Energy

(L-R) Dr. Abubakar Dantsoho and Dr. Philip Mshelbila By Ali Elias In a significant move to bolster Nigeria's export capacity and economic growth, the Managing Director/CEO of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, welcomed the Chief Executive Officer of Nigeria LNG Limited (NLNG), Dr. Philip Mshelbila, to the NPA Headquarters in Marina, Lagos, on Monday, January 20, 2025. The meeting underlined the critical collaboration between the two entities in driving the nation's export expansion goals. During the visit, Dr. Mshelbila acknowledged the NPA's crucial role in supporting NLNG’s operations and emphasized the need for enhanced synergy as the company ramps up its liquefied natural gas (LNG) production capacity to meet rising global demand. “We deeply appreci...

Transgrid Enerco Limited, a consortium formed by North South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF), has signed a Share Purchase Agreement (SPA) to acquire a 60% equity stake in Eko Electricity Distribution Company (Eko DisCo). Eko DisCo is Nigeria’s second-largest electricity distribution company. The SPA was signed on January 21, 2025, and the transaction is expected to be finalized by April 2025. Reports earlier this month revealed that West Power and Gas Ltd (WPG), the parent company of Eko DisCo, had been negotiating the sale of its entire stake. The Transgrid Enerco consortium emerged as the preferred bidder in a process that began over a year ago. Although the financial terms of the deal remain undisclosed, industry ins...

By Ali Elias Nigerians welcomed the recent reduction in petrol prices by major suppliers, including the Nigeria National Petroleum Corporation Limited (NNPCL) and Dangote Refinery. NNPCL cut its pump price from N1,060 to N965 per litre, while Dangote Refinery reduced its price to N899 per litre, directing buyers to MRS filling stations for access to their product. These reductions were expected to offer significant relief to motorists, particularly commercial drivers, amidst Nigeria’s economic challenges.  However, widespread complaints from motorists have revealed that this anticipated relief has been undermined by persistent fraudulent practices at filling stations. Buyers report receiving poor-quality fuel that burns out quickly and allege that pumps are frequently tampered w...

By Ali Elias Petrol prices in Nigeria, currently ranging between  N900 and N950 per litre, are expected to decline significantly in 2025, potentially reaching as low as N500 per litre, according to industry experts. The anticipated reduction stems from a combination of factors tied to ongoing reforms and improvements in the downstream oil sector.  The federal government’s deregulation policy has been a key driver of competition and efficiency in the petroleum sector, leading to early signs of price reduction. Additionally, the upcoming full operation of the Port Harcourt, Warri, and Dangote refineries, along with the reactivation of modular refineries, is expected to boost local production and lessen reliance on imports. The Federal Executive Council's naira-for-crude polic...

Shell’s sale of its onshore oil and gas assets in Nigeria to Renaissance Energy Africa for $1.3 billion marks a pivotal moment for the nation’s energy landscape and local participation in the industry. These assets boast an estimated 6.73 billion barrels of oil and condensate and 56.27 trillion cubic feet of gas, making this one of Shell’s largest divestitures.  Nigeria's Energy Potential and Challenges  Despite being one of the world’s top ten oil producers, Nigeria faces critical energy challenges. With natural gas reserves estimated at 209.26 trillion cubic feet—Africa’s largest—the country holds immense potential for energy security and economic growth. Yet, nearly half of its population lacks access to reliable electricity, hindering industrialisation and quality of li...

Photo credit: Realnews By Ono Yima Maurice Ibe, an Oil and Gas Industry Consultant, has called on the Nigerian National Petroleum Company Limited (NNPC Ltd.) to ensure that the country's four government-owned refineries operate at full capacity.  Ibe, who is the Group Executive Chairman of the Benham Group, made this statement during an interview with the News Agency of Nigeria (NAN) in Abuja on Saturday.  He stressed that a fully functional refining system is critical for achieving a significant reduction in petroleum product prices in Nigeria. He noted that until the Port Harcourt, Warri, and Kaduna refineries are operating optimally, the nation would remain heavily reliant on the privately owned Dangote Refinery.  "The Port Harcourt Refinery is functional, ...

By Ali Elias Nigeria’s prospects in the global energy landscape received a significant boost during the 2024 World LNG Summit and Awards, themed *“Achieving the Balance Between Energy Security and Decarbonisation.”* The event, a vital platform for strategic collaboration and innovation, underscored Nigeria's crucial role as one of the world’s largest liquefied natural gas (LNG) producers.  With President Bola Tinubu at the helm, Nigeria presented its energy transition plans, emphasizing its vast untapped natural gas reserves and calling for increased global investment to overcome underinvestment and infrastructure challenges. Stakeholders at the summit discussed issues ranging from climate change and energy security to emerging markets and technological innovations in LNG. ...

By PR The Nigerian Content Development and Monitoring Board (NCDMB) on Monday in Yenagoa held the 8th Award and Prize-giving Ceremony of its Annual National Undergraduate Essay Competition 2024, with a reiteration of the objectives that underlie signature events of the Board, such as competitive essaying and its twin programme the Science Quiz Competition for High School students. In a keynote address at the occasion, the Executive Secretary of the Board, Engr. Felix Omatsola Ogbe, said the Essay Competition is “one of NCDMB’s multiple interventions to lift the standard of education in Nigeria” and “to promote proficiency in writing, awareness of local content and its benefit to the national economy, and to engender citizen engagement from undergraduate level.” He explained that s...

By PR The Nigerian Content Development and Monitoring Board (NCDMB) on Friday commended the Petroleum Technology Association of Nigeria (PETAN) for its remarkable contributions to the energy industry, and charged it to lead in shaping a more sustainable and inclusive oil and gas sector. Speaking at the 30th Anniversary Celebration of the Association in Lagos, the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, represented by the General Manager, Corporate Communications and Zonal Coordination, Mr. Esueme Dan Kikile Esq, recalled the pivotal role of PETAN, through stakeholder engagements and strident advocacy, in the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010. ...

PR The Nigerian Content Development and Monitoring Board (NCDMB) on Wednesday at the Delta State High Court Conference Hall, Asaba, held a one-day sensitisation workshop for High Court Judges and members of the legal profession on the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, its implementation and achievements to date. In his opening remarks at the event, the Director, Legal Services of the NCDMB, Barr. Naboth Onyesoh, said the Act, which established the Board, recognises the importance of other stakeholders to the successful implementation of the Nigerian Content law and expressly mandates the Board to create awareness and public enlightenment through workshops, conferences and other forms of public education. He noted that the Board has consistently ...