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Nigeria Boosts Oil Exports as Shell Lifts Force Majeure on Forcados Crude. Crude Oil Prices Drop by over 3% on Rising United States Inventories.

Jun 08 2017
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Nigeria Boosts Oil Exports as Shell Lifts Force Majeure on Forcados Crude. Crude Oil Prices Drop by over 3% on Rising United States Inventories. Thisday Online

Royal Dutch Shell has announced the lifting of force majeure on the export of Nigeria’s Forcados crude oil, thus bringing all of the country’s oil exports fully online for the first time in 16 months.

 

But the cheery news has been cut short following fresh report that Crude oil prices slid more than three per cent Wednesday after the United States government reported an unexpected increase in inventories of crude and gasoline, fanning fears that output cuts by major world oil producers have not drained the global crude glut very much.

 

US crude futures fell 4.3 per cent, or $2.04 a barrel, to $46.16 a barrel, its lowest level since May 9.

Brent crude prices were at $48.40 per barrel, down 3.4 percent, or $1.72 a barrel.  Read more

 

$21.7 billion crude oil proceeds not remitted in four years, NEITI tells Reps. Guardian Online

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday claimed that $21.7 billion proceeds of crude oil sales was not remitted to the federation account between 2011 and 2014.

 

NEITI’s Executive Secretary, Mr. Waziri Adio, also claimed that the $15.8 billion Nigeria Liquefied Natural Gas (NLNG) Federal Government dividend proceeds is yet to be accounted for.

 

Adio made the startling revelation while testifying before the Mr. Abdulrazak Namdas led ad-hoc committee probing how $17 billion was allegedly stolen between 2011 and 2014.  Read more

 

Nigeria loses N7.5tr yearly to poor electricity supply. Power sector’s cash deficit hits N931b. World Bank pledges $2.6b aid to industry. Guardian Online

Nigeria is losing $25 billion (N7.5 trillion at the current exchange rate of N305 per dollar) yearly due to irregular electricity supply. Besides, accumulated power sector cash deficits from January 2015 to December 2016 amounted to N931billion ($2.9 billion).

 

This is the total amount underpaid by all the distribution companies (Discos) to Nigerian Bulk Electricity Trading Plc (NBET) for invoices submitted to each Disco for electricity delivered to their distribution networks. It includes losses incurred by the companies due to lack of a cost-reflective end user tariff.

 

Operators in the power sector believe that the revenue shortfall will adversely impact the ability of the Discos to make capital investments in metering, network expansion, equipment rehabilitation and replacement that are critical to service delivery.  Read more

 

NERC Mulls Monthly Review of Electricity Tariffs. Thisday Online

The Nigeria Electricity Regulatory Commission (NERC) wednesday disclosed it was considering a major adjustment in the calculation of electricity tariffs to be paid by consumers in the country’s electricity sector.

 

NERC in a consultation paper on the review of the Multi Year Tariff Order (MYTO) which it released in Abuja, stated that it was looking to introduce a flexible electricity tariff review, one that would see tariffs reviewed either on a monthly or quarterly basis to reflect periodic changes in the country’s economy.

 

The MYTO is the sector’s guiding document for determining the tariff charged to consumers by electricity distribution companies (Discos). It is often reviewed annually and bi-annually by the regulator, wherein changes in fundamental aspects of the industry’s business like foreign exchange; inflation rates; gas prices; and capacity generation amongst others are captured and inputted in the tariffs of the Discos to their customers. Read more

Last changed: Jun 08 2017 at 2:39 PM

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