- Egbin Power Plant Records 819 Days Incident-free Operation
Nigeria’s largest power generating plant, Egbin Power Plc, has recorded 819 days of incident-free operation as at August 30, 2017, investigation revealed.
Checks revealed that as at the period the plant worked without lost time accident while safety audit has been carried out three times with 451 staff and one near miss. On the same date, the plant was generating 599 megawatts (Mw) of electricity. A breakdown of the generation showed that two of the six steam turbines (ST) the plant has, ST1 and ST3 were not producing. STs 2, 4, 5 and 6 were producing 175Mw, 203Mw, 110Mw, and 111Mw respectively.
The company’s Chairman, Kola Adesina, who during a chat with reporters in Lagos, said safety standards and procedures at Egbin Power Plc have helped the plant to record incident-free operations over the last 827 days.
Adesina said the power plant operates in line with globally acclaimed standards for Health, Safety, Security and Environment (HSSE) and requires members of staff and stakeholders to abide by its zero tolerance policy on safety infractions.
“Since we took over the plant in 2013 we have continued to enhance the plant’s HSSE profile through investments in safety equipment and training. For us at Egbin, ensuring safety at all cost is a non-negotiable policy and we are delighted with the progress we have made in this regard and it gives us the impetus to sustain ongoing transformation and preparation for future expansion of the plant.”
He said Egbin’s safety records had been severally commended by various post-privatisation monitoring team and other regulatory agencies following inspection visits. “At Egbin, every staff is a Safety Ambassador. We demand the same level of commitment from all our partners and stakeholders and remain confident that HSSE issues will always be paramount in our operations.”
He also noted the importance of collaboration across the sector’s value chain, adding that it would help operators and regulators effectively address the challenges of the power sector.
“What we need right now is generation, transmission and distribution, working together to achieve the ultimate goal of improved power supply. We have witnessed continuing improvement across the value chain and we need to keep up the momentum and close our ranks where we have gaps to drive better power supply. Issues bordering on un-utilised energy, load shedding and optimised load picking can be better managed by the operators to ensure the system maintains a balance that enhances productivity and sustainability.
“We should all work as partners in the power sector as the nation is counting on us to make the system work. At Egbin, we remain committed to spearheading intra and inter sectoral collaborative efforts to move the power sector ahead. This will require the support of the government, regulators, operators, local/foreign investors, electricity consumers and civil societies,” he added.
He pointed out the need for the sector to address and correct the price differential between the actual cost of electricity and current price regimes. “Another important factor that is responsible for the high price of electricity is the lack of conservation. It is imperative for the sector to embark on sustained advocacy and awareness campaigns that will encourage people to embrace conservation and shun energy theft as well as illegal connections,“he said.
He commended the Ministry of Power, regulators and operators for ongoing deliberations aimed at moving the sector forward while acknowledging government’s ongoing massive investments to ensure that power generated gets to end-users.
“All hands are on deck to ensure regular power supply to Nigerians and I have no doubt that the power sector will record fast paced improvement in our quest for sustainable power with more investments which can only be driven by the right policies, pricing and personnel,” he added.
Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd
The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.
The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.
The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.
The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.
Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.
The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.
Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins
Oil Prices Recover from 4 Percent Decline as Joe Biden Wins
Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.
This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.
Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.
On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.
“Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.
“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”
The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.
“There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.
“Either you’re crimping energy demand or consumption behavior.”
Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020
Revenue of OPEC Members to Drop to 18 Year Low in 2020
The United States Energy Information Administration (EIA) has predicted that the oil revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC) will decline to 18-year low in 2020.
EIA said their combined oil export revenue will plunge to its lowest level since 2002. It proceeded to put a value to the projection by saying members of the oil cartel would earn around $323 billion in net oil export in 2020.
“If realised, this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” it said.
The oil expert based its projection on weak global oil demand and low oil prices because of COVID-19.
It said this coupled with production cuts by OPEC members in recent months will impact net revenue of the cartel in 2020.
It said, “OPEC earned an estimated $595bn in net oil export revenues in 2019, less than half of the estimated record high of $1.2tn, which was earned in 2012.
“Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programmes, and support public services.”
Business2 months ago
Npower News on Permanency for Batch A, B
Forex2 months ago
Naira Improves Against Global Counterparts on Black Market
Business2 months ago
Buhari Budgets N420 Billion for Npower, Other Social Investment Programmes in 2021 Budget
Forex3 months ago
Zenith Bank Joins Other Banks to Cap International Spend Limit at $100/Month
Cryptocurrency2 months ago
Bitcoin Gains 1.67 Percent to $11,050 Per Coin Amid Liquidity Issue
Business3 months ago
FG to Absorb Exited N-power Beneficiaries into New Program
Business3 months ago
FG Approves Stipends for Exited N-Power Beneficiaries
Stock Market3 months ago
Zenith Bank Declares 30 Kobo Interim Dividend for H1 2020