No fewer than 60 indigenous oil and gas companies are to benefit from the federal government’s business intervention Project called “Project 100”.
Browsing: Petroleum Resources
The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, says the Federal Government is targeting to grow the crude oil production to 2.2 million barrels per day (mbpd) by the end of January, 2019.
Saudi Arabia and Nigeria government have met to strategise ahead of the Organisation of Petroleum Exporting Countries meeting in Vienna, in December.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said there are strong indications that three out of the 40 planned modular refineries would come on stream by end of 2019.
Dr Ibe Kachikwu, Minister of State for Petroleum Resources, would join other speakers to address energy infrastructure deficiency in Sub-Sahara Africa at the Africa Oil and Gas Summit in Kenya.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has tasked the Board and Management of Nigeria LNG Limited to expand the production volumes beyond what Train 7 will bring in order to catch up with other countries, secure a significant share in the global LNG market, and help with domestic supply of LNG in line with the company’s vision to help build a better Nigeria.
The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, says the approved private sector driven Refinery in Mashi, Katsina State will be completed in 2021.
The Senate on Wednesday mandated its Committee on Petroleum Resources (Upstream) to investigate issues relating to ongoing lease renewals in the oil and gas sector of the economy.
Kachikwu said this on Tuesday while declaring open 17th edition of the annual “Nigeria Oil and Gas Strategic Conference and International Exhibition’’ in Abuja on Tuesday.
Kachikwu made the country’s position known in an interview with journalists on Thursday ahead of the 174th Meetings of the OPEC Conference and the OPEC and non-OPEC Ministerial meeting scheduled for Friday and Saturday in Vienna, Austria.
Kachikwu said this in an interview with journalists on the sideline of the 7th OPEC International Seminar taking place in Vienna, Austria, with the theme: “Petroleum: Cooperation for a Sustainable Future”.
The News Agency of Nigeria reports that Under-recovery is the difference (subsidy) paid on products when purchased at a high price and sold below cost price.
According to him, it is time for Nigeria to harness alternative fuel sources like LPG as under-recovery from the importation and sale of petrol at the government-regulated price of N145 per litre has hit N1.4 trillion.
According to the minister, the new multi-billion naira office complex called “The Wings” in Victoria Island, Lagos, is a huge investment made by an indigenous company in the oil and gas industry.
Kachikwu said this in Abuja at a break-out session of the maiden Nigeria International Petroleum Summit titled: “Deepening collaboration in the African oil and gas industry, challenges and opportunities for investment”.
An industry player who spoke on condition of anonymity, described the said “memo” being circulated by a section of the online media as “non-existent and another grand design by the Minister and his cronies to discredit and embarrass President Muhammadu Buhari and his Chief of Staff, Abbah Kyari”.
In line with President Muhammadu Buhari’s anti-corruption programme and resolve to clean up the sector, Ladan has sealed 23 depots (17 in Lagos, two in Port Harcourt, two in Warri and two in Calabar). In fact it is the first time in the history of the Department such a number of depots were sealed