Yemisi Izuora Chevron Key investment strategies embarked by Nigeria, has helped in securing about $7.6 billion in 2024 from the Africa Investment Forum (AIF). Nigeria was one of the major highlights of the event, with several State Governors, including Lagos, Kaduna, Katsina, Kwara, Plateau, and Ogun States, presenting investment-ready projects to prospective investors. Their participation highlighted Nigeria’s focus on securing substantial international investments to address key sectors such as infrastructure, energy, agriculture, and technology. President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, said this following the conclusion of the event. “I am delighted the Africa Investment Forum…
Author: Orientalnews Staff
Agency Report About 45% of Nigerians do not have access to electricity. The government plans to power rural communities with funds recovered from a former oil minister and her associates. Money recovered from former Oil Minister Diezani Alison-Madueke will be used to fund rural electrification projects On Friday, the government announced that millions in recovered funds linked to former Petroleum Resources Minister Diezani Alison-Madueke will be used to fund rural electrification projects across Nigeria. The announcement followed the signing of an Asset Return Agreement between Nigeria and the United States which enables the US to return nearly $52.9 million…
Uche Cecil Izuora Asharami Energy, has reached a significant safety milestone on its OML 148 asset, recording 4 million Lost Time Injury (LTI) free manhours, over operations spanning 2,889 days with zero incident. This achievement underscores the company’s unwavering commitment to safety and underscores its dedication to “GOAL ZERO”, that is, creating a secure and healthy environment for all stakeholders involved in Asharami Energy’s operations. “Lost Time Injury” is a critical metric in occupational health and safety within the oil and gas industry, measuring incidents where work-related injuries or illnesses result in missed workdays or operational disruptions. Commenting on…
Yemisi Izuora In a bold demonstration of transparency the Nigerian National Petroleum Company Limited (NNPCL) has called for a forensic audit to be conducted on money spent by it for the stabilisation of petrol prices from January to September 2024. The NNPCL Group Chief Executive, Mele Kyari, also said the Company’s revenue projection for 2025 will be disclosed after the meeting of the board of directors of the Company in two weeks. Kyari while presenting the company’s revenue generation performance to a joint Finance Committee of the Senate and the House of Representatives on Wednesday, said, “Until 1st October…
Yemisi Izuora The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is aiming for an oil production of at least 2.1 million barrels a day (MMbd) for 2025. Nigeria currently has 32 rigs, doubled from 2021, NUPRC Chief Executive Engr Gbenga Komolafe said before the Senate Committee on Appropriation while presenting the NUPRC’s achievements since its formation in 2021. On November 14, 2024, Nigerian National Petroleum Company Ltd. (NNPCL) said Nigeria’s hydrocarbon production ramped up to 1.8 MMbd of oil and 7.4 billion cubic feet per day of gas, with the possibility of crude production increasing to two MMbd by the…
Yemisi Izuora Local contractors in Nigeria’s oil and gas sector would begin to witness operational efficiency following the unveiling by the Nigerian Content Development and Monitoring Board (NCDMB) of the new contracting cycle guidelines. The guidelines aims at addressing the critical challenges operators and contractors face in the sector and would specifically enhance efficiency, promote local content, and streamline operations. The NCDMB signed the contracting cycle deal unveiling the guidelines during the Practical Nigerian Content (PNC) Forum held recently. For 13 years, the PNC Forum has been pivotal in advancing local content development within Nigeria’s oil and gas sector.…
Uche Cecil Izuora The Organization of Petroleum Exporting Countries (OPEC) has released its latest Monthly Oil Market Report (MOMR) that covers major issues affecting global oil markets and provides the outlook for crude oil market developments. In the new report OPEC reiterates its earlier forecast that global oil demand will expand at a robust clip at 1.4 million barrels per day (mb/d) in 2025, largely driven by strong non-OECD (Organization for Economic Co-operation and Development) growth. The Organization sees non-OECD demand growth clocking in at 1.3 mb/d, compared with just 0.1 mb/d for the 38-member international alliance. According to OPEC,…
Yemisi Izuora Chevron Nigeria has promised sustenance of cleaner energy investment in Nigeria just as it reiterates more climate action across the world. The company continues to develop affordable, reliable and ever-cleaner energy that enables human progress and nature conservation, not just in Nigeria but also in support of the corporation’s commitment to its global net-zero drive, says Chairman and Managing Director of Chevron Nigeria, Jim Swartz at the 23rd Memorial Lecture honoring late Chief S.L Edu, the founder of the Nigerian Conservation Foundation (NCF). Represented by the General Manager, Policy, Government and Public Affairs, Olusoga Oduselu, Jim Swartz,…
Uche Cecil Izuora The Nigeria Electricity Regulatory Commission (NERC) has been advised to consider review and approval of electricity tariffs to all 12 Electricity Distribution Companies (DisCos) simultaneously to continue to enjoy the confidence of all Nigerians as a transparent and impartial regulator. An Abuja-based energy consultant, Engineer Dikedinigbo Ejike, stated this while speaking to newsmen on the new tariff structure NERC approved for Aba Power, Nigeria’s 12 DisCo, on December 30, 2024, but to take effect from January 2, 2025. The NERC, according to the energy consultant, last April 3 approved a 300 per cent tariff increase for…