Tag: Chief Executive

Nigeria Hikes Gas Price, Electricity Tariff Increase Imminent

Abibat Babalola

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 Midstream and Downstream Petroleum Regulatory…

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Nigeria To Auction Seven Oil Blocks Offshore Lagos November

Abibat Babalola

Nigeria government has concluded plans to offer for sales seven fresh deep offshore oil block licences in November, 2022. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Chief Executive, Gbenga Komolafe, the oil blocks available are at depths of between about 1,200 meters (3,936 feet) and 3,100 metres offshore Lagos. This last time the federal government issued dozens of such permits was between 1993 and 2007, and it was meant to open up the ocean floor to oil and gas production. READ ALSO: Buhari Disowns Finance Minister, Backs Emefiele…

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