President Muhammadu Buhari declared on Wednesday that Nigeria’s oil reserve estimate as per reserve has been estimated to dry up in the next 25 years to 30 years at most.



To this end, the President said the focus of the government must be on gas which is also estimated to last for over 60 years, adding that his government must ensure a dramatic movement into gas production.

President Buhari, who was represented by the Minister of State for Petroleum Resources, Dr Ibe Kachikwu spoke yesterday at the 5th triennial delegates conference of the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.

He also cleared the air on the argument surrounding the sale of the nation’s refineries, declaring that there is no plan or attempt to sell or concession the refineries as being speculated “by those who should know better.”

President Buhari’s Keynote address on the theme: “Emerging Trends in the oil and gas industry and its impacts on Labour movement in Nigeria,” was presented by Dr. Kachukwu, who emphasized that he was representing and presenting the message of the president.

He said: “As it concerns Nigeria, we must work inclusively hard to deal with some of the difficulties that we will continue to see in our production platforms. Whether it is the militants which is a key component or the slow speed of approvals or whether the fact that our policies are not even as fast as they should to catch up with changing Times.

“Those of us who have the opportunity to seat in ministerial zones where we have to influence policies have got to work extremely hard to help drive the sea of change that is imperative if the sector is to survive.

“Infrastructural deficit is a key component. We lack infrastructure in the sector, whether it is down stream or up stream or oil and gas. The absence of infrastructure has made it impossible to have a holistic private sector participation. We have got to find policies that will encourage private sector participants to play a key role.

“Coupled with that is the fact that countries are moving away from oil. Our oil estimate as per reserve is at best about 25 to 30 years, while gas estimate is over 60 years. Clear enough, Nigeria is more of a gas country than an oil country. But what are we doing to ensure our dramatic movement into the gas production.

“I am just coming from the FEC where we presented a memo on gas which has been approved today. Major movement is in terms of what we need to do in the gas environment because it is so key that unless we can put the two energy together, we are not likely to see an improvement in our economy or see opportunities that most of you are beginning to miss in terms of job creation and employment in the oil sector.”
He added: “Gas is the new horizon of opportunity. There is so much happening that needs to happen, that should have happened yesterday. Gas is the future for this country and the place to be and we need to start looking at that. Increasingly, we are seeing very strong local players.

“I need to see gas flaring east out win the next three years. I like to see the refineries which is enmeshed in all kinds of confusion finally kick off.

“On the issue of refineries, let me say that there has been attempt and there is no approval to concession refineries or sell refineries. I keep hearing discussions all over the place especially from people who should know better.

“What we have approval for is to bring in a financing mechanism that will enable us to finance and develop and upgrade the refineries as they are. The reality is that once private sector players begin to build their own refineries, whatever we are afraid of will disappear and unless we begin to move very rapidly and quickly to position these refineries in such a way that they can compete, we will lose the refineries completely together with the job scale that exist there right now.

“My drive is to see that those investments goes through a transparent process and the announcement that you hear about selection has not happened.”

On the emerging trends in the industry, he said the reality is that the oil industry is changing almost transformatively; while prices have tumbled and have continued to struggle despite all the works done in OPEC to boast it.

According to him, “the reality is that investments are declining at an alarming rate and suddenly, there are new entrants into the industry. Also, CEOs are struggling as to where to put very scarce resources and suddenly, it is just how well you can market your country, reposition your policies in such a way that there are benefits.

“All in a sudden, investment return in some of these exploration activities are beginning to get challenges. Only those who are able to look at their technology and new ways of doing business are going to survive the oil industry of tomorrow.

“If you take the annual return of most of the major oil companies, you will see the sort of disequilibrium that’s happening there and those who are beginning to jump in and out of leadership

http://tribuneonlineng.com/nigeria-oil-reserve-dry-30-years-%e2%80%95buhari/

His concerned should be about his health, the first line almost got me stapaded.. is either he live here or the other side he should quickly choose one..

Mazi and his criminal bandits will remove SS from his map if he sees this

30 years lol they better diversify or die. Anyway they say the want to move more towards gas yet they can't stop flaring. OK I will wait and see.

Jabioro:
His concerned should be about his health, the first line almost got me stapaded.. is either he live here or the other side he should quickly choose one..

