Energy

Nigeria inks major LNG expansion with oil majors

Nigeria signed a major gas expansion deal on Friday, a much-needed collaboration with oil majors that Nigeria LNG said would boost its liquefied natural gas output by more than 30%, Reuters reports.

The agreement marks a moment of amity with international oil majors, even as a tax dispute and a new law increasing the government’s take on deepwater oil production have irked some companies.

NNPC to raise Chevron GTL plant stake to 60%

Nigeria’s state oil company said it will increase its stake in a Chevron-operated gas-to-liquid refinery to 60% as part of a cost dispute resolution with the U.S. oil major.

The Nigerian National Petroleum Corporation (NNPC) has a 20%stake in the plant some 60 miles (100 km) southeast of Lagos.

California-based Chevron, which is trying to sell some Nigerian assets in an effort to focus on its fast-growing U.S. production, did not immediately comment.

Department of Petroleum Resources aligns with ministerial mandate for oil, gas sector

The Department of Petroleum Resources (DPR) says it has aligned its deliverables with the ministerial mandate for the oil and gas sector in Nigeria.

Mr Paul Osu, Head, Public Affairs, DPR in a statement issued on Friday in Lagos said the agency’s Director, Mr Rufai Shakur, made this known at the DPR Strategic Management Retreat in Abuja.

Shakur said the objective of the retreat was to cascade down the ministerial mandate to all staffers of the agency.

Stakeholders seek streamlined regulatory environment to attract more investment

Oil and Gas industry stakeholders on Wednesday called for a streamlined regulatory environment to attract investment and make the sector competitive.

The stakeholders made the submission at the ongoing Practical Nigerian Content Conference and Exhibitions holding in Yenagoa.

The theme of the conference is “Leveraging Local Expertise for Market Growth and Expansion”.

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.

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