Monday 31 October 2016

BENEFITS OF EXXONMOBIL OIL DISCOVERY TO TAKE 5 YEARS


It will take a minimum of five years for Nigeria to start reaping the benefits of ExxonMobil’s one billion-barrel crude oil discovery which was announced 27 October. Industry sources cite unresolved fiscal, regulatory and governance issues, cash call debts and inferior economics of developing new finds in a low oil price environment as key obstacles.


FG TO ESTABLISH SPECIALISED PETROLEUM FORCE TO TACKLE MILITANCY


As part of its 2017 target to ensure zero militancy and drastic reduction of violence in the Niger Delta, which affect Nigeria’s oil production, the federal government has indicated that it would set up a specialised petroleum force, comprising coastal patrol teams, Niger Delta subsidiary police, and other paramilitary set-ups.

Read more @ Thisday Online

Friday 28 October 2016

NNPC, TOTAL TO CONSIDER LIFTING OIL THROUGH RAIL

PHOTO: planwashington.orgThe Nigerian National Petroleum Corporation (NNPC) and Total Nigeria Plc are considering the movement of petroleum products through the rail system in other to reduce the cost of transportation.

This, they believed, is possible if plans by government to overhaul the rail sector becomes realistic.

Read more @ Guardian

SENATE BEGINS DEBATE ON PIB NEXT WEEK

Nigerian Senate. PHOTO:nta.ngThe Senate will next week begin deliberations on the Petroleum Industry (Governance) Bill otherwise known as PIB.

According to the notice paper of the upper chamber of the National Assembly, the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) will also be considered on Wednesday in accordance with the Fiscal Responsibility Act 2007.

Read more @ Guardian NG

EXXONMOBIL DISCOVERS ONE BILLION BARRELS OF OIL IN NIGERIA

Barely a week after it sold its downstream subsidiary in Nigeria, United States’ oil giant, ExxonMobil Corporation, has announced the discovery of up to one billion barrels of oil reserves in the Owowo field, offshore Nigeria.

The development is a boost to Nigeria’s efforts to increase her crude oil reserves from the current 36 billion barrels to 40 billion barrels target, which was set for 2010 but could not be achieved as a result of lack of investment in exploratory activities

Read more @ Thisdaylive

NNPC, TOTAL TO CONSIDER LIFTING OIL THROUGH RAIL

PHOTO: planwashington.orgThe Nigerian National Petroleum Corporation (NNPC) and Total Nigeria Plc are considering the movement of petroleum products through the rail system in other to reduce the cost of transportation.

This, they believed, is possible if plans by government to overhaul the rail sector becomes realistic.

Read more @ Guardian NG

Thursday 27 October 2016

NUPENG GIVES FG 21-DAY ULTIMATUM OVER JOB LOSSES

The Nigeria Union of Petroleum and Natural Gas Workers on Wednesday issued a 21-day ultimatum to the Federal Government to prevail on International Oil Companies operating in the country to stop mass retrenchment of oil workers.
 
The National President of NUPENG, Mr Igwe Achese, stated this at the end of a meeting of the union’s Central Working Committee held in Effurun, Uvwie Local Government Area of Delta State.
 

RECESSION: CHEVRON, MOBIL, OTHER IOCS STYLISHLY SACK 3,000 WORKERS

The workforce in Nigeria’s oil industry has been depleted by 3,000 employees following the sack of personnel by firms in the industry, two oil unions have said. The mass sacks, it was gathered, resulted from the economic recession in the country.

Some of the companies that laid off their staff are Chevron, ExxonMobil, Pan Ocean, Sapiem, and Hercules Oil and Gas Ltd.

Read more @ the Business Dispatch

SENATE COMMITTEE BACKS NLNG TRAIN 7 PROJECT

The Chairman, Senate Committee on Gas, Senator Bassey Akpan, has pledged the support of the committee to the proposed Train 7 expansion project of the Nigerian LNG Limited. Akpan stated this when he led members of the committee on an oversight visit to the NLNG facility in Bonny.
 
A statement signed by the General Manager, External Relations, NLNG, Dr. Kudo Eresia-Eke, quoted Akpan as saying the committee would do all within its power to sustain the NLNG legacy and encourage the entrenchment of its business model in other sectors of the economy.
 

