Search
 
 

Display results as :
 


Rechercher Advanced Search

Latest topics
» Bible Study
Sat Jul 15, 2017 3:26 pm by Admin

» So far......
Wed Feb 15, 2017 2:58 pm by Admin

» DreamAbode partners Lagos state ministry of housing on ‘Rent to own” scheme in making more youths landlords
Fri Jan 27, 2017 8:08 am by Admin

» Photo of the week
Fri Jan 27, 2017 7:55 am by Admin

» Great movie soundtracks
Tue Nov 29, 2016 3:44 pm by Admin

» Cake designs
Tue Nov 22, 2016 6:44 pm by Admin

» youtube karaoke
Wed Nov 16, 2016 9:16 pm by Admin

» Oldies Oldies Oldies
Wed Nov 16, 2016 6:25 pm by Admin

» Christian music
Wed Nov 16, 2016 6:23 pm by Admin

Navigation
 Portal
 DiscussionForums
 FAQ
 
November 2017
SunMonTueWedThuFriSat
   1234
567891011
12131415161718
19202122232425
2627282930  

Calendar Calendar

Shopmotion



FG to Adopt Flare-Out Formula

View previous topic View next topic Go down

FG to Adopt Flare-Out Formula

Post  Admin on Thu Dec 25, 2008 3:56 pm

The Federal Government is set to adopt a Gas Oil Ratio (GOR) formula to quicken the pace of stopping gas flaring in the country.
Speaking in Moscow, Russia, yesterday where Nigeria formally joined 17 other countries to endorse the document that established the international organization of Gas Exporting Countries Forum (GECF), Minister of State, Petroleum, Mr. Odein Ajumogobia, said the measure would assist the government in determining which oil well is viable for gas exploration or crude oil production.
Ajumogobia said with the development, the Department of Petroleum Resources (DPR) under the Ministry of Petroleum, had been mandated to provide the ministry with the quantity of oil and gas ratio in the respective oil wells in the country.
“It is an issue that we need to handle with seriousness now. Government is committed to ending gas flaring in the country very soon.
“We will have to adopt the GOR formula where necessary. Oil wells that we find the volume of gas flared is more than crude oil, we may have to shut such stations,” he said.
He, however, noted that the measure had to be carried out systematically in order not to hurt the revenue accruable to the government from oil.
“However, there has to be balancing in order not to jeopardize our sources of revenue from oil,” he noted.
But THISDAY gathered that the GOR formula may take a very long time to implement since oil is the major source of revenue to the government.
A government source said shutting down any oil well would amount to blocking that source of revenue to the government.
“Shutting down any of the oil wells onshore will be very detrimental to the government. If we do that, we may not have any money to fund the budget. This is why we as a nation must seek alternative sources of revenue. If we continue to rely on oil, we may never be able to end gas flaring in Nigeria,” the source said.
He said the Federal Government could adopt the GOR formula to deal with gas flaring in the country, only if it realises that it had become inevitable.
The issue of gas flaring has become a subject of controversy in the country, with the National Assembly promising Nigerians that it would legislate on the matter, which would ultimately end gas flaring in about two years time.
Meanwhile, Qatar was formally selected as the permanent host of the headquarters of the newly formed GECF. It is to be sited in Doha.
Qatar beat the Russian Federation to second place with six to five votes.
Automatically, Qatar is to produce the president of the GECF and also host the eighth edition of the ministerial meeting in 2009.
Subsequent appointments of the president would be by alphabetical order and the tenure of office would be a year.

this day

Admin
Admin

Posts : 2061
Join date : 2008-07-18

http://lagosisland.forumotion.net

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum