Nigeria’s expired oil blocks to hit 47 by 2019

NEITI has alleged that past upstream licensing processes in Nigeria have fallen short of best practices The number of expired oil blocks in Nigeria will rise to  47 by 2019 amidst fear of corruption and lack of global best practices in the renewal of the assets due for the year slated for the forthcoming generation elections, investigations have revealed. Already, 28 of the blocks had expired as at last quarter of 2016, according to a document of the Department of Petroleum Resources (DPR), sighted by this newspaper last weekend. Nigeria,…

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BEDC to improve supply to Usen community

…explains metering limitations Residents of Usen community in Egor Local government area of Edo State will soon begin to enjoy improved power supply as Benin Electricity Distribution Plc (BEDC) concludes plans to bring additional 7.5MVA in addition to the existing 7.5MVA transformer installed recently, the Chief State Head, Edo State, BEDC, Engr. Fidelis Obishai has assured. He gave the assurance during an information Sharing/Customer Forum of BEDC in  for third quarter, held across select communities in Ologbo, Ulemo and Usen areas of Edo state last Thursday in Benin during. He…

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TCN raises Ejigbo, Lagos transmission capacity to 200MVA

The Transmission Company of Nigeria (TCN) has increased transmission capacity in its substation in Ejigbo, Lagos, with the commissioning of a new 1x 40MVA 132/33KV Mobile Transformer, bringing the capacity of the substation to 200MVA from 160MVA. The commissioning ceremony according to a statement by  the TCN, was performed by the Minister of Power, Works and Housing, Mr. Babatunde Fashola who was represented by the Minister of State 11, Power, Works and Housing, Alhaji. Suleiman Hassan on the sideline of the 19th Monthly Power Sector Stakeholders Meeting held on September…

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Eko Disco renews war on energy theft

Eko Electricity Distribution Company has launched ‘Operation Name and Shame,’ in its continued fight against energy theft within its area of operations. The company said this in a statement quoting its Managing Director, Engr. Oladele Amoda. He said that the exercise was aimed at fishing out everyone engaging in energy theft through meter bypass, illegal connection or reconnection and publishing the names and house address of such people in both conventional and social media. Engr. Amoda said apart from depriving the company of revenue due to it, energy theft is…

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Bumpy road to $6bn oil-for-product swaps

The Nigerian National Petroleum Corporation (NNPC), last week, inaugurated eight committees for refineries’ rehababilitation. ADEOLA YUSUF looks at the hurdles ahead of the plan to end 330,000 barrels of crude swap for petrol daily.   The Federal Government, last Wednesday, unveiled a 2019 target to circuitously end the swap of 330, 000 barrels daily through Direct Sale Direct Purchase (DSDP) arrangement, a new version of crude-for-product swap. The Nigerian National Petroleum Corporation (NNPC), which controls the government’s stakes in oil industry, gave said this during the inauguration of eight committees…

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$130m local oil firms’ debt puts banks on edge

Banks have told local oil firms to sell some of their assets, including oil blocks, to offset their over $130 million debts, which is  threatening the survival of both the banking and oil industries.Adeola Yusuf reports For the umpteenth time, banks in Nigeria, penultimate weekend expressed displeasure over their huge exposures to the oil and gas financing. As at the last count, the lenders had extended financial supports of close to $1 billion to the industry out of which over $130 million are “trapped” in the hands of the marginal fields’…

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FG demands 1m bpd oil production from local producers

…seeks IIPG’s participation in marginal bid round The Federal Government has tasked the indigenous oil firms in the country to ramp up their cumulative production to about 1 million barrels from their present production level of 200, 000 barrels per day. A document of the Nigerian National Petroleum Corporation (NNPC) sighted by this newspaper revealed that the government tasked members of the Independent Petroleum Producers Group (IPPG) to participate in the forthcoming bid round for 30 marginal oil fields, which would soon be flagged off.   Member of IPPG, the…

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