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NNPC projects $1tn loss in global oil production by December
The Nigerian National Petroleum Corporation has estimated global losses from exploration and production activities due to slowing demand for crude oil amid the COVID-19 pandemic will hit about $1 trillion by the end of 2020.
Group Managing Director of the corporation, Mallam Mele Kyari, who stated this on Tuesday at the Nigerian Association of Petroleum Explorationists (NAPE) 2020 Conference, also reiterated the plan of the NNPC to reduce production cost per barrel to $10 by 2021.
The theme of the conference held in Lagos was “Accelerating Growth in Nigeria’s Hydrocarbon Reserves: Emerging Concepts, Challenges and Opportunities.”
He said the NNPC had slashed its cost per unit to between 20 per cent and 30 per cent and would reach the projected target next year.
He said, “We are in challenging times. What COVID-19 did to the oil industry is monumental. It has done a lot of collateral damage to the rest of the industry, entertainment and everything you can think off.
“Of course, the collateral cost to the industry we expect is about $1tn of loss for E&P across the globe.
“There’s an extreme decline in demand for oil and of course other losses through the year which is fatal for the business.
“But businesses must adjust and do things differently. We have pulled down cost and increased revenue and we are focusing more on reducing cost and optimising costs where we are not able to cut costs.
“We are investing in gas because we have seen the resilience of gas and that has taught us that gas will be the future of transition fuel and a great player in the future scenario. We are a gas country with over 600tcf with proven reserves of 203 trillion CF. We have done very little on that. The PIB will be the solution to this.”
Kyari said the only way to survive the difficult situation was to cut or optimise production costs and increase revenue.
Vice President, Prof. Yemi Osinbajo, who also attended the event, said the Federal Government was targeting the growth of the country’s crude oil reserves, currently at about 36 billion barrels to 40 billion and achieve a daily production of three million barrels.
Kyari, in his virtual presentation from Abuja, explained that with over 203 trillion cubic feet of gas, the Petroleum Industry Bill (PIB) when passed into law, would unlock the huge potential in the country.
According to him, without a clear fiscal environment and incentives in place, no one will invest in the sector, adding that by the time the PIB is ready next year, there will be renewed vigour in the industry, especially on the gas side.
He stated that despite the conversations surrounding the extinction of hydrocarbons, crude oil will continue to be relevant in the next 20 to 40 years.
He added that only very efficient companies producing at cheapest cost and getting to the market early would survive.
Kyari expressed delight at the discovery of oil in the frontier basin, particularly in the Benue trough.
He said it would significantly change the dynamics of production in the country, including the expansion of the country’s reserves.
He said, “Times are tough but the opportunities are all there. As a company, we have a target in the upstream and we know that $10 is possible in the industry. A lot is going on in terms of sharing resources, reducing contracting circle etc. We have seen a cost reduction of 20 to 30 per cent and overall at the end of 2021, we will see the $10 unit production cost.
“There are areas where it’s being done for less than $10 and unless we do this, we will not be competitive. The advantage we have is the quality of oil we have and we are one of the most extreme area in terms of distribution, so we have to pull the cost down, otherwise, we will produce oil and not find anyone to buy because you cannot cover the cost ultimately.”
Osinbajo, represented by the Minister of State, Petroleum, Chief Timipre Sylva, explained that though renewable energy remained the future of energy transition, hydrocarbons would remain the dominant source of energy in the immediate future.
He expressed optimism that a single-digit unit cost of production was achievable, provided the entire industry could work together to achieve the set target.
He said, “There’s no gainsaying that the growth of some countries depends on energy availability and utilisation, especially on crude oil and increasingly on natural gas.
“Renewable energy is becoming a cheaper form of energy and response to climate and reduced dependence on hydrocarbons over the next century seems to be inevitable. That notwithstanding, technology and discussions to date suggest that hydrocarbons will remain the dominant source of energy in the immediate future.
“The increased level of uncertainty in oil and gas demand and the emerging technologies on alternative energy have become important elements in making decisions on optimal exploitation of petroleum resources.
