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NNPC Laments Low Oil Production

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NNPC
  • NNPC Laments Low Oil Production

The Nigerian National Petroleum Corporation (NNPC) has expressed its readiness to partner with stakeholders in oil and gas to grow the nation’s fast depleting reserves.

The Group Managing Director (GMD), NNPC, Dr. Maikanti Baru, made this commitment when the Nigerian Association of Petroleum Explorationists (NAPE) hosted him to a dinner in Abuja at the weekend.

He said the 2016 national average oil production of 1.9 million barrels is low partly due to oil infrastructure vandalism, saying there’s need for stakeholders to share data and use common available resources to reduce cost of operations in the area of rig-sharing, vessel sharing and synergy in projects development. He said this has become expedient in this era of low oil prices and security challenges, according to NNPC statement

“Our national gas demand forecast to year 2020 (domestic plus export) indicates a rapid growth to 15bscfd, meaning current reserves level can only sustain that production for 35 years if we do not increase the 2bscfd gas reserves base which require 3tcf to replace production yearly,” he said.

The GMD challenged NAPE and other stakeholders to focus on increasing the nation’s oil and gas reserve base to match national aspirations, by increasing oil production to four million barrels per day and meet gas demand of 15bscfd by 2020 required for industrialisation and consumption.

Baru said the less than three per cent of all wells drilled in the Niger Delta Basin both onshore and swamp are deeper than 15,000 feet, adding that a greater number of these wells have not gone beyond the 10,000ft as a high pressure regimes seems to be a limiting factor.

On frontier exploration, the NNPC chief said the Corporation is progressing exploration efforts in Chad Basin, Benue trough and the other frontier basins so as to shore up the reserve base of the country.

He said: “Some of our earlier drilled non-commercial holes could be turned around if we deploy requisite technologies. We need to change our perspective of risk as technology is advancing.”

Earlier, the NAPE President, Nosa Omorodion said his association is ready to support NNPC in its drive to grow reserves towards increased producibility in all the frontier basins.

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.

Government

Obaseki Wins Edo State With a Landslide Victory

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Governor Godwin Obaseki has now won the remaining Local Government, Ovia South-West Local Government.

Here is a break down of Ovia South-West’s final result. APC recorded 10, 636 votes while PDP amassed 12, 659.

Total valid votes stood at 23,741 with 743 votes rejected and 24,484 votes cast.

Overall, Obaseki won a total of 13 local governments out of 18, while Ize-Iyamu wins 5. See the details below.

Local Government APC  PDP 
Igueben  5,199  7,870 
Esan North-East  6,556  13,579 
Esan Central  6,719  10,794 
Ikpoba-Okha  18,218  41,030 
Uhunmwonde  5,972  10,022 
Egor  10,202  27,621 
Owan East  19,295  14,762 
Owan West  11,193  11,485 
Esan South East  9,237  10,565 
Ovia North-West  9,907  16,987 
Etsako West  26,140  17,959 
Ovia South-West 10,636 12,659
Oredo  18,365  43,498 
Esan West  7,189  17,434 
 Akoko Edo 22,963 20,101
 Etsako East 17,011 10,668
 Etsako Central  8,359 7,478
Orhionmwon 10,458 13,445

 

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Government

Obaseki Beats Ize-Iyamu in His Local Government to Extend Lead

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Godwin Obaseki Wins Ize-Iyamu Local Government to Extend Lead

Governor Godwin Obaseki has won Orhionmwon Local Government Area to extend his lead over Pastor Osagie Ize-Iyamu of the All Progressives Congress.

Pastor Ize-Iyamu, who hails from Orhionmwon, won his polling unit but failed to win the entire council area as Obaseki wins again.

Orhionmwon was one of the two remaining local governments. Therefore, it now remains one local government area, Ovia South-West, with Obaseki cruising to victory following 17 LG counts.

Obaseki now has 295,296 votes while Ize-Iyamu has 212,983.

Obaseki is no expected to win Saturday’s governorship election after amassing massive votes across each of the 17 local governments counted.

The remaining local government, Ovia South-West has 73,909 voters, below the over 80,000 lead of Godwin Obaseki.

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Obaseki, PDP Members Celebrate Potential Win in Situation Room

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Obaseki

Obaseki Celebrates With Other PDP Members in Situation Room

Following the strong positive support received from Edo people as shown by almost 90,000 vote gap received over Osagie Ize-Iyamu after 16 local government counts, the executive governor of Edo State, Gowin Obaseki, and the Peoples Democratic Party (PDP) members have started celebrating a potential win ahead of the two remaining local government results.

According to the results of the 16 local governments released by the Independent National Electoral Commission (INEC), Obaseki received 288,572 votes while the candidate of the All Progressives Congress, Pastor Osagie Ize-Iyamu, received 202,525 votes.

With just two local governments left to go, it is safe to say Obaseki has won this particular election again.

Pastor Osagie Ize-Iyamu contested against Governor Obaseki four years ago under the Peoples Democratic Party when Obaseki was the gubernatorial candidate of All Progressives Congress before he fell out with his godfather, Adams Oshiomhole.

If wins, Obaseki will be the first gubernatorial candidate to win two elections under the two major parties within four years and vice versa for Ize-Iyamu.

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