“We have partnered with credible investors to develop critical projects in the sector to take Nigeria towards the goal. It is worthy of note that 70 percent of our investments are on gas-based activities, especially midstream and downstream gas. Our investments underscore the importance of gas to Nigeria’s economic sustainability, apart from its role in the energy transition,” he said.
The Project includes the drilling of 37 wells in the offshore and onshore Escravos area, according to a statement signed by the General Manager, Policy, Government and Public Affairs, E.O. Brikinn
Speaking during a briefing to mark the commission’s one-year anniversary, the Chief Executive of the NUPRC, Mr Gbenga Komolafe, said that Nigeria’s gas reserves had been pegged at 208.62 TCF, indicating an increase of 1.01 per cent compared to 2020 figures, with a life index of 88 years. That would be without new discoveries.
Those who signed the documents on behalf of their countries were the Group chief executive officer, NNPC Limited, Mallam Mele Kyari, DG-ONHYM of Morocco, Ms Amina Benkhadra; GM PETROSEN Holdings of Senegal, Adama Djallo and DG SMH of Mauritania, Tourad Abdoul Baghi.
The authority also introduced two sets of regulations to the nation’s downstream sectors.
According to Ahmed, the latest set of regulations would deal with health and safety in the sector as well as the accuracy of measurement devices to ensure that no party is cheated.
According to the statement, Komolafe said the commission is determined to take bold and revolutionary steps — using a non-kinetic approach — to address the challenges of crude oil theft, improve national crude oil production and save the country’s economy from further decline.
He said: “We have continued to make significant contributions to Nigeria’s development. As a group, OPTS member companies account about 90 per cent of Nigeria oil production and contributes significantly to the domestic and export gas production and supply. Over the last decade, OPTS member companies accounted for 40-60 per cent of government revenue and 85 to 95 per cent of export earnings.
“When Nigeria gets this fund, in addition to capital flow from both government and private sector, local and international, it would then be able to address majority of the issues relating to Climatic Change in the country. Nigeria has made a case that it should be on the G7 panel partnerships which will attract significant funding.”
“We have extended our Direct Sales Direct Purchase (DSDP) contract by six months, to sustain supply of PMS through the country. The DSDP contract in reality ended in August and it is very dangerous period to begin to retender for that because we are facing the winter, these are the difficult “embers months’’ that we normally avoid fuel scarcity.
The report added that Taraba recorded the highest average price of N4,925.44, for 5kg cooking gas, followed by Adamawa where it cost N4,920, and Lagos State where it sold for N4,782.50.
From 2004, the violence worsened with increased piracy and kidnappings until relative peace was restored in 2009 with a presidential amnesty programme.
We once again laud President Tinubu for his bold vision and stand ready to collaborate with his administration in its effort to promote greater economic equality and prosperity for all Nigerians.
