Chinese Consortium to Build $5.79b Mambilla Hydro-Power Plant

The Federal Executive Council (FEC), presided over by President Muhammadu Buhari, today approved $5.792 billion (about N1.140 trillion) for the construction of the Mambilla Hydro-Power project at Gembu in Taraba.

It will generate 3,050 megawatts.

The Minister of Power, Works and Housing, Mr Babatunde Fashola, disclosed this while addressing State House correspondents on the outcome of the Council’s meeting.

FG, Greenville LNG sign MoU on Gas Sales

The Nigerian National Petroleum Corporation (NNPC) Total Joint Venture and the Greenville LNG have signed a Memorandum of Understanding (MoU) on Gas Sales Aggregation Agreement (GSAA) worth 500million dollars to enhance the gas sector in the country .

Dr Ibe Kachikwu, Minister of State, Petroleum Resource, disclosed this at the signing of the agreement on Tuesday in Abuja.

He said the move was part on the 7 Bigwin programme of the ministry that geared towards ensuring that the gas sector of the economy was developed.

$200m Local Content Fund: Kachikwu Advocates Appropriate Utilisation

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has urged the Bank of Industry (BOI) to ensure that the 200 million dollar Nigeria content Intervention Fund (NCIF)  was carefully utilised for the growth and development of the sector.

Kachikwu disclosed this on Thursday in Abuja at the signing of the Mou of the Fund for programmes and activities that would drive local content in the sector.

Oil Prices Rise as US Supply Tightens

Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States.

Brent crude oil was up 40 cents at 52.06 dollars a barrel by 0715 GMT. United States light crude was 35 cents higher at 47.72 dollars.

“U.S. crude oil stocks have been falling consistently in recent weeks,” said Fawad Razaqzada, market analyst at futures brokerage

NNPC, Presidential Committee to Collaborate Against Oil Theft

Nigerian National Petroleum Corporation (NNPC) has pledged support to the Presidential Committee on Harmonised Standard Operating Procedures on Arrest, Detention and Prosecution of Vessels and Persons in Nigeria’s Maritime Environment (HSOP) to tackle the menace of oil theft and other criminal activities in the nation’s waters.

Modular Refinery in Nigeria gets $1m Grant

The U.S. Trade and Development Agency (USTDA) has approved a grant of $1 million for the detailed engineering design of 20,000 barrel per day (bpd) modular refinery in Lagos.

Mr Enyeribe Anyanwu, Head, Media Communications of Integrated Oil and Gas Ltd., disclosed this in a statement made available to newsmen in Lagos at the weekend.

Anyanwu said that the U.S. Ambassador to Nigeria, Mr Stuart Symington, who disclosed this during the official signing of the agreement in Lagos, commended the initiative of Eko Petrochem and Refining Company’s management.

Nigeria Loses ₦11tr to Corruption in Power Sector –Report

Nigeria has lost N11 trillion to corruption in the power sector since 1999, a university lecturer, Dr Yemi Oke, said on Wednesday in Lagos.

Oke, a lecturer at the Department of Jurisprudence and International Law, University of Lagos, said at a media launch of a report on the power sector.

He regretted that with the trillions allegedly invested in the sector, the country has yet to enjoy uninterrupted power supply.

The report is entitled: “From Darkness to Darkness: How Nigerians Are Paying the Price for the Electricity Sector”.

NNPC, Shell, Chevron Sign Agreements to Boost FG Revenue by $16b

Two sets of alternative financing agreements on Joint Venture (JV) projects to boost reserves and production in line with government’s aspiration were executed in London on Monday between the Nigerian National Petroleum Corporation (NNPC) and two of its JV partners: NNPC/Chevron Nigeria Limited (CNL) JV and NNPC/Shell Petroleum Development Company (SPDC) JV. 

OPEC Oil Output Jumps to 2017 High

OPEC oil output has risen this month by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal.

A dip in supply from Saudi Arabia and lower Angolan exports helped to boost OPEC's adherence to its supply curbs to 84 percent. While this is up from a revised 77 percent in June, compliance in both months has fallen from levels above 90 percent earlier in the year.