Energy
IPMAN advises Nigerian to stop panic buying of petrol
AHA Taxis The Independent Petroleum Marketers Association of Nigeria (IPMAN) has advised Nigerians to stop panic buying and stocking of Premium Motor Spirit, popularly known as petrol. Alhaji Suleiman Yakubu, the National Public Relations Officer of IPMAN, gave the advice in an interview with newsmen on Sunday in Abuja. Yakubu fielded questions on the long fuel queues recorded at some filling stations in Abuja. He decried the panic purchases and long queues witnessed in various filling stations across the nation’s federal capital. Yakubu however said that crude oil price has gone up and it has affected the price products. He assured Nigerians that normal supply of petroleum products would soon be restored since loading have commenced at various deports. “We want to assure the buyers that g...
Nigerian government to launch new pricing framework for gas operations
The chairman of National Gas Expansion Programme (NGEP), Mohammed Ibrahim, says the federal government will launch a new pricing framework to regulate operations in the gas sector. He was speaking on Friday at the 12th Nigerian Gas Association international conference. Represented by Olasupo Agbaje, a member of NGPE, Ibrahim said Nigeria needs to unlock new frontiers in the gas sector. He said the government is working towards achieving a 40 per cent conversion from petrol to gas for vehicles in the country. “As a nation we are committed to unlocking new frontiers through a combination of policy and technology. In terms of unlocking these frontiers, we find that we need to undertake a pricing framework review that has been concluded and in the next few days, we are going to be having a new...
DPR to upgrade downstream petroleum sector operations
File Photo The Department of Petroleum Resources, DPR, Tuesday, disclosed that it plans to upgrade operations in the downstream petroleum industry, leveraging on its ongoing automation process. In a statement in Abuja, Director/Chief Executive Officer of the DPR, Engineer Sarki Auwalu, stated that the upgrade would be to global standards and would be driven by its deployment of improved technology. Auwalu, who was speaking at a virtual meeting with members of the Major Oil Marketers Association of Nigeria, MOMAN, in Abuja, noted that the DPR was currently deploying appropriate technology to enhance value for operators and investors alike in the downstream sector . Specifically, Auwalu explained that the DPR had concluded plans to launch the Downstream Remote Monitoring Systems, DRMS, an in...
Nigerian government gets revenue boost as oil prices near $60
File Photo Nigeria revenue profile may get a further boost in the days ahead as oil prices near $60 per barrel in a move propelled by the Organisation of Petroleum Exporting Countries (OPEC). U.S. West Texas Intermediate crude oil futures rose to their highest levels in nearly a year on Friday with Brent traders zeroing in on the psychological $60 a barrel level on economic revival hopes led by strong compliance with the planned output cuts by OPEC+. Also contributing to the gains were a government report that showed another draw in crude stockpiles, optimism over a speedier U.S. economic recovery on the prospect of additional stimulus from Washington and a successful rollout of the U.S. vaccination program. OPEC+ maintained its oil output policy at a meeting last Wednesday, a sign produce...
NNPC declares N13.43 billion trading surplus for November 2020
The Nigerian National Petroleum Corporation, NNPC, has declared a trading surplus of N13.43billion for November 2020, 54 per cent more than the N8.71billion recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru Obateru said the trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review. The report indicated that in November, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 per cent or N0.09billion to stand at N423.08 billion. Similarly, expenditure for the month decreased by 1...
PHED begins distribution of 77,000 meters to customers
File Photo The Port Harcourt Electricity Distribution Plc, PHEDC, has begun the distribution of 77,000 Prepaid Metres to its Customers within its area of operation. The Head, Administration, Ngozi Koroye, in a statement in Port Harcourt, noted that the metres were installed under the National Mass Metering Programme, NMMP. Koroye explained that the initial scheme, Meter Asset Provider, MAP, which runs concurrently with the NMMP was launched in 2019 and operated by independent entities licensed by the Nigeria Electricity Regulatory Commission, NERC, to provide metering services which may include meter procurement, supply, installation, maintenance, and replacement. Koroye noted that MAP was introduced to specifically eliminate arbitrary estimated billing through accelerated meter rollout, s...
