The Federal Government on Monday disclosed that out of 7,000 oil reserves that have been discovered in the country, only 1,700 of the reserves are currently producing crude oil. The government disclosed this in Abuja through its Department of Petroleum Resources. It however, stated that measures were being put in place to produce oil from…
By Ikenna Omeje Rystad Energy has estimated the lifespan of Nigeria’s proven oil reserves to be just 5.9 years, approximately six years. While Nigeria’s proven oil reserves lifespan was estimated to be about six years, that of Saudi Arabia and the United Arab Emirates was estimated to be 17.8 and 19.4, approximately 18 years and…
By Ikenna Omeje Following the recent passage of the Petroleum Industry Bill (PIB) by the National Assembly, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has advocated for a single regulory body for the oil and gas industry in Nigeria. PENGASSAN President, Festus Osifo, stated this on Tuesday, while speaking at a…
Gas supply to Nigeria’s domestic market has more than ever, become a burning topic with the federal government’s decade of gas declaration in March 2021. With this,arguments for increased domestic demand of natural gas as a priority over exportation hold sway.Subject matter experts have said the success picture of optimal natural gas utilisation for the domestic market entails…
Daniel Terungwa The Federal Government of Nigeria is in talks with Standard Chartered Bank, London to galvanize funding for the construction of the Lagos to Calabar Coastal Rail. Standard Chattered Bank, London is ready to invest $11bn into the project, Chibuike R. Amaechi, Minister of Transportation, revealed in a recent statement. According to the Minister,…
…Reject 30 percent NNPC Ltd allocation …Expert condemn duopoly by bill in downstream sector. By Ikenna Omeje The governors of states in the southern part of Nigeria have rejected the proposed 3 per cent share to host communities in the Petroleum Industry Bill recently passed by the National Assembly.In a communique issued at the end…
By Ikenna Omeje The Shell Petroleum Development Company of Nigeria Limited has lamented the ceaseless oil theft at its Trans Niger Pipeline. The Trans Niger Pipeline transports around 180,000 barrels per day of crude oil to the Bonny Export Terminal and is part of the gas liquids evacuation infrastructure, critical for continued domestic power generation…
By Ikenna Omeje The Department of Petroleum Resources (DPR) has expressed commitment to strengthening the Nigeria’s oil and gas industry, with its plans to unveil a collaborative strategy called Maximum Economic Recovery (MER), aimed at strengthening the industry as well as ensure the sustainability of the sector. The Director of DPR, Mr. Sarki Auwalu, disclosed…
By Ikenna Omeje The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has said that energy transition is not about moving from fossil fuel to renewables, but about creating the right balance. Kyari who stated this in his keynote address at the just concluded 2021 Nigeria Oil and Gas Conference…
