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NNPC Targets Gas in 126 Northern Basins,Others



NNPC - Investors King
  • NNPC Targets Gas in 126 Northern Basins,Others

The Nigerian National Petroleum Corporation on Monday said that there was a need to expand the country’s gas exploration efforts in its sedimentary oil and gas basins in order to increase the product’s reserve.

According to the corporation, out of a total of 209 oil and gas open acreages for allocation across different terrains in the country, 126 blocks are located in the North, 34 in Niger Delta, 12 in the Anambra Basin, and 37 are situated in the Dahomey Basin.

The Group Managing Director, NNPC, Dr. Maikanti Baru, stated that although the country currently had the largest proven gas reserve in Africa, the resource would be depleted in a couple of years if the country failed to shore up its reserve.

Baru, who spoke during the 10th International Conference and Exhibition of the Nigerian Gas Association in Abuja on Monday, stated that in order to avert a situation where the country would run out of the gas reserve, there was a need for the corporation to expand exploration in the already identified oil and gas basins.

On the 126 blocks in the North, the NNPC GMD stated that 28 were in the Sokoto Basin, 40 in the Chad Basin, 41 in the Benue Trough and 17 in the Bida Basin.

Baru stated that Nigeria currently held the ninth largest gas reserve in the world with 192 trillion cubic feet, but explained that with the present daily production of eight billion standard cubic feet, the country’s gas “will only last for 65 years without additional reserves.”

He said, “At the projected 2025 gas production of 15bscfd, the nation’s gas will only last for 36 years without additional reserves. To increase our gas reserves, therefore, we need to expand exploration for gas in these identified basins.”

Baru told delegates at the conference that the investment opportunities in Nigeria’s gas processing, transmission and general infrastructure development was $51bn, adding that growth of the sector was anchored on growing the power and gas-based industries.

In his address, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, announced that the government had developed a draft national gas policy, which would be released to stakeholders for their inputs.

He said the policy would seek to promote a competitive business environment for both current and new investors.

According to him, most of the investment in the gas sector will be drawn from private investors, adding that the government would set the requirements and support the investors with appropriate interventions to bring their projects to fruition.

Kachikwu said, “Our policy challenge, therefore, is to develop a policy and develop the institutional, regulatory and fiscal framework that is attractive to the private sector. Over the years, there has been a total neglect of this sector, we really have not focused sufficiently on gas production.

“All of those times it had been oil production. Having regard to the effect of the recession today, let us develop the twin windows of economic earnings in this country. Let us move to gas.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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NLNG Boosts Cooking Gas Production to 1.5 Million Metric Tonnes Annually



cooking gas cylinder

Nigeria Liquefied Natural Gas Limited (NLNG) has announced a significant milestone in its operations, boosting its annual production of liquefied petroleum gas (LPG), commonly known as cooking gas, to over 1.5 million metric tonnes.

This surge in production underscores NLNG’s commitment to meeting the rising demand for clean cooking energy in Nigeria.

The entirety of NLNG’s 1.5 million tonnes production is now being sold domestically within Nigeria.

Moreover, the company has initiated a landmark shift by starting to supply LPG in naira, moving away from the traditional practice of trading in United States dollars.

This move aligns with calls from stakeholders in the oil and power sectors advocating for naira transactions, especially amidst the challenges posed by currency fluctuations.

During a panel session at the 7th Nigeria International Energy Summit in Abuja, NLNG’s General Manager of Finance, Fatima Adanan, highlighted the company’s dedication to enhancing LPG penetration across the country.

Adanan emphasized NLNG’s vision to make Nigeria a better place by promoting the use of cleaner energy sources like gas.

While NLNG’s production surge is commendable, Adanan acknowledged that Nigeria’s LPG requirements surpass the current output, necessitating imports to bridge the gap.

However, NLNG remains committed to expanding its production capacity to meet the nation’s energy needs and drive increased adoption of LPG as a cleaner cooking fuel.

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CBN Raises Benchmark Interest Rate by 400 Basis Points to 22.75%



Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has raised the benchmark interest rate by 400 basis points to a record 22.75%.

The decision made by the Monetary Policy Committee (MPC) comes amidst rising inflationary pressures and growing uncertainty in Africa’s largest economy.

Nigeria’s inflation rate rose to 29.90% in January 2024, the highest in over two decades while the nation’s unemployment rate quickened to 5% in the third quarter of 2023. Suggesting that the rising costs have continued to drag on both new job creation and the existing ones.

This coupled with a series of policy adjustments implemented by President Bola Ahmed Tinubu has plunged economic productivity and eroded consumer spending as citizens grapple with high fuel prices, electricity tariffs, a record-high foreign exchange rate, and insecurities.

Therefore, it is surprising that the Monetary Policy Committee (MPC) led by the CBN will further increase borrowing costs by 400 basis points at a time when job creation is paramount.

While the economy reportedly grew by 3.46% in the fourth quarter (Q4) of 2023 on the back of robust performance of the services sector, this growth is yet to crystalise as businesses and citizens have taken to the street protest against the harsh economic situation.

Economic experts have started questioning the data from the National Bureau of Statistics (NBS) given its lack of correlation between the data and economic reality.


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President Tinubu Unveils Geometric Power Plant in Aba After 20-Year Wait



Geometric Power Plant

After two decades of anticipation, President Bola Tinubu, through his representative Vice President Kashim Shettima, inaugurated the long-awaited Geometric Power Plant in Aba, a significant milestone in the city’s quest for reliable electricity supply.

The event, which also saw the commissioning of three rehabilitated roads by Abia State Governor Alex Otti, symbolizes the culmination of years of perseverance and determination to transform Aba’s power landscape.

Addressing the audience, Vice President Shettima hailed the project as a testament to the power of visionary leadership and unwavering commitment to progress.

He said the Geometric Power Plant exemplifies the transformative impact of strategic infrastructure investments on local communities.

Governor Otti echoed similar sentiments, emphasizing the importance of the power project in positioning Aba as a hub for national and international business ventures.

He commended the efforts of Geometric Power Limited while urging them to uphold transparency and avoid exploiting consumers.

The inauguration of the Geometric Power Plant comes amidst growing concerns over Nigeria’s power infrastructure and the need for sustainable solutions to address electricity shortages.

The project, with a capacity of 188MW, holds promise for significant improvements in power supply across Abia State, benefitting nine out of seventeen local government areas.

The Managing Director of Geometric Power Limited, Ben Caven, underscored the scale of investment involved, totaling $800 million.

He highlighted the comprehensive nature of the project, which includes the installation of new power substations and a 27km natural gas pipeline, signaling a comprehensive approach to enhancing Aba’s energy infrastructure.

In conclusion, the inauguration of the Geometric Power Plant represents a transformative moment for Aba, offering renewed hope for economic growth and prosperity powered by reliable electricity supply.

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