Indigenous oil and gas company Aiteoe Group said it is negotiating an alternative financing package to fund $5 billion of investment that will grow its oil production to 250,000 barrels a day and increase gas supplies to about 300 million standard cubic feet per day. The company’s Group Managing Director Victor Okoronkwo who stated this…
Nigeria’s largest independent oil producer plans to spend as much as $5 billion to boost its oil and natural gas production in the next five years. Aiteo Eastern E&P Co. plans to drill new oil wells and re-open existing ones as it seeks to raise production, CEO Victor Okoronkwo said Tuesday in an interview in…
The Nigerian Electricity Regulatory Commission (NERC) has alleged that no electricity distribution company (Disco) in the power sector has been able to meet the demands of electricity consumers in the country since the sector was reformed in 2005. It explained that the Discos have largely neglected the demands of the consumers, with service apathy mostly…
The Bureau of Public Enterprises (BPE) and shareholders of the electricity Distribution Companies (Discos) have agreed to formalise the increase in the Federal Government’s representation on the Boards of the Discos. At a meeting of the shareholders of the Discos summoned by the BPE, held on June 26, 2019, all the parties agreed that the…
THE nation’s power grid recorded its eighth total collapse this year on Sunday, plunging consumers across the country into blackout for some hours. The government-owned Transmission Company of Nigeria, which manages the grid, blamed electricity distribution companies for the system failure, which it said occurred at 9.10 am. Total generation stood at 3,825 megawatts as…
The Nigerian Ports Authority (NPA) says it is expecting 32 ships to bring petroleum products, food and other goods from June 30 to July 19, at Apapa and Tin Can Island Ports. NPA in its daily publication ‘Shipping Position’ on Sunday in Lagos said that one of the ships would sail in with diesel. The…
The United States Consulate General in Lagos, on Monday said, it would train 144 Nigerian students on drone technology. Russell Brooks, the Public Affairs Officer of the Consulate made this known during the Nigerian Youth Drone Academy workshop in Lagos. Brooks said that the training was in collaboration with the Global Air Drone Academy, a…
The Hydrocarbon Pollution Remediation Project (HYPREP) on Monday opened a fresh bid to select 36 additional contractors for the remediation of oil impacted Ogoni communities in Rivers. The addition of 36 firms would raise the number to 57 contractors hired so far for the clean-up. HYPREP, under the Federal Ministry of Environment, opened the initial…
Melbourne — Papua New Guinea’s new treasurer on Wednesday put Total SA, Exxon Mobil Corp , Newcrest Mining and their partners on notice that the country wants to extract more benefits from their gas and mining projects. Treasurer Sam Basil said the country also needs better forecasts from Exxon and Total on the expected income flow…
Lagos — More details have emerged on Femi Otedola’s sale of his majority shareholding in Forte Oil. SweetcrudeReports learnt that not two, but seven directors of the company had resigned following the development. An earlier report said just two; the Chief Executive Officer, Mr. Akin Akinfenwa, and Chief Finance Officer, Mr. Julius Omodayo-Owotuga resigned. However, findings…
