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Electricity: 11 DISCOs Indebtedness to NBET Hits N510.53 Billion

The liquidity situation in Nigeria’s power sector has continued to witness downturn as the indebtedness of the Distribution Companies, DISCOs to Nigerian Bulk Electricity Trading Plc, NBET, increased to N510.53billion in 2020, indicating an increase of 11.2 per cent compared to N453.14billion, recorded in the corresponding period of 2019. This debt profile accrued due to the inability of the 11 ...

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DPR Assures of Products Availability During Easter

The Department Petroleum Resources (DPR) has assured Nigerians of petroleum products availability during the Easter Season. Mr Paul Osu, Head, Public Affairs, DPR, gave the assurance in a statement issued on Wednesday in Abuja. Osu said that there was product sufficiency nationwide and advised marketers against hoarding and creating artificial scarcity . He said DPR would intensify its monitoring and ...

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DPR Appoints New Directors to Head Departments

The Department of Petroleum Resources (DPR) has appointed new Deputy Directors to head some department and as a replacement for retired Directors. Described by some staff of the agency, which has newly moved its headquarters to Abija, as a “compulsory but massive retirement of deputy directors,” the gale blew away six of the seven deputy directors. The retired deputy directors ...

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Refineries: Reps probe $1.5bn Planned Rehabilitation, Past Repairs

The House of Representative has resolved to investigate the fresh $1.5bn recently approved by the Federal Executive Council to rehabilitate the Port Harcourt refinery. The House will also be probing into the rehabilitation and maintenance exercises on other refineries in the country over the years. At the plenary on Wednesday, the House unanimously adopted a motion of urgent public importance ...

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Total Nigeria Deepens Road Safety, Audits 4,889 Trucks

As part of efforts to enhance road safety, , Total Nigeria PLC (TNPLC), says it has audited 4,889 trucks through its Truck Drivers’ Initiative at a training facility in Ibadan, Oyo State. Executive General Manager, Total Country Services, Bunmi Popoola-Mordi, stated this during a webinar series on the company’s Truck Drivers Initiative held at the weekend. Against the backdrop of ...

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Ogoni Clean-up: MOSOP Gives FG 14-day Ultimatum to Reverse Board Appointment

The Movement for the Survival of the Ogoni People (MOSOP) has rejected the newly constituted Governing Council and Board of Trustees of the Hydro-Carbon Pollution Remediation Project, saying it is lopsided and lacks credibility. MOSOP also issued a 14-day ultimatum to the President, Muhammadu Buhari to reverse the decision in order to enjoy the support of the Ogoni people in ...

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PIB to Resolve Issues on Production Sharing Contracts on Gas – Minister

The Minister of State for Petroleum Resources, Chief Timipre Sylva, says the Petroleum Industry Bill (PIB) currently before the National Assembly will resolve the issues under the Production Sharing Contracts (PSC) on gas. Sylva made this known at a National Assembly Public Hearing organised by the Joint Committee on Gas Resources, Petroleum Resources, Upstream and Downstream, on Monday, in Abuja. ...

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SEPLAT Maintains Dividend Paying Policy Despite Challenging Oil Market

.,……… Shareholders get $58 million in 2020 full year………. Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has announced its announces its audited results for the financial year ended 31 December 2020, recording a revenue of $530.5 million with ...

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Chevron Invests in Geothermal Development Firm

Chevron Corporation invested in Baseload Capital AB, a Sweden-based private investment company focused on development and operation of low-temperature geothermal and heat power assets. Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. This investment round includes existing Baseload Capital investors Breakthrough Energy Ventures and Sweden-based investment group Gullspang ...

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Passage of PIB’ll Unlock Midstream Gas Opportunities – Minister

MINISTER of State for Petroleum Resources, Chief Timipre Sylva has, said that the passage of the Petroleum Industry Bill, PIB, would unlock several midstream gas opportunities and enhance domestic gas utilisation. Sylva spoke at the ongoing 12th Nigerian Gas Association, NGA, International Conference 2021, in Lagos. He said the Federal Government was ready to collaborate with all stakeholders to initiate ...

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