Connect with us

VenturesNow

Nigeria: Despite high oil theft, fuel subsidy rises to ₦525.714 billion in August

Published

on

Nigeria’s oil subsidy regime has continued to bleed the country of public funds as subsidies rose to 525.714 billion nairas ($1.22 billion) in August.

According to figures submitted to the government by a state oil company, Nigerian National Petroleum Company Limited (NNPC), the August number brings the total spent in 2022 to 2.568 trillion Naira,

Reports say oil production in August averaged 1.18 million barrels per day, well below the nation’s OPEC quota of 1.8 million bpd, due in large part to theft from pipelines that has curtailed production.

Nigeria’s oil auditing agency, NEITI, indicated that in 2019, the West African country lost 42.25 million barrels of crude oil to oil theft, valued at $2.77 billion.

Despite her increasing debt profile, Nigeria’s government in January postponed its planned removal of subsidy on petroleum products till further notice. Petrol subsidy payments reportedly gulped overN1.15 trillion 2021 alone, resulting in low revenue for federal, state, and local governments to cater to developmental projects.

The Finance Minister, Zainab Ahmed in July revealed that West Africa could spend up to 6.72 trillion nairas ($16.2 billion) next year on subsidies.

Although Nigeria is one of the largest oil producers in the world, the West African country does not refine crude oil locally. State-owned Nigerian National Petroleum Corporation (NNPC) has four refineries, two in Port Harcourt (PHRC), and one each in Kaduna (KRPC) and Warri (WRPC) but none has worked to capacity for years despite several investments to succinate the refineries.

VenturesNow

Israel-based oil and gas firm, NewMed, signs exploration deal with Morocco’s energy ministry

Published

on

Israel-based oil and gas firm, NewMed has signed a deal with Morocco’s energy and mining ministry and Adarco Energy for offshore natural gas exploration and production in Morocco.

NewMed made the announcement on Tuesday adding that it will collaborate with Adarco, and each will have a 37.5% stake in the Boujdour Atlantique licence.

NewMed CEO Yossi Abu said, “for a long time now we have recognised a huge potential in Morocco for collaborations in both the natural gas and renewable energy sectors.”

According to the deal, the remainder of 25% is granted to Morocco’s National Office of Hydrocarbons and Mines, in accordance with the Hydrocarbon Law of Morocco.

NewMed is the main stakeholder in Israel’s huge Leviathan offshore gas field and is looking to merge with Capricorn Energy to create a gas producer focused on Israel and Egypt.

Statista reports that in 2020, approximately 23.3 billion Moroccan dirhams (MAD) of gas and fuel oils were imported into Morocco. This was equivalent to 2.6 billion U.S. dollars and represented a decrease from the previous year when roughly 38.8 billion MAD (4.3 billion U.S. dollars) of oils were imported into the country.

Overall, Spain was the main trade partner in Morocco in terms of gas and fuel oil imports.

Continue Reading

VenturesNow

Nigeria’s oil company, NNPC, signs separate gas pipeline deals with Ghana, Guinea, others

Published

on

Nigeria’s oil company, the NNPC have signed separate deals with the national oil companies of Ghana, Gambia, Guinea, Guinea Bissau and Sierra Leone in furtherance of the planned Nigeria-Morocco Gas pipeline project.

The Group Chief Executive Officer of the NNPC, Mele Kyari; highlighted the roles played by the participating countries to make the planned commencement of the project to fruition.

“Today, we will be attaining another feat by signing five MoUs with the national oil companies and relevant entities from Gambia, Ghana, Guinea, Guinea Bissau and Sierra Leone.

“From inception of the project to this stage, concerted efforts have been made by the governments of Nigeria and the Kingdom of Morocco, which led to the very commendable achievements recorded thus far.

“As the strategic vision of our great leaders gains momentum, I would like to express our appreciation to His Royal Majesty, King Mohammed VI of Morocco and His Excellency, President Muhammadu Buhari of Nigeria for entrusting NNPC Limited with this strategic project,” he stated.

He added: “NNPC Limited will facilitate the continuous supply of gas and provide other enablers such as the required land for the first compressor station to be deployed in Nigeria, which is among the 13 stations earmarked along the pipeline route.”

The Nigeria-Morocco gas pipeline mega-project had been first discussed during the official visit of King Mohammed VI of Morocco in December 2016 to President Buhari in Abuja.

Nigeria and Morocco signed MoU for the gas pipeline in September which would link Nigeria to Morocco as well as supply West Africa and Europe.

The Nigeria-Morocco gas pipeline mega-project had been first discussed during the official visit of King Mohammed VI of Morocco in December 2016 to President Buhari in Abuja.

Continue Reading

EDITOR’S PICK

Metro2 hours ago

Rwanda accuses US of inflaming crisis in eastern DRC

The government of Rwanda on Tuesday, accused the United States as well as the international community of ‘exacerbating and inflaming’...

Tech2 hours ago

South African venture capital firm, 4Di Capital, announces new $25 million seed funding

South African early-stage venture capital fund firm, 4Di Capital, has announced a new $25 million seed funding few months after...

Sports2 hours ago

Cameroonian FA boss, Samuel Eto’o apologises for attacking Algerian cameraman during World Cup

Football legend and current President of the Cameroonian Football Federation (FECAFOOT), Samuel Eto’o, has apologised for violently attacking an Algerian...

Culture5 hours ago

Nigerian music star, D’Banj, arrested, detained by anti-corruption agency

Top Nigerian music star, songwriter and singer, Oladapo Oyebanji, popularly known worldwide as D’banj, has been arrested by an anti-corruption...

Sports19 hours ago

Qatar 2022: Morocco make history with World Cup win over Spain

The Atlas Lions of Morocco gave Africa a quarterfinals berth at the 2022 FIFA World Cup in Qatar after beating...

VenturesNow20 hours ago

Israel-based oil and gas firm, NewMed, signs exploration deal with Morocco’s energy ministry

Israel-based oil and gas firm, NewMed has signed a deal with Morocco’s energy and mining ministry and Adarco Energy for...

Politics20 hours ago

Ruling junta, politicians sign agreement for civil transition in Sudan. Will it work?

An agreement for a civilian-led transition that will last for two years has been made between Sudanese political parties and...

Musings From Abroad21 hours ago

Indonesia passes law that bans sex outside marriage, protest, others

Sex outside marriage is now an offence with a punishment of up to one year in jail in Indonesia, according...

Metro23 hours ago

Somali forces, local vigilantes, recapture strategic town from Al-Shabaab terrorists

The Somali National Army (SNA), alongside local vigilantes popularly called Mo’awisley, on Monday, recaptured the strategic city of Adan Yabaal...

Politics23 hours ago

Zambia’s Vice President, Mutale Nalumango, to visit Ivory Coast for summit on nutrition

Zambia’s Vice President, Mutale Nalumango is set to visit and attend the African Union (AU) High-level meeting to address issues...

Trending