Business
‘Nigeria, One Of The Highest Cost Producers Of Crude’
The draft Petroleum Policy for Nigeria, which is currently being debated by stakeholders, has delivered a verdict that has been subject of whispers in the boardrooms until now.
“Nigeria is one of the highest cost of extraction oil producers in the world, estimated at $29/pdl”, says the 115 page document on its 15th page.
“Nigeria has to substantially reduce the costs of production if the country is to be competitive in the modern low oil price world, and if it is to have anything more than a bare minimum government take” the draft advises.
According to the document, Nigeria is only less expensive, as a cost per barrel producer, than Brazil and United Kingdom, in a 12 country ranking that includes Saudi Arabia, Iran, Iraq, Russia, Indonesia, Norway, US Non Shale, US Shale, Canada and Venezuela.
The cost ranking pulled out of a U cube analysis by Rystad Energy, the Norwegian consulting firm, doesn’t indicate whether this was an average of a basket that includes crudes from deepwater, shallow water and onshore terrians.
Which is significant, especially as it features different figures for US Shale $23.35/pbl and US Non Shale: $20.99/pbl.
What it does, however, is that it breaks down the cost structure for Nigeria as follows: Gross Taxes: $4.11 capital spending: $13.10, production cost $ 8.81 and Admin/transport costs: $ 2.97.
This statement on cost by the Petroleum Policy Team at the Ministry of Petroleum, contradicts the Minister of State for Petroleum, Dr. Ibe Kachikwu’s January 2016 statement that would still make profit of crude oil prices averaged $20/pbl.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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