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Nigeria's natural gas reserve now 206.53tcf ― DPR


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Nigeria’s natural gas reserve has risen to 206.53 Trillion Cubic Feet (TCF), just as the Department of Petroleum Resources (DPR) announced a development showing that the country’s declaration of the gas decade is on course.
The Managing Director and CEO of the Department of Petroleum Resources, Sarki Auwalu in a presentation at Nigerian International Petroleum Summit on June 10, made the declaration.
Of this figure, Associated gas stands which stand for gas discovered while drilling for oil stands at 100.73 TCF while Non-Associated Gas reserves now stand at 105.80 TCF.
Auwalu praised independent field operators who he said played a critical role in developing the reserves. ....

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Only $666m Out Of Targeted $1.5b Oil Revenue Realised 2020


 
The government realized $666m out of its targeted revenue of $1.5 billion from the upstream petroleum industry for the year 2020 due to the impact of COVID-19.
The drop in the targeted revenue was also attributed to the low oil prices on the international market.
The Manager, Project Evaluation at Petroleum Commission (PC), Ebenezer Harmah, disclosed this at Sekondi on Monday, at a stakeholders’ meeting with the Western Region House of Chiefs attended by the Minister of Energy, Dr Matthew Opoku Prempeh, and the Chieftaincy and Religious Affairs Minister, Mr. Kojo Kum.
Mr. Harmah explained that since the pandemic broke in the country in   2020,  there had been a  significant drop in crude oil price arising out of demand shock, increased cost of operation, impact on exploration and appraisal investments,  investment attraction, and local content development. ....

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