Oil & Energy
Rehabilitation Of Refineries’ ll Expand Crude Oil Market – NPDC
The Nigeria Petroleum Development Company Limited (NPDC) says the ongoing rehabilitation of refineries will expand the crude oil market.
Managing Director of NPDC, Ali-Muhammad Zarah, said this recentlyl in Abuja, at the Fifth Nigeria International Energy Summit (NIES 2022) with the theme “Revitalising the Industry: Future Fuels and Energy Transition”.
Zarah, who spoke at a session tagged “Upstream Forum”, was represented by Adeyinka Adeyemo, Executive Director, Planning and Commercial, NPDC.
“As Energy transition reshapes the crude oil market, a plethora of opportunities open in refining, petrochemicals and gas-based industries.
“The domestic crude oil market will expand”, The Tide’s source quoted Zara.
Zara said the focus of the upstream forum on “Opportunities and Challenges for Crude Oil Markets in a Time of Transition” was apt in the light of current global demand for both increased availability of affordable energy and reduction in carbon footprint.
He said the top oil-producing countries, like Nigeria, are quickly learning how to balance short term economic objectives with long-term business sustainability.
According to him, it could be argued that the burden for decarbonisation has been disproportionately laid at the foot of the oil and gas industry.
He added that the sentiments might not vanish despite the world’s increasing appetite for energy.
“The majority of this new demand will come from developing countries, increasing by almost 24 mb/d, to reach 67 mb/d by 2040,” Zarah said.
“But much of the demand will still be from the developed world. This implies that there is no expectation for a peak in oil demand over the forecast period to 2040.
“Global oil consumption will exceed 100mb/d, even much earlier than projected years ago”, he said.
In March 2021, the Federal Executive Council (FEC) approved the sum of $1.5 billion for the rehabilitation of the Port Harcourt refinery. It had processed $98 million and N17.2 billion as partial payments for the ongoing rehabilitation works at the refinery.
Oil & Energy
‘Revamping Moribund Refineries ‘ll Address Rising Cost Of Petroleum Products’
Oil & Energy
The Race To Cut Methane Emissions Is Exposing A Global Divide
By Felicity Bradstock for Oilprice.com 16
Oil & Energy
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.
-
Education1 day agoFCE Yola Graduates 3,555 Teachers , Seeks Upgrade to University
-
Sports1 day agoNigerian Trio Target Titles At PFL Africa Finals
-
Niger Delta2 days agoDiri Restates Stance On Lagos-Calabar Coastal Highway
-
Niger Delta2 days agoC’River, NUJ Pay Tribute To Late Guardian Editor
-
News2 days agoNDLEA Recovers Tons Of Illicit Drug Consignments In Nine States
-
Opinion2 days agoChecking Voter Apathy In Nigeria’s Electoral Process
-
Politics1 day ago2027: DICKSON’S EX-ALLY VOWS TO WORK AGAINST NDC INTEREST IN BAYELSA
-
Politics1 day ago2027: GROUP PLEDGES 40,000 SUPPORTERS FOR COALITION CANDIDATES IN RIVERS
