Minister of State for Petroleum Resources, Dr Ibe Kachikwu.
…. as Total liberalization remains the best option
Worried about the poor state of the downstream sector of the oil and gas industry, Stakeholders in the industry have conversed for a total deregulation of the downstream sector of the petroleum industry as it would unlock the huge private investment potentials in the sector and also stimulates sustainable growth.
The management of BEDC Electricity PLC (BEDC) says it has successfully reconnected 42 communities within its franchise states of Delta, Edo, Ondo and Ekiti states which were hitherto without power supply to the national grid, as at end of November 2018.
Total has started up production on December 29, 2018 from the Egina field, located in around 1,600 meters of water depths, 150 kilometers off the coast of Nigeria. At plateau, the Egina field will produce 200,000 barrels of oil per day, which represents about 10% of Nigeria’s production.
The petrol station on fire
Following the fire outbreak at a petrol station along Nike Lake road by Penoks Junction, Trans Ekulu, Enugu, on Monday, residents of the area have commended the administration of Governor Ifeanyi Ugwuanyi for the swift intervention and expertise displayed by officers and men of Enugu State Fire Service in putting out the fire, without any loss of life.
Oil prices climbed on the last trading day of the year on Monday, mirroring gains in stock markets, but were on track for the first yearly decline in three years amid lingering concerns of a persistent supply glut.
Azura Power West Africa Ltd has appointed Mr. Edu Okeke as the new Managing Director.
Managing Director of SPDC and Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor.
…targets 300 million cubic feet gas for domestic market
The Shell Petroleum Development Company of Nigeria Limited (SPDC) has announced the Final Investment Decision (FID) on the Assa North Gas Development Project in Imo State, a major momentum to the domestic gas aspiration of the Federal Government for increased power generation and industrialisation.
President Muhammadu Buhari on Wednesday disclosed that the federal government has set aside N305 billion for fuel subsidy payments in the 2019 budget.Buhari made this known while presenting 2019 budget to the joint session of the National Assembly.
… Earns N1.7trn oil revenue in 3 years
Nigeria would need about $3.5 billion investments to activate the new market-based initiative it had set up to achieve the gas flare commercialization target by 2020. This was disclosed in the latest Department of Petroleum Resources, DPR, 2017 Nigerian Oil and Gas Industry Annual Report.
The Nigerian National Assembly has commended the Nigerian National Petroleum Corporation on the strategies deployed so far to make petroleum products available to Nigerians throughout the end of year festivities and beyond.