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Tag: Ekperikpe Ekpo

  • FG issues fresh directives to reduce LPG cost

    FG issues fresh directives to reduce LPG cost

    Mr Ekperikpe Ekpo, Minister of State Petroleum Resources (Gas), has directed the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) and Liquefied Petroleum Gas (LPG) producers to stop LPG export with effect from Nov. 1.

    Ekpo issued the directive on Tuesday in Abuja at a meeting with stakeholders to address the skyrocketing price and its attendant hardship on Nigerians.

    The minister, in a statement by his spokesperson, Louis Ibah, expressed deep concern over the continuous increase in LPG price in the country.

    “On the short term solution, with effect from Nov. 1, 2024, NNPC Ltd. and LPG producers are to stop exporting LPG produced in-country, or import equivalent volumes of LPG exported at cost reflective prices.

    “On pricing framework, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), will engage stakeholders to create a domestic LPG pricing framework within 90 days indexing price to cost of in-country production.

    “This is rather than the current practice of indexing against external markets, such as the Americas and Far East Asia, whereas the commodity is produced in-country and Nigerians are required to pay higher price for an essential commodity the country is naturally endowed with.

    “On long-term solution, within 12 months, facilities will be developed to blend, store, and deliver LPG, ending exports until the market achieves sufficiency and price stability,” he said.

    He explained that the directives were a step towards addressing the inherent challenges and ensuring that Nigerians have access to affordable cooking gas.

    He said the new measures would improve availability and ensure affordability to protect Nigerians from the economic hardship caused by LPG price hike.

    Recall that in a bold move to tackle its soaring price, the minister had established a high-level committee in Nov. 2023, led by the Chief Executive, NMDPRA, Mr Farouk Ahmed, comprising key stakeholders in the LPG value chain.

    However, in spite of the effort to address the issue, prices have continued to fluctuate, recently soaring to N1,500 from an average of N1,100 – N1,250 per kg.

  • President Tinubu appoints Ekpo as NCDMB co-chair

    President Tinubu appoints Ekpo as NCDMB co-chair

    President Bola Tinubu has approved the appointment of Mr Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), as the Co-Chairman of the NCDMB Governing Council.

    The NCDMB, Nigerian Content Development and Monitoring Board (NCDMB), is charged with increasing local content for more job creation, boosting the domestic private sector, facilitating technology transfer and building a competitive local workforce.

    The new appointment is in line with Tinubu’s commitment to establish a more efficient, targeted, and consistent approval process for unique oil and gas projects in the country.

    A statement by Presidential spokesman, Ajuri Ngelale, said that this was also to further ensure effective oversight of the gas aspect of the nation’s assets.

    Ngelale said that the President remains committed to unlocking Nigeria’s immense gas potential to stimulate industrial development, job creation, and sustainable economic growth.

  • Real reasons there is no enough gas to generate electricity in Nigeria

    Real reasons there is no enough gas to generate electricity in Nigeria

    Three reasons have been identified for the low supply of gas to thermal power plants nationwide with which to generate electricity in Nigeria.

    TheNewsGuru.com (TNG) reports the reasons were identified at a meeting between the Ministry of Petroleum Resources (Gas) and the Ministry of Power.

    In a statement on Thursday by Mr Chris Ugwuegbulam, Assistant Director, Press and Public Relations of the Ministry of Petroleum Resources (Gas), the three reasons were identified as decade of gas legacy debts, vandalisation of gas resources infrastructure in the Niger Delta Region and domestic pricing of gas in dollars.

    At the end of the meeting, an inter-ministerial committee to suggest ways of achieving a sustainable gas supply to gas generating plants in the country was constituted.

    The inter-ministerial committee was in Abuja by the Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo and the Minister of Power, Chief Adebayo Adelabu.

    “The committee will suggest means of achieving a steady gas supply  to meet domestic and industrial needs of Nigerians in line with the Renewed Hope Agenda of President Bola Tinubu’s administration,” Ekpo said.

    He  expressed willingness to work harmoniously with any individual, organisation and agency to solve these challenges.

    Meanwhile, on his part, Adelabu stated the need for the two ministries to work collaboratively to solve the problem of low gas supply to Thermal Power Plants across the country.

    This, Adelabu said, would achieve an uninterrupted power supply in the country, adding that nothing could be done in Nigeria without stable power.

    Members of the  committee were drawn from the Ministries of Petroleum Resources and Power, Regulatory Agencies, Operators and Critical Stakeholders in the Gas and Power Sectors.

    The meeting was witnessed by some directors in the Ministries of Petroleum Resources and Power.

  • Construction of Nigeria-Morocco gas project begins in 2024 – Minister

    Construction of Nigeria-Morocco gas project begins in 2024 – Minister

    The Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo, says the construction of the Nigeria-Morocco Gas Pipeline Project which aims to link European market is expected to begin in 2024.

