NNPC Signs Gas Deals to Boost Domestic, International Markets Offering

Image

By Adedapo Adesanya 

The Nigerian National Petroleum Company (NNPC) Limited has announced the signing of two gas deals at the ongoing COP28 summit in Dubai, the United Arab Emirates (UAE).

The deal covers a floating liquefied natural gas and a small-scale LNG.

According to the company, the deals are for the domestic and international markets.  

In a short announcement, the state oil company said there is an agreement on 421 Tonnes Per Day Small-Scale LNG Project in Ajaokuta, Kogi State and a Memorandum of Understanding (MoU) on Floating LNG. 

In a related development, the NNPC expressed its commitment to work with global partners in the march towards reducing methane emissions in oil and gas operations at the conference, where the Oil and Gas Decarbonization Charter was released.

The Charter calls on the oil and gas sector to achieve the goal of reaching net-zero emissions for their operations by 2050. It also includes commitments to achieve near-zero methane emissions and no routine flaring by 2030.

Speaking on the development during a Panel Session titled Accelerating the Elimination of Methane Emissions & the Decarbonisation of Oil & Gas, NNPC Limited’s Executive Vice President, Upstream, Mrs Oritsemeyiwa Eyesan said the charter was a major opportunity not just for the NNPC but for the African sub-region.

“Africa contributes three per cent to emissions, but that does not exclude us from the consequences of the emissions. I think the decarbonisation drive and the charter are not just ethical but also a strategic imperative for a major African National Oil Company (NOC) like ours.

We believe this charter is an important one. We are committed to working with all stakeholders to deliver on that,” Mrs Eyesan stated.

She said to achieve its near-zero methane emissions, Nigeria has since declared this decade as a Decade of Gas, which is not only geared towards producing more gas for export but also towards producing gas for the local economy and that of the entire African sub-region.

“I assure you that we are open to working with our partners towards achieving zero-flare and methane emission reduction by 2030. This fits perfectly with our dreams, and we consider it achievable,” Mrs Eyesan stated.

She described finance and technology as the two major challenges in delivering on the provisions of the charter, noting that for the two problems to be solved, African countries need to work with partners who have the technology and finance.

Share
Related Stories
Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
29-February-2024

The Nigerian Government’s Crypto Crackdown and the Role of USDT

In the last couple of weeks, Nigeria has found itself at the centre of a currency crisis, with the value of the Naira drastically falling against the US Dollar. Amidst this economic turmoil, recall that at the beginning of the year, the value of the Naira to Dollar was between N900 and N1,100 to $1, however, the Naira now goes for N1,600 to $1. This issue has raised a lot of concerns for the Nigerian government. In a bid to safeguard the Naira and tidy up the multiple systems of various exchange rates, the government has restricted access to some

More Stories
Image
04-April-2022

Bridging the Skills Gap in Institutions of Higher Learning in Nigeria

By Otori Emmanuel What is Skill Gap? The concept of skills gap characterizes the divergence that currently exists in what potential job prospects are required of and what is being offered. Skill Gap Analysis is a method of determining which skills and knowledge gaps exist between the workforce system in Nigeria and its students of higher learning. On a general note, the disparity in skills of a job candidate and what employers demand takes its root from primary through the secondary and higher education system. It is obvious that students are not armed with the skills for real-life experiences but

Image
08-December-2023

PZ Cussons Nigeria Publishes List of 61,628 Shareholders With Unclaimed Dividends

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

Image
27-October-2022

Flood: Tranche of Relief Supplies Arrive in Bayelsa

By Adedapo Adesanya In collaboration with the Nigerian Air Force, the National Emergency Management Agency (NEMA) has started the airlifting of relief supplies to flood victims in Bayelsa. The first tranche of aid includes 1,400 bags of 10kg rice, 1,400 bags of 10kg beans, 1,400 bags of 10kg maize, and 75 (20kg) bags of salt. Non-food items received were 8,000 pieces of nylon mats, 1,000 pieces of mosquito nets, and 600 cartons of soap, among others. The operation started on Thursday with the airlift of the items from Benin by the Nigerian Air Force 107 Air Maritime Group. Receiving the

Image
29-August-2023

Reps Summon Accountant-General Over National Housing Fund Non-Remittance

By Adedapo Adesanya The Ad hoc Committee of the House of Representatives probing alleged non-remittance and utilisation of National Housing Fund from 2011 till date has summoned the Accountant-General of the Federation, Mrs Oluwatoyin Madein. The Chairman of the Committee, Mr Dachung Bagos, made this known in Abuja on Tuesday. Mr Bagos said the decision to summon the accountant-general was to get full information on deductions of National Housing Fund of Nigerian workers and remittance of same to the Federal Mortgage Bank of Nigeria. The Central Bank of Nigeria (CBN) is also expected to appear before the committee on Thursday.

