Sahara Group said it is making good progress with its activities in OPL 274, in which it has 100 per cent working interest, even as it presses on towards optimising opportunities in the block where it hit “first oil”. Enageed, the Sahara upstream company operating OPL 274, last year doubled its certified 2P reserves in the Oki-Oziengbe South field in Edo State, Nigeria, making a new commercial discovery with the Oluegi-1 exploration well.

The BMI however noted that “It is unlikely that Nigerian production will fall further than it currently has, given the interest by companies for divested assets, the moderate role played by onshore production, the increasing importance of offshore production and the continued presence of large international oil companies, IOCs…”

Economic Commission for Africa’s (ECA) annual report has advocated the use of industrialization through trade to develop resources in the continent. The report which was released in Addis Ababa said that “innovative strategies to mobilise domestic and external resources are needed for Africa to bridge the domestic resource gap.”

The Nigeria LNG Limited, NLNG, said it has spent over $9.3 billion to develop its six trains, which put it in good stead to deliver about seven percent of the global LNG supply.

FOLLOWING the perennial scarcity in Abuja, the Nigerian National Petroleum Corporation, NNPC, and petroleum marketers have called on motorists to avoid panic buying of the commodity. Speaking in an interview with Vanguard in Abuja, the Group General Manager, Group Public Affairs Division, NNPC, Mr. Ohi Alegbe, attributed the persistent fuel scarcity in Abuja to panic buying due to the elections.