    Under this project, Gas is expected to be transported through the participating countries, including Nigeria, Benin, Togo, Ghana, Côte d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, The Gambia, Senegal, Mauritania, and Morocco.

    Ekpo, while receiving a delegation of envoys from the Kingdom of Morocco led by its Ambassador to Nigeria, Moha Ou Ali Tagma on Monday in Abuja, said Nigeria was ready and interested in the project.

    The delegation visited the minister for a bilateral discussion on cooperation and commitment towards finalising the Trans-Atlantic pipeline project and also on the development of its fertiliser plant in Nigeria.

    Recall that the Nigeria-Morocco Gas Pipeline Project has advanced with the signing of four Memoranda of Understanding (MoU) in June 2023 to ensure progress and strategic direction of the 25 billion dollars Trans-Atlantic project.

    MoUs were signed between the Nigerian National Petroleum Company Limited (NNPC Ltd), Office National des Hydrocarbures et des Mines (ONHYM) of Morocco and the Société Nationale des Opérations Pétrolières of Cote d’Ivoire (PETROCI) among others.

    Once completed, the project will enhance the monetisation of the natural gas resources of the affected African countries and also offer a new alternative export route to Europe.

    Ekpo, while expressing Nigeria’s interest and readiness said with its position of 209 trillion cubic feet of proven gas reserves, there was need to supply gas to the continent before exporting to other continents.

    “I believe by 2024 we will conclude on it. Your company has been relating with the NNPC Ltd and I have been receiving briefs. We also talked about it during the meeting of West African Gas Pipeline Committee Parties.

    “For the fact that the pipeline existing within that corridor currently is 20 inches; there is a proposal to increase the size after Togo to 46 inches so that the flow will be large enough.

    “Currently the world is talking about climate change and the natural gas is the sure way to go with low carbon emission so we have to be serious about utilisation of gas for prosperity.

    On the fertiliser project of the country, he said with the era of natural gas and components used to boost fertiliser industries, all the value chain should be exploited.

    Earlier, the Moroccan Ambassador described the project which started in 2016 as the most important in Africa aimed at exporting gas to Europe, adding that between 2016 and 2023 many meetings and MoUs signing had been held.

    Tagma said the economic and technical studies being conducted on the project would be concluded early 2024, adding that the participating governments could decide to start its construction in 2024.

    “The objective of this project is not to transport gas only but also to offer some opportunities for development of the countries between Nigeria and Morocco for supplying of energy,’’ he said.

    The ambassador disclosed that its OCP Group,  (formerly Office Chérifien des Phosphates), the most exporter of fertiliser in the world had inaugurated plants in Kaduna, Sokoto and Ogun states, then currently opening in Akwa Ibom.

    He said the construction of the 1.5 billion dollars fertiliser plant project in Akwa Ibom would commence in December, adding that it would spur investments.

  • FG moves to address rising cost of cooking gas

    FG moves to address rising cost of cooking gas

    The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has waded into the challenges of constant price increment of Liquefied Petroleum Gas (LPG) in the country’s domestic market.

    The intervention on LPG (cooking gas) follows the rise in the price of LPG per kg in recent months, from about N700 to above N900 in parts of the country.

    “With the exponential increase in the price of LPG, there is the need for the Federal Government to intervene and I am that representative at this moment,” Ekpo said.

    A statement issued by Louis Ibah, minister’s Spokesperson after a stakeholders meeting, quoted the Ekpo as mandating a committee headed by Farouk Ahmed, Chief Executive Officer, Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), to find a solution within one week.

    The meeting had in attendance top officials of Chevron Nigeria Limited led by Sansay Narasimha; NMDPRA, led by its Chief Executive Officer, Farouk Ahmed and the NNPC Ltd.

    Ekpo constituted the committee and mandated them to recommend the best way to boost supplies and crash LPG prices.

    The minister said that the key challenges identified as responsible for the price increase included FX sourcing for imports and insufficient supply to the domestic market by producers.

    He expressed the concerns of President Bola Tinubu over the astronomical increase in the price of cooking gas and the attendant hardship on the majority of citizens.

    The minister noted that the increase manifested where some of the multinational firms were more concerned with gas exports without dedicating huge volumes for the domestic market.

    This, Ekpo said was unacceptable and should be discouraged since the country had abundant gas reserves.

    “We acknowledge that some producers are exporting while we are faced with the challenges of importation.

    “Public interest is the overriding interest all over the world for the government and the demand for LPG will increase as we approach December.

    “You have a public service obligation to collaborate with the government to ensure security of gas supply.

    “We need to therefore bend backwards and find solutions, to ensure that we have sufficient supply and stability in-country and that Nigerians have gas,” said Ekpo.