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Heir Holden Takes 45 Percent of OML 17 for $1.1 Billion in Partnership with Transcorp

……..by Jenifer Dike……… Heirs Holdings (“HH”), the leading African strategic investor, takes 45 percent of OML 17 to boost it’s oil and gas portfolio in partnership with affiliated company Transnational Corporation of Nigeria Plc (“Transcorp”). Heirs Holden, announced the unconditional acquisition and participating interest in the oil licence OML 17 and related assets, through TNOG Oil and Gas Limited (a ...

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SPDC Completes Sale of Interest in Oil Mining Lease 17

The Shell Petroleum Development Company of Nigeria Limited (SPDC), has completed the sale of its 30% interest in Oil Mining Lease (OML) 17 in the Eastern Niger Delta, and associated infrastructure, to TNOG Oil and Gas Limited, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc (Transcorp), for a consideration of $533m. A total of $453m ...

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Power Sector: Nigeria Needs $4 Billion Annually to Access Renewable Energy

The Minister of State Power, Goddy Jedy Agba has said the power sector requires $4 billion annually to universally access clean and renewable energy for a sustained power supply to consumers in the country. Speaking at a virtual Global power sector players conference presided over by the United Nations Secretary General, Antonio Guternes, the minister outlined the achievements and challenges ...

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96 Companies Bid for Rehabilitation of NNPC’s Downstream Infrastructure

No fewer than 96 companies have indicated interest in the rehabilitation of the Nigerian National Petroleum Corporation’s (NNPC) downstream infrastructure. The public opening of the bid was held virtually in Abuja. The Managing Director of the Nigerian Pipelines and Storage Company (NPSC), Mrs Ada Oyetunde, said that the exercise was in conformity with the mandate of the Federal Government to ...

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Total and Iberdrola in Joint Bid for Giant Danish Wind Farm

French oil major, Total, has teamed up with Spanish power company, Iberdrola to bid for Denmark’s Thor wind farm, one of the world’s largest offshore wind power projects. The Thor project, which will have the capacity of 800-1,000 megawatts, is expected to be connected to the grid between 2025 and 2027. The tender is due to conclude in the fourth ...

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OPEC Sees Oil Demand Rise To 95.9 Million Bpd In 2021

Global oil demand is set to rise by 5.9 million barrels per day (bpd) in 2021 from an estimated average demand of 90 million bpd in 2020, OPEC said on Thursday, leaving its 2021 demand growth forecast unchanged from last month but warning that the pandemic is still skewing risks to the downside. Developed economies will see oil demand rise ...

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Nigeria Capable of Generating 30,000MW of Electricity by 2030 – GenCos

Electricity Generation Companies in the country (GenCos) have said Nigeria is capable of generating 30,000 megawatts of electricity by the year 2030 meeting an earlier target set by the Federal Government. The projection could however remain elusive without pragmatic framework, which must be implemented commercially and politically. Seven years after the electricity sector was privatized average generation has been dismal, ...

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Chevron Backs a Startup Proposing to Turn Carbon Into Gravel

Chevron is investing in a California startup that captures carbon dioxide from factories and converts the greenhouse gas into gravel and other building materials. Chevron said it has invested in Blue Planet Systems Corp, a startup that manufactures and develops carbon capture technology to reduce carbon footprint. “This investment is made through our Future Energy Fund which focuses on startups ...

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ExxonMobil Gets Upgrade from Big Banks

Analysts at Wall Street’s biggest banks say now’s the time to buy Exxon Mobil Corp. as rallying oil and gas prices increase the chances of the company being able to keep its highly prized dividend, the third-highest in the S&P 500 Index. JPMorgan Chase & Co. on Wednesday joined Morgan Stanley, Goldman Sachs Group Inc. and Well Fargo & Co. ...

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