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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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Shell Extends Bonga FPSO For Another 15 Years


By Favour Ifeoluwa & Akinola Ajibade

 

Shell says it’s working to extend the life of the Bonga Floating, Production, Storage, Offloading (FPSO) vessel for another 15 years, in order to handle more production from Nigeria’s first deep-water development which came on stream in 2005.

This follows the decision by Shell to explore opportunities in deep-water, gas and renewables in Nigeria where it pioneered oil and gas production more than 60 years ago. 

The Energy Giants, in a statement made available to the media and signed by its Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo,) Elohor Aiboni said it is more commited to develop a robust portfolio in the sector. 

Alboni was quoted as saying this at a panel discussion at the ongoing 8th Sub-Saharan Africa International Petroleum, Exhibition and Conference (SAIPEC) in Lagos organised by the Petroleum Technology Association of Nigeria (PETAN.)

She added:“We are maturing numerous projects planned to come onstream in the short, medium, and long terms with the right fiscal and regulatory framework.”

Bonga produced the 1 billionth barrel of oil last year and SNEPCo has stepped up efforts for additional volumes from existing assets with more to come on stream in 2024 and beyond.

Other opportunities in deep-water include the Bonga North as well as Bonga South-West and Nnwa Doro projects on which SNEPCo is collaborating with the Nigerian government and partners to implement. Shell is also expanding its gas portfolio with both SNEPCo and The Shell Petroleum Development Company of Nigeria Ltd (SPDC) maturing several projects to deliver gas from their onshore and deep-water assets.

Shell Nigeria Gas is currently serving more than 130 industrial and commercial customers, and looks to expand its gas distribution network with the aim to deliver over 1,000MW equivalent of energy to industrial parks and manufacturing companies in Nigeria.

Mrs. Aiboni explained on investments in renewables: “Off-grid solutions are the quickest way to improve energy access in remote communities, so our investments in this area will provide millions of Nigerians access to reliable and sustainable electricity.”

Shell Nigeria is driving uptake in renewable energy through two companies — All On and Daystar Power Solutions. All On has facilitated more than 80,000 off-grid connections in the 36 states in Nigeria including the federal capital territory, with nearly 200 underserved communities and 560 new businesses powered with clean energy. Daystar plans to increase its installed solar capacity to 400MW by 2025 to become one of Africa’s leading providers of solar power solutions for commercial and industrial businesses.

She added: “Over the years, Shell has proved to be a reliable partner in the development of Nigeria through our range of business and mainly the energy we produce. We will continue to look for innovative ways to help reduce cost and drive efficiency in our business. We want to remain highly competitive and relevant in the oil and gas business and still stand tall in spite all the challenges.”

L-R: CEO, Aftrac Limited and Founding Member and VP Upstream, Women in Energy Network (WIEN), Patricia Simon-Hart; Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo,) Elohor Aiboni; Managing Director & Chief Executive, TotalEnergies EP Nigeria Limited, Matthieu Bouyer; Director of Deepwater and PSCs – Nigeria/Mid-Africa, Chevron International Exploration & Production, Michelle Pflueger and Chief Executive Officer, Radial Circle, The Petroleum Technology Association of Nigeria (PETAN), Ranti Omole… after a panel discussion at the ongoing 8th Sub-Saharan Africa International Petroleum, Exhibition and Conference (SAIPEC) in Lagos organised by the Petroleum Technology Association of Nigeria (PETAN.)

 

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