Wednesday, March 19, 2014
Video - KICKTV profiles Nigeria's Super Eagles ahead of 2014 World Cup
The World Cup is less than 100 days away, and to kick things off, KICKTV in partnership with Howler Magazine is rolling out its World Cup Crash Course. Next up, Nigeria. The Super Eagles are bringing a strong mix of veterans and youngsters. But will it be enough to get out of their group?
Oil reserves in Nigeria drop to 35 billion barrels
The Department of Petroleum Resources (DPR) said on Tuesday that Nigeria oil reserves had dropped from 40 billion to 35 billion barrels.
A Director in the department, Mr George Osahon, made this known in an interview with newsmen at the ongoing Oil and Gas Seminar in Abuja.
Osahon attributed the development to reduction in oil production in the country.
He said that some oil wells in the Niger Delta had stopped production because they had attained “maturity.”
He also said that vandalism and other unwholesome acts in the oil distribution process in the region accounted for the drop in production of crude oil.
Osahon said that the situation called for worry, adding that there was urgent need to boost oil exploration in order to shore up the dwindling reserves.
“Oil reserves are dropping and our output is dropping too. What we are supposed to do to correct this is to continue to explore and explore and explore for more oil.
“We started with ‘2D seismic’; now we are at the ‘3D seismic’. Already, 1,300 exploration wells have been drilled so far.
“We need to do more in this regard so as to have more reserves. We have reached the plateau of production in the Niger Delta and we are already going down”, he said.
The director said a lot of money had been spent in the effort to increase reserves from the old fields.
On exploration at the Chad basin, he said that oil had not been found there but stressed “that we have not found anything at the Chad basin as at today does not mean that oil is not in the basin.
“We are optimistic about this. We have come up with strategies to boost our reserves and in due course, we would make this known.’’
He said that other things to do to shore up the nation’s reserves were seismic data coverage and drilling of exploration wells, enhanced recovery methods, utilisation of non-saddled reservoirs and bitumen exploration.
Vanguard
A Director in the department, Mr George Osahon, made this known in an interview with newsmen at the ongoing Oil and Gas Seminar in Abuja.
Osahon attributed the development to reduction in oil production in the country.
He said that some oil wells in the Niger Delta had stopped production because they had attained “maturity.”
He also said that vandalism and other unwholesome acts in the oil distribution process in the region accounted for the drop in production of crude oil.
Osahon said that the situation called for worry, adding that there was urgent need to boost oil exploration in order to shore up the dwindling reserves.
“Oil reserves are dropping and our output is dropping too. What we are supposed to do to correct this is to continue to explore and explore and explore for more oil.
“We started with ‘2D seismic’; now we are at the ‘3D seismic’. Already, 1,300 exploration wells have been drilled so far.
“We need to do more in this regard so as to have more reserves. We have reached the plateau of production in the Niger Delta and we are already going down”, he said.
The director said a lot of money had been spent in the effort to increase reserves from the old fields.
On exploration at the Chad basin, he said that oil had not been found there but stressed “that we have not found anything at the Chad basin as at today does not mean that oil is not in the basin.
“We are optimistic about this. We have come up with strategies to boost our reserves and in due course, we would make this known.’’
He said that other things to do to shore up the nation’s reserves were seismic data coverage and drilling of exploration wells, enhanced recovery methods, utilisation of non-saddled reservoirs and bitumen exploration.
Vanguard
Tuesday, March 18, 2014
Video - President Goodluck Jonathan urges ethnic unity
Nearly 500 delegates attended a national conference in Abuja to decide on Nigeria's future, representing the country's many ethnic, linguistic and religious groups. In the most populous country in Africa, Nigeria is also the continent's top oil producer. Many of them are now demanding a bigger slice of the country's resources.
30 million Nigerians don't have access to electricity
The Federal Government has said that over 30 million Nigerians have no access to electricity supply because they are yet to be connected to the national electricity grid.
The Minister of Power, Prof. Chinedu Nebo, who disclosed this while declaring open, the Nigerian Renewable Energy Private Equity seminar in Abuja, said most of the affected Nigerians are in the rural areas.
Speaking at the seminar organised to sensitise investors, fund managers, policy makers and other stakeholders on the need to support the development of renewable energy, the minister called for more private sector financing to improve electricity supply.
Represented by the Permanent Secretary in the ministry, Amb. Godknows Igali, he noted that the training is meant to sensitise and mobilise stakeholders to initiate an equity fund through private sector participation to promote sustainable energy.
Citing the United Nations Report on access to power, he said, "there is still a wide gap in power supply. Sadly for us here in Nigeria, we still have about 30 million people that do not have access to power at all."
