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NNPC Debunks Allegations of Lack of Adherence to Due Process in Contract Awar

Following the publication of alleged lack of adherence to due process in the award of NNPC contracts, the President ordered the Group Managing Director (GMD) and Management of the Nigerian National Petroleum Corporation (NNPC) to consider and respond expeditiously to the allegations. The substance of the allegations made by the ...

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FG Approves Payment Of N25.9bn to Discos

    The Federal Executive Council has approved the payment of N25.99 billion to electricity distribution companies in the country as party of the power sector recovery programme. The amount is part of the N67.41 billion the discos said they were being owed by the government – ministries, departments, and ...

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OPEC Endorses Nigeria’s Position on Oil Produ

The meeting of the Joint Ministerial Monitoring Committee of OPEC and Non OPEC Countries ended in Vienna on Friday afternoon endorsing Nigeria’s position that the exemption granted it at the November 2016 Ministerial Conference and extended by the May Ministerial Conference should be sustained until it stabilizes its crude oil ...

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Total stakes $7.5billion for Maersk Oil Business

Danish transport and energy conglomerate, A.P. Møller – Mærsk A/S has signed an agreement to sell Maersk Oil to Total S.A for $7.45 billion in a combined share and debt transaction. As explained by Maersk, the separation of the energy businesses was decided as part of last year’s strategic decision ...

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Court orders arrest of Oando’s oil rigs over N4.7 billion debt

A Federal High Court sitting in Port Harcourt, Rivers State has ordered the arrest and detention of three crude oil drilling rigs belonging to Oando Energy Services Limited (also known as OES Energy Services Limited) over debts of US$15,399,524.84 (equivalent of N4.7 billion) and N14,169,164.80. The arrest and detention order ...

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Plentiful Activity in the Power Industry

While the separate elements in the conventional energy chain like to blame each other for the many shortcomings of the power industry, the Transmission Company of Nigeria (TCN) has secured close to US$2bn from the donor community for the rehabilitation and expansion of the national grid. Its managing director told ...

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Nigeria to Cut Off Electricity Supply to Niger Republic, Benin over $115M Debt

Neighbouring countries of Benin and Niger Republic are currently at the mercy of the Nigerian Bulk Electricity Trading (NBET) Company Plc and the Transmission Company of Nigeria (TCN) and risk their steady power supply from Nigeria being cut off any time from now, reports Naija247news. NBET and the TCN have ...

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Metering of Customers Not Exclusive Right of DisCos – Fashola

The Minister of Power, Works and Housing, Babatunde Fashola (SAN), said on Monday nothing in the Electricity Power Sector Reform Act gives electricity distribution companies (DisCos) the exclusivity of metering in the sector, reports The Nation He said the Federal Government has commenced the disbursement of N701 billion electricity intervention ...

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Ambode seeks NERC’s approval for 3,000MW power project

    …As commission pledges to support state govt’s bid     LAHOS State Governor, Mr. Akinwunmi Ambode, on Friday sought a no objection letter from the Nigerian Electricity Regulatory Commission (NERC) for the State Government’s Embedded Power Programme. Governor Ambode, who led some members of the State Executive Council, ...

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FG to legalize mini refineries, supply them with crude

Federal Government will legalise currently outlawed mini refineries in the Niger Delta oil hub by the end of the year and supply them with crude at a reasonable price, the presidency said on Thursday, fulfilling demands from community leaders. On Monday, Niger Delta leaders threatened to pull out of peace ...

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