Stakeholders in the oil industry,  including the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri,  Managing Director, Shell Petroleum Development Company Ltd, Mr. Osagie Okubor; Chief Executive, Nigeria Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe and the Group Chief Executive Officer, NNPC Ltd, Mr Mele Kyari, stormed Ogun State on Friday on plans by the federal government to start oil exploration in the state.

They were received by Governor Dapo Abiodun and his Deputy, Engr. Noimot Salako-Oyedele.

Lokpobiri, who spoke at the governor’s office, Oke-Mosan, Abeokuta, said Ogun State had always been part of the Dahomey Basin with prospect of having huge deposit of hyrdro-carbon.

The minister said: “We decided that we are going to resume exploration in the different Basins; we decided to come to Ogun State to reassure the people that we have very high potential of discoveries here. Ogun has always been part of the Dahomey Basin and our presence underscores the seriousness the federal government attaches to the exploration activities that we want to carry out in Ogun State.”

Lokpobiri who added that oil and gas remained the quickest way to Nigeria’s economic prosperity, said his team was in the state in continuation of the campaign for exploration activities.

He said the visit was also to demonstrate the seriousness and commitment of the federal government to shore up its revenue through the oil and gas sector.

“Today we are here to tell the people of the federal government’s commitment to ensuring that we continue our campaign and exploration activities across the country. We are doing this exploration activities in several places across Nigeria and today we are in Ogun after which we will proceed to Sokoto State,” he added.

The Group Managing Director, Nigerian National Petroleum Corporation Limited, NNPCL, Mr. Mele kyari, while speaking, said Ogun State was blessed to be in the Dahomey Basin corridor with expected high deposit of oil, assuring that the corporation was coming back in earnest to commence exploration activities, even as he expressed the hope that oil would be found in commercial quantity.

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In his remarks, the Executive Director, Nigerians Upstream Petroleum Regulatory Commission, Mr. Gbenga Komolafe, said the coming of the team to Ogun State was to further demonstrate the commitment of the federal government to grow the oil reserves and enhanced federation revenue.

“We all understand that Nigeria is very prolific in oil and gas, but then there is still need to grow the reserves through exploration activities given our huge hyrdro-carbon as a bench mark,” he noted.

Komolafe informed that the Petroleum Industry Act (PIA) made provision for the funding of the development of the Frontier Basins, adding that in line with the commitment and the aspirations of the government, the Nigerian Petroleum Regulatory Commission was working in synergy with the NNPCL to leverage the PIA to aggressively carry out oil exploration in the Dahomey Basin.

“The Dahomey Basin stretches up to Delta, Edo, Ogun and Ondo states. We intend to in the course of this exercise, cover all those states leveraging the provision of Section 9, Subsection 4 of the PIA. This is good opportunity for the people of Ogun State and it would be complementary to the reforms and transformation initiatives of the governor. We want to congratulate the governor and the people for being the beneficiaries of this initiative,” Komolafe said.

Responding, Governor Abiodun said Ogun State was part of the OPLs 302,303 306, 307, saying the acreages presented unique opportunities for the qualification as a Frontier Exploration State as defined in the PIA section 9.

He observed that the history and studies over the years allowed any investment under the frontier exploration basin funding to not only realize the oil and gas potentials, but also acquire data that would aid Bitumen exploration and exploitation in Nigeria.

The country, Abiodun maintained held the second largest resolves in the world of 42,b tons, adding that a lot of studies had shown the potential of the basins, which brought Ogun State to the fore and projecting it towards becoming a beneficiary to achieve commercial success and derive economic benefits from exploration and production within a minimum time schedule.

“It is noteworthy that this is a region of the country that provides ease of access, low entry and operating costs, a safe and welcoming community and a very active state government support and participation.

“Ogun State therefore presents some unique opportunities towards the realization of the full intentions of the PIA section 9 on frontier exploration as it will contribute to guarantee additional petroleum production of additional petroleum products for the country and afford more supply to potential refineries in the area.

“As a low hanging result, this area also presents the opportunity for Bitumen extraction, thereby reducing import dependency and bringing with its savings in foreign exchange expenditure on this single line item,” governor said.

