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Exploration Suffers Setback As Nigeria’s Rig Count Dips 38.5% To 75

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The rig count of Nigeria has dropped by 38.5per cent to 75 in the first 10 months (January – October), of 2021, from 122 recorded in the corresponding period of 2020.
This was revealed in a data obtained from the Monthly Oil Market Reports (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC).
The rig count is utilised globally to measure exploration and production activities in the upstream sector of the petroleum industry.
According to the data, the highest rig count of 11 was recorded in August and September 2021, while the lowest of five was recorded in April and June, 2021, compared to the highest and lowest of 23 and six recorded in February and July, 2020, respectively.
However, this showed that the nation did not invest much of its resources to explore and produce oil and gas during the period under review.
However, the organisation did not provide reasons for the dwindling rig count, but reports point to the COVID-19 pandemic and the prolonged delay associated with the passage of the Petroleum Industry Act (PIA).
In any case, the rig count of some African oil and gas nations showed an improvement during the period under review.
For instance, the rig count of Angola stood at 40, indicating an increase of 33.1per cent when compared to 30 recorded in the corresponding period of 2020.
Speaking on the development, National President, Oil and Gas Service Providers Association of Nigeria (OGSPAN), Maxi Colman Obasi, said: “Lack of significant investment usually leads to low depletion of current reserves, due mainly to continued oil and gas production.
“It is highly probable that because of lack of legislation, it was not possible for the nation to attract much investment in the past.”
Obasi, who commended the legislators for the completion of work on the nation’s PIA, said: “But armed with the current PIA, the nation would likely start to witness substantial investment, capable of boosting investment in the industry.
“In other words, the industry stands a chance to record a substantial increase in rig count, exploration and the reserves addition.
“This should be encouraged as Nigeria had in the past failed to achieve its 40 billion barrels reserves target by 2020”.
Previously, Ghana National Petroleum Corporation (GNPC) Professorial Chair in Oil and Gas Economics and Management, Institute for Oil and Gas Studies, University of Cape Coast, Ghana, Prof. Omowumi Iledare, had said: “The rig count is far below expectation, bearing in mind that Nigeria is a leading producer with 30billion barrels reserves and over 200trillion standard cubic feet of gas.
In any case, Minister of State for Petroleum Resources, Chief Timipre Sylva, expressed hope that the PIA would stimulate investment, leading to increased rig deployment and other activities in the industry.
Specifically, he said: “The PIA 2021 will undoubtedly assist in harnessing Nigeria’s potential to achieve its plan of increasing oil production to 4mb/d and oil reserves from 37bbls to 40bbls, while also drawing on the country’s estimated 600TCF of natural gas reserves to provide clean and efficient energy.
“These resources will be crucial in supplying world markets with a broad portfolio of energy options, as well as supporting the global endeavour to alleviate energy poverty as envisioned in the United Nations’ Sustainable Development Goal 7.
“Furthermore, generous incentives have been proposed in the PIA 2021 to enable development, distribution, penetration and utilisation of gas.
“The National Gas Expansion Programme was also launched in January 2020 to drive domestic utilisation. Our proven gas reserves are sufficient to cover current demand levels and support plans for the construction of nine new gas-fired power plants with a combined name-plate capacity of nearly 6,000 MW by 2037.
“This validates gas as a viable and transformational fuel for industrial development. This is why President Muhammadu Buhari, who is also the minister of petroleum resources has declared 2021-2030 as the Decade of Gas, which provides the fulcrum for focusing effort and resources required at making gas the centrepiece of Nigeria’s economy by 2030.”
He added: “The PIA 2021 also preserves existing levels of government take for a transition period through grandfathering provisions, and proposes a fiscal regime that encourages investment in order to monetise existing reserves before the clock runs out.
“Thus, provisions relating to voluntary conversion, production allowances, lower royalties and taxes, cost optimisation focus, etc have been enshrined therein to address the envisaged fiscal vulnerabilities.”

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We’ll Drive Tinubu’s Vision in Rivers With Vigour – Fubara  …Inaugurates Dualized Ahoada/Omoku Road ….Debunks Rift With RSHA

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Rivers State Governor, Sir Siminalayi Fubara, has stated that he will lead Rivers people to galvanize support for President Bola Tinubu to drive the vision and objectives of the Renewed Hope Agenda in the State with vigour.

The governor, who joined the ruling All Progressives Congress (APC), on Tuesday, explained that his decision to join the APC was not for personal interest but for the overall benefit of Rivers State.

Fubara disclosed these while inaugurating the extension of the dualized Ahoada/ Omoku Express road in Ahoada East and Ogba Egbema Ndoni Local Government Areas of Rivers State.

He commended the contracting firm, Julius Berger, for timely delivery of the project, saying the project is a campaign promise fulfilled which will bring economic benefits to the people and tackle issues of insecurity associated with the route.

He said his administration has remained focused in delivering democratic dividends in the state despite facing glaring challenges.

