Abuja (AFP) Feb 23, 2011
Nigeria's state energy firm wants to boost exports to China as the poorly performing company works to restructure as part of wide-ranging industry reforms, its head said on Wednesday.
"For export, China is looking very good," Austen Oniwon, group managing director for the Nigerian National Petroleum Corporation (NNPC), told a major industry conference in the capital Abuja.
Speaking of China's energy needs, he said, "somebody has to fill this gap and I believe that NNPC and its partners should be ready."
Last year, Nigeria and a Chinese state firm signed a 23-billion-dollar deal to build three refineries and a petrochemical complex in the west African nation.
Oniwon did not provide numbers or specifics on potential exports to China in a speech that largely focused on exploiting Nigeria's extensive gas reserves. Much of Nigeria's gas is currently flared -- burned off -- in part because of a lack of infrastructure to capture and use it.
The country's gas reserves have been estimated as the world's eighth-largest.
The government wants to use those reserves to fire new power plants to address its woeful electricity supply, with outages daily occurrences in Africa's most populous nation, and to increase liquefied natural gas exports.
Most of Nigeria's gas exports have gone to Europe, according to 2009 figures from the US Energy Information Administration, while some 15 percent went to Asia.
Oniwon also spoke of boosting Nigeria's refining capacity, with the country importing much of its fuel despite its huge crude reserves. Nigeria's four refineries rarely operate at capacity, held back by poor maintenance and corruption.
"Today we are probably the only OPEC country that exports raw materials and imports finished products from the same raw materials that we export," he said.
"This is not an acceptable position at all to be in."
The NNPC, widely viewed as corruption-ridden, is to be restructured with the aim of making it into a commercially viable company as part of sweeping reforms planned for Nigeria's oil industry.
The legislation laying out the reforms has been long-delayed, putting a chill on investments in new projects in the country since international oil firms are unsure of the impact it will have on their operations.
However, government officials have pledged that the legislation will be approved within weeks.
Nigeria is among the world's largest oil exporters, producing some 2.2 million barrels per day.
The petroleum industry accounts for an estimated 90 percent of Nigeria's export earnings and 80 percent of government revenues.
Share This Article With Planet Earth
Powering The World in the 21st Century at Energy-Daily.com
Iraq oil exports highest since Saddam: ministry
Baghdad (AFP) Feb 23, 2011
Iraq's oil exports and revenues from crude sales in January hit their highest levels since the 2003 US-led invasion which ousted Saddam Hussein, the oil ministry announced on Wednesday. Iraq exported a total of 67 million barrels of oil last month, generating $6.082 billion in income at an average price of $90.78 a barrel, according to figures published by the ministry. "It's the highest ... read more
Energy sector deals to increase, PwC says|
Vietnam to hike electricity prices
S.Korea, China firms in Vietnam power deal
US issues cheaper boiler rules
China moves fast on Libya evacuation plans
British PM sorry as frigate, planes begin Libya evacuation
Nigerian state energy firm wants to boost exports to China
Chinese footprint in Argentina oil grows
Eon to build fifth U.K. offshore wind farm
GL Garrad Hassan Launches Onshore Wind Resource Mapping For UK
Construction Begins On Dempsey Ridge Wind Project
India's Suzlon wins $1.28 bn wind power deal
SolarLease Arrives In Massachusetts, New Jersey, New York And Pennsylvania
Solar lights give more than they take
Mimicking Photosynthesis Path To Solar-Derived Hydrogen Fuel
Vanguard Energy Partners Builds Five Solar Arrays In New Jersey
Enhancing Nuclear Security: Training And International Collaboration
Spent Nuclear Fuel Is Anything But Waste
Saudi, France sign peaceful nuclear cooperation pact
Unrest delay Egypt's nuclear power plant tender
Green Chemistry Offers Route Towards Zero-Waste Production
Agave Has Tremendous Potential As New Bioenergy Feedstock
Promise And Limits Of Biomass Energy In The Northeast
The Green Machine: Algae Clean Wastewater, Convert To Biodiesel
China Mars probe set for November launch
Shenzhou 8 Mission Could Top Three Weeks
U.S. wary of China space weapons
Slow progress in U.S.-China space efforts
50 million 'environmental refugees' by 2020, experts say
Global warming means longer allergy seasons: study
If Greenhouse Gas Emissions Stopped Now, Earth Still Would Likely Get Warmer
2.4 million in Somalia face drought: UN
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement|