The company hinted that one-fifth of the world’s oil and gas reserves will no longer qualify as “proved reserves” at the end of this year if oil prices fail to recover before then.
Chinese data analyzed by Radio Free Asia’s Michael Lelyveld revealed that the country has been buying record volumes of crude oil over the past months in order to bolster its energy security, especially at a time when its relations with the United States are deteriorating.
The Retail Business Manager of the company, Ezinne Nwazulu, said Nepal would give out discounts on the pump price of products and branded souvenirs to first 20 customers every day for the next 30 days to commemorate the launch.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has said that the Federal Government is working towards attaining a $10 per barrel production cost sealing in the oil and gas sector.
A thirty-member committee, with five members drawn from each of the six geo-political zones of the country, is expected to start work on the Petroleum Industry Bill (PIB) in the third week of this month. This is because the House of Representatives is set to pass the long-awaited bill into law in September.
“We must not lose sight of the fact that the world is transiting to renewable energy and gas is the future. These were the words of the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari, recently, saying that gas is the future of energy development in Nigeria.
Before this development, the refining capacity of the nation’s four refineries, located in Port Harcourt, Rivers…