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How NNPC discovered oil, gas deposits in the North 

The NNPC discovered crude oil, gas and condensates in the Kolmani River region at the border community between Bauchi and Gombe States.

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Crude Oil worker, OPEC, oil prices, Bulls hit back to support US crude oil amid panic sell- offs in global equity markets, Nigeria’s local oil players smashed by low crude oil prices

The Nigerian National Petroleum Corporation (NNPC) discovered crude oil, gas and condensates in the Kolmani River region at the border community between Bauchi and Gombe States, yesterday.

The Details: This is coming eight months after President Buhari flagged off the exploration of oil in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North-Eastern part of the country.

[READ MORE: NNPC vows to be transparent, set to publish details of petroleum product supplies]

According to Samson Makoji, the Acting Group General Manager, Group Public Affairs Division, the corporation acquired 435.54km2 of 3D Seismic Data over Kolmani Prospect in the Upper Benue Trough, Gongola Basin.

The essence was to evaluate Shell Nigeria Exploration and Production Company, (SNEPCo), Kolmani River 1 well discovery of 33 BCF while exploring deeper levels.

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How it was discovered: Makoji said the oil well was drilled to a total depth of 13,701feet with “IKENGA RIG 101″ where they encountered several layers of oils and gas.

He added that a Drill Stem Test (DST) would be carried out to determine the commercial viability and flow of the Kolmani River reservoirs.

Nigeria Crude Oil Prices, Nigeria wants international oil companies to pay up now 

He said,On Thursday 10th October 2019, at 18:02hours, one of the reservoirs was perforated and hydrocarbon started flowing to the wellhead at 21:20hours in which the gas component was flared to prevent air charge around the rig.

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Preliminary reports indicate that the discovery consists of gas, condensate and light sweet oil of API gravity ranging from 38 to 41 found in stacked siliciclastic Cretaceous reservoirs of Yolde, Bima Sandstone and Pre-Bima formations. Computation of hydrocarbon volume is on-going and will be announced in due course.

“The Corporation has also acquired additional 1183km2 of 3D seismic data over highly prospective areas of Gongola Basin with a view to evaluating the full hydrocarbon potential of the Basin.

“NNPC has deployed world-class cutting-edge technologies including Surface Geochemistry, Ground Gravity/Magnetic, Stress Field Detection, Full Tensor Gradiometry aerial surveys to de-risk exploration in the frontier basins. The NNPC plans to drill additional wells for full evaluation of the hydrocarbon volume in the Gongola Basin.” 

Part of the areas that will undergo oil and gas exploration include the Benue Trough, Chad Basin, Sokoto and Bida Basins.

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Makonji noted that the President also promised to prioritize Dahomey and Anambra Basins which have already witnessed oil and gas discoveries.

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[READ ALSO: Shutdown of OML 25 cost Nigeria over $1.7 billion – NNPC]

What this means: Oil and gas is the mainstay of Nigeria’s economy. The discovery of oil and gas in commercial quantity in the Gongola Basin will attract foreign investment, generate employment for people to earn income and increase government revenues.

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

2 Comments

2 Comments

  1. Anonymous

    October 12, 2019 at 1:41 pm

    Am sorry to say that this is no good news to well discerning Nigerians. In thirty years time from now the world would have moved to electronic made car’s so the oil you are busy spending/wasting tax payers money to discover where do you intend to sell it?
    Who are your prospective buyers?
    It’s high time we begin to do things right in this country. If the level of zest and seriousness deployed in this adventure has been deployed in diversifying our economy in the solid mineral sector that would been a better welcoming development. Or if the billions of dollars invested in this project where deployed in the area of massive human capital development at the end Nigeria would have been a better country.
    What about the huge deficit of infrastructure in the country that the government are only paying a lip service to.
    The narratives must change if we must move forward as a country.

  2. chibuike dunstan

    October 13, 2019 at 5:21 pm

    any way since south south feels they are the most blessed in Nigeria, now the northerners will build over five refineries in the north to refine their crude oil

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Tech News

Elon Musk to offer $100 million prize for best carbon capture technology

Elon Musk has announced a donation of $100 million prize money for the best technology that can capture carbon dioxide.

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Elon Musk needs $20 billion wealth gain to clinch world's richest man title

Tesla Inc CEO Elon Musk on Thursday took to Twitter to promise a $100 million prize for the development of the “best” carbon capture technology.

Elon Musk wrote in a tweet, “Am donating $100M towards a prize for best carbon capture technology,” details next week.

Carbon capture technology is designed to prevent the release of CO2 generated through conventional power generation and industrial production processes by injecting the CO2 into suitable underground storage reservoirs.

According to Reuters, “Capturing planet-warming emissions is becoming a critical part of many plans to keep climate change in check, but very little progress has been made on the technology to date, with efforts focused on cutting emissions rather than taking carbon out of the air.”

Since the tweet was shared, it has garnered thousands of responses from people because of the jaw-dropping cash prize. A lot of people have started sharing their carbon capture ideas.

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The International Energy Agency said late last year that a sharp rise in the deployment of carbon capture technology was needed if countries are to meet net-zero emissions targets.

Newly-sworn-in U.S. President, Joe Biden has pledged to accelerate the development of carbon capture technology as part of his sweeping plan to tackle climate change. On Thursday, he named Jennifer Wilcox, an expert in carbon removal technologies, as the principal deputy assistant secretary for fossil energy at the U.S. Department of Energy.

