Oil & Gas
Nigeria’s Oil, Condensate Reserves Drop to 36.966 bbl in January
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s oil and condensate reserves as at Jan. 1, stands at 36.966 billion barrels.
This represents 31.060 billion barrels for oil and 5.906 billion barrels for condensate.
The Commission’s Chief Executive, Mr Gbenga Komolafe said this at the sixth edition of the Nigeria International Energy Summit (NIES 2023) with the theme, “Global Perspective for a Sustainable Energy Future.”
Komolafe spoke on Thursday at the Upstream Forum tagged “Pivoting Upstream Petroleum Regulations and Investments,” which dwelt on strategies on energy sustainability roadmap.
He said the Associated Gas reserves was at 102.32 Trillion Cubic Feet (TCF) while Non-Associated Gas reserves was 106.51 TCF, making the total of 208.83 TCF of Natural Gas reserves.
He said the oil and condensate reserves declined to about 0.22 per cent compared to Jan. 01, 2022, adding that figures were attributable to low exploration activities and reserves revision arising from subsurface studies in 2022.
On the other hand, the slight increase of 0.10 per cent in gas reserves over Jan. 1, 2022 reserves position was primarily attributed to the revisions arising from additional information from new wells, and field development studies.
“The Commission, empowered by the PIA, has continued to drive the upstream industry’s performance to grow reserves through deliberate oil and gas exploration, deep drilling, prospects maturation, appraisal, field studies and improved oil recovery.
“Our efforts are beginning to manifest in our gas reserves position, and we expect similar manifestation in oil reserves in the very short term,” he said.
According to Komolafe, as a country, Nigeria boasts of 37.064 billion barrels of oil with a daily production of over 1.5 million barrels of oil.
He said in terms of reserves, Nigeria ranked second in Africa, eighth in Organisation of the Petroleum Exporting Countries (OPEC) and 11th in the World.
He said on the other hand, the country ranked first in Africa, sixth in OPEC and fifteenth in the World in terms of crude oil production.
“It is interesting to note that the Gross Domestic Product (GDP) per capita for Nigeria stands at 1,998 dollars, which ranks her at 12th position amongst the OPEC member states and 22nd in Africa.
“Although crude oil contributes over 85 per cent to Nigeria’s foreign exchange earnings, its contribution to GDP is about 6.33 per cent, while Algeria’s is 10.2 per cent, Angola is 30 per cent and Libya at over 50 per cent.
“Nigeria is a nation where needs meet opportunity,” Komolafe said.
Aside the catalogued hydrocarbon potential, he said Nigeria was blessed with potential for blue energy, solar, wind, biomass as well as other sources of renewable energy to leverage the right energy mix in the energy transition regime. (NAN)
Subsidy Removal: Tinubu Pledges Review of Minimum Wage
By Mathew Dadiya, Abuja
President Bola Ahmed Tinubu Friday in Abuja said improved livelihood for Nigerians remains a top priority of his administration, with more people-focused economic policies, assuring that the national minimum wage needs a review to reflect realities.
The President, who received members of the Progressive Governors Forum (PGF) led by the Chairman, Hope Uzodinma of Imo State, at the State House, said the national and sub-national governments will work together on the minimum wage, which already requires “soul searching.’’
“We need to do some arithmetic and soul searching on the minimum wage,’’ he said.“We will have to take a look at that together, and the revenue. We must strengthen the source and application of our revenue.’’
Tinubu urged the governors to seize the opportunity of being chosen among millions of citizens in their states to make a difference in the lives of people, adding that he will work for the benefit of Nigerians.
“This meeting is not strange to me, and the content of the meeting is so valuable. The camaraderie is very stimulating. This is about the Nigerian project, not Bola Tinubu,’’ he said.
The President said that the multiple exchange rates will be streamlined, noting that governance was a continuum.
“I have inherited the assets and liabilities of my predecessor. This is the first time you entered the Council Chambers, and it is my first time too for a meeting.
“As progressives and thinkers under the umbrella of the All Progressives Congress (APC), you have a role to play in educating our people and making sure we manage ourselves,’’ the President told the governors.
Tinubu said it was a good and encouraging sign that the APC has a majority in the National Assembly and some Houses of Assembly, which will make it easier to develop policies that will directly impact the economy and the people.
“If we work together, the Nigeria of our dreams is not far away. Rest assured that we will not have multiple exchange rates anymore. You asked for this meeting, and I had to set aside time to be here.
