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Gas Policy: Implementation Will Guarantee Affordable Cooking Gas, Growth of Oil And Gas Sector– Reps

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cooking gas cylinder

The House of Representatives has averred that the Nigerian Gas Policy will positively impact the nation’s economy and the citizens if fully implemented.

Investors King reports that the Nigerian Gas Policy aims at making Nigeria an attractive oil and gas-based industrial economy and not remaining as a crude oil export-based economy. A proper harnessing of Liquefied Petroleum Gas, LPG would greatly boost the economy, satisfying international and local demands. 

The lawmakers urged the federal government to harness the gas policy’s benefits and implement it for the development of the oil and gas sector that needs to be launched into.

The lower chamber of the Nigerian legislature gave the charge at the plenary on Tuesday, after the adoption of a motion moved by a Lagos State representative, Rotimi Agunsoye.

Agunsoye opined that the gas Policy will make cooking gas more affordable as it will be sold at cheaper rates which will increase its use in various households, adding that this will bring more economic gains.

He decried the recent rise in cooking gas prices at the open market which amounted to a 100% increase in a year.

“The recent surge in the price of cooking gas in the open market as cooking gas which cost only about N4,000 in July 2021 now costs about N8,000 with an all-time high of about N9,000 during 2021 yuletide season, standing at over 100% increase within one year is worrying.

“The years 2020-2030 have been marked by the federal government as the ‘decade of gas’ aimed to achieve actualisation of gas for all in the country for use in homes, vehicles and industries,” he said.

The federal lawmaker called for an extensive sensitisation for the use of cooking gas in various households across the country.

With Nigeria having the largest natural gas reserve in Africa and holding the 9th position in the world, Agunsoye enjoined the federal government to greatly explore the potentials of the sector.

“A nationwide sensitisation and campaign for the adoption and expansion of the use of cooking gas has been planned by the federal government,” he added, urging an immediate implementation.

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Energy

Nigerian Power Consumers Hit by Massive Overbilling, N105bn Raked by Discos

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power project

Nigerian power consumers are reeling from the impact of massive overbilling, with power distribution companies (Discos) collectively raking in N105 billion in nine months.

An analysis of the latest monthly data from January to September 2023 revealed that approximately 7.1 million unmetered electricity consumers across the nation fell victim to inflated bills.

The Nigerian Electricity Regulatory Commission (NERC), the federal agency overseeing the power sector, disclosed that the overbilling stemmed from the failure of Discos to adhere to the prescribed monthly energy caps for unmetered customers.

The overbilling issue has raised serious concerns about the financial burden on consumers and the credibility of the power distribution system.

A breakdown of the figures showed that various Discos were involved in overbilling activities, with significant discrepancies noted in the amounts charged against the estimated energy consumption.

For instance, Abuja Disco overbilled approximately 1.8 million customers by N17.9 billion, while Ikeja Disco charged 934,438 customers an excess of N20.9 billion during the review period.

The overbilling trend has prompted a swift response from NERC, which has vowed to take punitive measures against non-compliant Discos.

As part of its regulatory intervention, NERC announced plans to deduct N10.5 billion from the annual allowed revenues of the 11 Discos during the next tariff review.

Consumers, already grappling with the economic challenges, have expressed outrage over the overbilling saga.

Many have voiced concerns about the impact of excessive bills on their household budgets, calling for urgent measures to address the issue and restore transparency and fairness to electricity billing practices.

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Nigeria’s Energy Sector Set for Growth as Akpo West Field Adds 14,000 Barrels per Day

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Crude Oil

Nigeria’s energy landscape is poised for significant expansion with the imminent commencement of production at the Akpo West field, a development expected to bolster the nation’s condensate output by 14,000 barrels per day (bpd).

The Akpo West field, owned by TotalEnergies and its partners, represents a pivotal advancement in Nigeria’s energy sector, promising to enhance the country’s position in the global oil market.

TotalEnergies, in collaboration with its partners, has unveiled plans for the Akpo West field, located on Petroleum Mining Lease (PML) 2, situated 135 kilometers off the Nigerian coast.

The field is strategically positioned to leverage existing infrastructure, minimizing costs and reducing greenhouse gas emissions.

Initial estimates indicate that the project’s carbon intensity will be below 5 kg CO2e/barrel of oil equivalent, contributing to TotalEnergies’ efforts to mitigate environmental impact.

The Akpo West development is anticipated to commence by mid-2024, marking a significant milestone in Nigeria’s energy sector.

With the addition of 14,000 bpd of condensate production, Nigeria’s total condensate output is poised to witness a notable surge.

Condensate, a highly sought-after light crude oil, commands premium prices in the global market, enhancing Nigeria’s revenue potential and economic resilience.

Furthermore, the Akpo West project underscores TotalEnergies’ commitment to sustainable energy development and innovation.

By harnessing existing infrastructure and optimizing operational efficiency, the project aims to maximize production while minimizing environmental footprint.

The launch of the Akpo West field represents a transformative moment for Nigeria’s energy sector, promising growth, innovation, and enhanced global competitiveness in the realm of oil and gas production.

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Dangote Petroleum Refinery to Fuel 150,000 IPMAN Outlets Nationwide Following Successful Meeting

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Aliko Dangote - Investors King

The Dangote Petroleum Refinery is poised to supply fuel to approximately 150,000 retail outlets affiliated with the Independent Petroleum Marketers Association of Nigeria (IPMAN).

The decision follows a successful meeting between the refinery’s management and top executives from IPMAN that agreed to bolster the nation’s energy supply chain.

Key industry players, including major oil marketers such as 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc, and NNPC Retail, have already enrolled for product distribution from the state-of-the-art Dangote facility, which commenced the production of diesel and aviation fuel on January 12, 2024.

While regulatory assessments are underway before the final nod for fuel dispensing, IPMAN’s president expressed optimism about the positive impact this collaboration would have on the country.

“The meeting went well, so right now we are just expecting their reply in terms of the products that they are going to give us. They have agreed to dispense products to IPMAN members,” commented IPMAN’s president, reassuring that the Dangote Refinery, one of the largest in the world, is well-equipped to meet the nation’s consumption needs.

With the refinery’s promise to address fuel scarcity and bring products to market, IPMAN anticipates a transformative impact on Nigeria’s fuel distribution landscape, providing a potential solution to prevailing challenges in the sector.

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