The Nigerian Copyrights Commission (NCC) has recently granted copyright to a group of Nile University lecturers from the Department of Petroleum and Gas Engineering for their research work on developing a petroleum economic indicator.
Nile University’s Prof. Abdulahi Gimba, Associate Prof. Petrus Nzerem, Dr. Ikechukwu Okafor, Engr. Oghenerume Ogolo, and M.Sc. student Engr. Nuruddeen Sadique conducted the research in collaboration with the Principals of the Petroleum Training Institute (PTI), Dr. Henry A. Adimula, and Engr. Frank Egede in Effurun, Delta State.
Their work, titled “The Modified Unit Technical Cost (MUTC) Model for Petroleum Investment in a Production Sharing Contract (PSC),” is designed to be a profitability indicator and is used to estimate how much it costs to produce a barrel of oil in the oil and gas industry. According to their studies, the Modified Unit Technical Cost (MUTC) for Production Sharing Contract (PSC) was more accurate than the Unit Technical Cost (UTC), which is the globally accepted measure for the price at which crude resource owners sell produced natural oil and gas to cover their capital and operation costs.
The researchers noted that their work was inspired by the need for accuracy in estimating the cost of producing barrels of oil. As a result, they modified the UTC for petroleum investment in the Product Sharing Contract (PSC).
The management of Nile University applauds this accomplishment and is pleased with these faculty members for this significant achievement.
