Business

We found oil where others ran away — NNPC

Published

12 months ago

May 24, 2023

Group Managing Director of NNPC, Mele Kyari

MAIDUGURI-Nigeria’s hopes of increasing its crude oil reserves has received a fresh boost as the state-owned oil company, the Nigerian National Petroleum Company Ltd, has commenced an oil drilling campaign at the Wadi-B located in Jere Local Government Area of Borno State.

The Group Chief Executive Officer Mele Kyari, who disclosed this yesterday, said the company was optimistic that the drilling would help in its efforts to bring prosperity to the people through the elimination of energy poverty currently threatening Africa’s biggest economy.

Kyari made the commitment at the Presidential flag-off of Wadi-B drilling campaign by President Muhammadu Buhari in Borno State.

The NNPC had stopped drilling in Wadi-B in 1995 because successes were weak and findings made during the period were not in commercial quantity.

The fresh drilling is part of the scramble for oil and gas deposits in Nigeria’s frontier basins.

Kyari said: “We understood very clearly that we need to understand the basin very well. We need to have a different approach to exploration activities in this very basin and that is why NNPC and our partners, the Ministry of Petroleum Resources and the current Upstream Regulatory Commission decided to embark on massive revaluation of all the frontier basins in the country.

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“Of course, our findings have been useful. The understanding of the rift system in Nigeria enabled us to have successful outcomes in the Kolmani Area.

”It also enabled us to mobilise to Nasarawa State. Now a drilling activity is going on. It also helped us to understand the geological basin of the Chad Basin which is why we are back here.

“Now we are much more confident, we believe that this campaign will be successful and that this campaign will take us to the ultimate objective which is to increase the reserves of our country and also create opportunities around us. We believe that the time for oil and gas to vanish is still far away.

“We believe that oil and gas will continue to be principal in determination of the prosperity of our country of course more especially, providing energy security for our country.

”This can’t happen unless we have access to the resources and we are able to convert them into value and of course a new approach to doing this that is practical which is what we are doing in the Kolmani area.”“Kyari said the company and its partners would deploy the necessary technology and best approach that would enable it create value for Nigerians in the quickest possible time.“According to Kyari, NNPC Ltd, through the drilling exercise, would combat deforestation as most Nigerians who do not have access to cooking gas fell tree as an alternative for cooking.“He believed that making available cooking gas as a cleaner transition fuel would play a huge role in curbing desert encroachment in the country.“”Where ever we find crude oil, we will consider the concept of integrated production and conversion so that value can be created very quickly. Of course, there is huge energy poverty across the world and more so in sub-Saharan African countries and particularly in our country here.““We know for sure that 70 per cent of our population doesn’t have access to clean cooking fuel and that is why you are seeing the effects of the frustration which is most pronounced in this part of the country.“”The Sahara Desert moves at least a kilometre towards the Southwards area and this can’t be arrested if we dint find alternative sources of energy for the communities and this is what the oil and gas will do.

”They have found oil where others practically ran away and today, they led this regime of the knowledge of the basins in our country and of course in Africa. I am very proud of them.”

Vanguard

Business

Forex: FG to delist naira from P2P platforms

Published

6 hours ago

May 6, 2024

Trends Admin

Forex: FG to delist naira from P2P platforms

The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.

Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.

The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.

In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.

This is part of a number of regulations to be rolled out in the coming days.

He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.

“I want your cooperation in dealing with this as we roll out regulations in the coming days.”

The SEC DG decried how some market players were manipulating the value of the naira.

This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.

Business

Ikeja Electric cuts tariff for Band A customers

Published

12 hours ago

May 6, 2024

Trends Admin

Ikeja Electric cuts tariff for Band A customers

The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h

This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.

The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.

Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.

Business

Finally, NERC unbundles TCN, creates new system operator

Published

3 days ago

May 4, 2024

Trends Admin

Finally, NERC unbundles TCN, creates new system operator

The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).

The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.

The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.

By this order, the TCN is expected to transfer all market and system operation functions to the new company.

The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.

The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.

Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”