The Premium Grid model, developed the Nigerian Energy Support Programme (NESP),combines franchising projects and embedded generation in ring-fenced areas for supplying reliable 24/7 electricity to customers.
NAEC ,therefore, recommends that NNPCL should ensure a transparent subsidy system that will allow the supply figures and cost templates that provide basis for subsidy claims to be verifiable.
He noted that the the Mini Bid Round is a market-driven programme expected to outperform the last bid round which held in April 2007 during which a total of 45 blocks were put on offer under a different regulatory regime (the Petroleum Act, 1969).
It said the discovery was in continuation of its oil exploration activities in the country’s inland basins, adding that it would spud the first oil well in Nasarawa State in March 2023.
A dedicated programme portal (br.nuprc.gov.ng) for the Mini Bid Round has been published by NUPRC which provides details of the bid round process, including the registration and prequalification requirements, and detailed guidelines for applicants.
“We have partnered with credible investors to develop critical projects in the sector to take Nigeria towards the goal. It is worthy of note that 70 percent of our investments are on gas-based activities, especially midstream and downstream gas. Our investments underscore the importance of gas to Nigeria’s economic sustainability, apart from its role in the energy transition,” he said.
The amicable settlement was reached last week by the parties with Lekoil Limited agreeing to terminate all legal proceedings and settle all claims made by or between the relevant participants.
While acknowledging some teething challenges experienced by the NSDP scholarship scheme in the earlier Phases, the NIMASA DG noted that all grey areas have been addressed to ensure a better deal for both beneficiaries and the Nigerian Government.
Adeosun who was speaking at the quarterly webinar workshop organized for Energy Editors and correspondents, noted that as a country, Nigeria must begin the process of price deregulation to reduce this inefficient subsidy.
The parties have been in dispute since early 2020 in connection with a number of matters including the rights of Lekoil Cayman under the shareholders agreement in respect of the Company, the various inter- company loans granted by Lekoil Cayman to Lekoil Nigeria and its related entities.
Chief Executive Officer, Transafam Power Limited, Engr. Vincent Ozoude, expressed delight about the newly rehabilitated unit, which is able to power up to 100,000 homes in a year.
According to the Acting Head of Corporate Communications Ikeja Electric, Kingsley Okotie, the reconnection of Friesland Campina back to the grid was achieved through relentless effort of the Business Optimization team of Ikeja Electric.
The project, according to a statement, is in keeping with Egbin Power’s commitment to enhancing infrastructure development, socio-economic growth, and effective policing to promote safety and security in the company’s host communities.
