By Edith Ike-Eboh
Abuja, Feb. 9, 2021 The Federal Government has inaugurated the Nigerian Upstream Cost optimisation Programme (NUCOP) to drive down the cost of crude oil production in the country.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, at the inauguration on Tuesday in Abuja said that cost reduction of crude oil production would help Nigeria remain competitive in the global market.
“NUCOP is aimed at optimising our upstream operation expenses through process enhancement and industry collaboration.
“One of the top priority areas given to the Ministry of Petroleum Resources under the Next Level agenda of Mr President is the reduction of the price crude oil extraction cost.
Congo (Brazzaville): Zenith Energy announces successful completion of IPU in Congo
10 Feb 2021
Zenith Energy, the listed international oil & gas production company focused on pursuing African development opportunities, has announced that it has now received formal confirmation regarding the successful completion of the Inquiry of Public Utility (Enquête d Utilité Publique) ( IPU ), following an in-depth technical and financial review, performed by the Ministry of Hydrocarbons of the Republic of the Congo during the month of January 2021.
Source: Zenith Energy
As announced on December 23, 2020, the Company will now proceed with the potential finalisation and ratification of the Production Sharing Contract ( PSC ) for
KUALA LUMPUR (Feb 10): Petroliam Nasional Bhd (Petronas) has confirmed a gas discovery at the Lang Lebah-2 exploration appraisal well in Block SK410B Production Sharing Contract (PSC) located in Central Luconia, 80km off the coast of Sarawak.
Block SK410B is operated by PTTEP HK Offshore Ltd together with KUFPEC Malaysia (SK-410B) Ltd and Petronas Carigali Sdn Bhd, a subsidiary of Petronas.
In a statement today, Petronas said Block SK410B was promoted in the Malaysia Bid Round 2015, resulting with the PSC being signed in July 2016.
It said the Lang Lebah-2 exploration well was drilled to a total depth of 4,320 metres in mid-January 2021 with over 600 metres of proven net gas pay.
Minister of Petroleum, Timipre SylvaMinister of State for Petroleum Resources, Timipre Sylva, yesterday revealed that Nigeria still spends around $30 in producing a barrel of crude oil despite the undulating price of the commodity at the international market.
Although the Federal Government has been making efforts to bring down the cost to about $10, the current cost for Joint Venture production is 300 per cent higher than the projected target. x
Speaking at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP), in Abuja, Sylva put the figure for joint venture production at $20/barrel, and Production Sharing Contract (PSC) at about $20/barrel.
(AFRICAN EXAMINER) - The Nigerian National Petroleum Corporation (NNPC) has called on stakeholders in the oil and gas industry to join in working towards