- Lagos to Host First Nigeria Beer Festival
To stimulate its economic and tourism potentials, the Lagos State government is set to host the maiden edition of the “Nigeria Beer Festival” from September 25 to October 1, 2017.
The Lagos State government is collaborating with beer brewers in the country and their counterparts across the globe to create maximum excitement during the week-long fiesta that will climax with the Independence Day Mega Concert to commemorate Nigeria’s independence.
The festival, which will promote responsible drinking among drinking-age (which is 18 years and above) consumers at all its touch points, will be held at the Lagos Atlantic City to give it a carnival atmosphere from day one to the very last second. It will be a gathering of the largest community of beer consumers from across the country and beyond.
The organisers of the Nigeria Beer Festival, On and One Event (001) Limited, said that the Lagos State government, which is passionate about tourism, will provide massive institutional support, particularly security, transport and related logistics.
The event, according to the organisers, will see Nigeria enrol into the league of Beer Festivals around the world, and boost the country’s tourism opportunities.
Akinola Oluwaleimu, General Manager of 001, revealed that the world-acclaimed Oktoberfest (Beer Festival) in Munich attracts more than 50,000 tourists to Germany every year, while other countries in Europe and the Americas have caught the bug.
“Nigeria Beer Festival will be a carnival week of entertainment, sales and marketing and a gathering of the largest community of beer consumers from across the country and beyond with economic value for the brands and the economy at large,” Oluwaleimu assured.
The Nigeria Beer Festival will provide a fitting ambience to showcase fashion and lifestyle, as well as culture in a carnival atmosphere with various beer brands and other alcoholic drinks in Nigeria connecting with their existing and potential consumers.
This culture touch point is in line with the view of social scientists that that beer is among the symbolic vehicles for identifying, describing, constructing and manipulating cultural values and interpersonal relationships. They classify different alcoholic beverages in terms of their social and cultural meanings.
Historians submit that Beer has always been popular – since times of ancient Babylon and Greece, Mesopotamia and Egypt and is one of the oldest beverages humans have produced, dating back to at least the fifth millennium BC.
Anthropologists and archaeologists also believe that it was a taste for beer, not bread that started the cultivation of barley in around 9000BC, known as the agricultural revolution. Beer didn’t just change the world; historians insist it saved it!
Meanwhile, partners of the forthcoming Nigeria Beer Festival are also assured of world-standard facilities as the organisers of the Nigeria Beer Festival have partnered with reputable and qualified architects from Europe to design modular stands to fit into any shape or style desired by exhibitors.
Oluwaleimu said that Governor Akinwunmi Ambode is expected to close the festival during the Independence Day Mega Concert that will parade an array of A-list Nigerian artistes, which will feature eye-popping fireworks display.
Sirius Petroleum and Baker Hughes Collaborate on OML 65 Drilling in Nigeria
Sirius Petroleum, the Africa-focused oil and gas production and development company, has signed a memorandum of understanding with Baker Hughes. The MoU names Baker Hughes as the approved service provider for Phase 1 of the Approved Work Program (AWP) of the OML 65 permit, a large onshore block in the western Niger Delta, Nigeria. Baker Hughes will provide a range of drilling and related services at a mutually agreed upon pricing structure to deliver the initial nine-well program.
Sirius has signed various legal agreements with COPDC, a Nigerian joint venture, to implement this program. COPDC has signed a Financial and Technical Services Agreement (FTSA) with the Nigerian Petroleum Development Company (NPDC) for the development and production of petroleum reserves and resources on OML 65. The FTSA includes an AWP which provides for development in three phases of the block. and Sirius has entered into an agreement with the joint venture to provide financing and technical services for the execution of the PTA.
The joint venture will initially focus on the redevelopment of the Abura field, involving the drilling and completion of up to nine development wells, intended to produce the remaining 2P reserves of 16.2 Mbbl, as certified by Gaffney Cline and Associates (GCA) in a CPR dated June 2021.
Commenting, Toks Azeez, Sales & Commercial Executive of Baker Hughes, said: “We are extremely happy to have been selected for this project with Sirius and their JV partners. This project represents an important step towards providing our world-class integrated well-service solutions in one of the most prolific fields in the Niger Delta. Baker Hughes’ technological efficiency and execution excellence will help Sirius improve its profitability and competitiveness in the energy market.”
Bobo Kuti, CEO of Sirius, commented: “We are delighted to have secured the services of one of the world’s leading energy technology companies to work with our joint venture team to deliver the approved work program on the block. OML 65. We look forward to building a long and mutually beneficial partnership with Baker Hughes.”
Egbin Decries N388B NBET Debt, Idle Capacity
Egbin Power Plc, the biggest power station in Nigeria, has said it is owed N388bn by the Nigerian Bulk Electricity Trading Plc for electricity generated and fed into the national grid.
The company disclosed this on Tuesday during an oversight visit by the Senate Committee on Privatisation, led by its Chairman, Senator Theodore Orji, to the power station, located in Ikorodu, Lagos.
