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Nigeria to grow gas reserves to 600 trillion cubic feet — Minister

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Nigeria to grow gas reserves to 600 trillion cubic feet — Minister
Nigeria to grow gas reserves to 600 trillion cubic feet — Minister

The Minister of State for Petroleum, Chief Timipre Sylva

The Minister of State for Petroleum, Chief Timipre Sylva, says the Federal Government is currently working to grow the country’s gas reserve from 206 trillion cubic feet to 600 TCF.

Sylva gave the assurance on Wednesday at the 23rd World Petroleum Congress in Houston, Texas, U.S.

The newsmen report that the minister spoke at a session themed ” Regional Development and Opportunities in Africa”.

He said the increase would position Nigeria among the countries with the highest gas reserves in the world.

According to him, the 600 trillion cubic feet reserve will enable Nigeria to achieve the desired development required of a gas nation.

“We have a lot of gas in Nigeria.

We currently have 206 trillion cubic feet of gas reserves.

“This number is already discovered in gas reserves and the 206 trillion cubic feet reserve were discovered while looking for oil; so it was accidentally discovered.

“We were actually going to look for crude oil and we found gas, and in that process of the accidental discovery of gas, we have found about 206 tcf.

“So, the belief is that if we really aim to look for gas dedicatedly, we will find up to 600 trillion cubic feet of gas,” the minister said.

Sylva said that the forum provided an opportunity to share accomplishments and incentives within the industry which enhance Nigeria’s investment value preposition.

He explained that so far, gas was being used as a transition fuel as Nigeria and Africa as a continent do not contribute more than one per cent as carbon emission aggravating the global warming situation.

“He said: The future of oil and gas industry in Nigeria is still very bright when we talk about energy transition, we are not expected that oil will be discarded the next day.

” We are saying that over the years, the oil will account for less and less percentage in the global energy mix.

” It means that oil is still going to be relevant but it will not to be as relevant as it is today, but it not going to happen just now.

“It’s going to happen years to come, so there is still a lot of opportunities in growing the oil industry.

“That’s why we are here to collaborate with the rest of the global community to develop the oil industry.

“We’ve never discountenanced that the world is serious about the energy transition.”

He added that the Net-Zero target proposed by Mr President Muhammadu Buhari during the COP-26 conference required sustained financial assistance.

He said that technology transfer and capacity building from international partners willing and able to assist in that regard would be welcome.

The minister added that Nigeria still required fossil fuels, especially gas, as its base-pad energy source to address energy poverty and power supply in the country.

“We have declared gas as our transition fuel, our pathway to net-zero carbon emissions. This presents investment opportunities given the oil and gas reserves which can be commercialised,” he noted.

Sylva said that despite the challenges and impacts of the COVID-19 pandemic on the nation’s economy in general, and to the oil and gas industry in particular amid the global energy transition drive, the Nigeria oil industry still held profound opportunities.

The minister said that discussion had commenced with Afrexim Bank to create an energy bank that will finance fossil fuel projects in Nigeria and Africa continent.

He said this had become necessary because of the stance of the international financial ecosystem on funding fossil fuel projects.

 

On Petroleum Industry Act, Sylva said the PIA provided lots of incentives to gas producers to ensure Nigeria is committed to the energy transition.

He said the PIA had enhanced the Nigerian Petroleum industry’s reputation, provided the pathway to new investments and also consolidated the ability to play a significant role in meeting the world’s growing energy demand.

“We are hoping that by 2060, we would have gotten to the point where we would have moved to the level where the global community is moving to.

“Nigeria never denied energy transition but there are challenges for us.

We want the global community to understand our position that we are not exactly where they are today.

“Forty-three per cent of Nigerians are unconnected to off-grid electricity.

So, we have a challenge and we have to commit to energy security as well, and also the cost on us from the global community to ensure energy security for our people. So, for us, it is a balancing act.

“We need to commit to energy security for citizens.

It is a balancing act, we need to achieve energy security for Nigerians and also be on course on net zero.

On developing local capacity, the petroleum minister explained that Nigeria had taken local capacity development from three per cent to 33 per cent in 10 years.

He said that the government intended to increase local content to 70 per cent by 2027.

The World Petroleum Congress, which kicked off on Monday, ends on Thursday with over 5,000 participants.

 

Economy

Eid-el-Fitr: Tinubu Urges Sacrifice, Integrity For National Rebirth

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Eid-el-Fitr: Tinubu urges sacrifice, integrity for national rebirth

 President Bola Tinubu has urged Nigerians to continue to make sacrifices and exhibit integrity for national development.

Tinubu said this after observing the Eid-el-Fitr prayer at the Eid Ground at Dodon Barracks on Wednesday in Lagos.

The President also called on Nigerians to continue to have faith in his government and remain patriotic citizens.

Tinubu said that the Renewed Hope Agenda of his administration, aimed at bringing prosperity to Nigerians, was being diligently implemented.

