Subsidy: FG pays oil marketers, others N940.2bn

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The Federal Government says it has paid N940. 2 billion to oil marketers, exporters, local contractors including arrears owed state governments. The N940.2 billion repayment figure is contained in the latest debt stock released by the Debt Management Office (DMO).  

DMO said the payment to oil marketers which included members of Major Oil Marketers Association of Nigeria (MOMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), Depots and Petroleum Marketer Association of Nigeria (DAPPMAN) to offset the promissory notes issued to them by the Federal Government.

Meanwhile, the Department of Petroleum Resources (DPR) has said Nigeria’s proven natural gas reserve stood at 206.53 trillion cubic feet (tcf) as at January 1, 2021. Director, DPR, Mr. Sarki Auwalu, made the announcement Thursday in Abuja at the 2021 Nigeria International Petroleum Summit (NIPS).

According to him, the new figure represents an increase of 3.37tcf, representing 1.66 per cent percentage increase over the 203.16tcf recorded in the corresponding date of Jan. 1, 2020.

He said that the growth of gas reserves was a critical lever to achieving the Federal Government’s “Decade of Gas Initiative’’, aimed at transforming Nigeria to a gas-powered economy by 2030.

 “Nigeria attained the target of 200tcf of natural gas reserves by the Reserve Declaration as at Jan.1, 2019, before the 2020 target.

Thereafter, the government set a target to attain a Reserve Position of 2020tcf by 2030. As a department, we have continued to drive industry performance to grow reserves via dedicated gas exploration, deep drilling, optimal appraisal, field studies and improved oil recovery.

It is therefore, my pleasure to formally declare the National Gas Reserves Position as at Jan. 1, 2021 at this important forum. Nigeria’s Natural Gas Reserves as at January 1, 2021, stands at 206.53tcf. Associated Gas is 100.73tcf and Non-Associated Gas is 105.80tcf, making a total of 206.53tcf.’’ He said the recent award of 57 marginal oilfields to indigenous companies was one of the strategies to increase their participation in the nation’s oil and gas industry.

According to him, Nigeria’s human and natural resources, coupled with being Africa’s largest economy, places the country at a vantage position for investment and participation.

 “Nigeria is positioned to optimally develop its oil and gas resources for the benefit of its 200 million shareholders, stressing that indigenous operators have a significant role to play. Government’s aspirations and policy thrust of the “Decade of Gas’’ underpin the drive for investments across the value chain.

SOURCE: THE SUN

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