Wednesday 26 October 2016

OIL EXPORT: JUDGE REFUSES TO BAR JOURNALISTS FROM COVERING FG’S SUIT AGAINST TOTAL

A Federal High Court in Lagos on Tuesday dismissed an application to bar journalists from covering the case of alleged illegal oil export filed by the Federal Government against Total E&P Nig. Plc.

The federal government sued Total E&P Nig. Plc, alleging that the oil company under-declared the volume of crude oil it shipped out of the country between January 2011 and December 2014.
 

 

TOTAL PARTNERS FIRM ON EMPLOYEE ENGAGEMENT

Total Nigeria Plc in partnership with Kasher Consulting organised the third edition of “Total Job Shado” at the Kaduna Blending Plant and Kaduna Sales Office simultaneously.

According to a statement from Total, the programme is an employee engagement activity designed to increase career awareness among senior secondary school students and to help model students’ behavior through examples set by employees who serve as their mentors.

Read more @ Guardian NG

CHINA FINE-TUNES OIL DEALS WITH FG, SEEKS SOVEREIGN GUARANTEE ON INVESTMENTS

China Fine-tunes Oil Deals with FG, Seeks Sovereign Guarantee on InvestmentsNigeria and China on Tuesday began to put finishing touches to the multi-billion dollar oil deals both countries had initiated, and which will see Chinese firms invest heavily in Nigeria’s energy sector.
 
But while the terms in the business deals are being worked out, the firms have indicated that they would be requesting a sovereign guarantee from the Nigerian government to back their planned investment on pipeline construction.
 

Tuesday 25 October 2016

ANALYSTS PREDICT MIXED FORTUNES AS NIGERIAN DOWNSTREAM SECTOR DIVESTMENT INCREASES

Analysts predict mixed fortunes as Nigerian downstream sector divestment increasesAnalysts are adducing different reasons for the recent divestments in the downstream sector of the Nigerian oil and gas industry. Shortly after details filtered in that Nipco Investments Limited is buying 60 percent stake in ExxonMobil’s downstream operations, industry operators confirm a media report that Total Nigeria has already received over a dozen interests for its downstream assets. Analysts say possible reasons for these divestments could be due to harsh operating environment in the downstream sector compounded by slump in crude oil prices.

HIGH EXPECTATIONS DOG BUHARI’S LAUNCH OF NNPC ROADMAP

*NNPC Towers.Ahead of Thursday’s launch of Nigerian National Petroleum Corporation, NNPC Seven Point Roadmap agenda for the country’s petroleum industry by President Muhammadu Buhari, there are high expectations among investors and industry players as they anticipate milestone incentives.

One of the incentive operators are anticipating in the Seven Point Roadmap document is to define NNPC role in the industry. If NNPC ends up being a regulator, some operators argued that foreign investors are willing to buy NNPC stake in Joint Venture operators.

Read more @ SweetCrude Reports

FUEL IMPORTS’LL REDUCE BY 60% IN 2018 – KACHIKWU

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the reforms embarked upon by the government are targeted at cutting petroleum products’ importation by at least 60 per cent by 2018 and thereafter position the country for net export by 2019.
 
The minister, who said this in Lagos on Monday at the 10th Oil Trading and Logistics Africa Downstream Expo, stressed the need to fully liberalise and deregulate the midstream and downstream sub-sectors such that the open market prices of petroleum products would be cost-reflective and market-driven.
 

Monday 24 October 2016

HOW $15B NIGERIA-INDIA DEAL WILL TACKLE FOREX CRISIS

The Minister of State for Pretroleum Resources Emmanuel Ibe Kachikwu PHOTO: TWITTER/NNPCThe Nigeria-India upfront oil payment deal will help the Federal Government to tackle the foreign exchange (forex) crisis in the country.The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, initiated the deal during a three-day working visit to India.

In an exclusive interview with The Guardian in August, the minister had disclosed his intention to search for a market, particularly in Asia and other oil-consuming nations, with a view to shoring up the naira, while guaranteeing revenue to the government.

Read more @ The Guardian

FORCE MAJEURE ON BONNY, FORCADOS CRUDE OIL TERMINALS SLASHES SEPT. REVENUES

ForcadosDeclining oil production and export volumes due to militancy and large-scale crude theft cut the Nigerian government’s gross revenue in September by about 12% from August to N279.75 billion ($8 billion), the finance ministry said Friday.
The ministry said that despite the rally in global oil prices averaging $48.43/b in June, Nigeria’s export volume declined by 1.15 million barrels in that month, resulting in a $46.52 million drop in oil export sales for the government.

