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.
FRSC promotes Olagunju, Kibo DCM, retires them, 3,628 others elevated
Two frontline officers of the Federal Road Safety Commission, Kayode Olagunju, and Peter Kibo, have been elevated to the rank of Deputy Corps Marshal.
They are among the beneficiaries of the latest promotion exercise, which also affected 3,628 other officers moved to their next ranks.
This is contained in the latest statement by the Corps Public Education Officer, Bisi Kazeem, an assistant corps marshal.
“The newly appointed Deputy Corps Marshals are to proceed on terminal leave with immediate effect,” the statement added.
Olagunju (PhD), before the promotion was the Commandant, Federal Road Safety Corps Academy Udi, Enugu State, while Kibo was the Zonal Commanding Officer in charge of RS2HQ Zonal Command Lagos.
The statement also said, “Out of the 3,628 other Officers promoted, 84 Deputy Corps Commanders (DCC) were elevated to the rank of Corps Commander (CC), 211 Assistant Corps Commanders to the rank of Deputy Corps Commander, 52 Chief Route Commanders (CRC) to the rank of Assistant Corps Commander (ACC) and 716 Superintendent Route Commanders (SRC) to the rank of Chief Route Commander (CRC). In the same promotion exercise, 1092 Route Commanders were elevated to the rank of Superintendent Route Commander, 691 Deputy Route Commanders got the the rank of Route Commander as 782 Assistant Route Commanders will now be decorated with the new rank of Deputy Route Commander.”
It said the approval for the elevation came at the end of the meeting of the commission, ratifying the resolution of the Establishment Committee of FRSC on promotion of Officers, where the exercise was deliberated upon.
The Board Chairman, Mallam Bukhari Bello expressed delight over the transparency and objectivity that heralded the whole process and urged the promoted officers to show more commitment and rededicate themselves to achieving the corporate mission of the corps which is to eradicate road traffic crashes and create a safer motoring environment in the country.
He stated that the promotion was part of the FRSC drive towards rewarding excellence, diligence and hard work.
The corps marshal, Dauda Biu, congratulated the newly elevated officers for their excellent performances during the exercise, noting that every promotion comes with greater responsibilities.
He charged them to put in their best in the course of their duties as the new ranks called for more focus, more dedication, commitment and passion.
He promised to improve the general welfare of the personnel of the corps.
Support hijab to suppress urge for nudity, crime – Muslim groups
Muslim groups have called for maximum support for hijab to ensure decent dressing in the society and address the urge for appearing almost nude in the public.
They made the call in their different messages delivered in Lagos on Wednesday at a press conference to commemorate the World Hijab Day.
Secretary of NASFAT Women Affairs, Lagos Zone 2, Alhaja Aishat Busari, asked people to stop bullying those wearing hijab, stressing that there must be religious tolerance for peaceful coexistence of people in the society.
She said “This is a simple call to movers and shakers of the world to live by their sayings and preaching of peaceful coexistence, a significant part of the SDGs.”
She also said, “It is disheartening to know how much the society applauds immorality and frowns on right choices. How women empowerment is preached, yet the empowerment and choice of Muslim women is opposed. In this World, where the urge to go naked is prevalent, let’s join hands together, schoolteachers/administrators, leaders of faith, and every one to encourage modesty, the use of hijab.”
She maintained that anyone discriminating against the Hijab would not only be violating the law and peaceful co-existence but also encouraging violence.
“Let’s rise against all forms of discrimination against women and girls. Let’s rise against all forms of discrimination against the Hijab,” Busari stated.
Executive Director, Hijab Rights Advocacy Initiative, Mutiat Orolu-Balogun, said the Hijab for Muslim women apart from being a fulfilment of a divine commandment is also guaranteed by section 38 of the 1999 constitution.
She stated, “Though the Hijab was legislated and enjoined on Muslim women over 1400 years ago as described in Chapter 24 (Surah An-Noor,Verse 31) of the Qur’an, we keep seeing how it is even more relevant today. Nakedness marked a distinctive feature of pre-civilization , hence to adopt modesty in dressing is progression.”
Even as she acknowledged the recent Supreme Court judgement was a landmark achievement for hijab, there were still issues casting shadow on progress made so far.
Senior Admin Officer, Muslim Public Affairs Centre (MPAC), Fatimah Sanni, asserted that discrimination against women in hijab is Islamophobia
She said, “At MPAC, we challenge Islamophobia, discrimination, and the ideologies that drive them. At the same time we promote empowerment and freedom to practice hijab in safety. We believe that the female Muslims should be free to express their religious beliefs free of discrimination and prejudice. “This is why we have continued to support initiatives like the World Hijab Day campaign.”
She called the attention of government agencies to the plight of Muslim women when seeking government services particularly the taking of biometrics.
According to her, despite the law recognising the use of the Hijab and does not require the ears to be brought out of the hijab, “et we get numerous verified reports of Hijabis being compelled to either take off their hijabs completely or bare their ears when they require their biometrics taken even for a sim card registration!”
Assistant Welfare Secretary, The Criterion, Lagos District, Modinat Braimah, declared that the wearing of hijab was of immense benefit to the society.
