Oil & Energy
Minister Predicts Boom For Oil, Gas Industry In Nigeria In 2022
The Minister of State Petroleum Resources, Chief Timipre Sylva has predicted that 2022 will be a great year for the oil and gas industry in Nigeria following the enactment of the Petroleum Industry Act 2021.
Chief Sylva in his New Year Message also stated that 2022 will be better than 2021 in the nation’s socio-political environment.
He, therefore, urged Nigerians to keep the hope of a better Nigeria alive in 2022.
According to him, “This is going to be a great year for Nigeria in the oil and gas sector of the economy. With the Petroleum Industry Act (PIA), Nigeria has set the stage for increase investments in the sector. We now have a law that governs the sector and create confidence in the minds of potential investors and am confident that we will make unprecedented progress in the coming years”.
He said “citizens need to continue to think positively of a better Nigeria”, adding that the President Muhammadu Buhari government “will do its best to ensure that things continue to get better for the citizenry”.
He noted that “2022 is going to be a good year for Nigeria. Things have started shaping up and with our collective support and prayers, we will achieve the Nigeria of our dream. This is not the time to despair but to rekindle our hope of a great and prosperous Nigeria. Just like the Israelite, with God on our side, we will certainly rise from the ashes to zenith of prosperity.
“We need to keep hope alive and dream big in 2022. The outgoing year was a challenging one especially
The Minister pointed out that despite the challenges that characterised the year “the government of President Buhari was able to make some remarkable achievements in the different sectors of the nation’s economy”.
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Delta Targets 120MW Power Boost, Moves To Cut Reliance On National Grid
The State Commissioner for Works (Rural Roads) and Public Information, Charles Aniagwu, disclosed this at a press conference in Asaba, weekend, noting that the initiative was part of wider reforms aimed at opening up the power sector to private investors.
Aniagwu, who was accompanied by the Executive Assistant to the Governor on New Media, Felix Ofou, said the state was exploring alternative sources of electricity to support businesses, households and communities while reducing pressure on the national grid.
He said the government was particularly interested in exploiting Delta’s abundant natural gas resources for power generation, pointing to the Kwale Free Trade Zone, which is part of the state’s special economic zone, as a major opportunity for investors.
According to him, prospective investors were taken to the zone during the state’s recent economic summit to enable them to assess the availability of gas as a key raw material for electricity generation. ComparePower Rates
The commissioner explained that generating more electricity locally would not only increase supply in Delta but also free up power on the national grid for use by other consumers.
Aniagwu cited the 8.5MW Independent Power Plant located behind the state secretariat in Asaba as an example of what could be achieved through alternative power sources.
He said the facility had enabled the secretariat complex to operate independently of the national grid, thereby making the electricity that would otherwise have been consumed there available to other users.
He added that the planned 120MW partnership with Supply Power would further strengthen the state’s electricity supply capacity and provide a more reliable power base for small and medium-sized enterprises.
Aniagwu said the state government was also intervening in areas traditionally regarded as the responsibility of electricity distribution companies because inadequate power supply could no longer be allowed to constrain economic development. LearnQuantum Physics
He identified the extension of the electricity grid from Abraka towards the Ndokwa axis as one of the interventions being undertaken to connect more communities to electricity.
The commissioner, however, raised concerns over the burden placed on communities that are often required to provide transformers and other electricity infrastructure, only for distribution companies to take over the facilities and subsequently collect electricity bills without adequately accounting for the investments made by the communities.
He said the state would continue to support efforts aimed at energising communities, noting that improved electricity supply would stimulate businesses, create jobs and help tackle social problems associated with unemployment and idleness.
On regulation, Aniagwu said the government was working with the Ministry of Energy and a committee set up to develop an appropriate regulatory framework for the state’s emerging power sector. SwitchEnergy Plans
He said the proposed energy commission would be responsible for regulating new electricity producers, determining appropriate tariffs and overseeing distribution networks.
The commissioner stressed that liberalising the sector required effective regulation to protect consumers and investors, adding that decisions on power distribution infrastructure, including the use of overhead or underground lines, must take into account the peculiarities and safety requirements of each location.
He warned that power expansion without adequate regulation could expose residents to electrocution and other hazards, stressing the need to protect electricity infrastructure while ensuring consumers were not subjected to unfair pricing.
Aniagwu said the state government’s broader objective was to build an efficient and sustainable electricity market driven by private investment and capable of powering businesses, households and communities across Delta State.
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