Energy

OPEC First Female President Elected

Mrs. Diezani Alison-Madueke, Minister of Petroleum Resources has been designated as the first female President of the Organisation of Petroleum Exporting Countries at the 166th conference of the organisation in Vienna, Austria.
The minister tenure takes effect from January 2015. She took over from Libyan vice Prime Minister for Corporation, Abdourhman Atahar Al-Ahirish, and before her emergence, she was the Alternate President of the Organisation.

Petrol Subsidy to Reduce by Half in 2015-FG

The Federal Government has disclosed plans to reduce subsidies on petroleum products by half next year after sharp falls in universal crude prices, spurred a reversal of its 2015 budget downwards.
 A revised budget figure was submitted by President Goodluck Jonathan to lawmakers last week, proposing to spend 458.68 billion naira ($2.59bn) on petrol subsidy in 2015, down from 971.14 billion naira presented for 2014.
It also assumed additional cuts to petrol subsidies in 2016 to 408.68 billion naira and 371.18 billion naira for 2017.

Power Firms Sign N213bn Intervention Deal, CBN Announces

A Memorandum of Understanding was recently signed by the Central Bank of Nigeria with power firms for the provision of N213bn loan under the Nigerian Electricity Market Stabilisation Facility.
The contract which was sealed in Abuja is part of the central bank’s group effort with the   Ministry of Power, Ministry of Petroleum Resources and the Nigerian Electricity Regulatory Commission to address the liquidity challenges in the power industry.

16 Dams to Increase Power Generation by 135.15MW

The Federal Government has reported that sixteen hydropower dams which will add 135.15 megawatts of electricity to the power grid have been completed,
Data obtained from the website of the Federal Ministry of Power as of November 6, 2014 showed that the country’s energy generation was 4,025.53MW, while the energy sent out was 3,936.31MW.
  The peak demand forecast was 12,800MW and the pinnacle generation as of that date was 4,277.6MW,

Nigeria emerges biggest importer of US jet fuel

In a recent data released by the United State Energy Information Administration, Africa’s biggest crude oil producer, Nigeria, continued to import a huge volume of jet fuel as it had the utmost volume drawn from the United States in August.
Nigeria imported 1.51 million barrels of US jet fuel in the month, superseding Canada’s import of 1.23 million barrels.
The country had in November 2013 imported 1.74 million barrels of the fuel, the country’s largest draw so far.

Coal Power Plant to Commence Operation in 2015

The Federal Government has revealed that Nigeria’s first power generating plant to be fuelled by coal will commence operation next year.
The Minister of Power, Prof. Chinedu Nebo, disclosed this recently during the signing of a Memorandum of Understanding between the Federal Government and Atlas Petroleum Corporation in Abuja.
 According to a report from the Federal Ministry of Power Atlas Petroleum has shown readiness to build the country’s first ever coal-fired power plant.

New Power Grid to be Constructed by Chinese Firm

The Minister of Power, Prof. Chinedu Nebo, disclosed recently in Abuja while signing a Memorandum of Understanding with Shandong Power Company Limited, a Chinese firm that SPECO is to construct a new power grid for the country.
Nebo said the firm’s net worth was in excess of $300bn and he had no doubt that SPECO had the financial muscle to undertake the project. Also SPECO possessed the proficiency to make the difference in Nigeria’s quest to build a robust and vibrant national grid.

Nebo-No Rise in Electricity Tariff

Prof. Chinedu Nebo, Minister of power speaking at the Power Nigeria 2014 in Lagos recently has ruled out any raise in electricity tariff until power supply increases. He also said that efforts were being made to curb estimated billing in the Nigerian electricity supply industry.
 “We don’t want to see any increase in tariff until power generation and distribution increase, because people want to see electricity. We are talking of megawatts; the person in the village doesn’t care about megawatts. What he or she cares about is electricity,” he reported.

Mobil, Tenoil Petroleum Begin Ata Field Drilling

Tenoil Petroleum and Energy Services, a subsidiary of Heirs Holdings, has declared that it has reached an agreement with Mobil Producing Nigeria Unlimited, an ExxonMobil subsidiary, for the drilling of an appraisal well on the Ata Field.
The Ata Field which was discovered in 1964 by MPN, the operator of its joint venture with the Nigerian National Petroleum Corporation, and is situated in block OML68, which borders Tenoil’s block OPL 2008. Both blocks are located offshore of the eastern Niger Delta in a shallow water.

NERC - Discos can’t increase tariff to repay N213bn

Power distribution companies will not be allowed to increase electricity tariff as they work to repay the Central Bank of Nigeria’s N213bn facility allocated to operators in the power sector.

The Federal Government recently announced a N213bn facility to assist operators in the sector offset the huge legacy gas debts and amend their revenue shortfall in order to improve investment in the industry.

The Chairman, NERC, Dr. Sam Amadi, said the regulator was never focused on increasing tariff.

Pages

myfinancialintelligence.com