Nigeria lost about $336.33 million in the first half of 2016, as oil and gas companies operating in the country flared 112.11 billion Standard Cubic Feet (SCF) of gas between January and June 2016, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.” At the Nigerian Gas Company’s average gas price of $ per $1,000 SCF of the … Read More
Power: Gas Dependency, Not The Way To a Secure Future
The Federal Government of Nigeria has said that sole-reliance on gas cannot solve the country’s existing electricity challenges. This statement was made by the Acting Chairman of Niger Delta Power Holding Company (NDPHC), Chinedu Ugbo, on behalf of the Minister of Power, Works And Housing, Babatunde Raji Fashola, during a conference in Lagos State, Business News reported. According to Ugbo, … Read More
Ghana Pass Petroleum Industry Bill into Law
Ghana’s Parliament has given its approval to the Petroleum Production and Exploration Bill on. The law, which will regulate the nation’s oil sector, comes 9 years after Ghana discovered oil. Emmanuel Kofi Buah, Energy Minister, said that even though the PNDC Law 84 which had regulated the industry has been helpful, the new phase the nation has entered in terms … Read More
Oil & Gas Industry Records 26 Percent Job Cut Globally
Data obtained from the United States, US, Energy Information Administration, EIA, has put the continued decline of employment in the oil and natural gas production across the world at 26 percent between 2014 and 2016. The report, which captured between October 2014 and May 2016, stated that employment in oil and gas production reached a height of 538,000 jobs in … Read More
Nigerian Oil & Gas Companies Face Possible Zero Revenue Generation
The recent upsurge in militant attacks on oil & gas infrastructure in the Niger Delta has significantly reduced production activities of indigenous companies, industry players have said. The Managing Director, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, said about 70 per cent of the nation’s production from the traditional terrain of onshore and shallow water had been locked in. … Read More
Federal Government Recommences Payments To Repentant Militants
The Federal Government has resumed cash payments to repentant militants in the restive Niger Delta, in a calculated bid to end the wave of militant attacks on oil and gas facilities. It had, in February, stopped the payments to former militants who had agreed, under a 2009 amnesty programme, to stop bombing crude oil pipelines in exchange for cash, Reuters quoted a … Read More