EIGHT MONTHS OF FORCADOS SHUTDOWN COST NIGERIA N689BN

Trans Forcados pipelineThe country has lost at least N689bn to the suspension of exports of Forcados, one of the nation’s largest crude oil grades, since February.
Friday, October 21, 2016 marked exactly eight months that Shell declared force majeure on the export of Forcados.

Thursday 20 October 2016

INVESTORS EARN FIRST INCOME FROM LAGOS OIL SALE

Following the sale of the first oil production from Aje field, partners in the Oil Mining Lease 113 offshore Lagos, where the field is located, have earned their first income.
 
A top official of one of the partners disclosed this in a telephone interview with our correspondent on Wednesday, saying the second sale would be done before the end of the year.
 

NIGERIA, OTHERS RACE TO MEET INDIA’S SURGING OIL APPETITE

Nigeria, others race to meet India’s surging oil appetiteNigeria, Russia, Iran and Argentina are locked in a contest to capi- talise on India’s rising oil demand which has seen the South Asian nation import 18.81 metric tons (about 4.45mil- lion barrels a day) of crude oil since August, an increase of about 10 percent over last year’s volume.

Read more @ BusinessDay

OPEC, UN HARP ON ECONOMIC DIVERSIFICATION OF OIL PRODUCERS

Sanusi BarkindoUnited Nations Framework Convention on Climate Change (UNFCCC) and Organisation of Petroleum the Exporting Countries (OPEC) has identified economic diversification as the leeway for building economic resilience.

Both UNFCCC and OPEC have therefore agreed to explore all available capacities, which can assist member countries in diversifying their economies and achieving transition of work force.

Read more @ Guardian NG

Wednesday 19 October 2016

NEITI MAY RETAIN PART OF RECOVERED REVENUE TO BRIDGE FUNDING GAP

Executive Secretary, NEITI, Waziri AdioThere are indications that the law establishing the Nigeria Extractive Industries Transparency Initiative (NEITI), may be amended to enable the Agency retain certain percentage of recovered revenues from extractive companies to bridge its funding gap.

This was disclosed by the Chairman of Senate Committee on Petroleum Resources (Upstream), Tayo Alasoadura, in Abuja, when he led the committee to the NEITI Secretariat on oversight function.

Read more @ Guardian NG

CRUDE OIL PRICES LOOKING FOR DIRECTION AMIDST OPPOSING FORCES

CRUDE OIL PRICES LOOKING FOR DIRECTION AMIDST OPPOSING FORCES Crude oil prices have recovered slightly since September 27, after the Organization of the Petroleum Exporting Countries (OPEC) announced its first planned output cut to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in order to rein in a global supply glut that forced crude to crash from over $100. Despite OPEC's expressed desire to cut output, latest report show the cartel's September production output at eight-year high of 33.24 million bpd.

Read more @ BusinessDay

OIL AT $52 WILL HELP ECONOMIC RECOVERY - REWANE, OTHERS

crude oilAs the global crude oil benchmark continued to trade above the $50 per barrel mark on Tuesday, economic and energy experts said the price rally would help soften the recession rocking the country and support economic recovery.
 
They, however, described as more important the need to ramp up the nation’s crude oil production, which has been significantly disrupted by the recent upsurge in militant attacks in the Niger Delta.
 

Tuesday 18 October 2016

RESPITE FOR CASH STRAPPED OIL FIRMS, BANKS AS FORCADOS RESTARTS

RESPITE FOR CASH STRAPPED OIL FIRMS, BANKS AS FORCADOS RESTARTS There could be a return to the better days for Nigerian oil producing companies that are neck deep in debt obligations to the banks, following confirmation that crude will start to flow in the Forcados terminals that had hitherto been disrupted by militant attacks in the Niger Delta region.

This will bring relief to the oil companies which had suffered operational and revenue shortfalls and had to lay off staff. It will likewise set up royalty payments accruing to the Federal Government from the oil companies, as well as increase government's earnings from crude.

