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Hike: Electricity consumers to pay N417.09bn in four months

Hike: Electricity consumers to pay N417.09bn in four months

Following the recent increase in electricity tariffs, the 11 distribution companies in the country are allowed to collect a total of N417.09bn from their customers from September to December. The Discos had early this month announced what they called ‘new ...

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Nigeria eyes $10b from local content in oil sector yearly

Nigeria eyes $10b from local content in oil sector yearly

•Stakeholders seek expansion The Nigerian Content Development and Monitoring Board (NCDMB) yesterday said that local content in the oil and gas sector would hit 70 per cent, with hope that it would help the government to save $10 billion yearly. ...

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Oil price rises to $40

Oil price rises to $40

Oil prices rose more than two per cent on Tuesday, supported by hurricane supply disruptions in the United States, but demand concerns loomed as energy industry forecasters predicted a slower-than-expected recovery from the pandemic. Brent crude gained 92 cents, or ...

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Local Content Development: Chevron Invested $1.45bn In Nigeria – 2019 Report

Local Content Development: Chevron Invested $1.45bn In Nigeria – 2019 Report

Chevron Nigeria Limited (CNL) says it invested $1.45 billion in Nigerian Content Development (NCD) in 2019. The investment is in response to the government’s drive to increase local capacity and expertise through indigenous operators’ participation in the lucrative oil and ...

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CBN unveils solar intervention fund, fixes N500m maximum limit

CBN unveils solar intervention fund, fixes N500m maximum limit

The Central Bank of Nigeria has introduced a solar intervention fund that will offer obligors access to credit facility that will not exceed a maximum of N500m maximum, with the aim of providing affordable electricity to rural dwellers. The CBN ...

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NLPGA asks members to ignore PPPRA’s administrative charge on LPG

NLPGA asks members to ignore PPPRA’s administrative charge on LPG

The Nigeria LP Gas Association (NLPGA), has asked its members and operators to ignore the directive of the Petroleum Products Pricing Regulatory Agency (PPPRA), on the levy and administrative fee imposed on Liquefied Petroleum Gas (LPG) or cooking gas despite ...

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Oil falls to $39, Nigeria’s output rises

Oil falls to $39, Nigeria’s output rises

•OPEC cuts forecast for demand in 2020, 2021 The international oil benchmark, Brent crude, fell below the $40 per barrel mark on Monday, amid demand worries, as the Organisation of the Petroleum Exporting Countries further cut its outlook for demand ...

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Private tank farms crippled refineries, says IPMAN

Private tank farms crippled refineries, says IPMAN

‌ The Independent Petroleum Marketers Association has said that the collapse of Nigeria’s refineries can be traced to the birth of private tank farms. Chairman of IPMAN in Rivers State, Dr Joseph Obele, stated this when he appeared on a ...

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Tariff increase: Discos get 85% collection order

Tariff increase: Discos get 85% collection order

The Nigerian Electricity Regulatory  Commission has directed power distribution companies to collect an average of about 85.84 per cent of the newly increased electricity tariffs from affected customers between September and December. It disclosed this in its latest orders in ...

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Discos to pay for rejecting electricity – NERC

Tariff increase: Discos get 85% collection order

The Nigerian Electricity Regulatory Commission has said the power distribution companies will be liable to capacity charge for failure to take their entire load allocation caused by constraints in their networks. NERC disclosed this in a document seen by our ...

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Pipeline repairs cost NNPC N41.98bn in six months

Pipeline repairs cost NNPC N41.98bn in six months

The Nigerian National Petroleum Corporation has said it spent a total of N41.98bn on pipeline repairs and management cost in the first half of this year. The NNPC disclosed this in its latest monthly oil report, saying, “Products theft and ...

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Malabu: FG asks Shell, Eni to pay $1.92bn damages

Malabu: FG asks Shell, Eni to pay $1.92bn damages

The Federal Government asked a Milan court on Wednesday to order Eni and Royal Dutch Shell to pay $1.09bn as an immediate advance payment for damages it is claiming in one of the oil industry’s biggest-ever corruption trials. Shell and ...

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Niger exports fuel to Nigeria as Egypt, Algeria build 13 refineries

Niger exports fuel to Nigeria as Egypt, Algeria build 13 refineries

• ‘Retool Port Harcourt refinery, stop petrol imports now’ • Dirty fuel may frustrate SDGs in Africa, ARA warns Neighbouring Niger Republic, which started commercial oil production in 2011, now exports petroleum products to Nigeria, as Egypt and Algeria lead ...

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Oil marketers now free to fix prices, says PPPRA

Oil marketers now free to fix prices, says PPPRA

The Federal Government is no more going to be releasing guiding price bands for the sale of petrol at filling stations; hence, oil marketers are now free to fix prices. On March 19, 2020, the government, through the Petroleum Products ...

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Why we chose Siemens for 25,000MW grid expansion – FG

Why we chose Siemens for 25,000MW grid expansion – FG

The Federal Government on Monday said the German firm, Siemens AG, was chosen to expand Nigeria’s power grid because the company was best qualified to rehabilitate the dilapidated electricity infrastructure in Nigeria. Minister of Power, Sale Mamman, who disclosed this ...

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Knocks for FG over petrol price, electricity tariff hike

Knocks for FG over petrol price, electricity tariff hike

The Federal Government on Sunday came under more criticism for the increase in electricity tariff and petrol pump price last week. The Centre for Democracy and Development and the Civil Liberties Organisation condemned the government’s actions, saying many Nigerians would ...

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NNPC obtains $1bn to fund upstream operations

NNPC obtains $1bn to fund upstream operations

The Nigerian National Petroleum Corporation on Thursday night announced that it had obtained a prepayment funding of about $1bn to support the upstream operations of its subsidiary, the Nigerian Petroleum Development Company. It said the crude oil prepayment had enabled ...

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Oil servicing firms may go bankrupt, says report

Oil servicing firms may go bankrupt, says report

With the crude oil market likely to remain depressed for the rest of 2020, some oil servicing companies in Nigeria may eventually go bankrupt, Agusto & Co. has said. The rating agency and research firm, in its 2020 oil and ...

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Local Content: NNPC Invites Tenders To Lift Nigerian Crude Oil

Local Content: NNPC Invites Tenders To Lift Nigerian Crude Oil

By Kenneth Jukpor In a bid to encourage indigenous participation in crude affreightment, the Nigerian National Petroleum Corporation (NNPC) has issued a tender inviting qualified and reputable companies for the sale, purchase and lifting of Nigerian Crude Oil grades. This ...

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Reps minority caucus rejects fuel pump price increase

Oil marketers now free to fix prices, says PPPRA

The minority caucus in the House of Representatives has condemned the increase in the pump price of Premium Motor Spirit (petrol) from N148 to N151.56k per litre. The Petroleum Product Marketing Company, on Wednesday, announced that the Nigerian National Petroleum ...

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