News
Nigeria To Increase LNG Capacity By 20m Tonnes
The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, over the weekend declared that Nigeria’s oil industry has the potential to alleviate global supply issues if fully developed to assume its natural role as a major strategic lever in the global economic and security space.
Mrs. Alison- Madueke hinted that in the years ahead Nigeria would expand its Liquefied Natural Gas (LNG) capacity from current 26million tonnes per annum (MTPA), with additional 20 MTPA through the planned Brass LNG.
The minister made the submission while delivering a memorial lecture on the Strategic Importance of Nigeria’s Oil and Gas Industry to Global Security and Economy, at the Howard University, in Washington DC, United States.
Alison-Madueke, an alumnus of the university, was also conferred with the Centennial Achievement Award by the College of Engineering, Architecture and Computer Sciences of the Howard University.
In the presentation, the minister argued that Nigeria’s oil and gas reserves, estimated at 37billion barrels and 187trillion cubic feet, respectively, and its leading role in the regional and continental spheres placed it in a position to “provide a low hanging mechanism to address global security challenges.
She noted that with energy in the heart of every economic, environmental and development issue, it had inextricably become linked to global security and the economy, adding that current volatility and exceptionally high energy and commodity prices exacerbate current global financial crunch and economic meltdown.
Mrs. Alison-Madueke noted that issues relating to rising energy demand and increasing concentration of supply, high oil and gas import bills, rapidly progressing climate change, food security and global terrorism had equally compounded the issues.
As a result, she maintained that the oil and gas industry was cardinal to global economic stability and security, adding that these called for “expansion and diversification of supply, a shift towards more cleaner fuels such as natural gas, leveraging of energy resources particularly in developing countries to fuel major domestic economic growth to forestall the vulnerability to terrorism or poverty.”
This, she maintained, was because the Nigerian petroleum supplies are strategically located in the heart of the Gulf of Guinea, one of the three most important future hydrocarbon regions of the world, after the Middle East and the Soviet Union, as well as the fact that its location was proximal to major consuming centres such as the USA and Europe.
“More importantly, it benefits from the absence of narrow ship maritime lanes known as choke points such as the Strait of Hormuz in the Persian Gulf or the Gulf of Suez. Preservation of these choke points has been responsible for some of the world’s most visible tensions,” she added.
Apart from developing its oil wealth, Alison-Madueke told the Howard University community that the President Goodluck Jonathan’s administration was equally leveraging on the nation’s abundant gas reserves through gas infrastructure development to stimulate rapid domestic and regional economic growth and grow liquefied natural gas, (LNG) exports.
In addition to building a gas-based domestic industry, through gas-to-power, petrochemical and fertilizer plants, Mrs. Alison-Madueke said Nigeria also intended to expand its Liquefied Natural Gas (LNG) capacity from current 26million tonnes per annum (MTPA), with additional 20 MTPA through the Brass LNG, which final investment decision, she said was fast approaching.
The minister said Nigeria currently aspired to grow her crude oil reserves to 40 billion barrels and increase production capacity to 4 million barrels by 2020.
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
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