The governor thanked the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas for their continuous support, and urged his supporters to remain steadfast and also support President Tinubu who he said, has demonstrated love to Rivers State as a father.

Fubara denied having rift with the Rivers State House of Assembly, stating that his meeting with the lawmakers was stalled as a result of delay in the agreed meeting to be convened by former Governor Nyesom Wike and other stakeholders for him to meet with the state lawmakers.

“I have made every effort to meet with the Assembly members, but it is not within my leadership to initiate the meeting process.

“The arrangement was for my leader, Wike, and the elders led by Anabraba to call for a meeting with the the lawmakers.

“I’m a gentleman and principled. I can’t go behind to call them when we’ve already agreed. Whoever that tell them that I don’t want to meet with them, or I rejected proposal meant for them isn’t saying the truth,” Fubara said.

The Permanent Secretary of the Rivers State Ministry Works, Mr  Austin Ezekiel-Hart, who gave the project description, said the delivery of the project was a fulfillment of long time dream by the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas.

He said the road was previously a single lane and has now been dualised to 14.6 meters wide, complete with solar-powered streetlights with drainages.

He said the road significantly would reduce travel time between Ahoada and Omoku while improving economic activity in the region.

In his welcome address, Chairman of Ogba-Egbema-Ndoni Local Government Area, Hon. Chuku Shedrack Ogbogu, described the road as a symbol of unity, oneness, and development, thanking the governor for fulfilling his campaign promises.

On his part, the Managing Director of Julius Berger, Engr. Peer Lusbash, said the project was awarded to his company in 2023 with a completion period of 18 months which was achieved in best quality.

He added that Julius Berger enjoyed a good support from the Fubara administration, and assured to complete all ongoing projects being handled by Julius Berger on specification, especially the Ring Road project which is a legacy project.

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Fubara Expresses Commitment To Healthcare …As UNICEF Lauds RSG On Health Programmes

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Rivers State, Sir Siminialayi Fubara, has reaffirmed his commitment to ensuring good healthcare for the people of Rivers State.

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?Governor Fubara stated  this when he played host to the Country Director of UNICEF, Wafaa Saeed Abdelatef and her management team in Port Harcourt, last Tuesday.

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?The governor who was represented by the Secretary to the State Government, Dr. Benibo Anabraba, said he would continue to provide the necessary facilities in order to ensure accessible and good health care for all Rivers people.

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?”We are constructing new zonal hospitals across the State. The Ahoada Zonal hospital will be commissioned in December and others are near completion.

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?”We are grateful to UNICEF for all they have done and believe we can always work together to care for the vulnerable in the society. We appreciate your physical presence, and believe that your staff working remotely, can also do more virtually. We have a capable Commissioner of Health, Dr. Adaeze Oreh, to help foster our relationship, communication and greater collaboration,” he said.

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?The Country Director for UNICEF Nigeria, Ms. Wafaa Saeed Abdelatef, assured Governor Fubara of UNICEF’s support to the programmes of the State Government. She appealed that health facilities such as the Oxygen Plant at Eleme Local Government Ares and the New Born Care Units be solarized.

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?”Be assured that UNICEF will continue to work and support the programmes here in Rivers State. We have seen the Oxygen  Plant at Eleme LGA which has been effective because of the Public Private Partnership. We appeal that the plant be solarized.

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?”I commend your leadership of the State and  assure that we are here to support your effort and assure you that you can count on our support and partnership. Rivers State is one of the states we can showcase how things are working so others can learn,” she added.

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Dangote Unveils N100bn Education Fund For Nigerian Students

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Chairman of the Dangote Group, Alhaji Aliko Dangote, has announced a N100 billion annual education support programme aimed at keeping financially vulnerable Nigerian students in school.

Speaking at the launch of the national scholarship scheme in Lagos, yesterday, Dangote said too many brilliant young people were being forced out of classrooms because of poverty.

He described education as the “strongest engine of social mobility” and a critical foundation for national development.

The initiative, funded by the Aliko Dangote Foundation, will run for ten years beginning in 2026, costing over N1 trillion in total.

Dangote said the scheme would support 45,000 scholars each year at inception, expanding to 155,000 beneficiaries annually by its fourth year, and maintaining that level for the rest of the decade.

By 2036, he said, the programme is expected to have reached at least 1,325,000 students.

“We cannot allow financial hardship to silence the dreams of our young people, not when the future of our nation depends on their skills, resilience and leadership,” he added.

A major component of the fund is the Aliko Dangote STEM Scholars programme, which will provide annual scholarships for 30,000 undergraduate students pursuing science, technology, engineering and mathematics in public universities and polytechnics.

Each beneficiary will receive tuition support aligned with the fees of their institution and course of study. Dangote said the goal is to expand access to higher education, empower innovation, and give young Nigerians the tools to compete globally.

“STEM drives development. If Nigeria must compete globally, our young minds must have the tools to learn, imagine and innovate,” he said.

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