African oil states offer new deals to lure more selective investors

Lower prices and increasing competition for investment are driving many African states to make it easier and cheaper for overseas companies to keep their oil and gas output flowing, Reuters reports.

From Ghana to Gabon, governments are adjusting terms to lure picky investors who are also increasingly concerned about long-term demand for fossil fuels as renewable energy gains ground.

The shift follows declining oil production in Angola and Cameroon and disappointing bid rounds in Ghana. It also marks an recognition that the era of $100 per barrel oil is over.

Supply gas to coastal terminals outside Lagos –Marketers to NLNG

Some cooking gas marketers have appealed to the Nigerian Liquefied Natural Gas (NLNG) to supply gas to other coastal terminals outside Lagos to reduce the inherent pressure on the terminals in the Southwest.

The marketers said the appeal was necessitated by the indiscriminate hike in the price of Liquefied Petroleum Gas (LPG) commonly referred to as cooking gas across the country.

They made the appeal in separate interviews with the News Agency of Nigeria in Lagos on Sunday.

Nigerian state oil firm signs memorandum to work with Russia's Lukoil

Nigeria’s state oil firm signed a memorandum of understanding with Russian oil company Lukoil for potential cooperation in oil production, trading and refining, Lukoil said on Thursday.

Mele Kyari, head of the Nigerian National Petroleum Corporation (NNPC), signed the memorandum during a visit to the Russian city of Sochi during a Russia-Africa Summit, news agency Reuter reports.

AfDB approves $500,000 grant for clean energy in Nigeria

The African Development Bank (AfDB) has approved 500,000 dollars grant to support the development of clean energy in Nigeria.

A statement issued by the bank on Friday said that the grant was approved under the AfDB’s Sustainable Energy Fund for Africa (SEFA).

SEFA is a multi-donor facility established to unlock private sector investments in small to medium-sized clean energy projects in Africa.

NNPC seeks Chevron’s support to build condensate refinery

The Nigerian National Petroleum Corporation (NNPC) as part of efforts to grow local refining capacity, has called for collaboration with Chevron Nigeria Limited to establish a condensate splinter refinery.

The appeal was made by the Group Managing Director of NNPC, Mele Kyari, when the management of Chevron Nigeria Limited (CNL) was led by its Managing Director, Jeff Ewing, on a business visit to the NNPC Towers, Abuja.

Renewable Energy will rise to 40% in Nigeria by 2030 –Association

The Renewable Energy Association of Nigeria (REAN) has reiterated its determination to promote renewable energy in the country to about 40 percent by 2030.

Mrs Lande Abudu, the Executive Secretary of REAN said this in an interview with news reporters in Abuja at the weekend.

Renewable energy is from a source that is not depleted when used, such as wind or solar power.

According to Abudu, the association is adopting the use of local content to promote renewable energy to ensure that Nigerians have access to improved power supply.

Nigeria's state oil firm to change payment structure for joint ventures

Nigeria’s NNPC said on Thursday it was planning to change the way energy joint ventures paid operating costs to help ensure smooth financing for projects that have often struggled to secure timely contributions from the state-run oil firm.

The new “incorporated joint venture” model would allow the ventures to operate as independent entities, so they could raise capital through equity or debt and then pay dividends to shareholders, NNPC said in its statement.

Fashola seeks increased investment in gas industry

Former Minister of Power, Works and Housing, Mr Babatunde Fashola, on Thursday, called for increased local investments in the gas business to realise its potential benefits to Nigeria.

Fashola made the call at the inauguration of an indigenous gas company, GASCO Marine Limited, located at Onijanganjangan community in Abeokuta-North Council Area of Ogun.

He said the call became necessary to enable Nigerians put gas into more productive uses and also help the country save billions of dollars often lost to fuel importation.

Nigeria supports 9-month extension of oil output cut

Nigeria on Monday reaffirmed its strong support for the nine-month extension of oil production cut under the  “Declaration of Cooperation’’, which seeks to improve global oil market stability among members of the Organization of the Petroleum Exporting  Countries (OPEC).

Under the cooperation, OPEC members, OPEC+ members, and non-member countries accelerated the stabilisation of the global oil market through voluntary production adjustments amounting to 1.8 million barrels per day.

NNPC’s gas subsidiary posts ₦12bn profit, low revenue

The Nigerian National Petroleum Corporation (NNPC) yesterday, said its subsidiary, the Nigerian Gas Marketing Company (NGMC) posted a profit after tax of N12.476 billion for the year ended, December 31, 2018.

In a statement issued after the Annual General Meeting of the NGMC in Abuja, NNPC described the company’s performance as impressive, considering the challenges NGMC faced in its operations, notably arising from pipeline vandalism.