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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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NNPC rakes in N1.7tn in 12moths By Akinola Ajibade

NNPC rakes in N1.7tn from crude sales in 12




Nigerian National Petroleum Company ( NNPC) Limited, has generated revenue of N1.7 trillion from  sales of crude oil in one year.

In the corporation's latest monthly and financial report for August 2021, the company said the amount was realised from March 2020 to March 2021 after it lifted a total of 108 million barrels of crude oil within the year, at an average price of $43 per barrel.

A breakdown of the report from the National Oil Company ( NOC) showed that in March 2020, the oil and gas firm lifted approximately 9, 490mn/b; 11, 437mn/b in April; 5, 113m/b in May; 6,274mb in June; and 8,546m/b in July.

In August, NNPC said it lifted 8, 546mn/b; 8, 490mn/b in September; 10, 333mn/b in October; 9, 532mn/d in November; and 7, 539mn/b in December 2020.

In January 2021, it lifted 5, 542mn/b; 9, 397mn/b in February, and 7, 553mn/b in March 2021, making it a total of 108 million barrels for the period under review.

The crude, NNPC said, was lifted from the daily allocation for domestic utilisation translating to an average volume of 243,650 barrels of oil per day in terms of performance.

Price fluctuations within the period ranged from $25/b in March 2020, to $17/b in April; $25/b in May; $40/b in June; $44/b in July; $55/b in August; $40/b in September; $40/b in October;  $43/b in November; and $51/b in December 2020.

In January 2021, crude lifted was sold at $57/b; $64/b in February, and $64/b in March 2021.

In order to meet domestic product supply requirements, NNPC said all the barrels were processed under the Direct-Sales-Direct Purchase, DSDP, scheme while no deliveries were made to the domestic refineries for processing.

The country’s official exchange rate during the period was around N400 to the dollar.

Going by an average of N400/$, the various average monthly costs of Brent and the monthly crude oil production figures as stated above, NNPC said it earned approximately N71bn in March; N69bn in April; N46bn in May; N90bn in June; N136bn in July; N170bn in August; N130bn in September; N158bn in October; N156bn in November; and N145bn in December 2020.

The NNPC earned N124bn in January 2021, N230bn in February, and N184bn in March 2021.

Altogether, the total revenue from sales put together by NNPC Limited was at N1.7trn within the period under review.

 

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