FG Awards 57 Marginal Oilfields to 161 Bidders thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
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.
FG banks on oil proceeds for sustainable development vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.
01/26/2021 | Press release | Distributed by Public on 01/26/2021 01:34
Driving Cost Efficiency, Value Optimsation in Oil Industry
Efforts at addressing major challenges being faced by players in the Nigerian oil and gas industry received a major boost last week with the launch of the National Oil and Gas Excellence Centre Lagos to improve safety, optimise value and ensure cost efficiency in the industry, reports Peter Uzoho
Last week, players in the Nigerian oil and gas industry received a great relief with the eventual launch of the National Oil and Gas Excellence Centre (NOGEC) Lagos by President Muhammadu.
The integrated resource centre, whose major flagship units are domiciled at the Department of Petroleum Resources (DPR) headquarters annex, in Lagos, is a well-thought out regulatory intervention of the agency to tackle some of the major challenges being suffered in industry.