Standard Chartered Commits $2b to Energy Projects

Standard Chartered has committed to financing more than $2 billion in energy projects under the Power Africa Initiative, a five-year partnership between the United States, six African governments and the private sector.

The partnership represents a coordinated cross-border effort to build the regulatory, economic and policy foundation in order to double access to power in Sub-Saharan Africa.

‘Investors Will Take Over PHCN Firms October’

Investors in the successor companies created out of the Power Holding Company of Nigeria are expected to fully take over the electricity companies in October, the Bureau of Public Enterprises (BPE) has said.

Benjamin Dikki, the Director-General of BPE, in a statement, said that by October, the investors would have paid the balance of 75% of the bid price for the respective companies since they had earlier made the mandatory 25% payment. He also gave assurance that power supply in the country would improve when the private investors take over.

Total Starts $15b Egina offshore oil project in Nigeria

Total SA (FP), Europe’s third-biggest oil company, will start developing Nigeria’s offshore Egina field for $15 billion as part of a plan to boost production. First oil from the field, which is part of the OML 130 block, is expected at the end of 2017, with output reaching 200,000 barrels of oil a day, according to a statement.

President Lays Foundation of GE’s $1b Manufacturing Facility

President Goodluck Jonathan on Tuesday laid the foundation of the General Electric’s $1 billion service and manufacturing facility in Calabar, Cross River State.

The groundbreaking ceremony followed the Memorandum of Understanding signed by the Minister of Industry, Trade and Investment, Olusegun Aganga, and the Global Chairman/Chief Executive Officer of GE, Jeff Emmelt, in January.

New Global Oil Market and the Prospects of Nigeria’s PIB

The evolving global energy market dynamics suggest an urgent need to take a sober look at the Nigerian oil and gas subsector in particular and the energy sector in general. This is essential given the importance of the sector to the Nigeria economy. Despite the declining contribution to the nation’s Gross Domestic Product (GDP) –currently at 13.42%, the extreme dependence of government finances and external trade balances on proceeds from the sector exposes the nation to significant risks from oil price and production shocks.

Transcorp Signs Partnership Agreement with General Electric

Transnational Corporation of Nigeria Plc (Transcorp) and General Electric Company (GE) have signed a framework agreement to revamp the power and transportation sectors in the country.

The framework agreement, which was signed following a closed door meeting with GE’s global chairman, Jeffrey Immelt, and Transcorp Chairman, Tony Elumelu (CON), will enable GE and Transcorp to explore a partnership for the refurbishment and expansion of the Ughelli power plant in Delta State.

Oil and Gas: Slow Implementation Frustrates Local Content Law

Three years after it was initiated for legislative consideration, the Nigerian Local Content Act which was signed into law in April 2010, by President Goodluck Jonathan is said to be far from achieving its purpose because of slow implementation. However, in spite of its weak performance, some still believe that the law is already showing its potency of change.

Factbox: Nigeria's state-oil company NNPC

(Reuters) - Nigeria's government owes the state-owned oil firm for improper, informal loans used to cover a range of expenses, from a presidential helicopter to maritime security, a report of a partial audit will say. Here is a look at Nigeria, the largest oil producer in Africa, and its indebted oil company: OIL DISCOVERED: - Oil was discovered in Nigeria in 1956 at Oloibiri in the Niger Delta after half a century of exploration.

Nigeria Oil Market: Alternative Fuel to the Rescue

In Nigeria today, petrol is sold for N97 in the west, between N120 and N150 in the East, and in the North it is sold for as much as N180. To make things even worse, the people there have to endure long queues to buy a few liters of fuel. The state of the electricity supply in the country has made power generators a necessity. So that even if you did not have a car you still ended up in the queue at the fuel station for hours on end.