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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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0PEC raises Nigeria's crude oil quota to 1.799 bpd

By Akinola Ajibade

Nigeria's crude oil quota has moved from 1.772 million barrels per day to 1. 799milion barrels per day. The increase is between June to July 2022, The Organisation of Petroleum Exporting Countries (OPEC) has said.

0PEC disclosed this at its 29th ministerial meeting this week. At the meeting are members of OPEC and non-0PEC respectively.

The meeting, which took place through videoconferencing on Thursday, stated that the increase in crude output was 27,000 barrels, which translattes  to 3.4% increase in the month of July.

In the statement issued at the end of the meeting, OPEC also approved the highest production volume of 10.833million barrels per day for Saudi Arabia and Russia.

As the United Arab Emirates is to produce 3.127million barrels per day, Iraq and Kuwait are to produce 4.580million barrels per day and 2.768millions barrels per day respectively, the organisation ratified 1.753million barrels per day for Mexico and 1.680million barrels per day for Kazakhstan.

The increase made Nigeria to be top on the list of its African counterparts and followed by Angola that got approval for 1.502million barrels per day.

According to OPEC, the meeting “advance the planned overall production adjustment for the month of September and redistribute equally the 0.432 mb/d production increase over the months of July and August 2022.

“Therefore, July production will be adjusted upward by 0.648 mb/d as per the attached schedule.”

The meeting, said the cartel, resolved to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial meeting on 12 April 2020 and further approved in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.

It also affirmed the production regulation plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of July 2022.

It extended the compensation period until the end of December 2022 as requested by some underperforming countries and request that underperforming countries submit their plans by 17 June 2022.

On compensation plans, OPEC said it should be submitted in agreement with the statement of the 15th OPEC and non-OPEC ministerial meeting.

It, however, restated the critical significance of observing total conformity and to the compensation mechanism.

The meeting resolved to hold the 30th OPEC and non-OPEC Ministerial Meeting on June 30, 2022.


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