Nigeria Achieves 26% Reduction in Gas Flaring

Image

By Modupe Gbadeyanka

As part of efforts to preserve the environment, the Nigerian National Petroleum Corporation (NNPC) says it has succeeded in reducing gas flaring in the country by 26 percentage points in the last 10 years from 36 percent to 10 percent, pushing Nigeria down from the second highest gas flaring nation in 2006 to the seventh position in 2016.

Explaining the gas flare reduction trend recently in Abuja, NNPC Chief Operating Officer, COO, Upstream, Mallam Bello Rabiu, noted that as at 2006 Nigeria was flaring 2.5 billion standard cubic feet (scf) of gas, while consuming only 300mscf of gas per day, adding that technology had helped the industry to record a drastic flare down.

He said the drastic reduction in gas flaring was achieved through aggressive gas commercialization anchored on the Gas Master Plan.

“The Gas Master Plan was geared towards addressing four key critical issues of gas availability, infrastructure, commercialization framework and gas affordability,” Mallam Rabiu said.

He further explained that though the implementation of the plan was driven by NNPC, it was sponsored by all the oil and gas companies operating in the country and that it has helped in addressing some of the issues that were confronting the gas sector.

The COO Upstream stated that in order to ensure gas affordability, the plan stipulates a lower price for gas to the power sector which is the most important segment while other sectors of industries and manufacturing get gas at a commercial rate.

This measure, according to him, was to ensure that gas producers get value for the gas they produce for sale.

On other actions by the Federal Government to end gas flaring in the country, Mallam Rabiu said government had designed a National Gas Policy which seeks, among other things, to end gas flaring by 2020.

He explained that the National Gas Policy had been circulated to all operators to guide them on the direction of the Federal Government with regard to how it wants the nation’s abundant gas resources deployed.

He said the policy document was being studied by all stakeholders in order to put them on the same page with the government.

The COO also informed that the Federal Government provided a guarantee of payment to gas suppliers through the Central Bank of Nigeria and the World Bank three weeks ago as part of incentives to get the oil and gas companies to commercialize more of their gas.

“This is a very important step that the NNPC has been working on since 2008”, he enthused.

On appropriate gas pricing, Mallam Rabiu said that a Gas Aggregation Company of Nigeria had been established by all the gas producing companies in Nigeria to work towards achieving parity between domestic and export gas price.

Share
Related Stories
Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
04-March-2024

Tinubu Assures Qatari Investors Seamless Repatriation of Funds

By Aduragbemi Omiyale Any investor, especially from Qatar, who wants to invest in the Nigerian economy will not encounter bottlenecks while repatriating their funds, President Bola Tinubu has assured. Due to the foreign exchange (FX) crisis in the country, many companies, particularly foreign airline operators, have had their funds trapped, forcing a few of them, including Emirates, to suspend operations in Nigeria. On Sunday, at the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu said such may never happen again, urging business persons from the Middle East nation not to “miss out on the golden opportunity we present.” “I

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

More Stories
Image
17-June-2018

NMRC Raises N11b Bond to Refinance Eligible Mortgage Loans

By Dipo Olowookere The Nigeria Mortgage Refinance Company (NMRC) has promised to use proceeds from the N11 billion 13.80 percent series 2 bond to refinance eligible mortgage loans originated by the participating mortgage lending banks. A statement issued by NMRC said the N11 billion bond issuance under its N440 billion medium term note programme was largely subscribed to by domestic investors by more than 200 percent, with the Pension Fund Administrators representing over 70 percent of the investors. The bonds were priced at a spread of about 74 basis points above the interpolated 15-year FGN yield of 13.06 percent as

Image
15-November-2022

Why Brands Should Take Media Monitoring Seriously in 2023

By Queen Nwabueze Please allow. Let’s start this article by drawing the conclusion: Only Media Monitoring and Intelligence Services were able to foresee the level of uncertainty that 2023 would bring for businesses. Therefore, if you are not involved in the Nigerian Media Monitoring Industry, you must agree that trying to predict what the election year will bring is utterly absurd. We all love data as business organizations, but it’s time to stop assessing and analyzing the effectiveness of our media and public relations strategy using unhelpful data, or we’ll miss the purpose. What KPIs and metrics are you using for

