Skip to main content

Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
Post a Comment

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.)

 

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 C...
1 comment
Read more

Oil Block: Why Fed Govt Prioritises Production Bonus To Attract Local & Foreign Investors

Oil Blocks: Why FG Prioritizes Production Bonus to Attract Local and Foreign Investors By Ibrahim Musa The Federal Government has emphasized production bonus, which refers to the payment by an operator to a host country upon achievement of oil and gas production, as a strategy for attracting investors to bid for Nigeria’s oil blocks. Previously, the government relied on a high signature bonus, which refers to a single, non-recoverable lump sum payment made upfront by oil companies for their rights to develop oil blocks, as an option for maximizing revenue generation, thus discouraging investors with limited resources from bidding. Currently, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC which regulates activities in the nation’s oil and gas industry, has removed all entry barriers to attract massive investments. This strategy aims at growing oil and gas production, enhancing Nigerian Content Development, attracting Foreign Direct Investment, contributing to l...
Post a Comment
Read more

Axella Plans To Deepen Gas Utilisation in Nigeria

Axella' s Director of Business Development, Mr Franklin Imole By Favour  Ifeoluwa & Akinola Ajibade Axella's Gas Processing Plant announces Final Investment Decision ( FID) to develop a 50 MMASCF/D Gas Processing Plant, with h a view to deepen utilisation of gas  in the country. The firm, which is situated  in 0ML 56 in Delta State,  said that its making strategic investment in order to ensure that gas is available for industrial use in Nigeria. Situated in  Delta State, Southern Nigeria and billed to commence operation by the end of 2024, the facility, Axella' said, boasts of 12 MMSCF  Modular Plant with an interconnection pipeline network of about 4kilometres alongside other ancillary infrastructure. The facility, the company added, is expected to commence operation by the end of this year. Speaking on the plant ,  Axella's  Director of Business Development, Franklin Imole said: " As the Federal Government continues to pursue its...
Post a Comment
Read more