Encouraging Muslims to extend the values of sacrifice and resilience beyond the fasting period, Tinubu emphasised the need for Nigerians to prioritise the exhibition of love for their country.

‘’The resilience and sacrifice that we have shown and made during these months should be preserved.

“Be a kind and cheerful giver. We must love our country more than any other country because this is the only one we have.

‘’We must continue to protect the integrity of our government and leadership. The Renewed Hope Agenda is alive, well and fine, and Nigerians should continue to be very hopeful. Without hope, there is no salvation.

“Without hope, there is no development. Without hope, there is no life. Eid Mubarak,’’ the President said at the end of the prayers led by the Chief Imam of Lagos State, Sheikh Sulaiman Abou-Nolla.

Earlier in his sermon, the Chief Imam urged Nigerians to shun all acts of violence, ensure peaceful co-existence, and continue to have faith in the country.

He asked those in leadership positions to remain faithful to their oaths of office and work towards alleviating the suffering of the less privileged.

‘‘Let us not forget our brothers and sisters in Gaza and other areas of conflict,’’ the Chief Imam said.

He offered prayers of God’s guidance, wisdom, and protection for the President and the Lagos State government, as well as for peace and stability in the country.

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Economy

Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

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Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

Sen. Ned Nwoko (PDP-Delta), on Wednesday, disclosed that he had secured the release of four family members involved in manufacturing arms at the Onicha-Olona Illegal Arms Factory in Delta.

Nwoko representing Delta North Senatorial District, who disclosed this in an interview in Abuja, said that the release of the four persons was through collaborative efforts.

On March 12, troops of 63 Brigade, Asaba, uncovered an illegal arms manufacturing factory in Onicha-Olona, Delta North Senatorial District and arrested eight family members in connection with the crime.

Nwoko disclosed that efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“Following my recent visit to the headquarters of 63 Brigade, Asaba and productive discussions with the Brigade Commander, I am pleased to announce progress in addressing the situation regarding the illegal arms factory discovered in the Onicha-Olona community, Delta.

“Efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“I am pleased to reveal that through collaborative efforts, I have successfully secured the release of four family members implicated in the illegal activity.

“However, our commitment to upholding the law remains unwavering, and endeavours continue for fair judgment and potential pardon for the remaining four individuals,” he said.

The lawmaker stressed that the underlying issue highlighted by the discovery, however, remained of paramount importance.

“We must seize the opportunity to redirect the talents demonstrated by those involved towards lawful and productive endeavours.

“The young man in the family, known for his passion and ability to build drones, exemplifies this potential.

“His skills should be harnessed and put to good use,” he said.

Nwoko added that the Industrial Revolution served as a pertinent historical precedent where individual efforts catalysed transformative change and made possible by governments that created conducive environments.

“We can emulate this model here. We can provide support and opportunities for talented individuals like the young drone builder, and stimulate a new wave of innovation and economic growth in Nigeria.

“As previously stated, Nigeria’s economy faces significant challenges exacerbated by escalating imports, particularly in the realm of arms and weaponry.

“Therefore, we must harness our indigenous talents for the greater good and bolster our local industries,” he said.

Nwoko further said that the Defence Industries Corporation of Nigeria (DICON), as well as the Ministry of Science and Technology, have crucial roles to play in this regard.

According to him, by engaging with individuals possessing such skills, we can offer them legal avenues for their expertise to flourish.

“The aim is not only to prevent the proliferation of illegal arms or other weapons manufacturing but also to channel these talents towards legitimate industries for national development.

“I reiterate the need for the government to support and integrate such offenders with specialised skills and talents into the formal economy.

“This initiative should focus on recognising their capabilities and providing opportunities for them to contribute to the development of our local indigenous technology.

“As noted earlier, an individual capable of modifying an AK-47 magazine, originally designed to hold 30 rounds, to accommodate 60 rounds using rudimentary equipment, holds immense potential for greater achievements.

”Such individual can do more with proper legal support and access to adequate resources.”

He disclosed that he was committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partnering with law enforcement agencies in these endeavours.

“I am committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partner with law enforcement agencies in these endeavours.”

“They have the intelligence and insights of the potential beneficiaries of this “amnesty” drive towards creating a new cadre of indigenous technologists.

“This law would establish an agency dedicated to providing government support and resources to rehabilitate and engage these individuals in legal and productive activities.

“I tentatively suggest naming this proposed law the “National Talent Rehabilitation and Integration Act”.

“This legislation will not only focus on rehabilitation but also on harnessing the skills and talents of offenders for the benefit of society.

“By providing a structured environment and necessary support, this agency will facilitate the transition of individuals from illicit activities to lawful and productive ventures.

”And they will be contributing to both their personal rehabilitation and national development,” Nwoko added.

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Economy

NGX Market Capitalisation Gains N836bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

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