Connect with us

Headline

Nigeria To Grow Gas Reserves To 600 Trillion Cubic Feet — Minister

Published

on

The Minister of State for Petroleum, Chief Timipre Sylva, says the Federal Government is currently working to grow the country’s gas reserve from 206 trillion cubic feet to 600 TCF.

Sylva gave the assurance on Wednesday at the 23rd World Petroleum Congress in Houston, Texas, U.S.

The News Agency of Nigeria (NAN) reports that the minister spoke at a session themed ” Regional Development and Opportunities in Africa”.

Advertisement

He said the increase would position Nigeria among the countries with the highest gas reserves in the world.

According to him, the 600 trillion cubic feet reserve will enable Nigeria to achieve the desired development required of a gas nation.

“We have a lot of gas in Nigeria. We currently have 206 trillion cubic feet of gas reserves.

Advertisement

“This number is already discovered in gas reserves and the 206 trillion cubic feet reserve were discovered while looking for oil; so it was accidentally discovered.

“We were actually going to look for crude oil and we found gas, and in that process of accidental discovery of gas, we have found about 206 tcf.

“So, the belief is that if we really aim to look for gas dedicatedly, we will find up to 600 trillion cubic feets of gas,” the minister said.

Advertisement

Sylva said that the forum provided an opportunity to share accomplishments and incentives within the industry which enhance Nigeria’s investment value preposition.

He explained that so far, gas was being used as a transition fuel as Nigeria and Africa as a continent do not contribute more than one per cent as carbon emission aggravating the global warming situation.

He said: “The future of oil and gas industry in Nigeria is still very bright when we talk about energy transition, we are not expected that oil will be discarded the next day.

Advertisement

” We are saying that over the years, oil will account for less and less percentage in the global energy mix.

” It means that oil is still going to be relevant but it will not to be as relevant as it is today, but it not going to happen just now.

“It’s going to happen years to come, so there is still a lot of opportunities in growing the oil industry.

Advertisement

“That’s why we are here to collaborate with the rest of the global community to develop oil industry.

“We’ve never discountenance that the world is serious about energy transition.”

He added that Net-Zero target proposed by Mr President Muhammadu Buhari during the COP-26 conference required sustained financial assistance.

Advertisement

He said that technology transfer and capacity building from international partners willing and able to assist in that regard would be welcome.

The minister added that Nigeria still required fossil fuels, especially gas, as its base-pad energy source to address energy poverty and power supply in the country.

READ ALSO: Cooking Gas Price Jumps By 240% As Marketers Halt Imports

Advertisement

“We have declared gas as our transition fuel, our pathway to net-zero carbon emissions. This presents investment opportunities given the oil and gas reserves which can be commercialised,” he noted.

Sylva said that despite the challenges and impacts of COVID-19 pandemic on the nation’s economy in general, and to the oil and gas industry in particular amid global energy transition drive, the Nigeria oil industry still held profound opportunities.

The minister said that discussion had commenced with Afrexim Bank to create an energy bank which will finance fossil fuel projects in Nigeria and Africa continent.

Advertisement

He said this had become necessary because of the stance of the international financial ecosystem on funding fossil fuel projects.

Headline

Saudi Arabia’s Grand Mufti Is Dead

Published

on

The Grand Mufti of Saudi Arabia, Sheikh Abdulaziz, has died at the age of 82.

According to a statement from the Royal Court, the revered cleric passed away on Tuesday morning.

Born in Mecca in November 1943, Sheikh Abdulaziz rose to become one of the most influential religious authorities in the Kingdom.

Advertisement

He served as head of the General Presidency of Scholarly Research and Ifta, as well as the Supreme Council of the Muslim World League.

READ ALSO:

He was the third cleric to occupy the office of Grand Mufti after Sheikh Mohammed bin Ibrahim Al Shaikh and Sheikh Abdulaziz bin Baz.

Advertisement

In its tribute, the Royal Court said King Salman and Crown Prince Mohammed bin Salman had extended condolences to the Sheikh’s family, the people of Saudi Arabia, and the wider Muslim world.

“With his passing, the Kingdom and the Islamic world have lost a distinguished scholar who made significant contributions to the service of science, Islam, and Muslims,” the statement read.

READ ALSO:Brazilian Jazz Legend, Hermeto Pascoal, Is Dead

Advertisement

A funeral prayer is scheduled to be held at the Imam Turki bin Abdullah Mosque in Riyadh after the Asr prayer on Tuesday.

King Salman has also directed that funeral prayers be observed simultaneously at the Grand Mosque in Makkah, the Prophet’s Mosque in Medina, and in all mosques across the Kingdom.

The Grand Mufti is regarded as Saudi Arabia’s most senior and authoritative religious figure. Appointed by the King, the officeholder also chairs the Permanent Committee for Islamic Research and Issuing Fatwas.

Advertisement
Continue Reading

Headline

Antitrust Trial: US Asks Court To Break Up Google’s Ad Business

Published

on

Google faces a fresh federal court test on Monday as US government lawyers ask a judge to order the breakup of the search engine giant’s ad technology business.

The lawsuit is Google’s second such test this year, following a similar government demand to split up its empire that was shot down by a judge earlier this month.

Monday’s case focuses specifically on Google’s ad tech “stack” — the tools that website publishers use to sell ads and that advertisers use to buy them.

Advertisement

In a landmark decision earlier this year, Federal Judge Leonie Brinkema agreed with the US Department of Justice (DOJ) that Google maintained an illegal grip on this market.

READ ALSO:Google Fined $36m In Australia Over Anticompetitive Search Deals

Monday’s trial is set to determine what penalties and changes Google must implement to undo its monopoly.

Advertisement

According to filings, the US government will argue that Google should spin off its ad publisher and exchange operations. The DOJ will also ask that after the divestitures are complete, Google be banned from operating an ad exchange for 10 years.

Google will argue that the divestiture demands go far beyond the court’s findings, are technically unfeasible, and would be harmful to the market and smaller businesses.

We’ve said from the start that DOJ’s case misunderstands how digital advertising works and ignores how the landscape has dramatically evolved, with increasing competition and new entrants,” said Lee-Anne Mulholland, Google’s Vice President of Regulatory Affairs.

Advertisement

READ ALSO:Google Introduces Initiative To Equip 1,000 Nigerian Developers

In a similar case in Europe, the European Commission, the EU’s antitrust enforcer, earlier this month fined Google 2.95 billion euros ($3.47 billion) over its control of the ad tech market.

Brussels ordered behavioral changes, drawing criticism that it was going easy on Google as it had previously indicated that a divestiture may be necessary.

Advertisement

This remedy phase of the US trial follows a first trial that found Google operated an illegal monopoly. It is expected to last about a week, with the court set to meet again for closing arguments a few weeks later.

The trial begins in the same month that a separate judge rejected a government demand that Google divest its Chrome browser, in an opinion that was largely seen as a victory for the tech giant.

That was part of a different case, also brought by the US Department of Justice, in which the tech giant was found responsible for operating an illegal monopoly, this time in the online search space.

Advertisement

READ ALSO:Iran Hackers Target Harris And Trump Campaigns – Google

Instead of a major breakup of its business, Google was required to share data with rivals as part of its remedies.

The US government had pushed for Chrome’s divestment, arguing the browser serves as a crucial gateway to the internet that brings in a third of all Google web searches.

Advertisement

Shares in Google-parent Alphabet have skyrocketed by more than 20 percent since that decision.

Judge Brinkema has said in pre-trial hearings that she will closely examine the outcome of the search trial when assessing her path forward in her own case.

These cases are part of a broader bipartisan government campaign against the world’s largest technology companies. The US currently has five pending antitrust cases against such companies.

Advertisement

AFP

Continue Reading

Headline

Google Faces Court Battle Over Breakup Of Ad Tech Business

Published

on

Google faces a fresh federal court test on Monday as US government lawyers ask a judge to order the breakup of the search engine giant’s ad technology business.

The lawsuit is Google’s second such test this year after the California-based tech juggernaut saw a similar government demand to split up its empire shot down by a judge earlier this month.

Monday’s case focuses specifically on Google’s ad tech “stack” — the tools that website publishers use to sell ads and that advertisers use to buy them.

Advertisement

In a landmark decision earlier this year, Federal Judge Leonie Brinkema agreed with the US Department of Justice (DOJ) that Google maintained an illegal grip on this market.
Monday’s trial is set to determine what penalties and changes Google must implement to undo its monopoly.

According to filings, the US government will argue that Google should spin off its ad publisher and exchange operations. The DOJ will also ask that after the divestitures are complete, Google be banned from operating an ad exchange for 10 years.

READ ALSO:Google Fined $36m In Australia Over Anticompetitive Search Deals

Advertisement

Google will argue that the divestiture demands go far beyond the court’s findings, are technically unfeasible, and would be harmful to the market and smaller businesses.

We’ve said from the start that DOJ’s case misunderstands how digital advertising works and ignores how the landscape has dramatically evolved, with increasing competition and new entrants,” said Lee-Anne Mulholland, Google’s Vice President of Regulatory Affairs.

In a similar case in Europe, the European Commission, the EU’s antitrust enforcer, earlier this month fined Google 2.95 billion euros ($3.47 billion) over its control of the ad tech market.
Brussels ordered behavioral changes, drawing criticism that it was going easy on Google as it had previously indicated that a divestiture may be necessary.

Advertisement

This remedy phase of the US trial follows a first trial that found Google operated an illegal monopoly. It is expected to last about a week, with the court set to meet again for closing arguments a few weeks later.

READ ALSO:Perplexity AI Makes $34.5bn Surprise Bid For Google’s Chrome Browser

The trial begins in the same month that a separate judge rejected a government demand that Google divest its Chrome browser, in an opinion that was largely seen as a victory for the tech giant.

Advertisement

That was part of a different case, also brought by the US Department of Justice, in which the tech giant was found responsible for operating an illegal monopoly, this time in the online search space.
Instead of a major breakup of its business, Google was required to share data with rivals as part of its remedies.

The US government had pushed for Chrome’s divestment, arguing the browser serves as a crucial gateway to the internet that brings in a third of all Google web searches.
Shares in Google-parent Alphabet have skyrocketed by more than 20 percent since that decision.

Judge Brinkema has said in pre-trial hearings that she will closely examine the outcome of the search trial when assessing her path forward in her own case.

Advertisement

These cases are part of a broader bipartisan government campaign against the world’s largest technology companies. The US currently has five pending antitrust cases against such companies.

Continue Reading

Trending