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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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In line with its commitment to Nigerian Content Development, Chevron Nigeria Limited (CNL) announced it has spent a combined total of $10 billion on Nigerian suppliers and service providers in the last 10 years. Highlighting the opportunities and new approaches to the future of hydrocarbons at the 2021 Nigerian International Petroleum Summit (NIPS)…
More details: https://businessday.ng/energy/article/local-content-chevron-spends-10bn-on-nigerian-suppliers-service-providers/ The Nigeria Sovereign Investment Authority (NSIA) has signed an agreement with OCP of Morocco, for the development of a $1.4 billion plant to produce Ammonia and Diammonium Phosphate, under its Gas Industrialization Strategy.
According to the NSIA, “The Multipurpose Industrial Platform Project is a backward integration initiative which builds on the successes of the Presidential Fertilizer Initiative (PFI) and other sovereign bilateral initiatives between Nigeria and Morocco. “The project is structured to commercialize Nigeria’s vast natural gas resources and satisfy Morocco’s demand for cost-competitive Ammonia… More details through: https://www.vanguardngr.com/2021/03/nsia-signs-1-4bn-deal-with-moroccan-investors/ BUA, one of Africa’s largest conglomerates, has signed a contract to build a 285,000tonnes per annum polypropylene plant as part of its proposed grassroots BUA Refinery with Lummus Technology – a world leader in the construction of polypropylene projects, using Novolen technology. According to both parties, the scope includes the technology license for a 285,000tonnes per annum polypropylene unit as well as basic design engineering, training and services, and catalyst supply.
Speaking on the signing, Abdul Samad Rabiu, Founder/Executive Chairman of BUA said, “We are pleased to sign this polypropylene contract for our BUA Refinery and Petrochemicals project with Lummus Technology, a world leader in delivering polypropylene solutions, which will solve the increasing demand for high-performance grade p olypropylene in Nigeria, the Gulf of Guinea as well as the Sub-Saharan Africa Region. We are confident in the capacity and technical expertise of Lummus Technology to deliver a best-in-class, 285KTA polypropylene unit for our refinery project scheduled to come on stream in 2024… More details through: https://www.sunnewsonline.com/bua-lummus-technology-sign-contract-for-285000tpa-polypropylene-unit-at-refinery/ Nigeria may account for 23 percent of all oil and gas projects in Africa within the next four years, a report by GlobalData, an oil data and analytics company, has shown.
The report also indicated that over 100 oil and gas projects are set to start in Nigeria by 2025 to reduce the country’s reliance on fuel importation to meet the local demands. A breakdown of the projects, according to the report, shows that petrochemical projects will hold the highest share of new projects in Nigeria through 2025 with 28 projects, followed by 25 expected upstream oil and gas projects, 24 refinery projects, and 23 midstream projects… More details through: https://www.vanguardngr.com/2021/04/oil-gas-nigeria-to-account-for-23-of-projects-in-africa-by-2025-report/ Nigeria has sweetened the terms of a sweeping oil reform bill in a bid to attract much-needed investment to its oil industry, four people closely involved with the legislation said and a letter from oil companies, seen by Reuters, showed.
The proposed changes signal a shift by Africa’s largest oil producer and show the impact of an increasingly competitive environment in the energy business after 2020’s global oil price collapse and an expected shift to renewables. Nigeria in 2019 had fast-tracked a law to boost its take of offshore oil revenue, a move industry expert said at the time could put billions of dollars of offshore oil investments at risk… More details through: https://www.reuters.com/article/idUSKBN2C31P7 With over 186.6 trillion cubic feet of natural gas reserves, Nigeria has Africa’s largest gas reserves and accounts for about 2.8 per cent of the world’s total gas reserves. This also places the country the ninth largest globally.
According to a report on investment climate released to Daily Sun yesterday, the natural gas reserves are made of approximately 49 per cent associated and 51 per cent non-associated located offshore and on shore. “There is a gross potential of 11, 250 MW of large hydro power plants with only approximately 17 per cent harnessed. Likewise, only about 2 per cent of the resources have been harnessed. Solar radiation intensity ranged from 4.0 kWh2/day in the south to 6.5kWh/m2/day in the north. Wind speed varies between 2m/s and 4m/s across the country with the lower speed experienced in the hinterland while the higher speed is experienced in coastal areas and the far north part of the country… More details through: https://www.sunnewsonline.com/nigeria-has-africas-largest-gas-reserves-with-186-6trcf-report/ Energy firm Wärtsilä has signed a long-term optimised maintenance agreement covering power plants in three locations owned by Paras Energy, a 100 percent privately-owned Nigerian energy provider. The aim of the agreement is to ensure the plants’ continued high levels of availability, reliability and efficiency, while providing important cost predictability for future budgeting purposes…
More details through: https://businessday.ng/energy/oilandgas/article/wartsila-signs-agreement-with-paras-energy-on-gas-plant-maintenance/ To check gas flaring in the country, operators in the gas industry have been asked to leverage a $500 billion funding arrangement between the Bank of Industry (BoI) and the Bank of China (BOC) to finance the import of equipment for flare Gas capture.
The arrangement which requires the intending borrowers to advance about 25 per cent of their funding needs and import their equipment from China, is expected to check flaring activities in the country. The operators also asked the Federal Government to remove all forms of royalties on locally consumed gas, noting that Nigeria must enhance the fiscal and operational policies required to attract the right investments to realise the objectives and aspirations outlined within the nation’s Gas programmes… More details through: https://guardian.ng/energy/operators-to-leverage-500b-equipment-financing-to-check-gas-flaring/ Nigeria’s cabinet has approved $1.5 billion of spending on the modernisation of the Port Harcourt oil refinery and awarded a contract to Italy’s Tecnimont, Petroleum Minister Timipre Sylva said on Wednesday.
The project will be completed in three phases, the first within 18 months taking the refinery to 90% production capacity, with the second and final phases carried out within 24 months and 44 months respectively, Sylva told reporters in Abuja. Africa’s top oil exporter has made producing its own fuels a priority for years but efforts to revamp its refineries have failed, leaving it almost entirely reliant on imports… More details through: https://www.reuters.com/article/idUSKBN2BA10A |
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