“We have a political party that we will need to manage, whichever way, we have inherited assets and liabilities, and we cannot complain,’’ he stated.
Tinubu said he would maintain an open-door policy, willing to entertain issues, deliberate, and collectively find solutions to the challenges facing the country, including security.
“It is in our hands, and I am ready to work and listen at any time,’’ he added.
In his remarks, the Vice President, Sen. Kashim Shettima, called on the governors to rally around the President as he tackles the challenges that stagnate the economy, like the oil subsidy and multiple exchange rates.
“Let us rally around the President and not bulge, there are vested interests that may want to resist the subsidy removal. Its removal will free resources for the development of your states,” he added.
Earlier, the Governor of Imo State pledged the support of the Progressive Governors to the President, noting that the initial decisions already foretell good intentions for the economy.
“We are here today as members of the APC to fraternize with you as our leader, and congratulate you on your election as President, and Commander-in-Chief.
“We are using this opportunity to express our support for you at this trying time in our history,’’ he said.
Uzodinma noted that the President had started well, by placing the economy and welfare of the people on a priority list, with honesty of purpose.
“We are aware of your capacity and excellent track record,’’ the PGF Chairman stated.
The Governor of Borno State, Prof. Babagana Umara Zulum, said the development of the national and sub-national economies remains interwoven, assuring that President Tinubu would receive their support to succeed.
Other governors present at the meeting were Chairman of Nigerian Governors Forum and Governor of Kwara State, AbdulRahman AbdulRazaq, Yahaya Bello of Kogi, Babajide Sanwo-Olu of Lagos, Dapo Abiodun of Ogun, Mai Mala Buni of Yobe, Muhammad Inuwa Yahaya of Gombe, and Dikko Radda of Katsina State.
Governors Abdullahi Sule of Nasarawa, Hyacinth Alia of Benue, Umar Bago of Niger, Nasir Idris of Kebbi, Uba Sani of Kaduna, Umar Namadi of Jigawa, Nwifuru Francis Ogbonna of Ebonyi , Ahmed Aliyu of Sokoto, and Bassey Otu of Cross-River State were also present.
At the meeting, the President announced the appointment of Femi Gbajabiamila as Chief of Staff, Sen. Ibrahim Hassan Hadejia as Deputy Chief of Staff, and George Akume as Secretary to the Government of the Federation.
The Progressive Governors’ Forum (PGF), threw its weight behind the federal government on the decision to remove petrol subsidy.
The governors, who were elected on the platform of the ruling All Progressives Congress (APC), expressed their support during a courtesy call on President Bola Tinubu at the Presidential Villa, Abuja.
However, the governors also voiced their concern over the sudden hike in petrol prices following the president’s inaugural speech.
The PGF Chairman, told State House Correspondents after the meeting with the President, owever, condemned the price increase on what he describes as “old stuck” and called on Nigerians to rally behind the government’s decision to remove the subsidy.
In Maiden Meeting, Crush Oil Thieves Now, Tinubu Orders Service Chiefs
By Mathew Dadiya, Abuja
President Bola Tinubu, yesterday met with the Service Chiefs and heads of security and intelligence agencies and told them that he would change the security architecture of the country to blend with his philosophy to address the insecurity challenges across the federation.
The President also said as far as he is concerned, ‘Nigeria should not go on her knees as a result of security challenges while other countries are working, moving forward and recording tremendous achievements.’
Tinubu stated this in his maiden official meeting with Security and intelligence heads led by the Chief of Defence Staff, General Lucky Irabor at the Presidential Villa, Abuja as the the National Security Adviser, NSA, Major Gen.Babagana Monguno (retd), who briefed State House correspondents after the meeting that lasted two hours, said the President has directed heads of security agencies to come out with their blue prints.
He ordered the security agencies to crush anyone involved in oil theft, stressing that his administration will not tolerate such menace.
“He is going to embark on a lot of reforms in terms of our security architecture, he is going to take a closer look at our misfortunes in the maritime domain, focusing particularly on the issues of oil theft, that as far as he is concerned, he is not going to tolerate oil theft wherever the problem is coming from it must be crushed as soon as possible,” he stated.
He has already mandated the security agencies to come up with a blueprint as far as he knows and as far as he concerned, he doesn’t have the luxury of time; and whatever changes will be made have to be done as soon as possible.
