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The inauguration of the NOGEC came at a time Nigeria and the rest of the world are raising concerns over depleting oil revenue and the breakthrough in alternative forms of energy, including renewable and solar energy. To underscore the damage done to the Nigerian economy which is heavily reliant on oil, Nigeria’s Finance Minister, Mrs Zainab Ahmed, in May 2020, announced that the national revenue target fell by N125.52 billion in the first quarter of 2020 to N940.91bn. The Group Managing Director of NNPC, Mallam Mele Kyari, hinted at this paradigm shift when in December 2020, at the Central...

Vanguard News Nigeria’s oil output drops 15% to 1.5mb/d On By Udeme Akpan, Energy Editor The average Nigeria’s oil output dropped Year-on-Year, YoY, by 15 per cent to 1.5 million barrels per day, mb/d (excluding condensate), in 2020, compared to 1.7mb/d recorded in the corresponding period of 2019, according to data obtained from Organisation of Petroleum Exporting Countries, OPEC. On Quarter-on-Quarter, QoQ, the nation’s oil output stood at an average of 1.75 mb/d in first quarter (January -March) of 2020, compared to 1.67 mb/d, recorded in the corresponding period of 2019, indicatin...

As the debate over the long-term relevance of crude oil rages, Nigeria appears to be shifting its attention to the exploration of the country’s huge gas deposits, writes Emmanuel Addeh The year 2020, unarguably remains the most devastating period in the history of oil and gas in history as the product hit its lowest point. In the heat of the Covid-19 pandemic, Nigeria, Africa’s biggest economy, entered recession for the second time in five years, after a contraction in its Gross Domestic Product (GDP) for a second consecutive quarter. Largely dependent on revenues from crude oil export fo...

01/26/2021 | Press release | Distributed by Public on 01/26/2021 01:34 Driving Cost Efficiency, Value Optimsation in Oil Industry Efforts at addressing major challenges being faced by players in the Nigerian oil and gas industry received a major boost last week with the launch of the National Oil and Gas Excellence Centre Lagos to improve safety, optimise value and ensure cost efficiency in the industry, reports Peter Uzoho Last week, players in the Nigerian oil and gas industry received a great relief with the eventual launch of the National Oil and Gas Excellence Centre (NOGEC) Lagos by Pre...

Olalekan Adetayo and Femi Asu The President, Major General Muhammadu Buhari (retd.), on Thursday said his regime’s  drive for economic diversific...