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Speaking virtually at the Wadi-B Drilling Campaign which physically took place in Borno State, President Buhari said “crude oil and gas exploration activities have been ongoing in the Chad Basin since 1976 and also know of the discovery of sub commercial gas at the Wadi-1 Well in 1985. I am also aware that active drilling activities were suspended in 1995 to enable re-evaluation of exploration activities in the entire frontier basins.

“I am happy that the NNPC has since then conducted extensive Basinal Analysis and Evaluation of all frontier basins leading to the successful drilling and discovery of crude oil and gas in commercial quantities in Kolmani River 2 and providing insight to the ongoing crude oil and gas drilling campaign in Nasarawa State as well the current re-entry activities into the Chad Basin.”

The president affirmed that the country stood to benefit immensely from a positive outcome of the operations as there would be an increase in national crude oil and gas reserves and production, enhanced national energy security and greater prosperity for Nigerians.

He congratulated the board, management and staff of NNPC Limited and that of the Nigerian Upstream Petroleum Regulatory Commission on their unrelenting efforts at developing the hydrocarbon potentials of the country’s Frontier Basins.

President Buhari also thanked the government and people of Borno State for their support in ensuring the resumption of drilling campaigns, urging security agencies and other stakeholders to ensure that the venture meets with a resounding success.

The Group Chief Executive Officer of NNPC Limited, Mele Kyari, said the re-mobilization of a drilling rig to the Chad Basin for the first time since the 1980s indeed underscored the visionary leadership of President Buhari.

He added that “NNPC Limited is committed to carrying out detailed exploration of the Frontier Sedimentary Basins using the best industry standards and technologies, with the aim of attaining commercial discoveries of crude oil and gas.

“This is a spud-in event that will reinforce the government’s commitment for exploration in the Nation’s Frontier Basins, primarily aimed at increasing the Nation’s hydrocarbon reserves. This is a mission that we will take to delivery. We are very committed. It does not depend on Mele Kyari. It will work. This is a process, and this process has value, and this value will be created for everyone,” Mele Kyari declared.

The governor of Borno State, Professor Babagana Umara Zulum, performed the physical flag-off ceremony on behalf of the president.

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The panel, which is chaired by the Interim Administrator, Presidential Amnesty Programme, retired Maj.-Gen. Barry Ndiomu, has seasoned administrators and retired top military and police officers as members with Mr. David Attah as Secretary.

While inaugurating the panel, Monguno said that Nigeria was facing monumental loss of revenue that ought to have accrued from the sale of crude oil, being the main source of its foreign exchange earnings.

He said the escalation of acts of vandalism and theft of crude oil had led to significant decline in production, with associated impact on revenue.

According to him, the enormous losses were caused mainly by oil theft, orchestrated by unscrupulous elements.

NSA said that Nigeria had consistently failed to meet its daily production quota of about two million barrels per day, as provided by the Organization of Petroleum Exporting Countries, OPEC.

He added that the country’s current crude production struggles to meet even one million barrels per day, adding that recent interventions by the security agencies had revealed massive illicit platforms of stealing ranging from marine evacuations via Vessels, and load-outs from illegal operations platforms.

He added that the extent of the oil and revenue losses threatened the economy constraining the administration to revert to less popular monetary and fiscal policies to address revenue side constraints with dire implications.

“Government has been briefed on the dwindling economic fortunes including inability to replenish foreign reserves and reduction in revenue thereby, affecting accruals into the Federation Account.

“With the scale of the theft and losses and the alleged complicity of regulatory agencies/officials and security personnel as well as the involvement of international collaborators, the enterprise is deeply entrenched and would be extremely, difficult to exterminate without very stern and decisive action by government.

“The menace of oil theft/losses is completely unacceptable, considering its attendant impact on the economy, national development and security.

“It is an affront on government and its institutions, which must be tackled without further delay.

“It is in this connection that government worried by the ugly trend, among other things, directed the setting up of a Special Investigative Panel on Oil Theft/Losses in Nigeria to investigate all aspects of crude oil theft, identify the culprits and submit its Report for necessary action,” he said.

Monguno said the panel was expected to investigate oil theft/losses in all its ramifications and propose wide ranging array of implementable recommendations to enable this Administration take decisive action to end the criminal enterprise within the shortest possible time.

He said members were appointed based on their proven integrity, track record of service, competence and dedication to the national course.

He urged them to work with a view to unravelling individuals and groups perpetrating the national economic crime, no matter how highly placed they might be.

