Tuesday, August 31, 2010

Nigeria May Give Brazil Access to Oil, Gas Deposits Under Hydropower Deal

(Brazil is also involved in Mozambique's Mphanda Nkuwa project.)

Nigeria May Give Brazil Access to Oil, Gas Deposits Under Hydropower
By Paul Okolo - Aug 31, 2010 5:05 AM PT Tue Aug 31 12:05:47 GMT 2010


Nigeria, Africa�s top oil producer, may grant Brazil access to its oil
and gas industry in return for the South American country�s
participation in two hydropower projects, the Nigerian vice president

Brazil has expressed interest in completing the development of the
Zungeru hydropower plant and financing the Mambilla hydropower project
under a partnership that would allow the country to help develop
Nigeria�s power industry, Namadi Sambo said in a statement on the
presidency�s website.

The cooperation is a �welcome idea� because Brazil has comparative
advantage in hydro-electric power generation, renewable energy and
deepwater exploration of crude, said the statement dated yesterday.

Nigeria, which with more than 140 million people is Africa�s most
populous nation, failed to meet a December 2009 deadline to double
electricity output to 6,000 megawatts, a situation that leads to daily
power cuts in most parts of the country.

The Mambilla project in the country�s northeastern state of Taraba
will generate 2,600 megawatts when completed, Abuja-based Daily Trust
quoted Nuhu Wya, minister of state for power, as saying on June 30.
Zungeru, in north central Niger state, has capacity for 32 MW,
according to the newspaper.

President Goodluck Jonathan announced a plan on Aug. 26 to expand
power generation through private investment. The program includes
selling 11 distribution companies created out of Power Holding Co. of
Nigeria, the state-owned utility, and allowing private companies to
set up power plants using natural gas, hydro-electric dams and coal-
powered stations.

The government of the West African nation wants to boost generation to
14,019 MW by 2013, Barth Nnaji, the president�s adviser on power, said
on Aug. 17.

To contact the reporter on this story: Paul Okolo in Abuja at pokolo@bloomberg.net

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