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26 firms signify interest in revamping Nigeria’s refineries. As U.S. pledges commitment to investing in nation’s oil sector.

Oct 27 2017
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26 firms signify interest in revamping Nigeria’s refineries. As U.S. pledges commitment to investing in nation’s oil sector.  Guardian Online 

About 26 firms have indicated interest to participate in the revamping of Nigeria’s four refineries, which will require investment of about $2billion (N720billion) according to the Minister of States for Petroleum Resources, Dr. Ibe kachikwu.


This comes as the U.S. Secretary of Energy, Rick Perry, has reiterated his country’s willingness to continue to encourage investment in Nigeria’s oil and gas sector.


The Nigerian National Petroleum Corporation (NNPC), has four refineries, two in Port Harcourt Refining Company Limited (PHRC 1&2), and one each in Kaduna Refining & Petrochemical Company (KRPC), and Warri Refining and Petrochemicals Company Limited (WRPC). The refineries have a combined installed capacity of 445,000 barrels per day (bpd).  Read more


FG Approves $1.1bn PPA for Qua Iboe Power Project. ExxonMobil hands over to new investors.  Thisday Online 

Nigeria’s power generation capacity is expected to rise by additional 540 megawatts (MW) in 2021 following the decision of the federal government to finally approve the Power Purchase Agreement (PPA) negotiated by the Nigerian Bulk Electricity Trading Plc (NBET) with new investors for the Qua Iboe Power Plant to be located in Akwa Ibom State.


This is coming as Mobil Producing Nigeria Limited (MPN), a subsidiary of ExxonMobil, has stated that it has reached commercial terms with Qua Iboe Power Plant Limited (QIPPL) for the transfer of ownership of the project and the supply of gas from the Nigerian National Petroleum Corporation (NNPC)/MPN joint venture offshore facilities to the plant.


The government also approved a Put/Call Option Agreement (PCOA), which NBET and the Ministry of Finance agreed with the project’s investors – the Qua Iboe Power Plant Limited (QIPP).

QIPP is jointly owned by the NNPC, Black Rhino Group and Dangote Group.  Read more


NNPC begins oil exploration in Nasarawa.  Punch Online 

Oil search in Nigeria’s inland basins has received a boost following the commencement of exploration activities in the Nasarawa State’s section of the Benue Trough by the Nigerian National Petroleum Corporation.


The Group Managing Director, NNPC, Dr. Maikanti Baru, announced this during a visit to the Nasarawa State Governor, Tanko Almakura, in Lafia on Thursday.


Baru stated that the visit was in fulfilment of the presidential mandate that the NNPC should resume oil exploration activities in some of the nation’s inland basins, including the Chad Basin and Benue Trough.  Read more


Ghana’s downstream sector regulator seeks collaboration with Nigeria’s Techno Oil.  Vanguard Online 

A delegation from Ghana’s National Petroleum Authority (NPA) visited the management of Techno Oil Ltd. in Lagos on Friday, to seek collaboration on Liquefied Natural Gas (LPG) and cylinder marketing in Ghana.


The leader of the delegation, Mrs Sheila Abiemo, told reporters that the Ghanaian government was sourcing ideas from some countries, including Nigeria, to help Ghana to formulate policies on LPG gas and cylinder distributions to end users.


She said she was impressed with the pioneering role of Techno Oil and other private sector companies in   popularising LPG consumption in Nigeria.  Read more


Last changed: Oct 27 2017 at 2:13 PM