General
Wale Tinubu to Discuss Importance of Local Content in Oando’s Operations
By Adedapo Adesanya
The chief executive of Oando Plc, Mr Wale Tinubu, has been scheduled to speak to some energy stakeholders in Africa on how the company has been able to record milestones with local experts..
He will also discuss expectations after the firm’s acquisition of Italian multinational Eni’s onshore assets in Nigeria at the December MSGBC Oil, Gas & Power 2024 conference in Dakar, Senegal.
Earlier this month, Oando completed its acquisition of Eni subsidiary Nigerian Agip Oil Company – which holds interests in onshore OMLs 60, 61, 62 and 63, as well as the Brass LNG terminal – transforming the company into one of Nigeria’s largest oil producers and doubling its reserves to 996 million barrels of oil equivalent.
Before the acquisition, the company’s upstream subsidiary Oando Energy Resources held assets on- and offshore in Nigeria and the Exclusive Economic Zone of São Tomé and Príncipe, with a portfolio encompassing 14 licenses in exploration, development and production of oil and gas concessions.
Amid global energy transition pressures, Oando has advocated the sustainable extraction of Nigeria’s 37 billion barrels of crude oil and more than 200 trillion cubic feet of natural gas to drive socioeconomic development and industrialization.
According to a statement, at MSGBC Oil, Gas & Power 2024, Mr Tinubu is expected to discuss Oando’s latest acquisition and investment strategy, focusing on integrating just transition principles and technologies and ensuring local value creation.
This perspective is particularly relevant for Senegal and Mauritania, which anticipate first gas production from the Grande Tortue Ahmeyim offshore field later this year and seek to balance resource development with sustainable growth.
Additionally, Mr Tinubu will emphasize the importance of local content in Oando’s operations, showcasing the company’s commitment to building local expertise, creating jobs and ensuring that economic benefits are retained within the region.
With a diverse asset portfolio, Oando exemplifies local capacity building and has evolved into one of the leading indigenous operators on the continent, leveraging the recent wave of IOC divestitures to play a more dominant role in Nigeria’s upstream sector.
The Event & Project Director at Energy Capital & Power, Ms Sandra Jeque, while speaking ahead of the programme, said, “MSGBC Oil, Gas & Power 2024 provides Oando with the platform to showcase its investment strategy – including its historic acquisition of Eni’s onshore Nigerian portfolio – as a leading African indigenous explorer.
“We welcome Adewale Tinubu in opening up dialogue and promoting a collaborative, cross-border approach to harnessing extractive resources, sharing best practices and achieving long-term energy security within the region.”
General
Watt Renewable Secures $15m Loan for Hybrid Solar Power Plants in Nigeria
By Dipo Olowookere
A $15 million debt facility has been obtained by Watt Renewable Corporation from the AfriGreen Debt Impact Fund to finance hybrid solar power plants to be built and operated by the former, especially in Nigeria.
WATT intends to use the projects to serve commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors.
By integrating solar hybrid solutions, the firm aims to significantly reduce diesel consumption and CO2 emissions, enabling its clients to achieve substantial energy cost savings while promoting environmental sustainability.
As a pioneer in renewable energy solutions, WATT continues to drive innovation in Nigeria’s energy sector.
The company’s robust roll-out plan includes deploying hundreds of hybrid solar power sites nationwide to meet the growing energy demands of commercial & industrial clients.
This strategic expansion aligns with WATT’s vision to revolutionize energy access across Africa, enabling sustainable development and reducing reliance on fossil fuels.
The funds from AfriGreen provide the critical capital needed to accelerate WATT’s ambitious projects, strengthening its market position and empowering businesses with reliable and affordable energy solutions.
Business Post gathered that to mitigate the currency risk for WATT in the event of devaluation of the Nigerian Naira, AfriGreen is offering a local currency facility that matches the payment structure of the power purchase agreements.
“We are thrilled to partner with AFRIGREEN on this transformative journey to expand reliable and sustainable energy solutions across Africa.
“With this support, it enables us to accelerate our shared mission of providing hybrid solar power to businesses, reducing carbon emissions, and supporting economic growth while enhancing energy security for our clients,” the Managing Director of WATT, Mr Oluwole Eweje, said.
“We are delighted to support WATT in rolling out hundreds of hybrid sites across the country.
“This represents another key transaction for AFRIGREEN in Nigeria. The combination of high energy prices, good solar irradiation, and strong demand from industrial and commercial energy users makes this market particularly attractive for companies like WATT.
“By leveraging these favourable market conditions alongside WATT’s exceptional operational performance and a well-structured financing solution, we are setting the stage for a strong and lasting business partnership,” the Managing Director of AfriGreen, Mr Alexandre Gilles, stated.
General
NMDPRA Denies Restricting Gas Supply to Gencos
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has denied issuing a directive that gas supply to power generating companies (GenCos) be halted.
In a statement on Wednesday, the authority also denied instructing wholesale gas suppliers to stop further supply of gas to companies due to failure in payment obligations.
The NMDPRA described reports stating that it has directed the stoppage of gas supply to GenCos over N2 trillion debt as “false and completely unfounded”.
“It has absolutely no bearing on the information shared at a recent stakeholders’ engagement held in Lagos between the Authority, the OPTS, IPPG and other stakeholders in the oil and gas industry,” the NMDPRA said.
“The purpose of the engagement was to sensitise stakeholders on the requirements, opportunities and benefits associated with the implementation of the wholesale supply license as provided by sections 142 and 197 of the Petroleum Industry Act (PIA) 2021.
“It was a follow-up to an earlier stakeholder engagement held at the NMDPRA corporate headquarters in Abuja on November 27, 2024.
“The Authority wishes to reassure all our stakeholders and indeed the general public that at no time was the false statement made at that event and anywhere else, and are advised to completely disregard the publication as every effort is being made to ensure that the supply and distribution of natural gas and petroleum products to end users is seamless and unabated as we head into the festive season and indeed all through the coming year 2025.”
Recall that Nigeria’s national grid experienced another collapse on Wednesday, the 11th time in 2024 as Gencos couldn’t generate enough power, compounding issues facing the Nigerian power sector.
This was the first time in over a month as the last time the nation witnessed a nationwide shutdown in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
General
Power Outage in Nigeria as National Grid Collapses
By Aduragbemi Omiyale
Nigeria is currently experience a cut in power supply after the national grid collapsed for the 11th time in 2024.
This is the first time in over a month as the last time the nation witnessed a nationwide shut down in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
However, just when Nigerians were thinking they will not witnessed another national grid collapse in the year, it issue reared its ugly head again.
On Wednesday afternoon, most of the energy distribution companies suffered power outage, prompting them to inform their customers of the situation.
One of the DisCos, Ikeja Electric Plc, in a message to electricity consumers under its franchise area, said, “Please be informed that we experienced a system outage today, December 11, 2024, at about 13:32 hours affecting supply within our network.
“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us.”
Recall that on Tuesday, in a report, Google listed national grid as one of the top trending searches by Nigerians this year.
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