"This is the reason the federal government is focusing on Renewable Energy (RE) particularly off-grid solar and small hydros that would not need to depend on the national grid," Nebo explained.
He disclosed further that government is now rounding up on financing process for the 3050mw Mambilla hydro dam and would soon be flagged off by President Goodluck Jonathan.
He said, "There are 264 hydro dams which have not been fully utilised, so in this first quarter, government did a study and is fixing the turbines and other components in 12 of them to increase their generation capacity."
In his remarks, the Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, said there is a need to supplement mainstream power generation through the harnessing of renewable energy.
Okonjo-Iweala, who was represented by Hajia Lare Shuaibu, said that the Nigerian Bulk Electricity Trading Company Plc (NBET) has received proposals and enquiries on developing the vast renewable energy in Nigeria.
"Giving the national resources of sunlight, wind, biomass among others, we need to start thinking of how they can be harnessed for the power sector," she added.
The Chief Executive Officer, Henshaw Capital Partners, Ms. Barbara James said in her remarks that business financing through banking lending and capital market lending at a percentage of the GDP is still relatively low, about 20 percent unlike in other advanced countries like Brazil.
James noted that the seminar is to prepare the grounds for an intended development of a Private Equity and Venture Capital where resources would be pooled to develop a sustainable renewable energy for the country.
She stated that private equity is an ecosystem that involves investors, fund managers, entrepreneurs, and the policy makers adding that, "We work with these different groups in the ecosystem to raise their awareness, engage them in pre-investment and post investment activities in the sector."
Also speaking, the Chairman, Senate Committee on Power, Senator Philip Aduda, said despite the vast renewable energy sources, Nigeria still experienced acute inadequate power supply, adding that renewable energy needs to be developed to boost supply.
Vanguard
Related story: Video - Nigerian economy growing despite epileptic power supply
The Minister of Power, Prof. Chinedu Nebo, who disclosed this while declaring open, the Nigerian Renewable Energy Private Equity seminar in Abuja, said most of the affected Nigerians are in the rural areas.
Speaking at the seminar organised to sensitise investors, fund managers, policy makers and other stakeholders on the need to support the development of renewable energy, the minister called for more private sector financing to improve electricity supply.
Represented by the Permanent Secretary in the ministry, Amb. Godknows Igali, he noted that the training is meant to sensitise and mobilise stakeholders to initiate an equity fund through private sector participation to promote sustainable energy.
Citing the United Nations Report on access to power, he said, "there is still a wide gap in power supply. Sadly for us here in Nigeria, we still have about 30 million people that do not have access to power at all."
"This is the reason the federal government is focusing on Renewable Energy (RE) particularly off-grid solar and small hydros that would not need to depend on the national grid," Nebo explained.
He disclosed further that government is now rounding up on financing process for the 3050mw Mambilla hydro dam and would soon be flagged off by President Goodluck Jonathan.
He said, "There are 264 hydro dams which have not been fully utilised, so in this first quarter, government did a study and is fixing the turbines and other components in 12 of them to increase their generation capacity."
In his remarks, the Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, said there is a need to supplement mainstream power generation through the harnessing of renewable energy.
Okonjo-Iweala, who was represented by Hajia Lare Shuaibu, said that the Nigerian Bulk Electricity Trading Company Plc (NBET) has received proposals and enquiries on developing the vast renewable energy in Nigeria.
"Giving the national resources of sunlight, wind, biomass among others, we need to start thinking of how they can be harnessed for the power sector," she added.
The Chief Executive Officer, Henshaw Capital Partners, Ms. Barbara James said in her remarks that business financing through banking lending and capital market lending at a percentage of the GDP is still relatively low, about 20 percent unlike in other advanced countries like Brazil.
James noted that the seminar is to prepare the grounds for an intended development of a Private Equity and Venture Capital where resources would be pooled to develop a sustainable renewable energy for the country.
She stated that private equity is an ecosystem that involves investors, fund managers, entrepreneurs, and the policy makers adding that, "We work with these different groups in the ecosystem to raise their awareness, engage them in pre-investment and post investment activities in the sector."
Also speaking, the Chairman, Senate Committee on Power, Senator Philip Aduda, said despite the vast renewable energy sources, Nigeria still experienced acute inadequate power supply, adding that renewable energy needs to be developed to boost supply.
Vanguard
Related story: Video - Nigerian economy growing despite epileptic power supply
Monday, March 17, 2014
Video - Finance minister Okonjo-Iweala talks to CNN about gay rights
Fareed asks Okonjo-Iweala about Nigeria's anti-gay laws. Her response: "We need a conversation ... We need evolution."
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