Read more @ BusinessDay

WHY NEITI WANTS PRESIDENT BUHARI TO JETTISON PIB

Why NEITI wants President Buhari to jettison PIB In this report, the Nigerian Extractive Industries Transparency Industry (NEITI) called on President Muhammadu Buhari to take full charge of enacting a new law for the petroleum sector. According to the agency, the failure of Nigeria to pass an over-arching law for the petroleum sector after repeated attempts continue to accumulate huge costs for the country, estimated at more than $200 billion.

Read more @ BusinessDay

REPRIEVE FOR OIL/GAS SECTOR AS KACHIKWU SEALS $15BN INVESTMENT DEAL

Reprieve for oil/gas sector as Kachikwu seals $15bn investment deal As part of the efforts to reinvigorate the Nigerian oil and gas sector, especially upstream, Nigeria has negotiated a $15 billion investment deal with some India public sector companies for crude oil purchase. Ibe Kachikwu, minister of state for petroleum, who is currently in India for a business visit, did the negotiation on behalf on the country

Read more @ BusinessDay

Monday 17 October 2016

EGINA-UFR PROJECT: NNPC SEEKS NCDMB COLLABORATION TO SHORTEN CONTRACTING CYCLE

NNPCFollowing the huge success recorded by Saipem Contracting Nigerian Limited (SNCL) on the Egina Umbilicals, Flowlines, Risers (UFR), Offloading Systems and Offshore Works project, in terms of employment generation and Nigerian content development, the Nigerian National Petroleum Corporation (NNPC) has called for more support and collaboration from the Nigeria Content Development and Monitoring Board (NCDMB) to shorten contracting cycle to six months.

Read more @ Guardian

COURT RESTRAINS NPDC, NNPC FROM TERMINATING AGREEMENT WITH ATLANTIC ENERGY

COURT RESTRAINS NPDC, NNPC FROM TERMINATING AGREEMENT WITH ATLANTIC ENERGYA Federal High Court in Abuja has restrained the Nigerian Petroleum Development Company Limited (NPDC) and Nigerian National Petroleum Corporation (NNPC) from taking any step in terminating agreement they have with Atlantic Energy Drilling Concepts Nigeria Limited and Atlantic Energy Brass Development Limited owned by businessman, Jide Omokore, in respect of the Oil Mining Leases (OMLs) 26, 30, 44 and 42 (Forcados assets) and OMLs 60, 61, 62 and 63 Brass assets).
 

NNPC BEGINS OIL EXPLORATION IN BAUCHI

The Nigerian National Petroleum Corporation and a Chinese company, Bureau for Geophysical Corporation, have begun mobilising to Alkakeri, Darazo, Misau in Bauchi State to commence the drilling of oil wells in the coming months.
 
The exploration is expected to bring employment and other economic opportunities to the state.

Read more @ Punch NG

Friday 14 October 2016

NIGERIA’S CRUDE OIL PRODUCTION RISES BY 280,700 BPD

Crude Oil ProductionNigeria’s crude oil production has increased by 280, 700 barrels per day (bpd) from the 1.104 million bpd recorded in August to 1.385 million bpd in September.

The Organisation of the Petroleum Exporting Countries (OPEC), which made this known in its monthly oil market report released on Wednesday without giving further details, said crude oil production averaged 33.39 mbpd in September, an increase of 0.22 mbpd over the previous month.

Read more @ Guardian NG

NNPC TO RESUME OIL EXPLORATION IN BAUCHI, GOMBE

The Group Managing Director of NNPC, Maikanti Baru PHOTO: TWITTER/NNPCThe Nigerian National Petroleum Corporation (NNPC) has concluded plans to move heavy equipment to Bauchi and Gombe States preparatory to oil exploration, said Group Managing Director Maikanti Baru.

The NNPC boss, who was received by senior officials of the corporation and the Bauchi State Chief of Staff, Audu Sule Katagum, said his mission to both states was to sensitise people on the forthcoming activity

Read more @ Guardian NG

NIGERIA LOSES N2TRN ANNUALLY TO CRUDE LIFTING BY FOREIGN VESSELS

crude oil tankers marketThe Ship Owners Association of Nigeria, SOAN, and the Nigerian Ship Owners Association, NISA, say about N2 trillion is lost annually by allowing foreign carriers to exercise dominance over the carriage of 150 million of Nigerian cargo, including crude and products, according Shipping Position Daily.

They attributed the loss by NIgeria to the Nigerian National Petroleum Corporation, NNPC’s, exclusive use of foreign shipping companies for transporting the Nigerian crude, which is sold on Free-on-board, FOB, rather than on Cost, Insurance and Freight, CIS.
 

