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FG increases number of oil blocks for 2024 bid round

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The federal government has increased the number of oil blocks on offer in the 2024 marginal bid round.

Gbenga Komolafe, chief executive officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), spoke on Tuesday at the pre-bid conference for the 2024 licencing round in Lagos.

On May 8, NUPRC invited investors to bid for 12 oil blocks and seven deep offshore assets in the 2024 marginal bid round.

In addition to the previously disclosed 12 oil blocks available in the bid round, Komolafe said the nation has placed more oil blocks for sale.

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He said this follows the acquisition of more geological data, which resulted in the discovery of more prospective blocks — a feat achieved in partnership with multi-client partners.

Komolafe said details of the newly identified oil blocks “would be made available on the portal”.

“The newly identified blocks will be added to the pool of blocks originally scheduled for the bid exercise and their details will be made available on the bid round portal,” he said.

“In addition to these blocks, the seven deep offshore blocks from the 2022 mini-bid round exercise which cover an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m shall also be concluded along with this licensing round.”

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Komolafe expressed the commission’s determination to carry out the bid round in a transparent manner in line with section 76 (1) of the Petroleum Industry Act (PIA).

He said each bloc was picked for its potential to strengthen the nation’s reserve and economic posterity, adding that as of April, Nigeria’s oil reserve stood at 37.5 billion barrels of oil, while gas reserve was 209 trillion cubic feet (tcf).

“We are not just a regulator, but a business enabler. This bid round will enable us an unprecedented opportunity to unlock Nigeria’s vast hydrocarbon potential, attract investment and propel our nation towards greater economic prosperity and shared prosperity,” Komolafe said.

The CEO called on investors to trust their investments in the Nigerian oil sector because it is cheaper for them to conduct exploration and production of oil in the country due to the depth of the oil wells.

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“In the past the award of oil blocks culminated to the non-development of over 90 per cent of marginal fields, thus denying the federal government of reaping the intended benefits because such awards were not based on technical and financial considerations,” he said.

Going forward into the 2024 oil bid round, Komolafe said only investors with sufficient financial and technical capacity would be given consideration.

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11 DisCos collected N1.07tr revenue in 2023- NERC

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The Nigerian Electricity Regulatory Commission (NERC) on Monday, September 23, revealed that the 11 electricity Distribution Companies (DisCos) of the Nigerian Electricity Supply Industry (NESI) collected N1.07trillion in 2023.

The energy distributors, said NERC, failed to collect N385.83 billion out of the total N1.46 trillion electricity bills for the year.

This culminated in 73.64% collection efficiency in the year under review, according to the NERC document titled: “2023 Annual Report and Account.”

NERC said: “The total billings to electricity consumers by the DisCos was ₦1,463.24 billion of which only ₦1,077.51 billion was collected, leaving a total outstanding of ₦385.73 billion and corresponding to a collection efficiency of 73.64%.”

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On Market Remittances by DisCos, the report said in 2023, a total invoice of ₦858.033billion was issued to all the DisCos for energy received from NBET and for service charges by the MO, out of which a sum of ₦706.73 billion was settled by DisCos, leaving a total deficit of ₦151.30 billion in the market.

NERC said this payment translates to an overall remittance performance of 82.37%.

The report revealed that Eko and Yola DisCos had high remittance performances of 105.76% and 105.14% respectively to NBET in 2023 while Kaduna achieved the lowest remittance performance to NBET (17.59%).

NERC also said the highest remittance performances to the MO were recorded by Yola, Eko and Ikeja at 90.91%, 90.85% and 90.38% respectively while Kaduna recorded the lowest MO remittance performance of 10.75% in 2023.

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On Market Remittances by Special and Bilateral Customers, NERC said in 2023, the NESI continued to provide electricity to three international bilateral customers – i) Societe Beninoise d’Energie Electrique; ii) Compagnie Energie Electrique du Togo; iii) Societe Nigerienne d’electricite.

It noted: “Cumulatively, these 3 customers received an invoice of $53.55 million from MO and made a payment of $50.36 million.

“This corresponds to a remittance performance of 94.04%. There were nineteen (19) active domestic bilateral customers in 2023.

“Cumulatively, these customers received a total invoice of ₦10,320.84 million from MO and made a payment of ₦8,766.15million corresponding to a remittance performance of 84.94%.”

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Rivers Assembly hails court’s judgement, urges FG to Include state in flood response plan

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Four days after their victory at the Federal High Court, the Martin Amaewhule-led Rivers State House of Assembly convened its plenary session on Monday, expressing significant concern over the looming threat of flooding and its potential impact on residents.

During the session, lawmakers voiced their apprehensions and urged the National Emergency Management Agency (NEMA) and other relevant government bodies to include Rivers in their flood response strategies.

This appeal followed a motion introduced by Deputy Speaker Dumle Maol, who highlighted that the anticipated flood is linked to the Republic of Cameroon’s planned regulated release of water from the Lagdo Dam.

The motion received unanimous support from the assembly, underscoring the importance of informing constituents about the impending flood.

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Speaker Amaewhule lauded the motion’s intentions and mandated a joint committee to collaborate with NEMA, NDDC, and other government agencies to prepare for the disaster and provide aid to potential flood victims.

The joint committee, comprising the House Committee on Environment and House Committee on Emergency Relief, was expected to submit its report within a week.

Speaker Amaewhule congratulated assembly members on their recent victory at the Federal High Court and expressed confidence that the law would continue to favour them despite opposition.

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FEC approves construction of 40 houses for justices, judges in Abuja

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The Federal Executive Council (FEC) has approved the construction of 40 houses for judges and justices in the Federal Capital Territory (FCT).

Minister of the FCT, Nyesom Wike, announced this to journalists at the State House, Abuja, after the FEC meeting presided by President Bola Ahmed Tinubu.

The initiative, part of the government’s Renewed Hope Agenda, aims to provide secure and convenient accommodation for members of the judiciary.

According to Wike, the 40 residences will be constructed in the Kantampe district with 20 allocated to the FCT High Court, 10 to the Federal High Court and 10 to the Court of Appeal.

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He said the project is slated for completion within 15 months.

According to him:“Also for the importance that the President attach to the Judiciary, he finds it difficult how judges and Justices will be living in rented houses and hotels, that is not safe for our judicial officials, not convenient for them to do their work and do the President directed that the FCT through the FCDA should immediately construct 40 numbered judges and Justices quarters at Kantampe district.

“What it means is that out of these 40 FCT high courts which is like the FCT court will have 20, the federal high court Will have ten and the court of Appeal will have ten and this will be completed in fifteen months’ time.

In addition to the housing project, Wike said FEC approved several infrastructure developments to improve access to the judicial quarters.

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There are “construction of an access road from Artillery Road N11 from Mabuchi to the judges’ quarters.Development of all internal roads within the judges’ quarters.

Others are construction of an access road from Ring Road 1-N16 Shehu Shagari Way to the judges’ quarters and development of roads connecting to the Court of Appeal Abuja division.

He said these approvals are part of a larger infrastructure push in the FCT, which includes the development of over 75 kilometers of roads in satellite towns across Kwali, Gwagwalada, and Bwari area councils.

The Minister said the government aims to complete these projects by December.

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Wike also announced the termination of a previous contract for the development of Maitama 2, citing delays and lack of progress.

He said a new procurement process will be initiated to ensure the area’s development, potentially addressing housing deficits in the capital.

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