“This is more critical now that abundance of hydrocarbons is being discovered in the most unconventional places of the world. I suggest that our discussion should include but not limited to provision of secure energy supplies.”
The vice president stated that the OPEC production curtailments had resulted in lower revenue for the government, adding that it is now imperative for Nigeria to achieve a single-digit cost of production.
“Another key mandate is the growth of the country’s reserves to 40 billion barrels of crude oil as well as the production capacity of three million barrels of crude oil per day. We are fully committed to this mandate, notwithstanding the curtailment.
“We have the assurance that the curtailment will soon be over as the world economy improves. To grow our reserves, we have proposed fiscal incentives that will attract investments in the PIB,” he stated.
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NASS Urged to Take Over Rivers Assembly as Fubara’s Impeachment Crisis Intensifies
NASS Urged to Take Over Rivers Assembly as Fubara’s Impeachment Crisis Intensifies
Fresh pressure is mounting on the National Assembly (NASS) to intervene in the worsening Rivers State political crisis, as calls grow louder for federal lawmakers to take over the Rivers State House of Assembly amid the deepening impeachment threat against Governor Siminalayi Fubara.
Leaders of the All Progressives Congress (APC) and several civil society organisations (CSOs) have urged NASS to invoke Section 11(4) of the 1999 Constitution, arguing that the Rivers Assembly has become dysfunctional and incapable of maintaining democratic order following its impeachment moves against the governor and his deputy, Prof. Ngozi Odu.
The groups insist that the impeachment process is politically motivated and poses a serious threat to governance and stability in the oil-rich state. They warned that failure to act swiftly could plunge Rivers into a full-blown constitutional crisis.
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Meanwhile, the impeachment bid has suffered legal setbacks after a Rivers State High Court adjourned related proceedings indefinitely, following appeals filed by Governor Fubara and his deputy. Earlier court orders reportedly restrained actions connected to the impeachment process, leading the Rivers State Chief Judge to decline the Assembly’s request to constitute a probe panel, citing subsisting injunctions.
Despite the legal hurdles, the Rivers State House of Assembly has maintained that impeachment is a constitutional legislative function beyond judicial interference, insisting it is acting within its lawful powers. However, critics, including factions within the Rivers APC, have described the move as a calculated political offensive rather than a genuine exercise of oversight.
The crisis has continued to attract national attention amid reports of shifting political alliances and power struggles ahead of the 2027 general elections. While allies of Governor Fubara maintain that calm prevails in the state, analysts warn that prolonged institutional conflict could further destabilise governance if federal intervention is delayed.
As protests intensify and legal battles linger, Rivers State remains at the centre of a growing debate over federal intervention, constitutional authority and democratic stability, with NASS now under increasing pressure to act.
NASS Urged to Take Over Rivers Assembly as Fubara’s Impeachment Crisis Intensifies
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Grand Chief Imam of Oyo Land Pays Courtesy Visits, Engages Institutions Across Oyo Town
Grand Chief Imam of Oyo Land Pays Courtesy Visits, Engages Institutions Across Oyo Town
COURTESY VISITS AND OFFICIAL ENGAGEMENTS OF THE GRAND CHIEF IMAM OF OYOLAND ACROSS OYO TOWN
The Grand Chief Imam of Oyo Land, Sheikh Al-Imam Barrister Bilal Husayn Akinola Akeugberu, on Thursday, January 22, 2026, embarked on a series of courtesy visits and official engagements across Oyo town, reinforcing his commitment to education, peaceful coexistence, and community development.
The visit, which drew wide attention across Oyo State, saw the Grand Chief Imam accompanied by members of his entourage and representatives of Islamic organisations. Representing Robithotul Sabab were Dr. Habibullahi and Maradesa Ibrahim Alagbada El-Mufty, who joined the delegation throughout the engagements.
Thanksgiving Visit to Alma Mater
COURTESY VISITS AND OFFICIAL ENGAGEMENTS OF THE GRAND CHIEF IMAM OF OYOLAND ACROSS OYO TOWN
The first stop was RCM (St. Mary’s Catholic) Primary School, Ashogo, Oyo, the alma mater of the Grand Chief Imam. A thanksgiving programme was held to appreciate the school, its former administrators, and teachers for their role in shaping his early education. The visit, described as deeply emotional, highlighted the Imam’s values of gratitude, humility, and respect for educators as pillars of societal growth.
