCN) has become the main challenge in the process of power development in Nigeria, the company wholly owned by the federal government has reacted, saying it has done well in line with the Act establishing it in the last three years. The General Manager, Public Affairs, Seun Olagunju, ...

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Olorunsogo, more power plants remain idle due to paucity of gas supply

power plant

Contrary to earlier claims that pipelines vandalism had been the reason behind the shortage of gas supplies to major power plants across the country, for more than one month of no vandalism, some key power plants have remained idle because of gas supply shortage. The nation generates most of its electricity from gas-fired power plants, while output from hydro-power plants ...

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Presence of 1967 Petroleum Act, non-passage of PIB frustrating investment drive of IOCs

Saraki Buhari

More experts have given reasons for the observed drop in strategic investment by International Oil Companies (IOCs) in the last five years. The Chairman and Chief Executive Officer of International Energy Services Limited, Dr. Diran Fawibe, in an interview said “A serious-minded country should not spend upwards of eight years to 10 years to enact a law that will govern ...

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NNPC explains adjustment that led to new bridging cost, says no petrol price hike

NNPC MD

The Nigerian National Petroleum Corporation (NNPC) has explained the source of the N1.00 added to the Petroleum Tanker Drivers (PTD) for the Petroleum transport bridging cost. It would be recalled that after the first day of their strike on Monday, the managing director of NNPC in company of other stakeholders, increased the bridging allowance to transporters from N6.20 to N7.20 ...

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Echendu, budding Nigerian wizkid hits gold in oil & gas sector with new company

Echendu Oil and gas

United Kingdom trained Nigerian/British engineer, Echendu Ndubuisi Endy, is making huge inroads into the UK’s offshore oil and gas sector, through the provision of logistics and other services to the industry. At 32, his company, Echendu Oil and Gas Limited has made waves in the UK and has jump-started multibillion dollar conglomerate, expanding to USA, Norway and Ireland. Accordingly, Echendu ...

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Nipco gets approval from SEC, NSE to rename Mobil Oil 11Plc

ExxonMobil

Nipco, an indigenous Nigerian downstream oil and gas company has given indication that it will change the name of MON to 11Plc while retaining the Mobil brand. This stemmed from the completion of the acquisition of ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria Plc. Nipco Plc had said in October 2016 that it had been selected by ...

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NNPC’s intervention yields results as PTD calls off strike, gets N7.20 BCA

NNPC tankers

 Following the intervention of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, an understanding to raise the Bridging Cost Allowance (BCA) of Petroleum Tanker Drivers (PTD) from N6.20 to N7.20 has encouraged the striking driver to call their one day industrial action nationwide. Accordingly, NUPENG President, Igwe Achese, announced that the strike had been ...

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US group plans first modular refinery with $400m facility

Ibe Kachikwu

Top United States downstream oil sector investment group, Missouri American Energy, Moham, has given strong indication of investing about $400m in the construction of Nigeria’s first modular refinery. The facility for the scheme is coming two tranches, first $200m for the component fabrication in the US and Nigeria while the second $200m will take care of strategic infrastructural development in ...

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New Gas Master Plan has reduced gas flaring by 26%, NNPC claims

nnpc

Just as the scarcity of cooking gas continues in cities, the Nigerian National Petroleum Corporation (NNPC) has said it had succeeded in reducing gas flaring in by 26 percentage points in the last 10 years from 36 to 10. In a statement, the corporation said it had improved Nigeria ranking as the second highest gas flaring nation in 2006 to ...

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