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Nigerian Oil Industry is on steady growth trend -Wabote

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* Executive Secretary Nigerian Content Development and Monitoring Board, Engr. Simbi Kesiye Wabote, with the Principal of the Petroleum Training Institute (PTI), Dr. Henry Adimula, cutting the exhibition tape at the 3rd Biennial International Conference on Hydrocarbon Science and Technology, in Abuja.
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The Nigerian oil and gas industry is growing steadily across several fronts despite reduced investments due to the global quest for cleaner energy and divestments of some onshore and shallow assets by a few international oil companies, the Executive Secretary Nigerian Content Development and Monitoring Board, Engr. Simbi Kesiye Wabote has said.

He gave the assessment on Monday while delivering the keynote address at the 3rd Biennial International Conference on Hydrocarbon Science and Technology, organised by the Petroleum Training Institute (PTI) in Abuja, with the theme “The Future of the Oil and Gas Industry: Opportunities, Challenges, and Development.”

He identified the industry’s positive trends to include the growth of oil reserves, gas production, gas utilisation, local refining, and skills acquisition, noting that they “portend great opportunities for the future of the oil and gas industry in Nigeria.”

Nigerian Oil Industry is on steady growth trend -Wabote

• Executive Secretary Nigerian Content Development and Monitoring Board, Engr. Simbi Kesiye Wabote visiting the exhibition stands at the 3rd Biennial International Conference on Hydrocarbon Science and Technology organised by the Petroleum Training Institute (PTI), in Abuja.

He suggested that the manifestation of these trends and projections could lead to Nigeria achieving zero crude oil export and becoming a gas-powered economy, which translates to the socio-economic development of the nation.

According to him, achieving zero crude oil export would mean that Nigeria fully refines all the oil produced from our fields and exports excess refined products, noting that the impact on in-country value addition will be massive on our GDP.

He expressed optimism that Nigeria would meet the target in view of the various refining investments such as the 650,000 barrels per day Dangote refinery, the Bua group refinery project, Waltersmith modular refinery, Duport Midstream refinery, OPAC Refinery, Edo Refinery, Aradel Holdings refinery as well as the existing 445,000 barrels per day capacity from the Kaduna, Warri, and Port Harcourt refineries.

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The realization of these projects would culminate in Nigeria achieving a combined refining capacity of approximately 1.5 million barrels per day by 2025, he added.

Dwelling on the growth trends in gas, the Executive Secretary stated that Nigeria’s proven gas reserves stand at 208.83 TCF, although the nation’s gas production had dropped from anaverage of 4.8 billion standard cubic feet per day in 2020 to 4.3bscf/day in 2022.

He stated that the renewed focus on gas production and utilization of gas within the declared Decade of Gas program, coupled with the various upstream and midstream gas development projects would turn the tide and lead to a 50% increase in the volume of gas that will be produced and utilizedin-country. Some of the projects on the cards include H-block gas development projects, NLNG Train 7 project, UTM Offshore Limited’s Floating LNG project, and other mini-LNGand CNG projects.

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This envisioned outcome, he said, would lead to the nationwide adoption of gas for power generation, domestic cooking, Autogas, and utilization in methanol, fertilizer production, and other industrial applications, with Nigeria harnessing the vast potential of its natural gas reserves.

Delivering his remarks at the event, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobirichallenged participants at the conference to develop homegrown solutions to the challenges facing the Nigerian oil and gas industry, some of which are pipeline vandalism and low productivity. He mandated all the agencies in the Ministry of Petroleum Resources to collaborate closely to invent relevant technological solutions needed to address challenges in the industry. He reiterated that all efforts must be directed towards increasing Nigeria’s crude oil production and enhancing revenue from crude oil sales.

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Also making a presentation, the Secretary General of the African Petroleum Producers Organisation (APPO), Dr. Farouq Ibrahamrecognised that the energy landscape was evolving and emphasized the dual imperatives of sustainability and innovation. He articulated the pivotal role that the oil and gas industry must play in shaping a responsible, low-carbon energy future while navigating a dynamic world of opportunities and challenges.

The APPO scribe further underscored the significance of collaborative research and development among African oil-producing nations, with the goal of driving transformative solutions and ensuring safe, efficient, and environmentally conscientious hydrocarbon operations.

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Peter Obi should be held responsible for anarchy arising from August 1 hunger protest – Presidency

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Bayo Onanuga
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Bayo Onanuga, a senior to President Bola Tinubu, has alleged that supporters Mr Peter Obi, former presidential candidate of the Labour Party, LP, are planning mayhem in Nigeria.

Onanuga claimed that the proposed nationwide protests were being planned by Obi’s supporters, whom he described as failed presidential candidate.

According to him, Obi should be held responsible for whatever crisis that would emanate from the action.

In a post on his X handle on Saturday, Onanuga said the proposed protest planners are also the same people who were instigated by the incarcerated IPOB leader, Nnamdi Kanu to launch the destructive ENDSARS protest in Nigeria in October 2020.

He wrote: “REVEALED: Peter Obi’s supporters are the people planning mayhem in Nigeria: Obi should be held responsible for anarchy

“Don’t be fooled: the malcontents planning to stage nationwide protests are supporters of Peter Obi, the failed presidential candidate of the Labour Party. And he should be held responsible for whatever crisis emanates from the action.

“The protest planners are also the same people who were instigated by IPOB leader Nnamdi Kanu to launch the destructive ENDSARS protest in Nigeria in October 2020. ENDSARS began as a genuine protest by youths against the Police Special Anti-Robbery Squad, notorious for its high-handedness. IPOB members planning to extricate the South East region from Nigeria infiltrated the protest and hijacked it for their own agenda. Lagos still bears the scar of the malicious destruction by IPOB elements until today.

“Two years after ENDSARS, the IPOB and the gullible innocents joined the Labour Party in 2022 to support Peter Obi, a sympathiser of their cause.

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They are the people spreading the hashtags ‘EndBadGovernance’, ‘Tinubu Must Go,’ and ‘Revolution2024’. They are not democrats but anarchists. They are attempting to call out our people via propaganda because their Messiah, Peter Obi, failed to win the Presidency in the 2023 election. As bad losers, they don’t have the patience to wait for another election in 2027; they would rather destabilise Nigeria by staging a civilian coup against President Bola Ahmed Tinubu.

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Two brothers drown in FCT River

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Two brothers drown in FCT River
•The river behind the village
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Two brothers, Joshua and Samson, have drowned in a river in Robukya community in Kwali Ward in Kuje Area Council of the FCT.

A relation of the deceased, Musa Abednego, who confirmed the incident to our reporter on Thursday, said it happened on Tuesday around 9am while they were crossing the river.

He said the brothers, Joshua and Samson, were between the ages of nine and 12 and that they were on their way to the farm when the incident happened.

He explained that the victims got drowned following a heavy rainfall which made the river to overflow.

He said, “Their father asked them to hold on after the rain subsided. Unfortunately, they left home to the farm without him knowing.”

Abednego said their corpses were recovered on Wednesday around 4pm through the help of some fishermen, adding they had been buried.

The spokeswoman of the FCT Police Command, SP Josephine Adeh, was yet to speak on the incident.                                              Daily Trust

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CBN intervenes in foreign exchange market

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CBN intervenes in foreign exchange market
Central Bank of Nigeria
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The Central Bank of Nigeria (CBN) has started selling foreign exchange on a regular basis through Authorised Dealer Banks and licensed Bureaux De Change (BDCs) as a response to the current fluctuations in the foreign exchange market.

These fluctuations are primarily caused by the demand pressure coming from corporate entities and the seasonal increase typical during the summer period.

By implementing regular sales of foreign exchange, the CBN aims to stabilise the market and ensure smoother transactions for both businesses and individuals involved in foreign exchange activities.

Director, Financial Markets Department of the CBN Dr Omolara Omotunde Duke in a statement on Friday night assured the public of the bank’s commitment to address the demand pressure and stabilize the foreign exchange market.

Highlighting recent transactions, the CBN disclosed that it sold a total sum of US$106,500,000.00 to 29 authorized dealer banks on Thursday, July 18 and Friday, July 19, 2024.

These transactions took place within an exchange rate range of N1,498.00/US$1 to N1,530.00/US$1. Additionally, the CBN purchased US$9,500,000 (Nine Million and Five Hundred Thousand Dollars) from four authorized dealer banks at rates between N1,510.00/US$1 and N1,550.00/US$1. All these transactions are marked for settlement on July 19, 2024.

The Central Bank also stated its commitment to closely monitor compliance with existing trading rules and regulations by authorized dealer banks. This is seen as an effort to promote ethical conduct and ensure stability in the foreign exchange market.

The general public was also advised to direct their foreign exchange demands to their respective banks and BDC operators, adhering to prevailing market regulations.

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With the regular sale of foreign exchange and ongoing monitoring of trading practices, the CBN aims to meet demand pressure, foster stability, and sustain a well-functioning foreign exchange market.

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