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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/ Chevron Joint Venture secure $1.4b financing for drilling programme



By Favour Ajibade


Chevron Nigeria Limited (“CNL”), operator of the joint venture between the Nigerian National Petroleum Corporation (“NNPC”) and CNL (“NNPC/CNL JV”)  has secured $1.4billion finance, with a view to fund the NNPC/CNL JV infill drilling program (“Project”) between 2022 to 2026. The financing arrangement was executed on Wednesday November 30, 2022.

The Project includes the drilling of 37 wells in the offshore and onshore Escravos area.

This will helping in  reserves and increase production by arresting decline and supporting domestic gas supply. The Project is in alignment with the NNPC/CNL JV’s lower carbon ambitions and helps support a lower carbon future through increased gas resources for commercialization.

The NNPC/CNL JV recognizes the strategic imperative to supplement funding of the NNPC/CNL JV operations to enable high impact projects that can deliver near term production.

The NNPC/CNL JV is one of the largest producers and investors in Nigeria. CNL has operated in Nigeria for more than 60 years and we are committed to supporting the country in developing its energy resources for the benefit of its people.

CNL puts people at the center of the energy conversation because it understands that the well-being of people everywhere depends on energy – energy that is affordable, reliable, and ever cleaner to enable human progress.”

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