Heirs Energies, Renaissance Africa collaborate to drive Nigeria’s oil and gas devt
Heirs Energies Limited and Renaissance Africa Energy Company have expressed mutual commitment to strategic collaboration following a high-level courtesy visit by Osa Igiehon, CEO of Heirs Energies, to Renaissance's leadership team, led by the Managing Director, Tony Attah.
Instability, technology, others impeding reserves addition – NAPE
UNTIL the Federal Government restructures its policy, introduces upgraded technologies, signes the Petroleum Industry Bill, PIB, and improves exploration activities, its quest to growing reserves will remain a dream. Disclosing this in a press conference, the Nigerian Association of Petroleum Explorationists, NAPE, added that policy inconsistency, technological challenges and the delay and non-passage of the Petroleum Industry Bill, PIB, remain the bane of oil and gas development.
Nigeria, others, constitute 90% of Africa’s gas – Report
NIGERIA, Libya, Algeria, and Egypt, account for 90 percent of Africa’s annual natural gas production, PricewaterhouseCoopers, PwC 2015 report on Africa’s oil and gas said. The just released report also said that as at the end of 2014, Africa has proven natural gas reserves of about 500 trillion cubic feet, Tcf. This is a slight drop compared to 2013, while production also decreased slightly over the period.
NNPC mulls co-location model to cut refining costs
THE Nigerian National Petroleum Corporation, NNPC, said it intends to reduce the cost of refining crude oil in country through resource co-location. The Group Managing Director, NNPC, Dr. Ibe Kachikwu, who said this, also said that with the co-location model, which is still at the proposal level, the Corporation will ensure that new refineries are situated in clusters. This is to allow for sharing of critical infrastructure like power, pipelines and technologies, and a host of other resources.
Oil sector contributes N1.78trn to Q2 GDP
THE oil and gas sector contributed N1.782 trillion to Nigeria’s Gross Domestic Product, GDP, in the Second Quarter, Q2 2015, according to the National Bureau of Statistics, NBS. Giving a breakdown of the oil and gas sector’s contribution, the NBS Nigerian GDP Report for Quarter Two 2015, said the Crude Petroleum and Natural Gas sub-sector in the Mining and Quarrying sector accounted for N1.746 trillion of the country’s GDP during the period.
Nigeria earns N5trn from oil sales
NIGERIA earned $25.105 billion, about N5.021 trillion from the sale of crude oil between January and July 2015, data obtained from the Nigerian National Petroleum Corporation, NNPC, has revealed. This represents total earnings from crude oil sales by the Federal Government, the NNPC and oil companies and a host of others according to the NNPC Financial and Operations Report for August.
