Oil & Energy
Fire Guts NAOC Main Building In PH
The management and staff of the Nigerian Agip Oil Company (NAOC) were last Friday morning thrown into a sorrowful mood as they reported to work only to find the main administrative building of the company in Mgbuosimini, near Port Harcourt, in flames.
The mysterious inferno, which company sources said, had started early the previous night, at about 8pm, however, razed the general manager and materials’ manager’s offices, destroying valuable official documents, equipment and furniture.
The fire was said to have erupted just as the company’s internal fire service team was away to assist in putting out another inferno at an undisclosed location outside the NAOC premises.
This wide gap was said to have created a serious hindrance to efforts to put out the fire, and consequently allowed the fire to deal a devastating blow on the main building before it could be extinguished some hours later.
The Tide gathered that as most staff reported to work as early as 7am on Friday, fire fighters were seen battling to contain the remnants of the fire, and therefore, could not be allowed into their offices, for safety reasons.
As at the time The Tide arrived the company, to witness first hand efforts to put out the inferno, most workers were seen in groups, discussing the unfortunate incident, especially outside the NAOC main gate.
However, a few others were seen inside, walking out of the premises but no journalist was allowed into the premises to avail them the opportunity to have on-the-spot assessment of the extent of damage to company property.
In the midst of the confusion, the NAOC management quickly addressed the staff, with a directive to go home to enable the fire fighters bring the situation under firm control, and to also give emergency management teams ample opportunity to clear the area and clean up debris arising from the blaze.
Meanwhile, an anonymous company staff, who spoke to The Tide, alleged internal sabotage as the cause of the inferno, claiming that contract files and other vital documents may have been razed as a means of cleaning up some unseen shoddy deals.
In the main time, the remote and immediate causes of the fire are yet to be ascertained, although majority of company staff, who shared their experiences on the incident, suspected electrical failures or sparks as the cause of the blaze.
When contacted on phone for comments, the company’s Public Relations Officer, Mr. Harding Orife, who acknowledged the call, simply declined comments on the incident.
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Oil & Energy
Power Supply Boost: FG Begins Payment Of N185bn Gas Debt
In the bid to revitalise the gas industry and stabilise power generation, President Bola Ahmed Tinubu has authorised the settlement of N185 billion in long-standing debts owed to natural gas producers.
The payment, to be executed through a royalty-offset arrangement, is expected to restore confidence among domestic and international gas suppliers who have long expressed concern about persistent indebtedness in the sector.
According to him, settling the debts is crucial to rebuilding trust between the government and gas producers, many of whom have withheld or slowed new investments due to uncertainty over payments.
Ekpo explained that improved financial stability would help revive upstream activity by accelerating exploration and production, ultimately boosting Nigeria’s gas output adding that Increased gas supply would also boost power generation and ease the long-standing electricity shortages that continue to hinder businesses across the country.
The minister noted that these gains were expected to stimulate broader economic growth, as reliable energy underpins industrialisation, job creation and competitiveness.
In his intervention, Coordinating Director of the Decade of Gas Secretariat, Ed Ubong, said the approved plan to clear gas-to-power debts sends a powerful signal of commitment from the President to address structural weaknesses across the value chain.
“This decision underlines the federal government’s determination to clear legacy liabilities and give gas producers the confidence that supplies to power generation will be honoured. It could unlock stalled projects, revive investor interest and rebuild momentum behind Nigeria’s transition to a gas-driven economy,” Ubong said.
Oil & Energy
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