Skip to main content

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
Post a Comment

Nigeria's crude will reach 2m bpd this December, says Kyari


The Group Mallam Mele Kyari


By Favour & Akinola Ajibade 


The Group Managing Director, Nigerian National Petroleum Company Limited ( NNPCL), Mallam Mele Kyari, yesterday, said that the country's crude oil production will reach between 1.8 million barrels per day to 2million barrels per day by December 2023.

He said this during an interview on Channels Television, a Lagos based broadcasting outfit.

According to him, Nigerians must understand that when it comes to crude oil production, condensates are just as important as crude oil and should also be classified as liquids, adding that they up to the country’s overall production output.

“The budget of this country is based on the cumulative production of our crude oil and condensates Mind you, sometimes, these condensates are more expensive than the crude oil, so it’s the total liquids we are dealing with.

“The total number of liquids as of today is up to 1.6 million barrels per day. We have a line of sight, by the end of July, we will hit 1.8 million barrels per day, and we will hit 2 million barrels per day by the end of December.”

He further stated that President Tinubu has already instructed the security agencies to tackle all security threats and the additional layers of intervention as well as increased investments will enable Nigeria to realize these oil production goals.

During the interview, Kyari said that when the Dangote Refinery starts churning out products, they will be transported across the country using trucks. He highlighted the fact that the Port Harcourt, Warri and Kaduna refineries will come onstream by the end of the year.

“We did have some supply chain issues which is a global problem. There is a crisis in the global marine sector. Getting products to the locations is a huge challenge and we had some delays in the delivery of some of our equipment.

“However, the ambition is to get all our refineries working and the net effect is that this country will become an exporter of petroleum products,” Kyari stated.

In April 2023, Nigeria produced 998,602 barrels per day of crude oil, 66,317 barrels per day of blended condensates, and 180,110 barrels per day of unblended condensates. These figures make up 1.2 million barrels per day recorded for the month of April 2023.

Meanwhile, the country continues to face oil production threats ranging from the shift to renewable energy which has resulted in a lack of oil-centric investments, economic, political, and security risks, crude production sabotage as well as pipeline vandalism, and technical issues.

Comments

Post a Comment

Popular posts from this blog

HAPPY 70 TO ELDER ADE ADEDAMOLA OGIDAN

PLATINUM BIRTHDAY ANNIVERSARY OF ELDER ADE ADEDAMOLA OGIDAN, A FOREMOST JOURNALIST & EDITOR By Favour Ifeoluwa & Akinola Ajibade Like a new born child, beaming with smiles for coming out of his mother's womb in order to live a fulfiled life, the celebrator,Ade Ogidan fits perfectly well into this category. Simply known as AAO, a shorten form of Ade Adedamola Ogidan, the thorough based journalist is without doubt, a  well grounded newsman.. With Bachelor of Science ( BSC) Degree in   Sociology and Anthropology( 1976 ) from University of Nigeria, Nsukka,  Ogidan has cut his teeth well in Journalism. Prior to this, he  taught in Osogbo Grammar School and worked at the Nigerian Communication respectively  after his youth service, a development, which no doubt prepared  him well for journalism profession and other future engagements. Pragmatic, resilient and outspoken, where it matters, Ogidan ensured  that his tenure as the first Chairman of Pineapple Estate, Ikorod
1 comment
Read more

NNPC Completes Mechanical Rehabilitation of Port Harcourt Refinery Plant

By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company (NNPC) Limited, says that it has mechanically completed the rehabilitation of Area 5 Plant of the Port Harcourt Refining Company (PHRC). The nation's oil company began rehabilitation of the refinery two years ago, while at the same time, promised to complete its by 31st December 2023. The Group Chief Executive Officer, NNPC Ltd., Mr. Mele Kyari, said as of December 15th, 2023, 84.4% of Area 5 Plant, a key component of the Refinery, and 77.4% of the entire rehabilitation project have been completed. “In our quest to ensure that this refinery is re-streamed to continue to deliver value to Nigerians, we made a promise that we will reach a mechanical completion of phase one of the rehabilitation project by the end of December and get the other plants running in 2024. Today, we have kept those commitments,” Kyari stated. The GCEO commended NNPC's staff and the EPCIC contractors for doing a g
Post a Comment
Read more

Fed Govt Commences New VAT Sept 1

By Favour & Akinola Ajibade Buoyed by the resolve to deepen the country's revenue base and further and further speed up implementation of capital projects in Nigeria, the  Federal Government will in the next six days, precisely September 1, this year, starts collecting the  new Value Added Tax( VAT).  The government is achieving  this goal through the Federal Inland Revenue Service(FIRS).  FIRS, in a statement,  said subject to the Finance Act 2023, VAT withheld or collected, VAT on items excluded from building, the new Tertiary Education Tax rate of 3 per cent and Investment Allowances and Convertible Currencies will become effective September 1, 2023. Certain amended provisions of the Finance Act 2023 were enacted on 28th May, 2023 with the effective date of 1st May 2023. However, the effective date was changed to 1st September 2023. Some of the amended Sections are 14 (3) which deals on VAT Withheld or Collected. The VAT Act was amended to the effect that persons
Post a Comment
Read more