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The Nigerian government expects the country to produce 1.88 million barrels per day of crude oil in 2022 and will use a benchmark oil price of $57 per barrel for its budget planning, according to a document approved by the Senate on Wednesday.
The Medium-Term Expenditure Framework (MTEF), a crucial part of the annual budget preparation cycle, also showed projected GDP growth of 4.2% and inflation of 13% in 2022. It gave a total federal government 2022 expenditure figure of 13.98 trillion naira ($34.01 billion) with an expected fiscal deficit of 5.62 trillion naira ($13.67 billion)… More details through: https://www.reuters.com/article/idUSL1N2QO16X
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The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC),Mr.Mele Kyari, has said that Nigeria’s oil and gas industry recorded $3 billion investment in five years.
Kyari stated this when he featured on a live television programme Good Morning Nigeria on Nigerian Television Authority(NTA) in Abuja, yesterday. Kyari said of the $50 billion global oil and investment, Nigerian was only able to attract $3 billion, assuring that the Petroleum Industry Act (PIA) will further aid the country’s investment climate as more investors will now have confidence in the sector… More details through: https://www.sunnewsonline.com/nigeria-attracts-5bn-oil-gas-investments-in-5-years/ The Nigerian National Petroleum Corporation (NNPC) and its other major partners lost over $325 million in the month of June to a combination of power failure, industrial strike actions and production shut-in due to repairs at various crude oil terminals scattered across Nigeria. In Africa’s biggest oil-producing country, NNPC runs a network of over 5,000km…
More details through: https://businessday.ng/energy/oilandgas/article/knotty-pipelines-cost-oil-companies-325m-in-1-month/ The Department of Petroleum Resources (DPR) has stated that the Nigerian Gas Transportation Network Code (NGTNC) introduced last year to guide open access transportation of natural gas, has already attracted investment proposals of over $500 million.
According to the Director, DPR, Sarki Auwalu, so far, the Department has received investment proposals for power generation, ammonia for fertilizer, domestic LNG, methanol, virtual gas pipeline systems, new gas hubs and the establishment of Nigeria gas trading exchange. Through its Nigerian Gas Flare Commercialisation Programme (NGFCP), the DPR noted that plans are ongoing to reduce gas flaring from the current single digits of eight per cent to five per cent in the country… More details through: https://guardian.ng/business-services/fg-attracts-500m-to-gas-value-chain-through-network-code/ The Federal Executive Council (FEC) has approved the award of contracts for the rehabilitation of Warri and Kaduna refineries to Messrs Saipem SPA and Saipem Contracting Limited at the combined sum of $1.484 billion.
The Minister of State, Petroleum Resources, Timipre Sylva, disclosed this Wednesday, while briefing State House reporters on the outcome of the federal cabinet meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja. According to him, Warri refinery rehabilitation got $897,678,800, while Kaduna Refinery would cost $586,902,256… More details through: https://dailytrust.com/fec-okays-1-484bn-for-kaduna-warri-refineries-repair Both chambers of Nigeria's parliament have passed a bill that overhauls nearly every aspect of the country's oil and gas production, putting a project that has been in the works for two decades one step closer to presidential sign-off.
Legislators have been hashing out details of the bill since President Muhammadu Buhari presented an initial version in September last year, but an overhaul has been in the works for some 20 years. The chambers had been expected to vote clause by clause on the more than 400-page long report, but instead quickly approved the full package… More details through: https://www.reuters.com/world/africa/nigerian-parliament-set-vote-petroleum-overhaul-bill-2021-07-01/ Nigerian billionaire Aliko Dangote’s new fertiliser plant near Lagos will export its first shipment in late June or early July, to Louisiana, while the majority of exports from the plant are expected to go to Brazil, Dangote said on Tuesday.
The new plant at the Lekki Free Zone in Lagos State, designed to manufacture 3 million tonnes of urea per year, will also be able to supply all the major markets in sub-Saharan Africa, Dangote told a virtual economic forum hosted by Qatar. “Apart from meeting the domestic demand, we are going to be able to earn quite a lot of money exporting the goods to the South American countries,” he said… More details through: https://www.reuters.com/article/idUSKCN2DY1D7 Nigeria realised $34.22 billion from the oil and gas sector in 2019, the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed in its latest audit report. The report showed the revenue was 4.88 per cent higher than the $32.63 billion realised in 2018.
The 2019 report covered 98 entities, including 88 oil and gas companies, nine government agencies and the Nigerian Liquefied Natural Gas (NLNG). A breakdown of the earnings showed that payments by the companies accounted for $18.90 billion, while flows from the government’s sales of crude oil and gas accounted for $15.32 billion… More details through: https://www.premiumtimesng.com/news/top-news/469036-nigeria-earned-34-billion-from-gas-oil-in-2019-neiti.html Lack of refining capacity in Nigeria for basic fuels and other petroleum products has left the nation dependent on the importation of lubricants, with yearly expenditure likely to exceed the $500 million benchmark going by the rally in oil prices.
Similarly, the calls for energy transition leading to a gradual switch from base oils to synthetic oils, currency devaluation and shutdown of many foreign refineries due to the COVID-19 pandemic, have impacted the importation of base oils for blending. These have led to at least 300 per cent rise in the price of lubricants from about N850 per litre to N2000 per litre. At almost $2 a litre, Nigeria’s yearly base oil demand of 300 million litres puts the nation’s foreign exchange consumption at about $500 million or N205 billion ($1: N410)… More details through: https://guardian.ng/news/lubricants-import-hits-500m-hikes-maintenance-cost-by-300/ President Muhammadu Buhari on Tuesday flagged off the Nigeria Liquefied Natural Gas (NLNG) Train 7, a project he said would help propel Nigeria as a major gas exporter and a fully industrialised nation. Project promoter, NLNG, says the project will attract $12 billion foreign direct investment.
Buhari, who lauched the project virtually during the ground breaking ceremony held in Bonny Island, Rivers State, maintained that the project would earn Nigeria more dividends and more revenue. the president stated that the company, wholly managed by Nigerians, had, all alone, contributed about one per cent of the country’s GDP… More details through: https://www.newtelegraphng.com/buhari-flags-off-12bn-nlng-train-7-ground-breaking/ |
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