The Nigerian National Petroleum Corporation (NNPC) has expressed its plans to deepen gas development, adding that it had begun the process to diversify its portfolio beyond oil assets to hedge future crisis and align with global energy transition. The oil firm noted that the country’s huge unharnessed gas resources as well as condensate could provide…
by Mordi chukwunonso Esther THE Major Oil Marketers Association of Nigeria (MOMAN) says the Federal Government needs the support of the private sector, to successfully implement the National Gas Policy aimed at deepening gas utilisation in Nigeria. Mr Tunji Oyebanji, Chairman, MOMAN, told the News Agency of Nigeria (NAN) on Monday in Lagos that the…
By Mordi Chukwunonso Esther On the current marginal field bid round which 161 companies have been shortlisted for the final stage by the Department of Petroleum Resources (DPR), Federal Government is to earn about N7.9 billion. The DPR had announced on June 1, 2020 the start of the 2020 Marginal Field Bid Round, which ‘is…
By Mordi chukwunonso Esther Youths from Southern Ijaw Local Government Area of Bayelsa State have expressed hope for job opportunities ahead of oil production in OML83 and OML85 by First Exploration and Production. The youths, mainly from Koluama communities, also commended First E&P for the successful development of Oil Mining Leases 83 and 85, to…
By Mordi Chukwunonso Esther Nigeria has agreed to voluntarily cut its daily crude oil production by 939,000 barrels between January and March. This is according to a voluntary production cuts document published by the Organisation of Petroleum Exporting Countries (OPEC). Full compliance with the cuts means that Nigeria’s daily production will be 1.51 million barrels…
By Ikenna Omeje Total Exploration and Production Nigeria Limited has said it will restart the Preowei field development project, which was suspended in 2020, this year, if conditions allow, including the passage of a business friendly Petroleum Industry Bill (PIB) into law. Preowei field, which is a deepwater hydrocarbon pool located north of the Egina…
By Ikenna Omeje All On and the US African Development Foundation (USADF), on Tuesday, announced the emergence of nine wholly African-owned enterprises as finalists for the $100,000 2020 Nigeria Off-Grid Energy Challenge. The winners of the third edition of the Challenge are Allbase Global Technology, Ashdam Solar Company, Covenant Plus Engineering, Green Acres Microfinance Bank,…
Daniel Terungwa The United Nations Conference on Trade and Development (UNCTAD) has said that the volume of global maritime trade is projected to recover in 2021 and expand by 4.8 per cent. UNCTAD In its Review of Maritime Transport 2020, said the recovery is, however, faced with uncertainty as many factors can “significantly influence the…
Daniel Terungwa Liqhobong mine has received a boost after its diamonds’ value doubled on the global market having performed sluggishly earlier this year on the back of the Covid-19 pandemic. November trial sales saw the average price of the mine’s diamonds doubling from US$40 per carat to US$84. The mine’s declining market performance had forced…
Daniel Terungwa Zimbabwe’s gold deliveries continued to decline in 2020 dropping by 31 percent to 19,052 tonnes due to a host of reasons including smuggling and subdued performance by producers in the sector. This is according to official figures from Fidelity Printers and Refiners (FPR), Zimbabwe’s exclusive buyer of gold, which show that deliveries declined…