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Business News

NNPC to recommence search for oil in the Lake Chad Basin

The Nigerian National Petroleum Corporation (NNPC) has restated its commitment to resume oil search in the Chad Basin as soon as it receive security clearance.

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NNPC searches for oil

Few days after Nigeria’s daily crude oil production hit 2.323 million barrels per day, the Nigerian National Petroleum Corporation (NNPC), has restated its commitment to recommence oil exploration activities in the Lake Chad Basin once security clearance is approved for the company doing the exploration.

This was disclosed by the immediate past Group Managing Director of Nigeria’s state-owned oil company, Dr. Maikanti Baru. He made the disclosure while receiving the Executive Governor of Bauchi State, Senator Bala Mohammed, who paid a business visit to Maikanti earlier this week.

Speaking during the visit, the former NNPC boss who stated the following;

We will go back there as soon as we receive security clearance. There seem to be some prospects there because Niger Republic drilled over 600 wells and now they are producing while we have only drilled 23.”

Security Unrest Affected Initial Exploration: During the meeting, it was disclosed that oil search in the Lake Chad Basin was initially suspended after a team of NNPC Frontier Exploration Services and their consultants from the University of Maiduguri were aggressively challenged, with some of them abducted on July 25th, 2017.

Meanwhile, Baru appreciated the efforts of Bauchi and Gombe states citizens for their support and hospitality, especially those living within the regions where the exploration activities are taking place. He assured them of the NNPC’s unrelenting support in the provision of basic amenities and infrastructure.

[GET THE LATEST Insights on Nigeria’s Crude Oil]

Manpower Development: Speaking on the proposed Institute of Petroleum Studies which is billed to get established in Bauchi State University, Dr. Baru made a pledged support on behalf of the company and also assured the Bauchi State Governor of stronger synergy between the institution and the Petroleum Training Institute, Warri.

 

NNPC searches for Oil in Chad Basin

Also speaking at the event was the Bauchi state Governor, Senator Bala Mohammed, who stated that his visit was simply to seek collaborations with the NNPC on how to further advance the affairs of the state.

The Governor was optimistic that the exploration activity that is billed to be carried out in the Gongola Basin will lead to oil being found.

We are happy that we have some hydrocarbon not only in Bauchi but also in Gombe both in the Gongola Basin, and we are totally committed to the exploration activities of the NNPC in the area.” 

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Note that the exploration of hydrocarbon in other parts of Nigeria will further boost the production quota for Nigeria in the global oil market. This will, in turn, increase the country’s ability to earn more money from crude oil exportation.

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READ MORE: OPEC Cuts: Nigeria defies quota, increases crude production

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Charles Abuede is a graduate of Economics and Statistics from the University of Benin. He has worked as a business correspondent at Voidant Wireless Service (Pryde TV) and Entrepreneurs.ng. He is currently a Research Analyst at Nairametrics. You can reach him on [email protected] or @CharlesAbuede on LinkedIn and @AbuedeCharles on twitter.

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Tech News

Spotify podcast listeners set to surpass Apple podcast for the first time in 2021

Spotify’s investments have empowered podcast creators and advertisers through its proprietary hosting, creation, and monetization tools.

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The number of Spotify’s podcast listeners will surpass Apple’s listeners this year. According to a report by eMarketer, 28.2 million U.S. users will listen to podcasts on Spotify at least monthly, compared with 28.0 million via Apple Podcasts. This shift will come on the heels of the expected 41.3% in 2021.

Apple was the de facto destination for podcasts for a long time, but in recent years, it has not kept up with Spotify’s pace of investment and innovation in podcast content and technology.

By putting podcasts and music in one app, Spotify became the convenient one-stop-shop for everything digital audio. Unlike Apple that has a different app for podcasts instead of offering a well-integrated experience with music and podcasts in one app.

This shift made more people stick to Spotify for the sheer experience of streaming music and also listening to a podcast on the same platform. Other music streaming services like Amazon, Pandora, etc. also have the seamless experience of enjoying podcasts and music on the same App.

According to the report, Spotify’s investments have empowered podcast creators and advertisers through its proprietary hosting, creation, and monetization tools.

Overall, there will be 117.8 million overall monthly podcast listeners in 2021, a 10.1% year-over-year (YoY) increase. This year, podcast listeners will represent 53.9% of monthly digital audio listeners, surpassing 50% for the first time.

We anticipate that more audio listeners will start listening to podcasts monthly, leading to a 60.9% share by 2024.

This year, $1.28 billion will be spent on podcast advertising, surpassing $1 billion for the first time, representing a 41.0% YoY increase. Podcast advertising is continuing to gain a share of total digital audio ad spending, representing 24.0% in 2021.

What you should know

  • Last week, Spotify announced that it will be expanding its service to 85 new markets including Nigeria.
  • This new expansion came with other upcoming features and products like the paid podcast subscriptions that will allow creators to publish paid podcast content aimed at their most dedicated fans.
  • Spotify is also partnering with WordPress to add a new integration to its platform similar to Clubhouse. This integration will make it easier for bloggers to turn their posts into podcasts, either by reading the blog posts themselves or leveraging third-party text-to-speech technology

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Coronavirus

Peter Obi urges FG to beg manufacturers, rich nations for COVID-19 vaccines

Obi urged the FG to consider appealing to rich nations, drug manufacturers for vaccines instead of spending billions of nairas to procure them.

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Katsina Abduction, Recession: Economy should be redirected from wasteful-consumption to productivity — Peter Obi

Former governor of Anambra State, Peter Obi has appealed to the Federal Government to take a second look at their stipulated Covid-19 budget and rather, consider begging drug manufacturers and rich nations for the vaccines.

The former Vice Presidential candidate while speaking in an interview on Channels Television, lamented on what he felt was an over-the-top and ludicrous budget for the Covid-19 vaccines and advised that the FG should instead, appeal to manufacturers for the vaccine.

Obi, speaking on the FG Procurement Budget for the Covid-19 vaccine explained that it makes little sense for Nigeria to apportion 80% of its health budget for the procurement of Covid-19 only. He also stated that sufficient Covid-19 vaccine for the country can be purchased for a price way below the figure being put forward by the FG.

They said they need N400bn. Our Budget for health this year is N547bn and you are saying that you need 80% of that for vaccine procurement. Assuming that’s what we are going to use the money for. I have checked the vaccine we need to have 70% which WHO has stipulated that if they receive it is okay. The quantity we need cannot cost us more than N150bn. It might be less because there are people who are willing to give vaccines for free,” Obi said.

Mr. Obi took it a step further by advising the FG on how to go about the quest to get Covid-19 vaccines at a much cheaper rate. He believes the country should own up to its poor status and demand for help unashamedly. This, he said, will reduce the amount the FG will pay for the Covid-19 vaccines.

Why don’t we beg manufacturers to donate, saying to them that we don’t have anything. We can go kneel and beg them saying please give us the vaccines. We are from a poor country. Give us a discount. There is nothing wrong with saying that you are poor. It is not a crime. Because you are poor,” Obi added.

Since pharmaceutical companies and drug manufacturers began discovering and manufacturing vaccines against the novel Covid-19, there have been concerns that the poorer nations might be left far behind in the race to acquire the vaccines.

In case you missed it

  • Nigeria received its first batch of Covid 19 vaccines from India today. The first batch of Oxford AstraZeneca COVID-19 vaccines from India landed in the Nigerian capital Abuja on Tuesday.
  • About 3.94 million doses of the vaccines arrived at Nnamdi Azikiwe International Airport Abuja via an Emirates flight.

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