Which every living soul will pay one day

Get that straight if you don't know

Where is elder wristbangle and lionDeleo sef

sarrki:


Which every living soul will pay one day

Get that straight if you don't know

Who is scared of such inevitable act?

Too many visionless and senseless have been ruling Nigeria at both Presidential and Ministerial levels since Independence. Only Kachikwu is trying to make a difference, though the work is MASSIVE.
In Nigeria if gas flaring isn't part of a production platform design, the platform is not complete. We just waste all our gas and wantonly pollute the environment. While the DPR Offshore personnel (taking instructions from their Ogas at the office) who are supposed to monitor flaring levels and ensure the Oil companies pay heavy fines for flaring collude with the companies to manipulate the flare figures and fines. Corruption runs deep in all of una blood.
Whereas in Norway you dare not flare a single cubic metre of gas. Flaring is totally forbidden and your company will go down. All the sales gas goes straight to Europe. They've even gone ahead to implement carbon capture from other emission sources and they cut taxes for companies who do so.

Honestly the problems to be solved in Nigeria are so many that if I'm invited to be president right now, I no collect. Maybe 20yrs time will be a good time. Hopefully, by then there'll be less tribalism and religiosity from town criers who always carry microscope to cry foul in every single action of govt.

Jabioro:
Who is scared of such inevitable act?

@Sarrki both U and d President's ppl well so? Which of the President Buhari?? How can President Buhari who handed over to his Vice and haven't been seen in 50days and counting b said to b d one presenting a keynote address nd u see nothing wrong in it?? Jus a few days ago his aides claimed he had handed over and is now in d capacity "a citizen". Anyways d gas d nation's oil industry flares is enough to power all of Africa but yet NNPC and d oil companies have always preferred to waste it..

Nbote:
@Sarrki both U and d President's ppl well so? Which of the President Buhari?? How can President Buhari who handed over to his Vice and haven't been seen in 50days and counting b said to b d one presenting a keynote address nd u see nothing wrong in it?? Jus a few days ago his aides claimed he had handed over and is now in d capacity "a citizen". Anyways d gas d nation's oil industry flares is enough to power all of Africa but yet NNPC and d oil companies have always preferred to waste it..

Morning baba,

Please read the write up again sire

But slowly this time

Sarrki n Buhari n NwaAimakpe


Have something in common

Nbote:
@Sarrki both U and d President's ppl well so? Which of the President Buhari?? How can President Buhari who handed over to his Vice and haven't been seen in 50days and counting b said to b d one presenting a keynote address nd u see nothing wrong in it?? Jus a few days ago his aides claimed he had handed over and is now in d capacity "a citizen". Anyways d gas d nation's oil industry flares is enough to power all of Africa but yet NNPC and d oil companies have always preferred to waste it..

Baba let me help you

I know what old age comes with

President Buhari, who was represented by the Minister of State for Petroleum Resources, Dr Ibe Kachikwu spoke yesterday at the 5th triennial delegates conference of the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.

ibkgab001:
Sarrki n Buhari

Sai baba

I will stand with him till the end

I believe and trust him

He's my role model

I trust ,love and believe him

God bless Mr president

God will keep and protect him

He added: “Gas is the new horizon of opportunity. There is so much happening that needs to happen, that should have happened yesterday. Gas is the future for this country and the place to be and we need to start looking at that. Increasingly, we are seeing very strong local players.

What's the long term plan with gas then. Are we betting on European exports and African exports. Are we going to use it domesticly to fuel industrialization pursuits.

“On the issue of refineries, let me say that there has been attempt and there is no approval to concession refineries or sell refineries. I keep hearing discussions all over the place especially from people who should know better.

Im Confused you're plan is to let these clowns continue running thsee assets. Lol Nigeria doesn't learn.

sarrki:


Sai baba

I will stand with him till the end

I believe and trust him

He's my role model

I trust ,love and believe him

God bless Mr president

God will keep and protect him

Amen

ibkgab001:

Amen

You are a patriot

Jabioro:
His concerned should be about his health, the first line almost got me stapaded.. is either he live here or the other side he should quickly choose one..

President Buhari, who was represented by the Minister of State for Petroleum Resources, Dr Ibe Kachikwu spoke yesterday at the 5th triennial delegates conference of the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.

