Nigeria has sweetened the terms of a sweeping oil reform bill in a bid to attract much-needed investment to its oil industry, four people closely involved with the legislation said and a letter from oil companies, seen by Reuters, showed.
Less than 20 days after launching an ambitious plan to power its entire economy with gas by 2030, most of Nigeria’s gas-fired power plants are suffering from low gas supply and other operational problems, a development that is keeping many Nigerians in darkness.
Adopting a private-sector-led model like Saudi Aramco can save Nigeria about N59 billion annually spent maintaining its network of over 7,000km pipelines across the country.
Global renewable energy capacity additions in 2020 beat earlier estimates to reach 260GW and all previous records despite the economic slowdown that resulted from the COVID-19 pandemic.
Not less than 25 million Nigerians, whose communities are not linked to the national electricity grid are soon to have access to cheap and environmentally friendly renewable power.
Energy firm, Wärtsilä has signed a long-term optimised maintenance agreement covering power plants in three locations owned by Paras Energy, a 100 percent privately-owned Nigerian energy provider.
At a time major oil-producing countries are preparing for life beyond oil, Nigeria is resuming active oil exploration in the Sokoto basin, a move most experts regard as a poor investment decision and lack of understanding of the future of oil.
Nigeria’s state-oil firm is not backing down from the fight to end subsidy because it is cutting to the bones, but this situation is signalling opportunities for discerning investors in the gas-powered vehicle market.
The world needs to shift energy investments to low-carbon energy sources and boost those investments by 30 percent to a total of $131 trillion by 2050 if it is to achieve the 1.5 degrees Celsius goal of the Paris Agreement, the International Renewable Energy Agency (IRENA) has said.
In its annual filing with the US Securities and Exchange Commission (SEC), French oil giant, Total announced an immediate plan to launch operational activities around its Ikike field, offshore Nigeria, by the end of 2021.