BusinessDay

Beat in brief: Energy and environment

Barrels per day

TotalEnergies, an oil and gas company, said it will connect its 50,000 barrels per day Ikike oilfield to the 200,000 barrels per day Egina deep-water storage facility to increase Nigeria’s oil production.

Waste recycling

The North East Development Commission is set to build a waste recycling plant in Gombe state to engage youths in waste gathering that will reduce plastic pollution.

 

Crude oil loss

Adewale Tinubu, head of Oando, said Nigeria is losing about 20 percent of its crude oil production to oil thieves and pipeline vandals daily. Tinubu said Nigeria’s crude oil production has dropped by 43 percent from March 2020 to March 2022.

Read also: ‘Nigeria loses $10m daily to crude oil theft’

 

Solar energy

Rystad Energy, a research firm, projects that recycled solar panel materials will be worth over $2.7 billion in 2030, up from $170 million this year. This is due to the rise in installations and demand globally. However, the value of recycled solar panels is projected to reach $80 billion by 2050.

Read also: Solar panel recycling market to be worth $2.7 billion by 2030

 

Environmental conservation

The Global Environment Facility has approved $18 million in funding for Nigeria, Venezuela, Malawi and Mozambique to protect biodiversity in lowland forests and build water security and resilience. It will improve the conservation, sustainable use, and restoration of a lowland forest landscape.

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