The Chartered Institute of Taxation of Nigeria (CITN), has urged the National Assembly, which resumed from its two-month vacation, yesterday, to ensure speedy passage of the Petroleum Industry Bill (PIB), to accelerate development of the oil sector to boost the country revenue.Read More →
The federation’s dwindling monthly revenue has maintained its trend as the three tiers of government had to share only N611. 767. billion from accruals into the Federation Account and earnings from the Value Added Tax, VAT in the month of August this came just as State Commissioners of Finance again called for the removal of the fuel subsidy as a major way of addressing the paucity of fundsRead More →
The Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has called for the cancellation of electricity tariff fixed charge to consumers in the country.Read More →
The Minister of National Planning Commission, NPC, Dr. Abubakar Sulaiman says the proposed implementation of the newly approved National Integrated Infrastructure Master Plan, NIIMP would generate about 30 million jobs in 30 years across all sectors of the economy.Read More →
Nigerian Institute of Management, NIM, has announced plans to promote entrepreneurial and innovative skills among youths in the country, with its proposed industrial park.
Speaking at a press briefing to announce its forthcoming Annual Management Conference, Mr. Nelson Uwaga, President and Chairman of Council, NIM, said the park will be fashioned after the University of Cambridge model and will lead to the empowerment of large number of youths.
The Federation Account Allocation Committee (FAAC) on Tuesday shared N611.77 billion to the Federal, states and local governments for the month of August. Among the shared money is the N10 billion refunded to the federation account by Nigerian National Petroleum Corporation.Read More →
Energy firms are owing banks in Nigeria about N2.644 trillion as at end-December 2013, the Central Bank of Nigeria, CBN, has stated.Read More →
Governor Babatunde Fashola of Lagos State has disclosed that Lagos is the only sub-national government in Africa that has benefited from the $600 million facility of the World Bank.Read More →
As part of measures to prevent a possible pandemic outbreak of the deadly Ebola Virus Disease, EVD, among pupils and students, the Lagos State Government is yet to state categorically, resumption date of all public and private nursery, primary and secondary schools for the 2014/2015 session.Read More →
The National Sugar Development Council, NSDC, said the sugar sector could contribute 411 megawatts of electricity to the national grid, in line with the federal government’s quest to boost energy supply in the country.Read More →
The Federal Government has said that the proposed National Policy on renewable energy and energy efficiency was conceived to boost electricity supply nationwide.Read More →
THERE are indications that world petroleum and other liquid fuels consumption may rise to 38 percent by 2040, spurred by increased demand in the developing Asia and Middle East, according to projections in International Energy Outlook 2014, IEO2014.
The IEO2014, recently released by the U.S. Energy Information Administration, EIA, however, stated that though Nigeria increased its output from deepwater fields in recent years, onshore production has declined.
It added that infrastructure constraints and incidents of oil theft and attacks on pipelines have curbed production growth and are expected to continue in the near-to mid-term. It also said that the West African OPEC crude and lease condensate production will increase to 5.3 million barrels daily (MMbbl/d) in 2040, from 4.4 MMbbl/d in 2010.
The report noted that Angola is expanding its offshore deepwater production, and as relative geopolitical stability improves, is likely to develop onshore exploration and production areas as well.
To meet the government’s goal of maintaining oil production at around 2 MMbbl/d, state-owned Sonangol plans to make substantial exploration and development investments in deepwater and ultra-deepwater areas of its Congo Fan region.
It will also develop pre-salt resources in the Kwanza and Benguela basins. It estimated that around $30 billion is expected to be invested in 12 deepwater developments between 2013 and 2020.
The report said that the Organisation of Petroleum Exporting Countries, OPEC, will maintain a cohesive policy limiting supply growth, rather than maximising total annual revenues. It also said that no geopolitical events will cause prolonged supply shocks in the OPEC countries that could further limit production growth.
Accordingly, world oil prices will trend downward, from $113 per barrel in 2011 to about $92 in 2017, and then increase steadily to $141 per barrel in 2040.
It also said that OPEC producers will invest in incremental production capacity to enable them to increase crude and lease condensate production by 14.2 MMbbl/d from 2010 to 2040. This will account for between 41 and 47 percent of total crude and lease condensate production worldwide over the course of the projection.
The IEO2014 further said that crude and lease condensate production in OPEC’s North African member countries, Libya and Algeria is projected to decline from 3.2 MMbbl/d in 2010 to 3.0 MMbbl/d in 2040.
It noted that the potential for growth in Libya’s production is high, but the country has been unable to stabilize production amid social and political unrest.
After the 2011 overthrow of the Muammar al-Gaddafi regime, Libya’s crude and lease condensate production returned to pre-revolution levels of about 1.6 MMbbl/d in October 2012. But with ongoing political unrest and mechanical problems, production levels have continued to decline, to less than 0.5 MMbbl/d.
Until a permanent government is in place, it will be difficult to improve conditions sufficiently to attract the foreign investment needed to repair and improve Libya’s production infrastructure. As a result, the country’s prospects for increased production are unlikely to improve substantially for several years.
The report also said that North African OPEC member Algeria has also encountered difficulties in improving its petroleum production.
State-owned Sonatrach was forced to delay its target date to raise crude oil production to 2.0 MMbbl/d by 2010, with actual production at around 1.1 MMbbl/d in 2013.
Exploration investment in Algeria’s oil sector has declined since 2006, as a result of amendments to the country’s hydrocarbon law that were unfavorable to foreign investment. The law was amended again in 2013 in an attempt to attract more foreign investment, but positive results are not anticipated until well into the midterm, and perhaps later.
It however noted that the Middle East OPEC member countries, which accounted for 68 percent of its total crude and lease condensate production in 2010, are projected to increase their crude and lease condensate production by 12.8 MMbbl/d. this will account for 90 percent of the total growth in OPEC crude and lease condensate production from 2010 to 2040.
Saudi Arabia, Iran, and Iraq combined have a large share of the world’s oil reserves and resources that are relatively inexpensive to produce. Saudi Arabia has been the only holder of substantial spare oil production capacity, and played a critical role as the major swing supplier in response to disruptions in other supply sources and economic fluctuations that affect oil demand.
Both Iraq and Iran have the reserves needed to raise their capacity and production well above current levels. This is if they can successfully address some of the internal and external above-ground constraints that have kept their respective oil sectors from realising their potential for more than 30 years.
The report added that there is considerable uncertainty in projecting the extent to which these countries will be able to overcome the difficulties that impede supply growth.
It stated that regardless of the uncertainties in oil supply projections, producers in the OPEC Middle East region are likely to continue playing a key role in balancing global demand and supply. As a result, their output levels may be negatively correlated, with higher realisations of capacity and production in one country reducing the amounts of capacity and production in other countries that are needed to balance global markets.
The remaining Middle East OPEC producers are expected to make smaller, but important, contributions to supply in the future. For example, nearly all of Kuwait’s current reserves and production are in mature fields, but prospects could improve with the success of Project Kuwait.
This is a plan first proposed in 1998 to attract foreign participation and to increase oil production capacity from four northern oil fields: Raudhatain, Sabriya, al-Ratqa, and Abdali.
The four fields were said to contain a mix of heavy and light oil resources. Additionally, it may be possible for Kuwait to boost oil production from the partitioned neutral zone, PNZ that the country shares with Saudi Arabia, which could hold as much as 5 billion barrels of oil.