She said, “The hijab marks the wearer as honorable, respectable, chaste and modest with expected high level of morals.
“The Muslim woman dressing does not oppress Muslim women or any other woman for that matter as the media wants to portray it. It is not a political tool or a fashion statement. It is the dignity of the human person of a Muslim woman as guaranteed by the constitution of our dear country Nigeria.”
She also cautioned against harassment of innocent female Muslims wearing hijab, adding, “Our strength as a community and indeed a nation lies not in how we treat the high and mighty, but how we care for the weak and vulnerable.”
Similarly, Ameerah FOMWAN Lagos State, Alhaja Sherifat Ajagbe, stated that all women deserve to be protected from gender-based violence.
She recalled the recent report of a young lady in Niqob raped in a mosque in Ibadan, Oyo State, describing it as heinous crime against humanity and desecration of the mosque.
“It is sad indeed that Muslim women who are known to be modest have become targets of these criminal elements. Indeed, the hijabi is almost becoming ‘endangered species’ as she is being discriminated against by her fellow citizens and she’s also not safe from the attacks of criminals,” Ajagbe said.
She added, “We at FOMWAN Lagos as well as the other 17 participating Organisations hereby call on the relevant authorities to prosecute as a matter of urgency the perpetuator of this heinous crime named as Idris A.K.A Kesari as well as his father popularly called Al-Majiri who not only helped the perpetrator to escape, before arrest but also seeks to intimidate the victim as well as concerned Nigerians.”
FG dismisses Transparency International (TI) verdict on Nigeria
Federal Government, yesterday, dismissed the recent verdict on Nigeria by Transparency International (TI), which said the country dropped five places in the 2022 Corruption Perceptions Index (CPI).
It boasted that some of the government’s legacy projects have been facilitated with funds known as Abacha loot, hitherto stolen and stashed abroad by a former Nigerian leader but returned to the country.
This came against the backdrop of reports that Nigeria scored 24 out of 100 points while ranking 150 among 180 countries on the 2022 Corruption Perception Index released by TI, a development which has continued to stoke concern by citizens.
Although the country maintained its previous year’s (2021) score of 24 out of 100 points, however, there was a change in rank from 154 to 150, as some other countries performed more poorly in 2022.
- IMF upgrades Nigeria’s 2023 economic growth projection to 3.2%
- Aisha Buhari backs El-Rufai on claim Aso Rock working against Tinubu
- ICPC arrests woman selling new naira via Twitter
- No one in Aso Rock working against Tinubu – Lai Mohammed
Fielding questions, Minister of Information, Lai Mohammed, downplayed the rating, saying the Nigerian government’s fight against corruption is not at the whims and caprices of the global agency.
The minister spoke after the Federal Executive Council (FEC) meeting, presided over by President Muhammadu Buhari, at the Presidential Villa, Abuja.
He said: “We are not really worried or bothered about rating of the TI, because we know that everything we do is to ensure that we fight corruption the best way we know how to. If TI is not seeing this, then I think it has to change its template. But, again, we’re not fighting corruption to impress TI.
“We are not fighting corruption because we want to impress Transparency International or any organisation whatsoever. We’re fighting corruption because we believe if we do not fight corruption, there’ll be no growth, either in terms of the economy or even political.”
The minister added: “Therefore, what we do and what we’re putting in place to fight corruption is not because we want to be rated by anybody. I can assure you that we do not know what template TI is using. Whatever template it is using, it is clearly oblivious of what this administration is doing to fight corruption.
“Corruption fighting is not just by how many people have you arrested? How many people have you tried? How many people have you convicted? Of course, even in that respect, we have a very impressive record.”
News of Lawan as annointed presidential candidate shocked Buhari, say El-Rufai
FRSC promotes Olagunju, Kibo DCM, retires them, 3,628 others elevated
Customs burst cross-border criminal syndicate, seize fake $6m, forged passports
CCECC completes Apapa port link to Lagos-Ibadan railway
Customs: Vehicle tariff reduction to begin next week
Biden, Treasury Secretary say Republicans COVID-19 aid too small
Osun state gov, Ademola Adeleke, thrills guests as he dances to Buga amid removal saga (Video)
Cristiano Ronaldo’s partner Georgina Rodriguez buys him a Rolls Royce for Christmas (video)
Drama as angry bride refuses to marry groom during church wedding [Video]
metro5 days ago
Updated: Eight confirmed dead as container falls on passenger bus in Lagos + photos
International5 days ago
Russian/Ukraine war: Vladimir Putin sends 100 strippers to front line to boost morale of Russian soldiers
metro6 days ago
Woman bites off another’s breast in bloody fuel queue fight in Delta
Auto6 days ago
Lanre Shittu assembles new pickup, plans vehicles to carry its nameplate
metro6 days ago
Updated: Kaduna-Abuja train derails close to Kubwa station
metro3 days ago
Muslim leaders protest alleged rape of woman in Niqob (purdah) inside mosque in Ibadan
News7 days ago
IGP recommends Frank Mba as Ogun police commissioner, tips 2 others for AIG position
metro7 days ago
Troops neutralise 84 terrorists in NE/NW, rescue 122 victims in 2 weeks