Despite the Federal Government’s commitment to achieving zero flaring by 2060, gas flaring increased by 15.9 per cent year-on-year, YoY, to 187.6 million metric standard cubic feet, MSCF, in the first nine months (January – September) of 2023, from 157.8 MSCF in the corresponding period of 2022.

The flared gas was worth $656.6 million, which translates to N503.5billion at the current Central Bank of Nigeria, CBN, exchange rate of N766.9/United States dollar.… Read the rest

The Republic of Niger has imposed a ban on all exports of liquefied petroleum gas, according to an official statement released by the government on Tuesday.

The statement noted that national production should be used to supply the domestic market, and in case of surplus a special authorization can be requested to export it, Reuters reported.

Niger exports gas to neighbouring Nigeria.… Read the rest

Nigerian Content Development Monitoring Board (NCDMB), yesterday, said the current wave of divestment by international oil companies (IOCs) from the country is a plus, especially for the development of local content.

The agency projected that the share of local firms in crude oil production could reach 30 percent or more in a short while, going by rate of the acquisition.

Speaking at a breakfast meeting with editors of newspapers and directors of broadcast stations, NCDMB’s Executive Secretary, Simbi Wabote, said the reasons for Nigeria’s low crude production is beyond stealing by vandals.… Read the rest