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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, Wednesday disclosed that the crude oil production exemption granted to Nigeria in 2016 by member countries of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members led by the Russian Federation helped the country raise her foreign exchange reserves to $45 billion from $25 billion. Kachikwu stated this in a podcast that was released by his office in Abuja, in which he explained how his shuttle diplomacy across member countries of OPEC resulted in the famous production cap agreement that has helped shore up oil prices in the international market.
…To invest in the gas value chain …Set to sign MoUs with investors on NOGAPS Players in the gas sector should canvass for speedy implementation of existing policies and pursue the delivery of identified gas opportunities, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has said. He spoke in Abuja at the Nigerian Gas Association’s 2018 International Conference held recently and argued that there had been sufficient discussions on missed opportunities of the past years and huge subsisting potentials of gas to the Nigerian economy.
Nigeria’s upper house of parliament plans to investigate an alleged $3.5 billion fuel subsidy fund at the Nigerian NAtional Petroleum Corporation (NNPC), lawmakers said on Tuesday. The Senate alleges NNPC used the fund to subside the price of imported petrol without the house’s approval, the lawmakers said. Fuel subsidies are a contentious issue in Nigeria, where prices are kept artificially low at 145 naira ($0.48) per litre, often as a populist tool. That has meant that as fuel prices increase globally, it has become unprofitable for private petrol marketers to import, forcing NNPC to step in to prevent major shortages, a task it has performed for close to two years.
The federal government has said that the engineering, procurement and construction (EPC) work for the planned $7 billion Nigeria Liquefied Natural Gas (NLNG) Limited Train 7 plant would be done in the country by mostly Nigerian companies. The government through the Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, said this Tuesday at a public workshop to discuss opportunities for the Nigerian content aspect of the NLNG Train 7 plant.
… AS Nigeria’s proven gas reserves hit 202 trillion cubic feet A major stride in the drive for optimization of the nation’s vast gas resources has been recorded with the execution of a novel contract between the Nigerian National Petroleum Corporation (NNPC) and a private firm for the activation of virtual gas pipeline network for power generation. The project which would be facilitated through the installation of Mini-LNG plants is designed to supply, in the first instance, about 84 million standard cubic feet of gas per day (mmscf/d) by transporting gas from production fields using customized cryogenic tankers to areas that are not easily accessible through pipelines.
The Inpex Corp.-operated Ichthys LNG export project in northern Australia may load its first natural gas cargo as soon as this week, according to people with knowledge of the venture’s preliminary sales plans. The maiden liquefied natural gas cargo is scheduled to be loaded Oct. 17-22, with three more following in November, said the people, who asked not to be identified because the information isn’t public.
Saipem SpA is looking beyond black gold, to green. The Italian oil-services provider, which builds projects for the fossil-fuel industry, says it may get more than half its work from clean-energy clients in a decade. That reflects a persistent lack of oil-company investment in the wake of crude’s crash, and a boom in renewables.
The Minister of State for Petroleum Resources, Ibe Kachikwu, on Monday said the country was looking beyond the Niger Delta in its effort to find alternative source for gas supply. Mr Kachikwu disclosed this at a breakout session at the ongoing Nigerian Gas Association 11th International Conference and Exhibition in Abuja. The minister was represented by his technical adviser, upstream and gas, Gbite Adeniji. He said that the federal government was serious about taking gas to the Northern region of the country, through the Ajaokuta-Kaduna-Kano( AKK) gas pipeline project, so as to address the huge economic challenges witnessed in the region.
Egypt's gas imports, which saved Egypt from frequent daily power cuts five years ago, has become a thing of the past, as Minister of Petroleum Tarek el-Mulla announced Sept. 29 that the country stopped importing liquefied natural gas (LNG). According to Mulla, Egypt has managed to achieve self-sufficiency in gas due to the Zohr gas field whose output increased six times since its inauguration in January. In the past, Egypt had sufficient supplies of gas and was exporting gas by pipeline to Jordan and Israel. In 2004, Jordan and Egypt signed a gas trade agreement, and a similar deal was reached with Israel in 2005.
The Managing Director Nigerian Ports Authority, (NPA) Hadiza Bala Usman, has said that the Authority should not be solely blamed for lapses in cargo clearance in the nation’s seaport, “because it takes more than NPA to see cargo out of the ports.” According to her the greatest challenge is to have agencies that are directly involved in cargo clearance play their respective roles seamlessly. She therefore reiterated that “the challenge is to get all agencies come under the Single Window which NPA is under-taking”, to achieve a smoother and faster clearance of cargo from the nation seaports.
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