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Economy

NNPC to Explore for Crude in Gulf of Guinea

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  • NNPC to Explore for Crude in Gulf of Guinea

The Nigerian National Petroleum Corporation on Thursday announced its preparedness to explore for crude oil in the Gulf of Guinea in a bid to increase the country’s reserves.

According to the Group Managing Director of the national oil firm, Dr. Maikanti Baru, the corporation will also search for crude in other acreages, as it is important to shore up the NNPC portfolio.

Baru, who made this known during a courtesy call on the Governor of Edo State, Mr. Godwin Obaseki, vowed to improve the reserves and production capacity of the corporation’s exploration and production subsidiary, the Nigerian Petroleum Development Company.

In a statement issued by the Group General Manager, Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu, the GMD admitted that the NPDC had shown growth in its proven reserves, but emphasised the need to expand the company’s footprints in the upstream sub-sector of the oil and gas industry.

“As part of our 12 business focus areas, we are dedicated to growing the NPDC, thereby increasing our reserves portfolio. We will not relent until the NPDC exceeds its current position of being the seventh largest oil producer in Nigeria,” Baru said.

To achieve this, he stated that the NNPC “would aggressively explore opportunities in other petroleum acreages in Nigeria, and with particular interest in the Gulf of Guinea.”

According to him, the NNPC is also working hard to improve the portfolio of services rendered to the oil industry by its second Edo-based upstream outfit, known as the Integrated Data Services Company.

“The long-term objective is for the IDSL to be on its own so as to actualise its vision of becoming the ultimate centre for the provision of geophysical and petroleum engineering services in the oil and gas industry,” Baru said

He observed that Edo State had been relatively peaceful with least incidents of pipeline vandalism and sabotage compared to other areas in the Niger Delta, and lauded the state government for collaborating with security agencies in safeguarding oil and gas facilities in its domain.

Obaseki, according to the statement, pledged that his government would do everything within its powers to make Edo a hub for the national oil firm.

He said his government was working hard to improve on the local security plans by encouraging community policing and intelligence gathering towards safeguarding oil and gas facilities in the state.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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