Thursday 13 October 2016

OIL PRICES SLUMP 1% AS OPEC'S OUTPUT HITS EIGHT-MONTH HIGH

Oil prices fell about one per cent wednesday after the Organisation of Petroleum Exporting Countries (OPEC) reported its September oil output at eight-year highs in its monthly Oil Market Report (OMR), thus eroding optimism over the carte’s pledge to bring a global crude oil glut under control.
 
This is coming as energy ministers from Qatar, the United Arab Emirates, Algeria, Venezuela and Russia yesterday began informal closed-door talks with the Secretary General of OPEC, Mr. Mohammed Barkindo, in Istanbul, Turkey, as part of the coordinated efforts to rebalance the oil market.
 

NIGERIA'S OIL OUTPUT FALLS BELOW MARKET ESTIMATE

crude oil The crude oil production figure provided by Nigeria to the Organisation of Petroleum Exporting Countries for last month was 139,000 barrels per day lower than the estimate from secondary sources.
 
Nigeria, which lost the Africa’s top oil producer status in March, produced less crude oil than its rival, Angola, in September, according to OPEC.
 

Wednesday 12 October 2016

OPEC STRESSES IMPORTANCE OF CRUDE OIL PRODUCTION FREEZE

Sanusi BarkindoThe Orgaisation of the Petroleum Exporting Countries (OPEC) has said that the agreement by member countries to settle for out put freeze underlines the organisation’s continued commitment to a ‘sustainable stability’ in oil markets.

This it said would be for the mutual interests of producing nations, efficient and secure supplies to consumers and with a fair return on invested capital for all producers


Read more @ Guardian NG

GAS SUPPLY SHORTAGE WORSENS AS GENERATION RISES TO 4,202.7MW

Gas plantBut for gas supply challenges, which constrained over 3,321 Mega Watts (MW) of electricity, the nation’s total electricity generation would have hit 7,529MW in the last one month.

Although, the country is presently generating 4,202.7MW, which was made possible by the contribution of hydro power plants, this is less than the installed capacity of 11,165.40MW of electricity in the country.

Read more @ Guardian NG

Tuesday 11 October 2016

VERTEX ASSUMES THE LARGEST SHARE OF FIRST HYDROCARBON NIGERIA (FHN)

vertes Vertex, an Upstream Nigerian independent funded by African Capital Alliance (ACA), has taken 40% of First Hydrocarbon Nigeria FHN, in a new shareholding structure of the latter. The company is one of two new equity holders of FHN, buying into what used to be Afren’s 70% of FHN. The other newcomer is the FHN Management, now holding 15%.

Equity belonging to African Capital Alliance (ACA), an early investor, has increased to 19.9% (from 11.9%).  Earl Act, which held 22%, now has 25.1%. Earl Act is a financial services firm serving as vehicle for a Nigerian lender which has granted substantial loans to FHN.

Read more @ Africa Oil+Gas

OIL MAY HIT $60 PER BARREL THIS YEAR

Oil price hits one-year high at $53Saudi Arabia’s Energy Minister Khalid al-Falih has said that the price of crude oil might hit $60 per barrel this year, following the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut global production.
 
This is coming as the Russian President, Vladimir Putin, monday gave his support to international efforts to reduce oil supply and boost prices in the clearest sign yet that Russia might participate in moves to cut or freeze output.
 

OIL PRICE HITS ONE-YEAR HIGH AT $53

Global oil benchmark, Brent, jumped to a one-year high on Monday, after Russia said it was ready to join the Organisation of Petroleum Exporting Countries in curbing crude output.
 
The oil price has risen from $45 on September 28 when OPEC decided to cut output for the first time in eight years.
 

Monday 10 October 2016

OIL EXPORTING NATIONS LOSE $1TR TO CRISIS

The over two years of oil price crisis has cost the Organisation of the Petroleum Exporting Countries (OPEC) more than $1 trillion in losses and a decline of 26 per cent in industry-related investments.

Besides, with the unsteady developments in the growth of the global economy, there is a projection that the oil industry would record further contraction of about 22 per cent in investment this year.

Read more @ Tadall

FG STILL DIALOGUING WITH NIGER DELTA, SAYS KACHIKWU

FG Still Dialoguing with Niger Delta, Says KachikwuThe Minister of State for Petroleum, Dr. Ibe Kachikwu, has said it is not true that the federal government is working against the people of the Niger Delta region.
 
