Business

We found oil where others ran away — NNPC

Published

2 years ago

May 24, 2023

Group Managing Director of NNPC, Mele Kyari

MAIDUGURI-Nigeria’s hopes of increasing its crude oil reserves has received a fresh boost as the state-owned oil company, the Nigerian National Petroleum Company Ltd, has commenced an oil drilling campaign at the Wadi-B located in Jere Local Government Area of Borno State.

The Group Chief Executive Officer Mele Kyari, who disclosed this yesterday, said the company was optimistic that the drilling would help in its efforts to bring prosperity to the people through the elimination of energy poverty currently threatening Africa’s biggest economy.

Kyari made the commitment at the Presidential flag-off of Wadi-B drilling campaign by President Muhammadu Buhari in Borno State.

The NNPC had stopped drilling in Wadi-B in 1995 because successes were weak and findings made during the period were not in commercial quantity.

The fresh drilling is part of the scramble for oil and gas deposits in Nigeria’s frontier basins.

Kyari said: “We understood very clearly that we need to understand the basin very well. We need to have a different approach to exploration activities in this very basin and that is why NNPC and our partners, the Ministry of Petroleum Resources and the current Upstream Regulatory Commission decided to embark on massive revaluation of all the frontier basins in the country.

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“Of course, our findings have been useful. The understanding of the rift system in Nigeria enabled us to have successful outcomes in the Kolmani Area.

”It also enabled us to mobilise to Nasarawa State. Now a drilling activity is going on. It also helped us to understand the geological basin of the Chad Basin which is why we are back here.

“Now we are much more confident, we believe that this campaign will be successful and that this campaign will take us to the ultimate objective which is to increase the reserves of our country and also create opportunities around us. We believe that the time for oil and gas to vanish is still far away.

“We believe that oil and gas will continue to be principal in determination of the prosperity of our country of course more especially, providing energy security for our country.

”This can’t happen unless we have access to the resources and we are able to convert them into value and of course a new approach to doing this that is practical which is what we are doing in the Kolmani area.”“Kyari said the company and its partners would deploy the necessary technology and best approach that would enable it create value for Nigerians in the quickest possible time.“According to Kyari, NNPC Ltd, through the drilling exercise, would combat deforestation as most Nigerians who do not have access to cooking gas fell tree as an alternative for cooking.“He believed that making available cooking gas as a cleaner transition fuel would play a huge role in curbing desert encroachment in the country.“”Where ever we find crude oil, we will consider the concept of integrated production and conversion so that value can be created very quickly. Of course, there is huge energy poverty across the world and more so in sub-Saharan African countries and particularly in our country here.““We know for sure that 70 per cent of our population doesn’t have access to clean cooking fuel and that is why you are seeing the effects of the frustration which is most pronounced in this part of the country.“”The Sahara Desert moves at least a kilometre towards the Southwards area and this can’t be arrested if we dint find alternative sources of energy for the communities and this is what the oil and gas will do.

”They have found oil where others practically ran away and today, they led this regime of the knowledge of the basins in our country and of course in Africa. I am very proud of them.”

Vanguard

Business

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

14 hours ago

November 26, 2024

Trends Admin

Port Harcourt Refinery

PH refinery: 200 trucks will load petroleum products daily, says Presidency

No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Business

Breaking: CBN increases interest rate to 27.50%

Published

15 hours ago

November 26, 2024

Trends Admin

Breaking: CBN increases interest rate to 27.50%

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

Business

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Published

19 hours ago

November 26, 2024

Trends Admin

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”