The Federal Government, on Monday, announced that the new price of natural gas for power generation companies is now $2.42 per metric million British thermal unit, higher than the previous rate of $2.18mmbtu.
Nigeria generates over 70 per cent of its electricity from thermal power plants that are fired by gas. Therefore, the rise in the cost of the commodity may lead to a hike in the tariff payable by power consumers once the Nigerian Electricity Regulatory Commission carries out another tariff review.
The Nigerian federal government plans to adopt trucks and barges to transport crude oil to tackle pipeline vandalism.
This was contained in a document by the Nigerian Upstream Petroleum Regulatory Commission on “Stability in the Nigerian Energy Sector: Integrated Strategies for Infrastructure, Transportation and Security”.
NUPRC said the move was to avoid production deferment, losses and other undesirable consequences due to pipeline disruption and outages.… Read the rest
Nigeria’s oil industry is showing positive signs with the number of producing fields reaching 246, according to the Federal Government (FG).
This marks a 12 percent increase from 218 producing fields in 2019, data from the Nigerian Upstream Petroleum Regulatory Commission showed.
The NUPRC document, which focused on stability in the oil sector, read in part, “Since 1956, the Nigerian upstream oil and gas landscape has grown with the development and installation of several oil and gas facilities.… Read the rest