Image
04-June-2017

Sterling Bank Unveils Rap Star Olamide as Ambassador

By Dipo Olowookere A top artiste in the Nigerian music industry, Mr Olamide Adedeji, popularly known as Olamide, has been announced as the brand ambassador of Sterling Bank. Olamide is the owner of a music label called Yahoo Boy No Laptop Nation (YBNL). He was chosen by the financial institution as ambassador for its project called Sterling Environmental Makeover (STEM). Olamide is expected to use his influence to positively promote the bank’s project.

Image
09-February-2018

Ecobank to Fight Malaria in Mozambique with $750,000

By Modupe Gbadeyanka Ecobank Foundation has announced the donation of $750,000 to the Ministry of Health in Mozambique to help combat malaria in the country. This, it said, is part of its partnership with the Global Fund to Fight AIDS, Tuberculosis and Malaria in the country. The financial contribution will support a net distribution campaign, while also providing life-saving testing and treatments. “Mozambique has made great progress in the fight against malaria,” says Julie Essiam, CEO of the Ecobank Foundation. “With this financial contribution, we are supporting the Government in its determination to become a malaria-free country. We are a

Image
08-August-2017

Nigeria’s Oil Output Reaches 2.35m barrels per day

By Dipo Olowookere Nigeria’s current crude oil production has reached 2.35 million barrels per day (bpd), Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has revealed. Speaking on Monday in Abuja at the inauguration of the members of the agency’s re-constituted anti-corruption committee, Mr Baru noted that this amount comprises condensates, which accounts for about 400,000 barrels per day. According to the NNPC boss, this was made possible with the moves by the Federal Government to ensure peace in the oil-abundant Niger Delta region of the country. Nigeria, a member of the Organization of

Image
25-August-2023

Kwik Plans 20 e-Commerce Fulfillment Centers in Lagos, Others

By Adedapo Adesanya A fast-growing digital platform for logistics services, Kwik, has announced the launch of KwikShelf, its first on-demand e-commerce fulfilment centre in Lagos, with plans to add more to address the fast-growing demand for flexible warehousing and fulfilment solutions in Nigeria. KwikShelf is a 1,1250 sqm facility located in Iddo House, Oyingbo, in the centre of Lagos. In a statement seen by Business Post, the logistics company said it will open this September. Speaking on this, Kwik’s CEO, Romain Poirot-Lellig, said Nigerian merchants will be able to book warehousing space on demand and entirely outsource the storage and

Ad
Ad
Recent Stories
Image
01-March-2024

Nigeria Wants Share in $350bn Global Outsourcing Market

By Aduragbemi Omiyale The global outsourcing market is estimated to be worth about $350 billion and Nigeria is looking to take a slice of it to address the rising unemployment rate in the country. Before 2023, the National Bureau of Statistics (NBS) put the unemployment rate at about 33 per cent, but in its revised edition, the agency said the rate grew to 5.0 per cent in the third quarter of last year. The outsourcing market is becoming the new oil market and Nigeria, which prides itself as the largest economy in Africa because of its population size of over

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
01-March-2024

Harvard Business School Introduces Tony Elumelu Foundation Case Study

By Modupe Gbadeyanka A case study to spotlight the role of celebrated African businessman, Mr Tony Elumelu, in transforming the development agenda on the continent through his Tony Elumelu Foundation (TEF) has been introduced by the Harvard Business School. The case study, launched on Thursday, February 29, 2024, will critically look into how the former banker is catalysing entrepreneurship in Africa through his Africapitalism approach. At its unveiling before a class of graduate students at Harvard Business School, Mr Elumelu said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to

Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,