“The President also has decided that whatever ventures the armed forces are going to be engaged in, they must carry along those operatives in the theatre. They must be well fed, well kitted, motivated and given all that they require.
He said it was an appraisal meeting for the President to get briefing on the activities of the different security formations and for him to tell them his own philosophy and what he expects from the security heads.
“The President and Commander in Chief of the armed forces has just concluded a meeting of the general security appraisal committee consisting of the Chief of Staff, Service Chiefs, Inspector General of Police, and heads of the intelligence agencies.
“This is the very first meeting he’s had with the heads of the security agencies. The meeting lasted for two hours.
“Having been briefed by the participants of the meeting, Mr. President, addressed prevailing issues confronting the nation in terms of insecurity and also mentioned his own philosophy towards dealing with national security issues.
“First and foremost, he appreciated the armed forces and intelligence agencies and the wider paramilitary agencies for the work they have been doing in the past couple of years. Their sacrifice, their loyalty, and he also paid tribute to those who died in defending this country, from the great big menace of terrorism, insurgency banditry, oil theft, sea robbery, piracy, etc.
“The President has made it very clear that he’s determined to build on whatever gains that have been made and to reverse misfortunes and turn the tide in our favour.
“As far as he’s concerned, this country should not be on its knees struggling while other countries are working and achieving greater heights,” he said.
President Tinubu said in moving the country forward he needs the security agencies to redouble their efforts, stressing that his own philosophy is one of contemporary security measures dealing with the requirements of the time.
“He has made it very clear that he will not accept a situation in which our fortunes keep declining. And his own trajectory is that national security has to be coordinated, there has to be whatever…whether it is a basket system, but there must be a clearing house.
“All agencies must work to achieve one single purpose. Working at cross purposes and colliding with each other is not something that he will condone. He has made it very, very clear that all the security agencies must comply with the demands of coordination, with the demands of frequent consultations and also timely reports which must be acted on.
“President has said clearly that he will do whatever is within his powers to enable the operational elements but the intelligence agencies must also make their work easy for them by providing the type of intelligence that they require to carry out the assignment,” the NSA said.
President Bola Ahmed Tinubu has mandated his security chiefs to draw up a fresh blueprint that would guide security operations in the country.
Tinubu, who met with the security chiefs in the country for the first time since assuming office, yesterday, said he had a personal philosophy about how security issues should be handled for effective results.
Security Operatives Kill One, Disperse Protesting Youths at Conoil offshore platform in Bayelsa
From Mike Tayese, Yenagoa
A supposedly peaceful protest by youths of Sangana community in Brass Local Government Area of Bayelsa state turned sorrowful following the shooting at a boat conveying the protesters to an oilfield operated by Conoil in the area.
It was learnt that Ikiowori Benson, one youth, hit by the gunshot lost his life, while two persons in the team of community youths were still missing and others critically injured after the incident reportedly happened on Monday.
Armed security personnel attached to the offshore facility christened “Antie Julie”, within 0ML 59 operated by Conoil, opened fire on the youths when they approached the facility to demand the implementation of the Memorandum of Understanding (MoU) between Conoil and Sangana.
Reacting to the incident, Ambrose Timipre-Ayah, the youth leader of Sangana said that he and 10 other youths from the community approached the Conoil facility unarmed, with the sole aim of registering their displeasure with the company.
He said he was shocked when the armed security operatives opened fire on them, killing one person instantly. He said two persons were missing and two others receiving treatment at Federal Medical Centre, Yenagoa.
Also, Rueben Preboye, the Community Development Committee (CDC) Chairman of Sangana, noted that while Conoil has been operating in the community for about 25 years, the company has been delaying the implementation of the MoU.
According to him, the MoU lasts for three years subject to renewal, noting that the 2013, 2016, 2019 and 2022 MoUs have not been implemented and accumulated over 300million naira and 420-million-naira worth of projects.
The Sangana CDC chairman said he had the same issue with Conoil when he was the youth leader of the community in 2010.
However, when contacted, Mr. Richard Adebayo, the Community Relations Manager of Conoil declined to comment on the incident.
The spokesman of the joint military force deployed to protect facilities in the Niger Delta, Major Adenegan Ojo could not be reached by telephone and has yet to respond to sms requesting reaction.
It will be recalled that on Oct 31, 2021, a gas leak from a rig Adriatic-1 within the oilfield contaminated the environment in the community and attracted regulatory sanctions by the National Oil Spills Detection and Response Agency
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