DPR s Oil, Gas Alternative Resolution Centre Begins Operation
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Co-location and Crude pipelines: Lessons from telcos for Nigeria s oilEnergy — The Guardian Nigeria News – Nigeria and World News
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The inauguration of the NOGEC came at a time Nigeria and the rest of the world are raising concerns over depleting oil revenue and the breakthrough in alternative forms of energy, including renewable and solar energy.
To underscore the damage done to the Nigerian economy which is heavily reliant on oil, Nigeria’s Finance Minister, Mrs Zainab Ahmed, in May 2020, announced that the national revenue target fell by N125.52 billion in the first quarter of 2020 to N940.91bn.
The Group Managing Director of NNPC, Mallam Mele Kyari, hinted at this paradigm shift when in December 2020, at the Central Bank of Nigeria (CBN) roundtable session, he said NNPC was putting measures in place to reduce the cost of crude oil production to create market for the country’s crude.
Vanguard News
Nigeria’s oil output drops 15% to 1.5mb/d
On
By Udeme Akpan,
Energy Editor
The average Nigeria’s oil output dropped Year-on-Year, YoY, by 15 per cent to 1.5 million barrels per day, mb/d (excluding condensate), in 2020, compared to 1.7mb/d recorded in the corresponding period of 2019, according to data obtained from Organisation of Petroleum Exporting Countries, OPEC.
On Quarter-on-Quarter, QoQ, the nation’s oil output stood at an average of 1.75 mb/d in first quarter (January -March) of 2020, compared to 1.67 mb/d, recorded in the corresponding period of 2019, indicating a marginal increase of 0.05 per cent.
But it dropped to 1.52 mb/d, 1.35mb/d and 1.28 mb/d in the Second, Third and Fourth quarters of 2020, against 1.77 mb/d, 1.82 mb/d and 1.67 mb/d recorded in the corresponding period of 2019, thus showing a decrease of 14.1 per cent, 25.8 per cent and 23.4 per cent respectively during the period under review.