Power grid failures pile pressure on economic growth
Onome Amuge
March 21, 2022
BY: ONOME AMUGE Just as Nigerians continue to bear the brunt of the current energy crisis in the petroleum sector amid rising inflation, the country’s erratic electricity output, spurred by poor power supply from the national grid and the recurring electricity system collapse, has inflicted yet another blow on the populace. The agonsing trend of […]
New gas deal to boost Nigeria’s 1.2 tcf
BEN EGUZOZIEApril 26, 2021
…GDA, Nigeria’s first agreement separating gas development from oil production Ben Eguzozie, in Port Harcourt A new gas commercialization deal signed by the Nigerian National Petroleum Corporation (NNPC) and Sterling Oil Exploration and Production Company (SEEPCO), a private operator of the Oil Mining Lease (OML) 143, is set to boost Nigeria’s 1.2 trillion cubic […]
Nigeria tops electricity-deficient countries – World Bank
BEN EGUZOZIEApril 26, 2021
…Down from 2017 ranking after Yemen …Global lender approved $1.25bn financing to support Nigeria reset power sector …Businesses lose $29bn annually to power unavailability Ben Eguzozie, in Port Harcourt Nigeria, Africa’s top oil producer and the continent’s biggest economy by GDP, has unenviably slipped into first-from-bottom in electricity-deficient countries index, according […]
Poor electricity costs Nigerian businesses $29bn per year – World Bank
Online EditorApril 22, 2021
Arakunle Kayode The World Bank has disclosed that approximately $29 billion is lost every year for Nigerian businesses as a result of the country’s unreliable electricity. According to the bank, Nigeria also has the most people without access to electricity in the world, with one out of every ten people without access to electricity […]
TCN, PHED yet to fix Afam shattered transmission station as PH blackout continues
Been EguzozieApril 16, 2021
…TransCorp acquired Afam plant at N105.3bn in 2019 Ben Eguzozie, in Port Harcourt Engineers from the Transmission Company of Nigeria (TCN) and Port Harcourt Electricity Distribution Company (PHED) have yet to fix the shattered power transformer at the Afam transmission station in Oyigbo council of Rivers State. The explosion which […]
ANOH gas project: Shell hands out N360m third milestone CDBs social investment projects
BEN EGUZOZIEApril 15, 2021
…Imo governor commends company’s promotion of community contractors …CDBs to receive N1bn in projects over 5 years Ben Eguzozie, in Port Harcourt Shell Petroleum Development Company (SPDC), global oil player with the largest footprint in Nigeria, has handed out cheques worth over N360 million to community contractors for the third milestone […]
Experts point landmines for new awardees, financiers of Nigeria’s marginal fields
BEN EGUZOZIEApril 15, 2021
…Say fields portend great liability for investors …Getting equity capital to make 2C bankable a long, hard road …57 fields never had production tests done on them …Said assets over-priced; were given free alongside gas in last bid round Ben Eguzozie, in Port Harcourt Experts versed in bidding and licencing rounds […]
Optimism grows on oil demand returning 100mbd
Businessam StaffSeptember 29, 2020
The whiff of optimism being expressed in respectable quarters about chances that oil demand could yet return to the psychological comfortable figure of 100 million barrels per day received another heavyweight support last week with ConocoPhillips joining the fray to issue a forward-looking statement that demand will not only return to that number but that […]
New electricity tariffs: NLC threatens action against Discos, OPS says it will usher in recession fast
Businessam StaffSeptember 2, 2020
Organised labour and the organised private sector have slammed the upward review of electricity tariffs which started on September 1, 2020. Commenting on the matter, the Manufacturers Association of Nigeria said the tariff increase could trigger another round of recession in the third quarter of the year. Ambrose Oruche, the acting director-general, Manufacturing Association of […]
FG-Siemens power deal to gulp $2.3bn out of $6.15bn energy fund – Minister
Businessam StaffAugust 27, 2020
The federal government is to spend the sum of $2.3 billion on its power deal with Siemens, a german electrical firm, for the improvement of electricity in the country. Sale Mamman, minister of power, who stated this said another $1.6bn was for the transmission rehabilitation and expansion Programme. The misterrecently marked his one year anniversary […]