Image
29-April-2021

Brent Climbs to $67 as US Oil Stockpiles Grow

By Adedapo Adesanya The Brent crude rose by 0.39 per cent or 26 cents on Wednesday to $67.53 per barrel as the Energy Information Administration (EIA) reported a smaller than expected inventory build of 100,000 barrels. It was also the same pattern with the West Texas Intermediate (WTI) crude futures, which edged higher yesterday by 0.27 per cent or 17 cents to sell at $64.03 per barrel. The rise in the US stockpiles was a five-year seasonal average of 493.1 million barrels. Analysts had expected the EIA to report a lightly larger inventory increase of about 375,000 barrels. A week

Image
04-June-2017

Madrid Break Champions League Jinx, Defend Title

By Dipo Olowookere Real Madrid defeated Juventus on Saturday night to clinch the coveted UEFA Champions League trophy, after winning the competition last season. With the win, Madrid became the first team to successfully defend the title in the Champions League era. The Spanish football outfit humiliated their Italian opponent by four goals to one. Before the finals played at the Wales National Stadium in Cardiff, Juventus goalkeeper, Gianluigi Buffon, had only conceded three goals throughout the tournament, but the Los Blanco put four past him yesterday night. Madrid went ahead in the 20th minute of the game with a

Image
25-March-2017

Seplat Board Okays 2016 Full Year Financial Results

By Modupe Gbadeyanka The Board of Directors of Seplat Petroleum Development Company Plc has approved the 2016 Full Year Financial Results. The company, in a statement issued on Friday, disclosed that the board, at its meeting, considered and approved the financial statements. It promised to file the approved 2016 full year results to the Nigerian Stock Exchange (NSE) as required. Seplat said in the statement that the board held its 43rd meeting on Thursday, March 23, 2017, at The George Hotel in Lagos. Seplat Petroleum Development Company Plc is a leading indigenous Nigerian oil and gas exploration and production company

Image
17-December-2020

Africa’s Share in Global Sustainable Finance Market Very Low—Beck

By Ahmed Rahma The Executive Head of Sustainable Finance at Standard Bank Group, Mr Nigel Beck, has described the share of Africa in the global sustainable finance market as “negligible.” However, he stated that the continent was starting to play catch-up as more corporates and investors recognise the benefits that these funding solutions offer, including getting lower funding rates if they achieve various predetermined ESG outcomes. He noted that sustainable finance could help drive Africa’s recovery from COVID-19 while also incentivising much-needed investments in the green economy and social development. Speaking on the issue, he disclosed that the global pandemic,

Image
01-January-2018

Oando, 7up Exit NSE-30 Index as Diamond Bank, Others Join

By Dipo Olowookere Embattled indigenous energy firm, Oando Plc, is one of the three companies that have exited the NSE-30 Index. The Nigerian Stock Exchange (NSE), in its Year End Review of the NSE indices (NSE 30 and the sectorial Indices), announced reviewing composition of the market indices. Apart from Oando, other firms listed to have exited the NSE-30 Index were 7Up Bottling Company Plc and UACN Plc. However, joining the NSE-30 index are Dangote Flour Mills Plc, NASCON Allied Industries Plc, and Diamond Bank Plc. From the list obtained by Business Post, seven other market indices were affected and

Image
20-January-2022

Nigerian Developer to Launch New First-person Shooter Game

By Aduragbemi Omiyale A Nigerian developer, Mr Okolie Uchechukwu, will launch a new first-person shooter game, NCHE: The Escape, on Monday, March 14, 2022. A statement from Mr Uchechukwu disclosed that the mobile game, a product of an inquisitive mind, entails the player using the resources available to make his way through lasers and zombies in the quest for survival. According to him, a test was carried out last year and based upon the feedback, he and a co-developer, Cleec Designs, an indie studio based in Nigeria, improved the skill balance, gameplay experience for both android and IOS devices, and

Ad
Ad
Recent Stories
Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training

Image
04-March-2024

Salesforce Unveils Conversational AI Assistant Einstein Copilot

By Modupe Gbadeyanka A new customisable, conversational, and generative AI assistant for CRM, Einstein Copilot, has been launched by Salesforce. The system was unveiled at the Mobile World Congress in Barcelona, Spain, and it will use adequate company data to generate useful responses. The Einstein Copilot enables Salesforce customers to generate responses using their private and trusted data, while maintaining strict data governance and without requiring expensive AI model training. As a result, Einstein Copilot can answer questions, summarise content, create new content, interpret complex conversations, and dynamically automate tasks on behalf of a user, all from a single, consistent