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Nigeria discovers 206Tcf of gas, eyes another 600Tcf

Published

3 years ago

June 27, 2021

Minister of State for Petroleum Resources, Timipre Sylva, says the country has accidentally discovered 206 trillion cubic feet of gas reserves while in search of crude oil.

He stated this at a News Agency of Nigeria forum on Sunday, adding that the country could discover additional 600 trillion cubic feet reserves to enable it to achieve the desired development required of a gas nation.

“We have a lot of gas in this country. We have 206 trillion cubic feet of gas reserves,” Sylva said.

He also said, “This number is already discovered in gas reserves and this 206 trillion cubic feet reserve was found while looking for oil; so it was accidentally discovered.

“We were actually going to look for crude oil and we found gas, and in that process of accidentally finding gas, we have found up to 206tcf.

“So, the belief is that if we really aim to look for gas dedicatedly, we will find up to 600 trillion cubic meters of gas.”

Sylva noted that the COVID pandemic had some positive impact on the Nigerian oil and gas sector despite its negative effects on the global economy.

He said the pandemic had forced Nigerians to take over the running of the oil and gas industry as most of the expatriates working in the sector had to travel to their countries because of the lockdown.

“They have to rush out so that they will be locked down in their countries, and when that happened, it means that we lost a lot of expatriate personnel,” he added.

“But the good side of COVID-19 for us is that our Nigerians were able to step into their shoes.”

The minister said the oil-producing communities where the Port Harcourt Refinery Company is located are being carried along in the facility’s rehabilitation.

“It is not the government that will engage directly with the communities; we are the government and we have been able to give the contract to the EPC Contractors, part of the EPC Contractors’ role is engagement with communities,” he said.

He noted that the rehabilitation of the refinery was done through international tenders and that international companies responded to and that the process involved consultants.

The Nigerian National Petroleum Corporation on April 6 signed the EPC contract with Maire Tecnimont SPA, an Italian company, for the rehabilitation of the PHRC.

Sylva also reiterated the need to deregulate the sector, adding that it was necessary for the country to move forward.

“I will say that my stand on fuel subsidy and deregulation is well known. I strongly believe that for this country to move forward, for our economy to make the progress it desires, we need to have a market-driven pricing of products,” he added.

“A situation where you produce something at a certain cost and you have to sell it at a lower cost to people because you are taking some of that burden off the people is not the best.

“It is a very desirable thing but it is also not too sustainable because what happens is that you produce it for N10, you sell it for N5; tomorrow, you produce it again at N10, you add N5 from somewhere, produce it again at N10 and sell it for another N5.

“So, the losses increase and compound on a daily basis and those accumulated losses have brought us to where we are.”

Related Topics:Chief Timipre Sylva Featured Gas reserves

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Appeal court takes over NURTW case as NIC withdraws

Published

23 hours ago

May 1, 2024

Trends Admin

Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.

Business

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Published

1 day ago

May 1, 2024

Trends Admin

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.

Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.

Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Business

As controversy over Maersk-FG port investment rages, Onanuga says no $600m deal signed

Published

1 day ago

May 1, 2024

Trends Admin

As controversy over Maersk-FG port investment rages, Onanuga says no $600m deal signed

The Nigerian government and a shipping giant, Maersk, have not signed any investment agreement, Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, has said.
Onanuga was reacting to the controversy surrounding the reported sealing of a $600 million deal for the development of the nation’s seaports.
He said there was only talk “of possible investment in Nigeria” by Maersk.
Interestingly Onanuga had hinted about the deal in a tweet said to have been pulled down after the social media backlash.
After President Tinubu’s discussion with Maersk’s Chairman Robert Uggla on April 28, on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, the presidency had released a statement announcing that the shipping company had pledged to inject $600 million into the Nigerian seaport industry.
“Danish shipping company, A.P Moller-Maersk plans $600m investment in Nigeria. Danish shipping and logistics company A.P Moller-Maersk has disclosed a planned investment of $600 million in Nigeria to accommodate more container shipping services in Nigerian ports,” Onanuga wrote on X.
In a statement, Tinubu’s spokesperson, Ajuri Ngelale, also said “President Tinubu meets Chairman of Danish shipping giant Maersk, secures $600 million investment in Nigerian seaport infrastructure.” He quoted Uggla as saying, “We believe in Nigeria, and we will invest $600m in existing facilities and make the ports accommodating for bigger ships.”
In response to this. Maersk officials have denied any such agreement and stress no deals have been signed.
Onanuga in a new report by TheCable, an online news platform admitted no agreement on investment had been reached by the two parties.
“I think the statement issued by Maersk did not talk about a deal. There was no deal according to that statement that I read.
“However, there was talk of investment,” the special adviser said.
“No document or agreement was signed, so there was no deal. But there was talk of a possible investment in the country.
“So, go and read the statement again. They never said any deal was signed between the Nigerian government and the Dutch company. There was nothing like that.”
Onanuga however said the shipping company did not expressly deny that there was an investment talk.
He said people are “unnecessarily giddy over nothing.