I know the name "Buhari" usually sends some shivers but always read before making comments.

Bubu was represented and in cases like this, all that is required is his approval of whatever speech delivered on his behalf.

sarrki:


Morning baba,

Please read the write up again sire

But slowly this time

sarrki:


Baba let me help you

I know what old age comes with

President Buhari, who was represented by the Minister of State for Petroleum Resources, Dr Ibe Kachikwu spoke yesterday at the 5th triennial delegates conference of the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.

sarrki:


Morning baba,

Please read the write up again sire

But slowly this time

Oh I forgot, zombies don't understand irony or sarcasm.. SINCE HE HAS SINCE HANDED OVER TO THE VP, HE ISN'T FUNCTIONING IN ANY OFFICIAL CAPACITY WHETHER HE IS HERE OR NOT. THERE IS AN ACTING PRESIDENT WHO SHLD EITHER PRESENT D KEYNOTE ADDRESS AS D ACTING PRESIDENT HE IS.. Why una like to dey deceive unaselves??

sarrki:


Morning baba,

Please read the write up again sire

But slowly this time

sarrki:


Baba let me help you

I know what old age comes with

President Buhari, who was represented by the Minister of State for Petroleum Resources, Dr Ibe Kachikwu spoke yesterday at the 5th triennial delegates conference of the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.

sarrki:


Morning baba,

Please read the write up again sire

But slowly this time

Oh I forgot, zombies don't understand irony or sarcasm.. SINCE HE HAS SINCE HANDED OVER TO THE VP, HE ISN'T FUNCTIONING IN ANY OFFICIAL CAPACITY WHETHER HE IS HERE OR NOT. THERE IS AN ACTING PRESIDENT WHO SHLD EITHER PRESENT D KEYNOTE ADDRESS AS D ACTING PRESIDENT HE IS.. We don't need a soothsayer to know he has no idea what is contained in dat address. Why una like to dey deceive unaselves??
Dis is exactly d kind of thread U'll appear on and want away with ur cohorts.

Nbote:
@Sarrki both U and d President's ppl well so? Which of the President Buhari?? How can President Buhari who handed over to his Vice and haven't been seen in 50days and counting b said to b d one presenting a keynote address nd u see nothing wrong in it?? Jus a few days ago his aides claimed he had handed over and is now in d capacity "a citizen". Anyways d gas d nation's oil industry flares is enough to power all of Africa but yet NNPC and d oil companies have always preferred to waste it..

President Buhari, who was represented by the Minister of State for Petroleum Resources, Dr Ibe Kachikwu spoke yesterday at the 5th triennial delegates conference of the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.

If you had managed to read the first two paragraphs, this wouldn't have been necessary.

Nbote:


Oh I forgot, zombies don't understand irony or sarcasm.. SINCE HE HAS SINCE HANDED OVER TO THE VP, HE ISN'T FUNCTIONING IN ANY OFFICIAL CAPACITY WHETHER HE IS HERE OR NOT. THERE IS AN ACTING PRESIDENT WHO SHLD EITHER PRESENT D KEYNOTE ADDRESS AS D ACTING PRESIDENT HE IS.. We don't need a soothsayer to know he has no idea what is contained in dat address. Why una like to dey deceive unaselves??
Dis is exactly d kind of thread U'll appear on and want away with ur cohorts.

Said baba

G

hakeem4:
So when the oil in the south dries the north will now leave abi ?

More reason

The leaders there needs to work hard and put something reasonable on ground

Is our president speaking from Hades?
By the way when did our president turn to a geologist. London can be funny!

Nbote:


Oh I forgot, zombies don't understand irony or sarcasm.. SINCE HE HAS SINCE HANDED OVER TO THE VP, HE ISN'T FUNCTIONING IN ANY OFFICIAL CAPACITY WHETHER HE IS HERE OR NOT. THERE IS AN ACTING PRESIDENT WHO SHLD EITHER PRESENT D KEYNOTE ADDRESS AS D ACTING PRESIDENT HE IS.. Why una like to dey deceive unaselves??

Don't mind that fella.Just an empty brain.

What does he know about oil exploration?

Since be Buhari came to power he has been doing everything by proxy.... Figure head littered this regime.

Diversification na wetin sure pass.

Wow