1 billion people worldwide lack access to electricity, says World Bank
The latest report by the World Bank has revealed that about 1.1 billion people in the world still live without electricity supply. The report, tagged “Progress Toward Sustainable Energy: Global Tracking Framework 2015”, also stated that although the world is heading in the right direction to achieve universal access to sustainable energy by 2030, it needs to move faster.
Fresh controversy brews over OML 40, 42
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), of the Nigeria Petroleum Development Corporation, (NPDC), Benin, Edo State branch, have disrupted activities in the company due ownership issue of the Joint Venture, JV, partnership in Oil Mining Leases OML 40 and OML 42.
Sambo raises hope on new power projects
The Vice President, Mohammed Namadi Sambo has assured of the completion of some major power projects under the National Integrated Power Projects (NIPP) scheme, even as arrangements are in top gear to exploit the abundant water resources for power generation.
‘Privatisation was not designed to tackle irregular power supply’
IN spite of privatization of the power sector, the country has not been able to achieve regular power supply. What do you think is the problem? I think the problem is that ipso facto, the privatization of the power sector was not designed by those who packaged it to be a means towards ending the problem of irregular power supply in the country.
OTC: Experts chart course for Nigeria’s oil sector
The future of Nigeria’s oil and gas; the nation’s drive for increased local content and the need to attract foreign investments, collaboration and partnerships in the sector came up for discussion last week in Houston, Texas, United States, at the inaugural Nigerian Content Investment Forum, (NCIF).
Why power outages persist, by Ikeja Electric
THERE seems to be more than meet the eyes over the prevailing epileptic power supply, as the distribution companies (discos) continued to pass the buck to generation companies (gencos) for inadequate energy allocation. Specifically, the Ikeja Electric is the latest of the 11 discos to attribute the current power interruption across its network to low…
Clean-energy innovation essential to meeting climate goals
A CONCERTED push for clean-energy innovation is the only way the world can meet its climate goals, the International Energy Agency said in its flagship energy technology report. The report, Energy Technology Perspectives 2015 (ETP 2015), showed that despite a few recent success stories, clean-energy progress is falling well short of the levels needed to…
Afren targets $105m in recapitalisation programme
HAVING waded through tough times in recent times, Afren Plc has commenced a recapitalisation programme expected yield of about $105 million for the company in the next two months. Interim Chief Executive, Toby Hayward, who disclosed this in its financial statement, said: “Afren faced an unprecedented set of challenges in 2014, compounded by a decline…
Global upstream investment hits $100 billion
GLOBAL investment in upstream oil production in 2015 has declined by almost 20 per cent to settle at $100 billion, according to International Energy Agency’s chief economist Fatih Birol. He said that the biggest portion of this decline is in the US, Canada and Brazil. Biro stated: “Especially for shale oil, the decline rates are…
‘Gas-to-power challenges may confront incoming government’
INDICATIONS have emerged that the incoming government would need a strong political-will to tackle the challenges of gas supply to the power plants, due to huge infrastructure deficit. The Minister for Finance and Coordinating Minister of the Economy, Ngozi Okonjo-Iweala, who disclosed this as an international forum recently, said the solving the gas-to-power problem would…
Indigenous firms, multinationals tap latest global technology at OTC
OPERATORS and service companies in the upstream oil and gas sector face many technology and innovation challenges in developing existing and future oil reserves to their full potential. They need to make important investment decisions on technology to enable them work in deeper water, develop subsea operations, extend the life of oil and gas fields,…