The government-owned NBET buys electricity in bulk from generation companies through Power Purchase Agreements and sells it to the distribution companies, which then supply it to the consumers.
The Group Managing Director, Sahara Power Group, Mr. Kola Adesina, told the lawmakers that the total amount owed to Egbin by NBET included money for actual energy wheeled out, interest for late payments and available capacity payments.
Egbin is one of the operating entities of Sahara Power Group, which is an affiliate of Sahara Group. The plant has an installed capacity of 1,320MW consisting of six turbines of 220 megawatts each.
The company said from 2020 till date, the plant had been unable to utilize 175MW of its available capacity due to gas and transmission constraints.
Adesina said, “At the time when we took over this asset, we were generating averagely 400MW of electricity; today, we are averaging about 800MW. At a point in time, we went as high as 1,100MW. Invariably, this is an asset of strategic importance to Nigeria.
“The plant needs to be nurtured and maintained. If you don’t give this plant gas, there won’t be electricity. Gas is not within our control.
“Our availability is limited to the regularity of gas that we receive. The more irregular the gas supply, the less likely there will be electricity.”
He noted that if the power generated at the station was not evacuated by the Transmission Company of Nigeria, it would be useless.
Adesina said, “Unfortunately, as of today, technology has not allowed the power of this size to be stored; so, we can’t keep it anywhere.
“So, invariably, we will have to switch off the plant, and when we switch off the plant, we have to pay our workers irrespective of whether there is gas or transmission.
“Sadly, the plant is aging. So, this plant requires more nurturing and maintenance for it to remain readily available for Nigerians.
“Now, where you have exchange rate move from N157/$1 during acquisition in 2013 to N502-N505/$1 in 2021, and the revenue profile is not in any way commensurate to that significant change, then we have a very serious problem.”
He said at the meeting of the Association of Power Generation Companies on Monday, members raised concern about the debts owed to them.
He added, “All the owners were there, and the concern that was expressed was that this money that is being owed, when are we going to get paid?
“The longer it takes us to be paid, the more detrimental to the health and wellbeing our machines and more importantly, to our staff.”
Adesina lamented that the country’s power generation had been hovering around 4,000MW in recent years.
Oil Rises on U.S. Fuel Drawdowns Despite Surging Coronavirus Cases
Oil prices climbed on Wednesday after industry data showed U.S. crude and product inventories fell more sharply than expected last week, reinforcing expectations that demand will outstrip supply growth even amid a surge in Covid-19 cases.
U.S. West Texas Intermediate (WTI) crude futures rose 48 cents, or 0.7%, to $72.13 a barrel, reversing Tuesday’s 0.4% decline.
Brent crude futures rose 34 cents, or 0.5%, to $74.82 a barrel, after shedding 2 cents on Tuesday in the first decline in six days.
Data from the American Petroleum Institute industry group showed U.S. crude stocks fell by 4.7 million barrels for the week ended July 23, gasoline inventories dropped by 6.2 million barrels and distillate stocks were down 1.9 million barrels, according to two market sources, who spoke on condition of anonymity.
That compared with analysts’ expectations for a 2.9 million fall in crude stocks, following a surprise rise in crude inventories the previous week in what was the first increase since May.
Traders are awaiting data from the U.S. Energy Information Administration (EIA) on Wednesday to confirm the drop in stocks.
“Most energy traders were unfazed by last week’s build, so expectations should be high for the EIA crude oil inventory data to confirm inventories resumed their declining trend,” OANDA analyst Edward Moya said in a research note.
On gasoline stocks, analysts had expected a 900,000 barrel decline drop in the week to July 23.
“The U.S. is still in peak driving season and everyone is trying to make the most of this summer,” Moya said.
Fuel demand expectations are undented by soaring cases of the highly infectious delta variant of the coronavirus in the United States, where the seven-day average for new cases has risen to 57,126. That is about a quarter of the pandemic peak.
Bitcoin and Other Major Cryptocurrencies Braced For a $2.1T Inflow as Germany Institutional Investors Eyes Crypto Investment
Disqualified Nigerian Athletes Protest in 2021 Tokyo Olympics
SWIFT Launches SWIFT Go, a Fast, Cost-effective Service for Low-value Cross-border Payments
Technology4 weeks ago
Opera Becomes the World’s First Alternative Browser Optimized for Chromebooks
Economy4 weeks ago
130 Countries Signs Commitment to Global Tax Rate, Nigeria Abstains
Naira4 weeks ago
Naira Exchange Rates Today, Monday, July 5, 2021
Business3 weeks ago
How to Redeem Gift Cards, Gift Card Rates in Nigeria
Business4 weeks ago
Jeff Bezos Steps Down as Amazon CEO- How Much Power Will He Give Up?
Finance3 weeks ago
African Development Fund Extends $83.6 Million in Grants to Boost Ethiopia-Djibouti Electricity Trade
Government3 weeks ago
National Intelligence Agency Receives N4.87 Budget to Track Conversations
Government2 weeks ago
Security Operatives Arrest Sunday Igboho in Cotonou, Benin Republic