Besides Tesla, Elon also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

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Business News

WHO warns Africa in danger of being left behind in Covid-19 vaccination

The WHO has warned that Africa is in danger of being left behind in Covid-19 vaccination.

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AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

The World Health Organisation (WHO) has warned that Africa is in danger of being left behind in Covid-19 vaccination as countries from other regions strike bilateral deals, thereby driving up prices.

This follows the development and approval of safe and effective vaccine less than a year after the emergence of the coronavirus pandemic, regarded as a stunning achievement.

This disclosure was made by the WHO’s Regional Director for Africa, Dr Matshidiso Moeti while speaking during a virtual press conference which was facilitated by APO Group.

Dr Moeti was joined at the press briefing by the Managing Director, Country Programmes, Gavi, Thabani Maphosa and UNICEF Regional Director for Eastern and Southern Africa, Mohamed Fall.

What the WHO’s Regional Director for Africa is saying

Dr Moeti stated that as of early this week, 40 million Covid-19 vaccine doses have been administered in 50 mostly high-income countries with Guinea being the only low-income country on the continent to have provided doses to only 25 people so far.

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According to her, Seychelles is the only high-income country on the continent where a national Covid-19 vaccination campaign has started.

She said, “We first, not me first, is the only way to end the pandemic. Vaccine hoarding will only prolong the ordeal and delay Africa’s recovery. It is deeply unjust that the most vulnerable Africans are forced to wait for vaccines while lower-risk groups in rich countries are made safe.

“Health workers and vulnerable people in Africa need urgent access to safe and effective COVID-19 vaccines.’’

What the Managing Director, Country Programmes, GAVI, is saying

Mr Thabani Maphosa, the Managing Director, Country Programmes at GAVI, a partner in the alliance, was quoted as saying delivery would begin soon.

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He said, “COVAX is on track to start delivering vaccine doses and begin ensuring global access to vaccines. This massive international undertaking has been made possible thanks to donations work towards dose-sharing deals and deals with manufacturers that have brought us to almost 2 billion doses secured. We look forward to rollout in the coming weeks.”

What you should know

  • COVAX facility is an international alliance which is backed by the WHO, Gavi, the vaccine alliance and Coalition for Epidemic Preparedness Innovations (CEPI), to ensure equitable distribution of the Covid-19 vaccines among all countries regardless of income level.
  • The alliance has secured 2 billion doses of the Covid-19 vaccine for Africa from 5 producers, with options of over 1 billion more doses.
  • COVAX has committed to vaccinating no fewer than 20% of the population in Africa by the end of 2021.
  • Priority will be given to health workers and other vulnerable groups, such as older persons and those with pre-existing health conditions.
  • An initial 30 million vaccine doses are expected to begin arriving in countries by March.
  • The United Nations in its report said that a maximum of 600 million doses will be disbursed, based on 2 doses per person.

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Spotlight Stories

Google threatens to remove its search engine from Australia due to media code

Google has threatened to remove its search engine from Australia due to the media code introduced by the government.

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Google made a whooping $4.7b from news content in 2018, Google Threatens To Remove Its Search Engine From Australia Due To Media Code

Google said that it will disable its search engine in Australia if the government proceeds with a media code that would force it and Facebook Inc to pay local media companies for sharing their content.

The code requires Google and Facebook to enter mandatory arbitration with media companies if they cannot reach an agreement over the value of their content within three months.

It also requires the platforms to give the news businesses 14 days’ notice of algorithm changes, and non-discrimination provisions have been put in place to stop the tech giants from taking retaliatory action such as removing content or punishing organisations that participate in the code.

READ: Satoshi Nakamoto’s unspent BTCs worth $10.9 billion

Mel Silva, Google Australia and New Zealand VP told Australia’s Senate Economics Legislation Committee today that Google would shut off the search in Australia if the government’s proposed media bargaining code becomes law. According to her, “The code’s arbitration model with bias criteria presents an unmanageable financial and operational risk for Google”

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Australia announced the legislation last month after an investigation found Alphabet Inc-owned Google and social media giant Facebook held too much market power in the media industry, a situation it said posed a potential threat to a well-functioning democracy.

READ: Facebook Oversight Board to review decision to suspend Trump’s account

Prime Minister of Australia, Scott Morrison said Australia would not respond to the threats as news media companies fired back at suggestions their content did not add value to the platforms. “Australia makes our rules for things you can do in Australia. That’s done in our Parliament. It’s done by our government, and that’s how things work here in Australia,” he said. “People who want to work with that, in Australia, you’re very welcome. But we don’t respond to threats.”

READ: Betting on Bitcoin is better than investing in PayPal, Google, Facebook, Amazon

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What you should know

  • Google’s threats follow similar remarks made by Facebook Australia’s managing director, Will Easton in September, who announced plans to remove news articles from the social media’s main app if the media code is passed by Parliament.
  • To avoid the operation of the code, Google and Facebook have no option but to cease linking to news altogether. If Google can’t reliably separate news results from other search results, then logically it may have to pull its entire search service from Australia.
  • Google’s threat to limit its services in Australia came just hours after the internet giant reached a content-payment deal with some French news publishers.
  • This new media code will affect millions of Australians who use Google Search and Facebook every month.

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