Specifically, the oil and gas companies produced 221.634 billion SCF of gas, utilised 183.78 billion SCF and flared 44.573 billion SCF. The Nigerian Gas Company, NGC, put the average price of gas at $3 per unit of 1,000 SCF, translating, therefore, to $133.716 million (N26.743 billion) for 44.573 billion SCF, and $551.346 million (N110.27 billion) for 183.783 billion SCF.

EXCEPT it finds buyers as soon as possible, the Federal Government’s capacity to finance the 2015 National Budget has been further reduced, as demand for Nigeria’s crude drops in the Asia market. The development increases concern of higher budget deficits in the current financial year.

A PORTUGUESE startup that aims to use solar-powered drones to provide wireless internet access to offline areas of the world claims to have successfully completed its maiden test flight. The company Quarkson plans to use the SkyOrbiter drones that will stay airborne for weeks, months or even years at a time and will fly at altitudes of up to 22,000 metres.

In February EOG Resources Inc. said it would delay a significant number of well completions and plans to close out 2015 with 285 uncompleted wells, up from 200 at the end of 2014. Continental Resources Inc. Apache Corp. and Anadarko Petroleum Corp. have also said that they plan to delay well completions until crude oil prices pick up again.

CAPETONIANS have been given a chance to learn more about the technical aspects of renewable energy in a practical way. Spokesperson for the two-day energy festival, Alexis Scholtz, highlights the benefits of renewable energy.