He also said the dialogue between the federal government and the people of the region to find lasting solutions to the lingering violence and pipeline vandalism in the region was on-going.
 

Thursday 6 October 2016

KACHIKWU: NIGERIA WILL SOON CLOSE $4BN INVESTMENT DEAL WITH CHINA

Ibe KachikwuThe Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that Nigeria will soon close the deal on a $3 billion to $4 billion loan from China that will be channelled towards the provision of infrastructure in the oil and gas sector.
 
Kachikwu made the disclosure at the end of the Federal Executive Council (FEC) meeting held in the State House, Abuja wednesday, adding that the loan was a fallout of the July roadshow held by the petroleum ministry and the Nigerian National Petroleum Corporation (NNPC) in China.
 

Wednesday 5 October 2016

CRUDE OIL PRICES HIT FOUR-MONTH HIGH ON OPEC SPECULATION

Crude Oil ProductionCrude oil prices rose yesterday, with Brent hitting four-month highs on a rally inspired by Organisation Of the Petroleum Exporting Countries (OPEC) plans to tighten output before pulling back as a surging dollar weighed on greenback-denominated commodities.

Specifically, Brent crude was up 13 cents at $51.02 a barrel by yesterday. It rose to $51.37 at the session peak and its highest since June 10. Earlier, Brent fell to $50.34. after settling on Monday at $50.89.

Read more @ Guardian NG

FG ACCUSES SHELL OF CRUDE OIL THEFT, DEMANDS $406M

The federal government is demanding $406.75 million at the minimum from the Shell Petroleum Development Company (SPDC) and its surrogate Shell Western Supply & Trading Limited for alleged crude oil theft.

The amount, according to court papers in Lagos, represents the shortfall of the money paid by the multinational oil firm in the account of the Nigerian government with Central Bank of Nigeria (CBN), for crude oil lifted in 2013 and 2014, reported the News Agency of Nigeria (NAN) yesterday.
 

OPEC REQUIRES $10 TRILLION TO MEET OIL DEMAND

OPEC requires $10 trillion to meet oil demandOrganisations of the Petroleum Exporting Countries (OPEC) has projected oil-related investment requirements of about $10 trillion between now and 2040.

This is expected to assist the organisation to meet oil demand, which is expected to increase by around 17 million barrels a day between now and 2040 to reach close to 110 million barrels a day.

Read more @ Guardian NG

Tuesday 4 October 2016

NNPC STEPS UP OIL EXPLORATION IN CHAD, BENUE BASINS

The Nigerian National Petroleum Corporation on Monday said it had stepped up its exploration of crude oil in the Chad Basin, Benue Trough and other frontier basins. It said the crude oil to be drilled from the frontier basins would serve as reserves for Nigeria.
 
The corporation expressed its readiness to partner stakeholders in the oil and gas industry to grow the nation’s fast depleting external reserves in order to increase productivity in the petroleum sector
 

NIGERIA’S PROJECTED INCREASE IN OIL OUTPUT TO OFFSET OPEC’S PROPOSED CUTS

Nigeria’s projected increase in oil production will potentially offset the production cuts proposed by the Organisation of Petroleum Exporting Countries (OPEC) to reduce the level of inventory in the oil market for the recovery of oil prices, THISDAY’s investigation has revealed.
 
OPEC had last Wednesday in Algiers, Algeria, agreed to a landmark deal to effectively cut production to 32.5 million barrels per day from around 33.24 million, the first time since 2008 that the cartel would be reaching such decision.
 

NNPC: NIGERIA NEEDS TO PRODUCE 15BN SCF/D OF GAS TO INDUSTRIALISE ECONOMY BY 2020

The Nigerian National Petroleum Corporation (NNPC) has said Nigeria will need to produce up to 15 billions standard cubic feet per day (sbcf) of gas to ensure that her national goal of turning her economy into a fully industrialised one by 2020 is realised.
 
The NNPC said yesterday in Abuja that for this to happen and also become sustainable, the country would have to increase its oil and gas reserves. It said the current reserves of the country would only take it for 35 years. NNPC’s Group Managing Director, Dr. Maikanti Baru, said this when the Nigerian Association of Petroleum Explorationists (NAPE) hosted him to dinner at the weekend.