Niger governor: Incompetent leaders took over from military in 1999
Governor Abubakar Bello of Niger state has attributed the failures recorded in governance since the coming of democracy in 1999 to incompetent leaders who took over leadership of the country from military. The Governor spoke just as former Speaker of the House of Representatives, Yakubu Dogara, blamed the nation’s educational system for the failure being recorded in leadership in the country, saying the system was not designed to produce leaders. Both men spoke at a youth summit organized by a member of the House of Representatives and Chairman Board of Trustees of Lead Generation Initiative (LGI), Shina Peller, in Abuja. The Niger governor said the that when the military decided to hand over power to civilians, a lot of competent people never believed in the process and therefore stood ba...
Iran’s smog, blackouts made worse by power-sapping crypto mining
Outages have been compounded by cryptocurrency mining, which uses banks of high-powered computers. Cities across Iran have been cloaked in thick layers of toxic smog and darkened by blackouts, as the alleged use of low-quality fuel and power-sucking cryptocurrency mining deepen the country’s hardships. Tehran’s Hamshahri newspaper, the country’s most-read daily, ran the headline, “20 Days Living in Smoke,” on Wednesday over a photo of the capital covered in smog. Power plants have been forced to switch to burning low-grade fuel oils to generate electricity because high levels of domestic consumption have led to natural-gas shortages, the semi-official Iranian Students’ News Agency reported. Oil Minister Bijan Namdar Zanganeh denied earlier this week that any of Iran’s power stations are us...
PHED: Why blackout persists in Rivers communities
File Photo The Port Harcourt Electricity Distribution Company said five power towers were damaged by suspected vandals at the Elelenwo transmission substation in Obio/Apkor Local Government Area, plunging several communities in Rivers State into darkness. Acting Head, Corporate Communications, PHED, Ngozi Koroye, who disclosed this to newsmen in Port Harcourt, said the installation belongs to the Transmission Company of Nigeria. Koroye explained that the action of the hoodlums caused extensive damage to the facility, noting that the company felt the pains of residents in the affected areas who have been in darkness for over one month. “The outage though regrettable is as a result of extensive damage caused by the activities of electricity vandals to towers 51, 52, 53, 54, and 55. Five towe...
NNPC seeks $1 billion funding to revive PHC refinery
The Nigerian National Petroleum Corporation, NNPC, is currently shopping for $1 billion to revamp Nigeria’s biggest refinery located in Port Harcourt, Rivers State. To realise its plans, the nation’s oil company is already in high-level discussion to raise the money via a prepayment deal with trading firms. If the financing is successful, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the COVID-19 pandemic that has added to the difficulty of finding investors as fuel demand is sapped by lockdowns and renewable energy is gaining ground over fossil fuels. The money would be repaid over seven years through deliveries of Nigerian crude and products from the refinery once the refurbis...
Marcus Rashford tames Wolves to send Manchester United into second
Marcus Rashford’s deflected strike deep into stoppage time moved Manchester United to within two points of Liverpool at the top of the Premier League with a 1-0 win over Wolves on Tuesday. United laboured for long spells against a youthful Wolves side, but got a huge slice of fortune in the 93rd minute when Rashford’s shot hit Romain Saiss to leave Rui Patricio helpless. Victory takes Ole Gunnar Solskjaer’s men up to second and continues an excellent run of 23 points from the last possible 27 to mount an unlikely title challenge after a slow start to the season. Despite enjoying one more day’s rest amid the packed festive schedule than their opponents, Solskjaer made six changes from the side that drew 2-2 at Leicester on Boxing Day. Edinson Cavani made just his second Premier League start...
Why we shutdown Total E&P gas plant – Rivers community
Obite indigenes in Ogba/Egbema/Ndoni Local Government Area of Rivers State have an advanced reason for shutting down a gas plant operated by Total Exploration and Producing Nigeria Limited in their domain citing alleged insensitivity of the oil multinational to their plight. The aggrieved natives, drawn from the five villages of Obite community also lamented the alleged refusal of the oil firm to honour a Supreme Court judgement that compensation is paid to the community for the land acquired in the area for its operations. Mr Daniel Clifford Uma, one of the natives, who spoke during the community protest march to the oil firm said, “What you are seeing here today is as a result of total negligence from Total E and P. This thing started 22 years ago. Some of the people that started this ma...
