Halt Payment Of $700m Cabotage Vessel Fund, Reps Tell NIMASA The House of Representatives has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to stop the planned disbursement of $700 million Cabotage Vessel Fund. The House also urged NIMASA to within seven days submit an audited statement of account detailing all the monies that…
South Africa’s Load Shedding to Exceed Christmas Minister in the Presidency responsible for electricity Dr Kgosientsho Ramokgopa gives an update on his visits to Eskom power stations between March 20 to 31, 2023. South Africa’s national electricity grid cannot be stabilised before the end of the year and load shedding will continue into mid-2024. Construction…
NUPRC issues 7 new Regulations for the oil and gas industry The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued seven new regulations for operations in Nigeria’s oil and gas industry. Chief Executive, Engr. Gbenga Komolafe, in a statement released by the commission, noted that the seven new regulations are aimed at providing a regulatory…
Chevron Nigeria Limited Reiterates Commitment to Development of Neighbouring Communities Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Company Limited (“NNPCL”) and CNL (“NNPCL/CNL JV”), has reiterated its commitment to the socio-economic development of its neighbouring communities. CNL confirms that about 08:40hrs, on May 16, 2023, some protesters from Ugborodo community…
OPEC warns about declining global oil production The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Haitham Al Ghais, has warned that global oil production capacity was dropping. Speaking during a recent interview with S&P Global Commodity Insights, he stated the refinery sector was not keeping pace with growing fuel demands, putting the…
Lake Chad Basin Oil Well to yield 943m Barrels as Buhari flags off exploration The Wadi-B Well in the Lake Chad Basin area of Borno State is expected to produce 943 million barrels of oil. President Muhammadu Buhari flagged off the resumption of drilling in the well recently. Joining the spud-in ceremony virtually at the…
Shell earmarks $56.13m for host communities in Nigeria The Shell Petroleum Development Company, has unveiled eight Host Community Development Trusts (HCDTs) in Bayelsa State, a critical step for unlocking the $56million designated for development in line with the provisions of the Petroleum Industry Act (PIA) 2021. The $56.13 million represents funds to be paid this…
Ikeja Electric Upgrades Singleview Web Application Nigeria’s foremost utility company, Ikeja Electric has taken customer experience to another level with the introduction of Singleview 2.0 web application. This latest version is an enhanced customer self-service package with consolidated account management features purposely designed and built for Ikeja Electric’s customers, including prepaid, postpaid, maximum demand, non-maximum…
NNPCL Clears $3.8bn JV Cash-Call Arrears Owed IOCS The Nigerian National Petroleum Company Limited, NNPCL, says it has cleared the outstanding $3.8 billion joint venture cash-call debts owed to international oil companies, IOCs, operating in the country. NNPCL’s Executive Vice President, Upstream, Adokiye Tombomieye, disclosed this as he lamented that inadequate JV cash call funds…
CAMAN Scores SON High on Cable Industry Regulation The President of Cables Manufacturers Association of Nigeria has scored the Standards Organisation of Nigeria (SON) high on enforcing regulations and maintaining high standards in Nigeria’s cable Industry. Ms. Bukola Adubi, who is also the chief operating officer (COO) of MicCom Cables, made the commendation during a monitored…
