Nigeria

Natural Gas Utilities

Shell Nigeria indications $100 mln gas pipeline handle Oyo state

Shell's Nigerian system has signed a contract with Oyo state in the south of the nation to construct a pipeline delivery system to serve industries in the state at a cost of $100 million, the Oyo government stated on Friday. The contract checked in London with Shell Nigeria Gas (SNG). is critical to the state's efforts to increase industrialisation. and financial development while improving access to power for. both residential and industrial areas. The project, initially agreed in 2020, targets the circulation. of cleaner and more reputable gas energy to industries in the. state through a circulation network with capacity...

Energy Markets

Nigerian fuel prices soar as scarcities intensify expense of living crisis

Fuel lacks continued in Nigeria's major cities on Tuesday, causing a sharp boost in prices and worsening the nation's costofliving crisis. Costs in some retail outlets in Lagos and Abuja increased above 850 naira, while those outside significant cities, such as Kano, overlooked 1000 naira, though the government-owned oil firm, NNPC Ltd, which imports the items sells at a typical rate of 617 naira. President Bola Tinubu's government last year removed aids and permitted private firms to import but foreign currency scarcities and a cap on the price of gas have actually implied NNPC remains the sole importer. An NNPC...

Energy Markets

Nigeria's regulator begins assessment of Shell's onshore divestment in Niger Delta area

Nigeria's oil regulator on Monday commenced the examination of the divestment procedures of Shell's 75yearold onshore properties to Renaissance company, the new financiers. Shell in January announced that it had actually reached an contract to sell its onshore assets in the Niger Delta area to Renaissance and concentrate on Deepwater and Integrated gas investments. Renaissance Africa Energy Company Limited is a consortium of 5 companies comprising four exploration and production companies based in Nigeria and an international energy group. Gbenga Komolafe, the president of the Nigerian Upstream Petroleum Regulatory Commission at the start of the exercise, said the possessions hold...

Fuel Oil

Stranded cargo shows credit difficulties at Nigeria's Dangote refinery

Chinese state energy significant PetroChina has been waiting to discharge a freight of U.S. crude at Nigeria's giant brand-new refinery for nearly a month due to payment problems, according to four trading sources and shipping data. The impasse highlights difficulties the $20 billion plant moneyed by Africa's richest guy Aliko Dangote faces in its aim to be the most significant refinery on the continent and in Europe when it reaches full capacity this or next year. Dangote intends to reverse the pattern by which the oil-rich nation exports its crude but almost totally counts on imports of fuel and other...

Energy Markets

Nigeria inflation reaches 28-year high in March

Nigeria's inflation kept climbing up in March, reaching a 28year high of 33.20% in annual terms, driven by skyrocketing food and energy costs regardless of central bank rate hikes aimed at stopping its climb. The latest information from the National Bureau of Stats marks the 15th month in a row that consumer inflation had increased. It was 31.70% in February. Inflation has not been this high in Africa's largest economy and most populated country since early 1996, leaving countless individuals having a hard time to fulfill standard needs. The statistics office said food and non-alcoholic drinks were the greatest contributors...

Natural Gas

Nigeria's grid collapses weeks after tariffs raised for wealthier customers

Nigeria's creaking grid collapsed for the fifth time this year in the early hours of Monday, highlighting the nation's inability to provide reliable power less than two weeks after raising tariffs for wealthier customers by 230%. A fire appeared at a power producing station in the south prior to 3 a.m. (0200 GMT), the state-owned power transmission business stated, plunging large parts of the country into darkness. The system was brought back by the early afternoon, the Transmission Business of Nigeria (TCN) said. It offered no detail on the number of individuals were impacted, however there were upset comments throughout...

Energy Markets

Nigeria strikes deal with Shell to provide $3.8 bln methanol project

Nigeria has actually struck an offer for Shell to supply gas to its proposed $3.8 billion Brass methanol facility, fixing a significant obstacle to a last financial investment choice on the project, the minister of state for gas said on Thursday. Nigeria, which holds Africa's biggest gas reserves of more than 200 trillion cubic feet, has struggled to tap the commodity due to capital restraints and a lack of infrastructure. Minister Ekperikpe Ekpo said in a declaration that the Gas Supply and Purchase Arrangement (GSPA), important for the Brass methanol task, will be executed next month following effective talks with...