Connect with us

Business News

Buhari orders extension of oil exploration to six basins



President Muhammadu Buhari has flagged-off drilling activities in the Kolmani River II oil well in the Gongola basin of Benue Trough, Bauchi state.

The “spud-in”, as it is known in the oil industry, is the second attempt at actual oil drilling in the basin following an earlier undertaking by some international oil companies (IOCs) in the early 90s but was abandoned midway.

The president also ordered the Nigerian National Petroleum Corporation (NNPC), to extend oil exploration to six basins in the country.

A statement by Ndu Ughamadu, spokesman of NNPC, said the state oil firm acquired advanced data and technology to drill deeper for more discoveries in the Gongola basin, following a presidential directive.

Speaking at the inauguration ceremony on Saturday, Buhari commended the NNPC for its role in “re-invigorating exploration operations in the basin”.

He said the exercise would help Nigeria secure her energy sources, making for a “balanced resource distribution, strong economic base, and industrialisation”.

Buhari, who also doubles as the minister of petroleum resources said that a key aspect of the Economic Recovery and Growth Plan (ERGP) is to “ensure national energy sufficiency” which can only be achieved by exploring for hydrocarbon resources not only in the conventional basins but also in the frontier basins.

A frontier basin is a basin where exploration activities have not been carried out or a basin with short-term exploration activities with a significant volume of undiscovered hydrocarbon resources.

Buhari said exploration would soon commence in other basins located in Chad, Bida, Dahomey, Sokoto, and Anambra.

In his presentation, Maikanti Baru, group managing director, said neighbouring countries were making hydrocarbon discoveries from their own end of the basin, hence the corporation’s drive to resume exploration activities at a higher level.

He explained why the IOCs withdrew from the frontier basins, adding that government will take on the initial risks that come with exploring in the host communities.  

“While the IOCs who previously explored the basin through Kolmani River-1 well, drilled down to less than 9,000 feet, the corporation would go as deep as 14,500 feet in the Kolmani River-II well,” Baru said.

“There is already a well that was drilled back in 1999 by SNEPCo, and at that time, the amount of hydrocarbons were not commercial in their own judgement but when we reviewed the data, we felt they did not complete the process and we came here based on the 3-dimensional seismic and other studies we have done.

“Of course, as you are aware, the Niger Delta is well explored and exploring frontier basins in areas that have not been explored are normally very risky and costly, and because the private sector does not want to take that risk, they expect the government to go out and look for it and once the reserves are established, then the private sector will come in and develop them.”

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business News

Nigerians ‘spent N3 billion in cinemas for first half of 2019’



Nigerians spent nearly 3, 124, 026, 959 billion Naira to watch box office movies at Nigerian cinemas between January and June.

News Agency of Nigeria (NAN) reports that the figures are according to data provided by cinemas and gathered by the Cinema Exhibitors Association of Nigeria (CEAN).

The year opened with ‘Aquaman’, ‘Chief Daddy’ and ‘Up North’ sitting on the top three of the chart, with estimated combined earnings of 168, 263, 512 million Naira.

The movies maintained their positions until the fourth week when ‘Glass’ debuted at number one with ‘Aquaman’ taking second place and ‘Chief Daddy’, third booting ‘Up North’ to fourth place.

This led to combined earnings of 91, 409, 100 million Naira which fell to N77.2 million as January closed with Kevin Hart’s ‘The Upside’ kicking ‘Chief Daddy’ to fourth place.

NAN reports that earnings remained low for February, making it the lowest grossing month with a total of N291.8 million.

Top spots were alternated between ‘Alita’, ‘Cold Pursuit’, ‘What Men Want’, ‘Escape Room’ and ‘The UpSide’.

By March, viewership picked up steadily and the earnings were almost doubled from that of February leading to a total of 434, 432, 431 million Naira.

‘What Men Want’, ‘Alita’, ‘Hire A Woman’, ‘She Is’, ‘Us’ and ‘Babymamas’ enjoyed a relatively good run in March but a chunk of the earnings and viewership went to Marvel’s flick ‘Captain Marvel’.

At the beginning of April, ‘HellBoy’, ‘Shazam’, ‘Little’ and ‘Us’ continued to share the top spot with ‘Captain Marvel’ until the release of the much anticipated ‘Avengers: Endgame’.

NAN also reports that with ‘Avengers: Endgame’, earnings from April climbed from 186, 929, 188 million Naira in its third week to 342, 382, 389 million Naira in its final week.’

The month, which is the highest grossing in 2019, closed with estimated total earnings of 734, 151, 060 million Naira due to (a) major boost from Disney’s ‘Endgame’.

In May, there was a massive dip in earnings similar to that experienced in February. With ‘Endgame’, ‘The Intruder’ and ‘Longshot’, it earned a total of 367, 498, 554 million Naira.

The fall in viewership is usual after a global holiday such as Christmas for December/January and Easter for April.

The numbers picked up in June with ‘John Wick’, ‘Godzilla’ and ‘Aladdin’ leading the numbers. They were supported by ‘Anna’, ‘Men In Black’, ‘Dark Phoenix’ and ‘Bling Lagosians’.

June opened with 161, 132, 714 million Naira but closed with 100, 663, 647 million Naira leading to a total earning of 576, 322, 779 million Naira.

Continue Reading

Business News

Go Cashless This Summer With FirstBank Visa Multi Currency Card



First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider, has introduced the Visa Multi Currency Card, an All-in One-Card and first of its kind to be offered by any financial institution in Nigeria. This card can be linked to all of four currencies namely: NAIRA, USD, EURO and GBP accounts.

With the Visa Multi-Currency card, FirstBank customers – within and outside Nigeria – can now enjoy the luxury of having their local and foreign denominated accounts in any currency, linked to a single Debit card. The Visa Multi-Currency Card is designed to ease the daily cashless transactional needs of customers regardless of where they are across the world. 

Amongst the many benefits of the Visa Multi-Currency card are Point of Sale and Online purchases, access to and use of ATMs worldwide. There is no cash collateral requirement prior to its issuance.

Speaking on the card launch, Mr. Chuma Ezirim, Group Executive, e-Business & Retail Product said “FirstBank takes pride in pioneering the Visa Multi Currency Card in the country, as we remain committed to providing products and services that are designed to ensure the banking convenience of our customers regardless of their location.”

“This card is designed to make traveling fun for our customers and ensure they have a seamless transaction experience during their vacation, tourism and other business-related trips around the globe”, he concluded. 

Traveling abroad for summer, walk into any FirstBank branch today for your Visa Multi Currency Card.

Continue Reading


NSE Suspends Airtel Africa Listing



The planned listing of Airtel Africa Plc on the trading floor of the Nigerian Stock Exchange (NSE) has been postponed.

The exercise was suspended as a result of the failure of the telecommunications company to meet pre-listing requirements.

Yesterday, Business Post reported that Airtel Africa failed to attract at least 300 institutional and high-net worth individual investors, one of the major requirements needed for joining the stock exchange.

The NSE, which confirmed suspension of the listing today, however, did not make it clear when the company would be admitted. It only promised to provide further communication on the issue when all the conditions for the listing in its market had been met.

“The cross border secondary listing of 3,758,151,504 ordinary shares of Airtel Africa Plc has been postponed from the scheduled date of Friday, July 5, 2019.

“This postponement was necessitated by the need to ensure that the company meets all the post NSE approval pre-requisites for listing on the NSE.

“However, the facts before the listing event will hold as planned at 11.00 a.m. on Friday, July 5, 2019,” the statement said.

Continue Reading