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Nigeria Loses $850m to Gas Flaring in 2015- DPR

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Oil
  • Nigeria Loses $850m to Gas Flaring in 2015

The Department of Petroleum Resources said that Nigeria, the ninth largest gas producing nation in the world, lost over 850 million dollars to gas flaring in 2015.

Mrs Pat Maseli, Deputy Director, Head, Upstream, DPR, gave the statistics at the just concluded 10th Annual Sub-Saharan Africa Oil and Gas Conference in Houston, Texas, U.S.

This is according to a statement made available to the News Agency of Nigeria, in Lagos on Sunday by Mr Sonny Oputa, Chairman, Energy Corporate African, the organiser of the conference.

Maseli said that the development led to a loss of 3,500 megawatts of electricity generation and about 400 million dollars carbon credit value emission.

She said, “55 million Barrels of Oil Equivalent was lost and 25 million tons of carbon dioxide emitted.

“The country is recording decline, but the scale of gas flaring is still worrisome’’.

She said that with almost 8 billion cubic meters of gas flared annually, according to satellite data, Nigeria had the seventh largest gas flaring in the world.

“At the same time, approximately 75 million Nigerians lack access to electricity.

“In recent years, Nigeria has shown significant progress by reducing gas flaring by about 2 billion cubic metres from 2012 to 2015,’’ she was quoted as saying.

Maseli said that prior to now, there were no gas terms in place, but the department had recently developed policies on gas terms and utilisation.

“This was passed to operators for their input which will subsequently be sent to the National Assembly for its passage

“The Gas Master Plan seeks to deliver gas to commercial sub sector for use as fuel, captive power and related end-use, to consolidate Nigeria’s position and market share in high value export markets.

“It will create regional hub for gas-based industries, including fertiliser, petrochemical and methanol.

“ It will also transform the gas sector to a value-adding sector,’’ Maseli said.

On the breakdown of the 2008-2013 Domestic Gas Supply Obligation (DGSO), she said that compliance was about 23 per cent.

It said that in 2016, the DGSO was achieved at 38.18 per cent, while in 2017, it was 40 per cent.

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.

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MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

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MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

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President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State

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President Buhari

President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

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Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

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Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

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