Energy Archives | NEWSTAGE

Transcorp Power Posts 775% PBT Jump in Q1 2024 Along Impressive Revenue Growth

by Olusegun Edwards
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Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024. The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in […]

Tinubu Aplauds Dangote Group for Reduction in Diesel Price By 60%

by Olusegun Edwards
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President Bola Tinubu has commended the enterprising feat of Dangote Oil and Gas Limited for reducing the pump price of Automotive Gas Oil (AGO), also known as diesel. The Group recently reviewed downwards the gantry price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as […]

Nigeria Witnesses Third Electricity Grid Collapse in 2024

by Olusegun Edwards
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The national electricity grid has collapsed for the third time in 2024, again throwing the nation into total blackout. It was learnt that the grid collapsed around 2:42 am on Monday, with generation dropping to 64.70mw. After the grid collapsed, Ibom Power was the only plant online, according to available data. Already, Jos Disco has […]

Transcorp Records Robust Performance With PBT Growth of 93.5% in 2023

by Olusegun Edwards
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Nigeria’wholly indigenous conglomerate, Transnational Corporation Plc (Transcorp), has announced its financial results for the year ended December 31, 2023, delivering a robot performance as shown in profit before tax that rise to N58.8 billion, a growth of nearly 94 per cent from N30.4 billion reported in 2022 financial year. The group in its result and […]

Dangote Refinery Set for Production, Receives 6th Batch of 1m Crude Barrels January

by Olusegun Edwards
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Dangote Refinery appears set to commence production of refined petroleum products with the receipt of the sixth batch of barrels of crude supplied by the Nigeria National Petroleum Corporation Limited (NNPCL). The fresh one million Agbami barrels of crude via MT ALMI SUN is the last cargo to complete the initial scheduled 6 million barrels […]

Dangote Refinery Receives Fourth One Million Barrels of Crude; Fifth, On the Way

by Olusegun Edwards
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Preparations are in top gear for the commencement of production in Dangote Refinery, as the petrochemical company has received the fourth crude shipment of, one million barrels of bonny light crude supplied by the Nigeria National Petroleum Corporation Limited (NNPCL), and expecting the fifth crude shipment, anytime from now. The fresh one million barrels of […]

Russia-Ukraine Crisis Impacts Nigeria’s Crude Inflow Into International Markets, Says NNPC Ltd

by Olusegun Edwards
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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has provided insight into how the lingering conflict between Russia and Ukraine has impacted Nigerian crude oil inflows in the international oil market, leading to a dip in demand from the once-dependable Asian market at the onset of hostilities in the Eastern bloc. Maryamu Idris, Executive Director, […]

NASENI, REA Agree To Deploy Renewable Technologies To Light Up Rural Areas in Nigeria;To Partner NITDA On Local Content Development

by Olusegun Edwards
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The Executive Vice Chairman/CEO of the National Agency for Science and Engineering Infrastructure (NASENI), Mr Khalil Halilu and the Managing Director/CEO of the Rural Electrification Agency (REA), Mr. Ahmad Salihijo Ahmad have agreed to work together to deploy NASENI Solar resources and other renewable energy technologies, to increase electricity supply to Nigeria’s rural areas. This […]

Aradel Holdings Modular Refinery To Begin Operation Soon

by Olusegun Edwards
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The managing director and chief executive officer (CEO) of Aradel Holdings, Mr Adegbite Falada, has said, the company’s modular refinery will start operations soon, describing local refining of crude into petroleum products as very essential for Nigeria. Speaking in Lagos recently during the rebranding of Niger Delta Exploration and Production Plc (NDEP) to Aradel Holdings, […]

Drilling Rig Collapse: Seplat Condoles With Crew Families,Community

by Olusegun Edwards
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. Following the incident of a fatal accident which occured on Tuesday, 15th, August 2023, in the oil rig of major petroleum company, Seplat Energy, Majestic rig near Ovhor, in Delta State, the company has announce its regrets over the incident. The company’s Chief Executive officer, Mr. Roger Brown in a release said: “Seplat Energy […]

NNPC Dismisses New Increase In Fuel Price from N617 to N720 Per Litre

by Olusegun Edwards
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The Nigerian National Petroleum Company Limited (NNPCL) has denied the alleged plan to increase the price of petrol from N617 to N720. The NNPCL made this known in a statement posted via its official X (Twitter) platform on Monday night, August 14, 2023. This came after reports in the media stated that the company was […]

Seplat Energy’s Gas Revenue Grows To $63.7m Year-On-Year

by Olusegun Edwards
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Leading Nigerian independent energy company, Seplat Energy Plc, listed on both the Nigerian Exchange Limited and the London Stock Exchange, has within a year experienced a 10.2 per cent gas revenue, reaching $63.7 million in 6M 2023 (compared to $57.8 million in 6M 2022). This growth is attributed to increased realised gas prices and a […]