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Engagements at Emmanuel Alayande University of Education
COURTESY VISITS AND OFFICIAL ENGAGEMENTS OF THE GRAND CHIEF IMAM OF OYOLAND ACROSS OYO TOWN
The delegation later moved to Emmanuel Alayande University of Education, Oyo, where they visited the Department of Arabic and Islamic Studies and met with academic staff. The entourage was subsequently received by the Vice-Chancellor and members of the university management at the Vice-Chancellor’s Office.
In his address, the Grand Chief Imam of Oyo Land stressed the strong link between faith, education, and community service, noting that universities play a crucial role not only in academic development but also in shaping character, values, and responsible leadership. He commended the university for promoting knowledge, leadership, and social harmony.
Responding, the Vice-Chancellor spoke on the ongoing construction of the university mosque, expressing hope that it would be completed during his tenure. The Grand Chief Imam assured the management of divine facilitation for the project, urging the presentation of cost details and affirming that many faithful are ready to support the advancement of the Deen.
Visit to Atiba University, Oyo
COURTESY VISITS AND OFFICIAL ENGAGEMENTS OF THE GRAND CHIEF IMAM OF OYOLAND ACROSS OYO TOWN
From Emmanuel Alayande University, the entourage proceeded to Atiba University, Oyo, where the Imam met with the university management and members of the Muslim Students’ Society of Nigeria (MSSN). The meeting featured constructive discussions, mutual appreciation, and optimism about positive institutional growth.
Community Reception at Aremo Stadium
The day’s activities culminated at Aremo Stadium, where prominent sons of Oyo Land gathered to welcome the Grand Chief Imam, a gesture that underscored the deep respect and affection he enjoys across the ancient city.
Overall, the visits showcased the Grand Chief Imam of Oyo Land’s enduring dedication to education advocacy, interfaith harmony, gratitude to his roots, and community development, cutting across religious and institutional boundaries in Oyo town.
Grand Chief Imam of Oyo Land Pays Courtesy Visits, Engages Institutions Across Oyo Town
News
NAHCON, Saudi Hajj Ministry Hold Strategic Talks to Boost 2026 Hajj Preparations
NAHCON, Saudi Hajj Ministry Hold Strategic Talks to Boost 2026 Hajj Preparations
Abuja, Nigeria — The National Hajj Commission of Nigeria (NAHCON) and the Saudi Ministry of Hajj and Umrah have held high-level strategic talks aimed at ensuring a smooth and well-coordinated 2026 Hajj pilgrimage. The meeting focused on pilgrim welfare, accommodation, visa processing, and airlift logistics.
The Saudi delegation, led by Professor Dr. Ghassan Al‑Nuaimi, reviewed Nigeria’s readiness, including airline arrangements, accommodation planning in Makkah and Madinah, and compliance with pre-arrival documentation. NAHCON emphasized that all pilgrims must submit complete paperwork at least 72 hours before departure in line with Saudi regulations.
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During the meeting, NAHCON requested additional Hajj slots, addressed recurring visa challenges, and sought Saudi support for accommodation and airline approvals. The Saudi team assured that technical teams would review these requests to ensure a seamless experience for Nigerian pilgrims.
Ahead of the main ministerial visit, an advance Saudi team arrived in Abuja to lay the groundwork for the upcoming meetings with Nigerian authorities, including engagements with Vice President Kashim Shettima. NAHCON has also engaged state pilgrims’ welfare boards and licensed tour operators to ensure full compliance with operational standards.
Preparations for the 2026 Hajj have been ongoing, with NAHCON completing pre-Hajj visits to Saudi Arabia, securing agreements with service providers, and training staff to ensure efficient pilgrim management. Both Nigerian and Saudi authorities reaffirmed their commitment to safe, organized, and successful Hajj operations this year.
NAHCON, Saudi Hajj Ministry Hold Strategic Talks to Boost 2026 Hajj Preparations
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