The Nigerian Energy Industry: An Overview
The major sources of Energy in Nigeria are Oil, Gas, Coal, Wind, and Hydro Power. Their level of production and utilization has changed considerably over time as the demand for energy keeps increasing in the nation.
Solar technology is also gradually gaining its ground in the Nigerian Energy Industry, researchers are developing novel designs for both energy extraction (i.e. from the sun) and energy storage.
In the industry, renewable energy sources are harnessed to complement conventional energy sources. Although existing energy plants are reported to have the potential of generating about
13,000MW of electricity, just about 5,000MW are being generated, which is by far below the current energy need of the nation.
Attentions are also drawn towards gas utilization. Natural Gas is actually the cleanest burning hydrocarbon with high energy efficiency, and it is becoming one of the fastest-growing primary energy sources.
Nigeria is the 9th nation with the highest amount of Gas reserves (203TCF) in the world. These proven Gas reserves, in quantity, are far above 300 times the annual Gas consumption in the nation. Nigeria is endowed with great energy sources which, if properly exploited, would sufficiently meet the energy need in the nation
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“My First Week Experience” ‘’My motivation for Choosing IPS was the value it creates, the rich content it carries and its global relevance. My first week experiences are not below what I envisaged. The curriculum is interesting, the merger of Uniport, Industry & IFP resource personnel offering me exposure to international best practices in the Oil & Gas Industry.’’ ‘’My initial motivation came from my best friend (Kelvin Atemie-Hart). He had always made me know about the quality of IPS and how his experiences in the institute were the best experiences of his life. I immediately picked interest in it, determined to become a student of IPS, and here am I today. The team spirit exhibited by my colleagues is top notch, even for these few days I’ve spent with them. I am so confident, being here is a step to achieving my goal.’’ “I chose IPS because it has the best module suitable with my learning realm. My experiences so far have been amazing. We’ve had brain tasking activities which are helping to develop our minds with respect to Petroleum Engineering. I am super convinced that I made the right decision. |
Petroleum Updates
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Crude oil price rises on expectation of a tougher market: |
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WTI – 53.66 (+0.21%) |
Brent – 56.35 (+2.38%) |
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Natural Gas 2.84(-0.88%) |
OPEC Basket 55.13(+1.32%) |
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About ₦2.8 trillion – revenue expected from the new 200million cubic feet gas project promoted by NPDC. |
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NNPC earns ₦1.9tr from petrol as Nigerians consume 16b litres. |
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