|
The Organization of Petroleum Exporting Countries (OPEC) has said Africa’s proven oil reserves reached 126 billion barrels in 2019, with Nigeria having 36.9bn, which is about 29 per cent of the continent’s total reserves.
OPEC Secretary General, Mohammad Sanusi Barkindo, stated this at the African Energy Week (AEW) 2021 in Cape Town, South Africa, where he also spoke about a bright look for Africa. “Africa’s potential refining capacity is expected to start increasing in 2022 at just below 0.4 million barrels per day (mb/d0, before reaching just above 1mb/d in 2026. Many of these projects will involve petrochemical integration… More details through: https://dailytrust.com/nigeria-holds-29-africas-total-oil-reserve-opec
0 Comments
Global energy giant Shell has unveiled a new business line in Nigeria to expand natural gas marketing and sales. This is to meet the rapidly growing energy needs of wholesale customers and provide more and cleaner energy solutions in the country.
“In line with the Federal Government’s ‘decade of gas’ initiative, Shell Energy Nigeria will strive to deliver gas-based energy solutions to a broad range of businesses across the country to help drive economic development and deliver greater value from the country’s natural resources,” said the General Manager of Shell Energy Nigeria, Markus Hector, in a statement… More details through: https://dailytrust.com/shell-unveils-new-energy-business-in-nigeria 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 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 |
Categories
All
Archives
January 2022
News Archive from before July 2018
|
RSS Feed