Tag Archives: discovery

FG Confirms Discovery Of Crude Oil In Borno

Posted on by
20

The federal government yesterday confirmed the discovery of crude oil in Borno State, North East Nigeria, thus raising the hope of the region joining the league of oil producing areas in the not-too-distant time.

The disclosure was made by the permanent secretary, Ministry of Petroleum Resources, Dr. Jamila Shua’ra, when she presented her welcome address at the presentation of the 2016 petroleum sector scorecard held at the auditorium of the Petroleum Technology Development Fund (PDF) in Abuja yesterday.

She brandished the discovery of crude oil in Borno State as one of the achievements of the ministry during the year, saying, “Our doggedness culminated in the discovery of oil in new frontiers – Lagos and Borno.”

Shua’ra listed other achievements of the ministry.

“Today, as a team, we have recorded commendable achievements in our sector:  the introduction of the PMS Price Modulation Matrix; the availability of PMS in all outlets; eradication of payment on fuel subsidies; located foreign direct investment to finance midstream oil and gas infrastructure; adopted exit strategies on Joint Venture Cash Call; robust engagement of host communities to reduce agitations; creation of more stable industrial relations,” she said.

Collaborating her statement, Vice President Yemi Osinbajo stated that the deregulation of the downstream sector, which led to the elimination of petroleum subsidy, saved the government a burden of N15.4 billion monthly.

The vice president, who was represented the attorney-general and minister of justice, Alhaji Abubakar Malami, stated that the oil and gas sector remain very critical to the stability and growth of the nation’s economy as it accounts for about 90 per cent of the country’s earnings, in addition to contributing substantially to the inflow of foreign exchange and growth of foreign reserves.

Prof. Osinbajo further disclosed that the Federal Executive Council (FEC) had recently approved new measures and strategies aimed at eliminating the burden of Joint Venture Cash Call arrears and easing future payments in the up-stream sector, stressing that the strategies are fully supported by the National Economic Council (NEC).

He noted that the measures will boost additional investments and raise daily production levels to about 2.8 million barrels per day (mbpd) in the long-run.

On his part, the minister of state for petroleum resources, Dr. Ibe Kachikwu, revealed that one of the fallouts of the removal of petroleum subsidy was the decline of the nation’s daily consumption of the premium motor spirit (PMS), from the 50 million litre per day (mlpd) previously to the current figure 28mlpd.

Credit:

http://leadership.ng/news/cover-stories/564094/fg-confirms-discovery-of-crude-oil-in-borno

Oil Discovery In Lagos Excites Dangote

Posted on by
2

The recent discovery of oil in Lagos State in commercial quantity has been described as a good omen for the development of the oil and gas industry, which Dangote refinery will benefit from.

Speaking in his office in Lagos on Monday during a visit by the leaders of the League of African Development Students, the Group Executive Director, Dangote Industries Limited Mr. Devakumar Edwin, said it was a good development that Lagos was now an oil producing state, adding that this would further strengthen the country’s oil output.

He stated that Dangote Refinery and Petrochemical would be more than willing to work with the state and the Federal Government in ensuring that oil production from Lagos would add value to the economy of the state and the nation at large.

Edwin was quoted to have said in a statement issued by the firm, “We are very happy at the discovery of oil in Lagos. It is indeed a good and welcome development for us as a company. It will accelerate the growth level of the state and also be of immense benefit to the residents and the country at large.

“Not only will Lagos be regarded as an oil producing state and share out of the derivation fund, but Lagos will continue to be an invaluable partner to the Dangote Group with the Dangote refinery in Ibeju-Lekki.”

He pointed out that though crude oil prices might be unattractive at the moment, a situation that had made major International Oil Companies to slow down, “it did not mean that the oil and gas industry is devoid of development.”

Read More:

http://punchng.com/oil-discovery-lagos-excites-dangote/

NASA Finds ‘Earth’s Bigger, Older Cousin’ “Earth 2.0”

Posted on by
1

Astronomers hunting for another Earth have found the closest match yet, a potentially rocky planet circling its star at the same distance as the Earth orbits the Sun, NASA has said.

Named Kepler 452b, the planet is about 60 percent larger than Earth. It could have active volcanoes, oceans and sunshine like ours, twice as much gravity and a year that lasts 385 days, scientists said on Thursday.

“Today we are announcing the discovery of an exoplanet that, as far we can tell, is a pretty good close cousin to the Earth and our Sun,” said John Grunsfeld, associate administrator for NASA’s Science Mission Directorate in Washington.

“This is about the closest so far, and I really emphasize the ‘so-far,’” he added, describing Kepler 452b as “the closest twin,” or “Earth 2.0.”

The planet was detected by the US space agency’s Kepler Space Telescope, which has been hunting for other worlds like ours since 2009.

This planet sits squarely in the Goldilocks zone – where life could exist because it is neither too hot nor too cold to support liquid water, the US space agency said.

“Today the Earth is a little less lonely,” said Jon Jenkins, Kepler data analysis lead scientist at NASA’s Ames Research Center in Moffett Field, California.

Kepler 452b’s star is 1.5 billion years older, four percent more massive and 10 percent brighter than our sun