Energy

Funding constraints, vandalism, others are obstacles to Nigeria’s reserve target

The Nigerian National Petroleum Corporation has hinged the inability of the country to reach the Four million production and 40 billion reserve target on funding constraints, infrastructure vandalism, security concerns and a host of others. According to GuardianNG, the Group Managing Director of NNPC, Dr. Maikanti Baru, who made this disclosure during the conference organised […]

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Electricity Power Equipment

Abandonned power equipment worth N1bn, rust at bonded terminals

The Federal Government may investigate the N1 billion power equipment which was abandoned at bonded terminals in Lagos, correspondent has learnt. Their abandonment is believed to have stalled the power projects in some states. According to report, a senior official of the Federal Ministry of Transportation said over 200 containers laden with the equipment belonging to the defunct Power […]

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Power sector loses 142mw due to water constraint

Constraint caused by shortage of gas to power reduced from 4,307 Mega Watts (MW) of August 5 to 3,967MW on Sunday. On the day under review, the Nigeria Electricity System Operator (SO) of the Transition Company of Nigeria (TCN) sent out 3175MW to the 11 distribution companies (DisCos). The Nigerian Electricity Supply Industry (NESI) that made […]

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Dollar Scarcity: Marketers predict another increase in Petrol price

Nigerians should prepare for another increase in the pump prices of petrol, due to the continued scarcity of foreign exchange to finance the importation of the product, oil marketers have said. According to them, the US Dollar hit an all-time high last week, as it exchanged for N400 at the parallel market. According to correspondent, worried […]

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Aviation sector want Fed Govt to address fuel shortage

THE Airline Operators of Nigeria (AON) has called on the Federal Government to as a matter of urgency, address the acute shortage of Jet Fuel that the country has been experiencing in recent times. The call was made by the Chairman of AON, Captain Nogie Meggison on the heels of a consistent unavailability of the […]

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Fed Govt took steps cut power consumption by 85%

The Minister of Science and Technology, Dr. Ogbonnaya Onu, on Friday said that the Federal Government had taken steps to reduce power consumption by households, businesses and government by 85 per cent. He told correspondent, in Lagos, that the idea behind cutting power consumption had to do with the need to diversify the Nigerian economy, […]

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“Dangote refinery will solve fuel supply challenge”

Lagos State Governor, Mr. Akinwunmi Ambode, on Tuesday said the largest single line refinery in the world being developed at the Lekki Free Trade Zone by Alhaji Aliko Dangote will change the face of oil and gas business in the West African region. Governor Ambode, said this at the LFTZ during an extensive inspection tour […]

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US pushes ahead with electricity plan for Nigeria

The United States government is pushing ahead with its plan to boost electricity supply in Nigeria through the Power Africa initiative. The US Consul General, John Bray, and the Director for Nigeria, US Agency for International Development Mission, Michael Harvey, visited Edo State on July 26 – 27 to assess the progress of partnered investments, […]

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Airlines to scale down operations over fuel scarcity

As the scarcity of aviation fuel persists, domestic airlines in the country have said that they may be forced to scale down their operations if nothing is done to ameliorate the situation. Many airline operators, according to Punchng on Wednesday said that aviation fuel, also known as Jet-A1, was being bought at cut throat prices ranging from […]

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Indian refiners choose Malaysia oil over Nigeria’s oil

A number of Indian state-owned refiners have been actively picking up Malaysian oil cargoes for loading in July and August amid growing uncertainty over the exports of Nigeria’s crude grades, according to regional sweet crude traders. In a report by Punchng, Bharat Petroleum Corporation Limited on Monday issued a spot tender to purchase several Malaysian […]

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