Energy

Electricity regulator suspends planned tariff hike

The Nigerian Electricity regulatory Commission NERC says the planned tariff hike which was to take off Wednesday has been delayed for three months.

NERC chairman James Momoh, in an order released on Tuesday, directed all distribution companies to submit a detailed plan for the attainment of full recovery of prudent costs and allowed return on capital revenue requirements by 30 June 2021.

The revenue recovery and financial sustainability plans shall be submitted to the Commission no later than 21 April 2020.

Nigeria to consider overhaul of private power sector –NEC

The Nigerian government will consider an overhaul of the private power sector, government officials said following the National Economic Council meeting on Thursday, Reuters reports.

The power sector was privatized in 2013, but some 80 million Nigerians remain without access to power, and elsewhere the grid is plagued by frequent blackouts, leaving businesses and consumers reliant on power generators.

“The entire sector is broken,” Kaduna state governor Nasir Ahmad El-Rufai said following the meeting.

Nigeria inks major LNG expansion with oil majors

Nigeria signed a major gas expansion deal on Friday, a much-needed collaboration with oil majors that Nigeria LNG said would boost its liquefied natural gas output by more than 30%, Reuters reports.

The agreement marks a moment of amity with international oil majors, even as a tax dispute and a new law increasing the government’s take on deepwater oil production have irked some companies.

NNPC to raise Chevron GTL plant stake to 60%

Nigeria’s state oil company said it will increase its stake in a Chevron-operated gas-to-liquid refinery to 60% as part of a cost dispute resolution with the U.S. oil major.

The Nigerian National Petroleum Corporation (NNPC) has a 20%stake in the plant some 60 miles (100 km) southeast of Lagos.

California-based Chevron, which is trying to sell some Nigerian assets in an effort to focus on its fast-growing U.S. production, did not immediately comment.

Department of Petroleum Resources aligns with ministerial mandate for oil, gas sector

The Department of Petroleum Resources (DPR) says it has aligned its deliverables with the ministerial mandate for the oil and gas sector in Nigeria.

Mr Paul Osu, Head, Public Affairs, DPR in a statement issued on Friday in Lagos said the agency’s Director, Mr Rufai Shakur, made this known at the DPR Strategic Management Retreat in Abuja.

Shakur said the objective of the retreat was to cascade down the ministerial mandate to all staffers of the agency.

Stakeholders seek streamlined regulatory environment to attract more investment

Oil and Gas industry stakeholders on Wednesday called for a streamlined regulatory environment to attract investment and make the sector competitive.

The stakeholders made the submission at the ongoing Practical Nigerian Content Conference and Exhibitions holding in Yenagoa.

The theme of the conference is “Leveraging Local Expertise for Market Growth and Expansion”.

African oil states offer new deals to lure more selective investors

Lower prices and increasing competition for investment are driving many African states to make it easier and cheaper for overseas companies to keep their oil and gas output flowing, Reuters reports.

From Ghana to Gabon, governments are adjusting terms to lure picky investors who are also increasingly concerned about long-term demand for fossil fuels as renewable energy gains ground.

The shift follows declining oil production in Angola and Cameroon and disappointing bid rounds in Ghana. It also marks an recognition that the era of $100 per barrel oil is over.

Supply gas to coastal terminals outside Lagos –Marketers to NLNG

Some cooking gas marketers have appealed to the Nigerian Liquefied Natural Gas (NLNG) to supply gas to other coastal terminals outside Lagos to reduce the inherent pressure on the terminals in the Southwest.

The marketers said the appeal was necessitated by the indiscriminate hike in the price of Liquefied Petroleum Gas (LPG) commonly referred to as cooking gas across the country.

They made the appeal in separate interviews with the News Agency of Nigeria in Lagos on Sunday.

Nigerian state oil firm signs memorandum to work with Russia's Lukoil

Nigeria’s state oil firm signed a memorandum of understanding with Russian oil company Lukoil for potential cooperation in oil production, trading and refining, Lukoil said on Thursday.

Mele Kyari, head of the Nigerian National Petroleum Corporation (NNPC), signed the memorandum during a visit to the Russian city of Sochi during a Russia-Africa Summit, news agency Reuter reports.

AfDB approves $500,000 grant for clean energy in Nigeria

The African Development Bank (AfDB) has approved 500,000 dollars grant to support the development of clean energy in Nigeria.

A statement issued by the bank on Friday said that the grant was approved under the AfDB’s Sustainable Energy Fund for Africa (SEFA).

SEFA is a multi-donor facility established to unlock private sector investments in small to medium-sized clean energy projects in Africa.

Pages

myfinancialintelligence.com