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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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Nigeria trails behind Angola, in $23b cumulative capita expenditure


By Akinola Ajibade

Nigeria is trailing behind Angola in the list of countries in  Africa that would witness an increase in cumulative capital expenditures by up to $23billion, this year, the African Energy Chamber's (AEC) Q1 report  has said 

The report  is themed: 'The State of African Energy.

In the report,  countries which participate in upstream activities are going to scale up investments in the upstream segment of the oil and gas industry.

It listed the countries to include Angola, Nigeria', Mozambique and Uganda.

According to the report, Angola is well positioned to increase investmentts in oil  Exploration and Production ( E&P) ahead of Nigeria''s, which currently battling with problems such as oil theft, pipeline vandalism, banditry among many others 

The report  stated that Greenfield investments in Angola and other leading and emerging hydrocarbon producing countries in Africa will help increase cumulative capital expenditure across the continent’s oil and gas sector in 2022 and beyond.

The report further said that while E&P firms seek to reduce capital spending and operational expenditure resulting in declines in exploration and production investment in Africa, spending on new projects in leading hydrocarbon producers such as Angola will increase the overall cumulative capital expenditure between 2022 and 2025 in Africa. 

It said that notable exploration and production projects in Angola contributing towards the continent’s capital expenditure include the ultra-deep water Agogo crude oil production project in Block 15/06 – which Italian multinational Eni will reach a Final Investment Decision (FID) for in 2023.

The project, at its peak  production in 2024, according to the report  will produce approximately 42,000 barrels per day (bpd) of crude oil and condensate.

Eni, the report added, has also made an investment at its Ndungu EP in the western area of Block 15/06, offshore Angola, which has enabled the major to kickstart production in late February 2022. 

" With an estimated production rate of 20,000 bpd per day, the Ndungu project will be followed by an additional investment by Eni to boost its exploration in the Block in the second half of 2022.

“Driving up Angolan production in oil and fast-tracking gas development has been the cornerstone of Minister Diamantino Pedro Azevedo drive for Angola’s energy sector with clear reforms the help the industry survive pandemic and an oil market crash,” said NJ Ayuk, executive chairman of the AEC. said the report.

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