Market forces should determine gas prices – DPR naija247news.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naija247news.com Daily Mail and Mail on Sunday newspapers.
It is
worth reiterating that gas flaring reduction potential was part of
the underlying opportunity for the (otherwise laudable)
project. PI&D obtained arbitral award against Nigeria,
sought to enforce same inclusive of the substantial interests and
Nigeria after some initial lethargy and missteps is now actively
challenging same, arguing that the entire project was a fraud. See
Fikayo Akeredolu, Nigeria and P&ID: The Story
Behind the $9.6 Billion Judgement, Nigeria Wins Another Victory Against
P&ID ,
Energy Voice, 30.09.2020:
https://www.
energyvoice.com/oilandgas/africa/268744/nigeria-pid-court-guarantee/;
Kush Amin, Did an Alleged Corrupt Natural Gas
Contract Rob Nigeria of US$9.6 Billion? ,
Peter Uzoho chronicles the events that shaped the Nigeria oil and gas industry in 2020
The oil and gas industry globally has witnessed its most tempestuous experience in history in 2020. The outbreak of the COVID-19 pandemic from Wuhan, China, and its threat to lives and businesses led to the introduction of lockdowns and other stringent restriction of movement measures across cities of the world.
Nigeria like other countries had begun the 2020 business year on a very promising note. The Nigeria oil and gas industry entered the year basking in the euphoria of a major milestone that was recorded in the twilight of 2019 –the eventual signing of the Final Investment Decision (FID) for the seventh plant or train 7 of the Nigeria Liquefied Natural Gas (NLNG).
By Solomon Asowata
The year 2020 has undoubtedly been one of the most difficult years for the oil and gas industry globally in the last few decades.
It saw the Coronavirus pandemic grip nations across the globe, necessitating countries and states to lock down their borders for some time, thereby preventing movement of persons, goods and services for months unless under special circumstances.
This restriction of movement affected many sectors of the economy, but one of the worst hit was the oil and gas industry which fuels mobility of mankind and businesses across the globe.
With a sharp drop in air and land movement, the demand for Jet A1 (Aviation fuel) , Diesel and Premium Motor Spirit (PMS) also known as petrol declined drastically.