Gas

Solo Oil acquires 10 per cent interest in Helium One

Solo Oil have acquired a 10 per cent stake in Helium One for a total consideration of GDP£2.55mn (US$3.17mn)

NNPC to invest US$15bn into 4000MW gas power plants

NNPC announced on 20 March, that it would be investing US$15bn into Nigerias energy market. Over the next decade, this would amount to around 4000MW of extra power being generated

The Nigerian National Petroleum Corporation (NNPC) announced that it would invest around US$15bn to build gas-based power plants in the West African country, contributing 4,000MW over the next decade.

The NNPC said that three power plants would have a combined output capacity of 3100MW, and would be built in Abuja, Kaduna and Kano. This coincides with the Abuja-Kaduna-Kano (AKK) route of the gas pipeline which is currently under construction.

The Corporation’s Chief Operating Officer for Gas and Power, Mr Saidu Mohammed, said the corporation would achieve this by building independent power plants over the next three to ten years.

He said that the power plants, which would be built with Joint Venture Companies, international power companies and Nigerian investors, would be structured after the Nigerian Liquefied Natural Gas business model.

“Power generation is a big business. As at today, NNPC has interest in two power plants, one in Okpai, Delta State and the other in Afam, Rivers State.

“Both were built by joint ventures with Nigerian Agip Oil Company and Shell Petroleum Development Company.

“These two power plants collectively generate up to 1,000 megawatts and they are the most reliable and cheapest source of power to the national grid in Nigeria today,” Mohammed said.

Mohammed said in order to make up the 4,000 megawatts, plans were underway to build Okpai Phase 2, Obite and Agura power plants to boost power generation in the country.