By Chris Ochayi The Federal Government has said that it will examine and review existing Memorandum of Understanding, MoU, signed with Germany in the power sector with a view to strengthening and making them workable. The Minister of Power, Prof Chinedu Nebo, disclosed this in Abuja last week when he received in audience the newlyRead More →
The Federal Government and Nigeria’s ambassadors across the Asian countries held a strategic meeting in New Delhi, India, for the first time in over 50 years and resolved to work on doubling the volume of trade between Nigeria and Asia to over $80billion (N13.2trillion ) within two years.Read More →
The Federal Government’s transformation agenda in the Agricultural sector, weekend, received a boost, as Honeywell Flour Mills Plc said it has invested N1 billion in the upgrade of its mills for increased cassava flour inclusion.Read More →
The National Association of Road Transport Owners, NARTO, has raised alarm over the hijack of their trucks by heavily armed men who escape with them fully loaded with petrol and siphon the fuel and set them ablaze afterwards.Read More →
Shell Petroleum Development Company of Nigeria (SPDC) on Friday confirmed that it had divested eight Oil Mining Leases (OMLs) in Nigeria from 2010 to date.Read More →
By YINKA KOLAWOLE, LAWANI MIKAIRU, FRANKLIN ALLI, MICHAEL EBOH, PRINCEWILL EKWUJURU & JONAH NWOKPOKU The incidence of the Ebola virus disease (EVD) brought into Nigeria on July 25 by the late Liberian-American, Patrick Sawyer, has elicited different reactions from operators on its possible impact on business activities in the country. Investigations carried out by FinancialRead More →
Starting your own business can yield amazing rewards but at the same time, it’s a pretty big risk. One of the biggest reasons why people fail is that they enter into a business and do not have profitable market.Read More →
If you live in Lagos or visit Lagos frequently, you might have heard or visited Paradise Hotel and Bars or tested its fresh fish pepper soup popularly known as ‘point and kill’.Read More →
There are indications that Access Bank Plc is planning to raise its capital by way of rights issue.Read More →
PORT HARCOURT — Four persons where feared dead yesterday in Ibaa community, Emohua Local Government Area of Rivers State as rampaging cultists took over the community, shooting sporadically.Read More →
Port Manager of Onne Port, Umar Munir, has said that the introduction of e-payment by the authority’s management has helped in improving operations at the ports.Read More →
Air Peace is a new entrant into the nation’s aviation industry, having only last Monday got its Air Operator’s Certificate, AOC, from the regulatory agency, the Nigerian Civil Aviation Authority, NCAA. Coming at a time some existing airlines in the country are closing shops due to harsh operating environment, chairman of the airlines, Barrister AllenRead More →
The Managing Director of IEI-Anchor Pension Managers, Solomon Okoli has assured shareholders that the company has overcome its teething problems and is now positioned for sustainable growth and profitability.Read More →
Dr. Adesola Kazeem Adeduntan is the Executive Director/Chief Financial Officer, First Bank Nigeria Limited. He was appointed to the Board in 2014 as Chief Financial Officer. Before this appointment, he was a Director and the pioneer Chief Financial Officer of Africa Finance Corporation.Read More →
The Securities and Exchange Commission, SEC has said that the deadline for recapitalisation of capital market operators remains December 31, 2014, just as it vowed to maintain zero tolerance for market infractions.Read More →
The National Bureau of Statistics (NBS) said the capital imported in the second quarter of 2014 was recorded at a value of 5.8 billion dollars (N9.5 trillion).Read More →
Cynthia Omozabieh Imazenobe is Chief Operating officer, Amadea Pandora Limited, a Lagos-based indigenous corporate event coordinating, packaging and management company. It specialises in bridging the gap between the gift needs of celebrants and their guests. Excerpts:Read More →
The Nigerian National Petroleum Corporation, NNPC, and the Nigerian Air Force (NAF) have pledged to work hand-in-hand to promote the ongoing acquisition of seismic data in the Chad Basin and to curb crude oil theft in the creeks of the Niger Delta.Read More →
Recently in Lagos, leading telecommunica-tions operator, Airtel Nigeria unveiled Touch-ing Lives, a revolutionary CSR intervention initia-tive that runs under its Corporate Citizenship Programme with a major focus on enriching Nigerians and providing succour to the under-privileged members of the society.Read More →
A Professor of Microbiology University of Lagos, Olusimbo Olugbo-Aboaba has called on the National Agency for Food and Drugs Administration and Control(NAFDAC) and the Standard Organization of Nigeria (SON) to deepen efforts on enforcing microbiological standards in Nigeria’s food and drug products.Read More →