• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, June 26, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NCDMB warns against reliance on imported crude oil to refineries

Crude Oil

The Matters Press by The Matters Press
November 14, 2023
Reading Time: 2 mins read
0
Nigeria regains top crude oil production spot in Africa

Lagos, Nov. 14, 2023: Mr Simbi Wabote, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), has warned against Nigeria’s potential reliance on imported crude oil for its existing and upcoming refineries.

RELATED POSTS

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

This, he noted, could happen if immediate measures were not taken to address the current low production levels.

Wabote gave the warning in his goodwill message at the 41st Annual Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) on Monday in Lagos.

Wabote expressed his concern over Nigeria’s underwhelming production of crude oil and gas, despite the country’s abundant reserves.

He urged members of NAPE and other industry stakeholders to collaborate in reversing the situation.

Wabote specifically emphasised the need to closely monitor Nigeria’s 37 billion barrels of oil reserves, particularly due to the ongoing efforts to revamp existing refineries and establish new ones.

He cautioned that it would be unfortunate if, after ceasing the importation of refined petroleum products, Nigeria were to resort to importing crude oil for the operation of its local refineries.

Wabote commended the vital role played by petroleum explorationists in the energy sector.

He acknowledged their contribution to the discovery, evaluation, and establishment of reliable and sustainable oil and gas reserves.

In terms of natural gas, Wabote revealed that Nigeria possesses approximately 208 trillion cubic feet (TCF) of proven gas reserves, in addition to around 600 TCF of unproven reserves.

He encouraged petroleum explorationists to utilise their expertise and advanced technology to determine the recoverable volumes from these unproven reserves and develop the proven ones.

Highlighting the significance of gas, Wabote stated that it was no longer considered a transitional fuel in Nigeria but had become the ultimate destination fuel.

He assured that the NCDMB remained fully committed to supporting President Bola Tinubu’s gas business agenda.

Discussing the conference’s theme, “Repositioning the oil and gas industry for future energy dynamics”, Wabote stressed the critical importance of addressing the energy trilemma.

According to him, this involves finding a balance between energy security, sustainability, and affordability.

He acknowledged that the world is currently at a crucial juncture where careful considerations must be made to tackle this challenge effectively.

He indicated that repositioning the Nigerian oil and gas industry for national development required collaboration and partnerships with key players and agencies across the upstream, midstream and downstream sectors and its entire value chain.

He said that the Nigerian Oil and Gas Content Development Act (2010) provided the compass to enable the development and growth of local capacities and capabilities in the Nigerian oil and gas industry.

Wabote commended the Federal Government’s determination to sustain the gains realised in the oil and gas industry and the eagerness to consolidate them rather than reverse the gains of Nigerian Content.

He conveyed the board’s readiness to support various oil and gas initiatives that would ensure patronage of local investments, boost investors’ confidence, and create jobs to sustain the relative peace in the oil and gas sector.

Tags: Crude oil
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Next Post
Strike puts Nigeria in darkness

Nigeria’s power system debts to NDPHC hits N180bn

Cross-border traders protest new barriers to trade in food in EAC

Africa losing $952bn every year to ‘hidden food cost’ , raising disease, poverty Burden

Recommended Stories

Islamic bank supports Kano with N29.7m to upgrade grains market

Association reduces prices of grains in Kano market

February 15, 2024
Veritas Kapital’s total assets hit N21.4bn

Insurance penetration will move to 2.1% by 2033 – Commissioner

November 30, 2023
Nigerian Breweries allots 78m shares

Nigerian Breweries records N274.03bn revenue

July 31, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
  • Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us