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Author Archives: admin

NNPCL Shuts Down 395 Unauthorised Refineries linked to Oil Theft

In an effort to stop oil theft in Nigeria, the Nigerian National Petroleum Company Limited (NNPCL) announced that 395 illegal refineries had been shut down. The Group Managing Director of NNPCL, Mr Mele Kyari, made this statement during a meeting with the Senate Ad Hoc Committee on Oil Theft in Nigeria. Kyari, who recently highlighted concern about the scope of ...

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OPEC+ Agrees Deep Cuts to Oil Production

OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more. The cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago on fears of ...

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Nigeria’s Renewable Energy Sector to Create over 76,000 by 2023

A new report estimates that jobs in decentralized renewable energy (DRE) expected will exceed 76,000 in 2023, up from 32,000 in 2019, overtaking the oil and gas sector. This is contained in the Powering Jobs Census 2022: The Energy Access Workforce Nigeria report, which was launched on Friday, by Power for All, a global campaign to end energy poverty, in ...

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Geregu Power Adds N250 Billion to NGX Market Capitalization

The listing by introduction of Geregu Power Plc on the Main Board of The Nigerian Exchange Limited (NGX), today, added N250 billion to the market capitalization of the Exchange. NGX said in a statement that the listing has further boosted liquidity in the Nigerian capital market and provided opportunities for wealth creation. It said a total of 2.5 billion ordinary ...

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REA inaugurates Africa Mini Grids Programme to Expand Energy Access

The Rural Electrification Agency (REA) says it has inaugurated the Africa Mini Grids Programme (AMP) to support access to clean energy. Ogbe said that the four-year project was being funded by the Global Environment Facility (GEF) and supported by the United Nations Development Programme (UNDP) in Nigeria. He said that the programme aims to increase the financial viability and promoting ...

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NOSDRA Confirms Fire Explosions on Eroton’s oil field in Rivers

The National Oil Spills Detection and Response Agency (NOSDRA) has, confirmed the fire explosions at an oil field operated by Eroton Exploration and Production Limited in Akuku Toru Local Government Area of Rivers State. The agency confirmed that the fire incident happened at two oil wells operated by Eroton Exploration and Production Limited (EEPL). Director-General of NOSDRA, Mr Idris Musa, ...

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NNPC Grows Profit to N674 Billion in 2021

The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mele Kyari, on Tuesday announced that the NNPC as a corporation grew its profit after tax from N287bn in 2020 to N674bn in 2021. Kyari, who disclosed this at a press conference in Abuja, said the 2021 profit was contained in the Group Audited Financial Statement of the oil firm ...

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Power: DISCOs Rake in N772.7 Billion Revenue in 12 Months

The electricity Distribution Companies (Discos) in Nigeria made a total revenue of N772.7 billion in 2021 in spite of mounting power supply challenges nationwide, a Nigerian Electricity Regulatory Commission (NERC) report has revealed. An analysis of the four-quarter report released by the sector’s regulatory agency showed that in the first quarter, the Discos raked in N183.73 billion while it collected ...

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Buhari to Confer National Honour on Rainoil Boss

Group Managing Director of Rainoil Limited, Dr. Gabriel Ogbechie, and other 437 Nominees are to be conferred with the National Honours Award on October 11, 2022, by President Muhammadu Buhari at the International Conference Centre, Abuja. This was contained in a letter signed by the Minister of Special Duties and Inter-governmental Affairs, Sen. George Akume, which affirmed that five persons ...

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FG Fines oil Firms N127 Billion for Flaring Gas

The Federal Government has fined oil and gas firms operating in the country the sum of $294m, which is about N127bn, for gas flaring. A recent statistics released by the National Oil Spill Detection and Response Agency, NOSDRA, said the fine was for gas flared between January and August 2022. The agency said a total of 147 billion standard cubic ...

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