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Tags: Ibe Kachikwu

Nigeria requires $16.5bn to achieve 40bn barrels oil reserves target

Nigeria requires $16.5bn to achieve 40bn barrels oil reserves target

To achieve the set target of 40 billion barrels crude oil reserves by 2020, the hydrocarbon industry will require between $13 and $16.5billion over the next five years, the Chief Operating Officer, Gas and Power, Nigerian National Petroleum Corporation (NNPC), Saidu Mohammed, has said. According to Mohammed in the current edition of NNPC Newsletter, under… READ MORE

How Falana’s Letter to Kachikwu Exposed Nigeria’s Huge Losses in Deep Offshore PSCs

How Falana’s Letter to Kachikwu Exposed Nigeria’s Huge Losses in Deep Offshore PSCs

Indications have emerged that a letter written by a human rights activist and Senior Advocate of Nigeria (SAN), Mr. to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, when he was the Group Managing Director of Nigerian National Corporation (NNPC), exposed Nigeria’s huge losses in the Production Sharing Contracts (PSCs) signed with the… READ MORE

OPEC Caps Nigeria’s Oil Output At 1.8m bpd

OPEC Caps Nigeria’s Oil Output At 1.8m bpd

The Organization of Petroleum Exporting Countries (OPEC) yesterday approved the capping of Nigerian oil production at 1.8 million barrel per day (bpd). Accordingly, OPEC called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. A ministerial committee of OPEC and non-OPEC known as the Joint… READ MORE

Stakeholders seek more attention for domestic gas market

Stakeholders seek more attention for domestic gas market

Stakeholders in the oil and gas sector have reiterated the need for managers of the Nigeria gas sector to rethink and change focus towards developing the local gas market. The industry experts while sharing their thoughts on the recently approved national gas policy observed that without losing track of the international gas market, government focus… READ MORE

Rig owners seek alternative funding for oil industry

Rig owners seek alternative funding for oil industry

Rig owners in Nigeria have tasked the Federal Government to implement the alternative funding stream for joint venture operations it approved in November last year.The operators regretted that the inability of government to execute the plan has further thrown the industry into instability, which has drastically affected the nation’s economy. This was stated in Port… READ MORE

‘Nigeria’s crude oil production hit 2.025mbpd in June’

‘Nigeria’s crude oil production hit 2.025mbpd in June’

• Refineries yet to secure financiers for rehabilitation • Govt approves national gas policy The Federal Ministry of Petroleum Resources has put Nigeria’s crude oil production, including condensate at 2.025 million barrels per day in June 2017.Besides, the agency said the Federal Government is yet to secure funding for the rehabilitation of the country’s refineries…. READ MORE

‘Nigeria’s oil output will remain low’

‘Nigeria’s oil output will remain low’

Nigeria’s oil production would remain down throughout the first quarter of 2018, if the restiveness in the Niger Delta region is not addressed, the United States Energy Information Administration (EIA) has warned. The agency, in a report on its website, gave the warning, following the decision of the Organisation of Petroleum Exporting Countries(OPEC) to extend… READ MORE

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