The Terms of Reference, ToRs, according to NSA, are to ascertain the circumstances surrounding the illegal insertion into the Trans-Escravos Pipeline (TEP) around Yokri area in Burutu Local Government Area of Delta State.

“They are to establish the ramifications of crude oil theft/losses in Nigeria; ascertain the causative factors immediate and remote, of crude oil/theft/losses in the country and ascertain the extent of crude oil theft/losses in the country.

“With the widest possible amplitude, identify persons/entities whether public, private or foreign, involved in the criminal enterprise and establish the level of culpability of identified persons/entities in the enterprise.

“The panel is to also examine the specific roles of regulatory agencies; security agencies, tiers/arms of government and International Oil Companies (IOCs) in aiding and abetting the criminal enterprise.

“They are to also assess the efficacy of security architecture/arrangement in tackling crude oil theft/losses and associated petroleum products and recommend appropriate commensurate and sufficiently, deterrent sanctions on all those culpable,” he said.

Monguno also tasked the panel to recommend steps/procedures/processes to be taken by government to eliminate the enterprise in the industry to prevent future occurrence; and make any other recommendations on any other issue incidental to the terms of reference.

He said the panel was expected to commence its assignment with immediate effect and to conclude as well as submit its report on or before February 21, 2023.

The Permanent Secretary, Special Services, Office of the Secretary to the Government of the Federation, Aliyu Yerro, said the menace of crude oil theft had greatly impacted the nation’s revenue growth.

Yerro said the challenge had necessitated the setting up of the panel, adding that in spite of the huge amount of money spent by government to secure its maritime domain.

He expressed confidence that the panel had the capacity to proffer solution to the issue of crude oil theft in the country.

The chairman of the panel, retired Maj.-Gen. Barry Ndiomu, said the expertise of each individual on the panel was sufficient to help them fulfil the objectives of setting up the panel.

He said the panel would leave no stone unturned by digging deep to unravel not only the incidences of oil theft/losses but, pre-disposition and causative factors as well as groups and individuals responsible for the criminal enterprise.

“We shall work hard to make you proud not least, for the confidence reposed on us,” he said.

Source: NAN

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OPEC made this known in its Oil Market Report for July 2022 which was obtained by the News Agency of Nigeria, NAN, on Tuesday in Lagos.

The report said the figure showed an increase of 5,000 barrels per day when compared to the 1.233 million bpd produced averagely in the month of May 2022.

“According to secondary sources, averaged 28.72 mbpd in June 2022, higher by 234,000 barrels per day month-on-month.

“Crude oil output increased mainly in Saudi Arabia, the United Arab Emirates, Iran, Kuwait and Angola, while production in Libya and Venezuela declined,” the report said.

The report said despite the improvement in fossil fuel prices, the short-term economic outlook for Nigeria was clouded by high inflation, which had reduced private sector optimism and weakened consumer spending.

It said in May 2022, the composite Consumer Price Index rose to 17.7 per cent year-on-year from 16.8 per cent y-o-y in the previous month.

“In response to the elevated inflationary pressures, the Central Bank of Nigeria raised its policy rate by 150 basic points to 13 per cent bringing borrowing costs to the highest since April of 2020.

“It was the biggest rate hike since July of 2016 amid concerns that persistent inflationary pressures could weigh on the country’s fragile recovery.

“Meanwhile, the Stanbic IBTC Bank Nigeria Purchasing Manger’s Index fell to 50.9 in June of 2022 from 53.9 in the prior month, pointing to the weakest improvement in business conditions in Nigeria’s private sector since January of 2021.

“Overall, the above-average fossil fuel prices support a firmly positive outlook for the rest of the year, but concerns over soaring inflation would increase uncertainty next year,” the report added.

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OPEC made this known in its Oil Market Report for September 2021 which was obtained by the News Agency of Nigeria, NAN, on Monday in Lagos.

The report said that world oil demand growth in 2021 remained unchanged from the August assessment, showing growth of 6.0 million barrels per day despite some offsetting revisions.

It said: “Oil demand in the Third Quarter of 2021 (3Q21) has proved to be resilient, supported by rising mobility and travelling activities, particularly in the Organisation for Economic Cooperation and Development (OECD).

“At the same time, the increased risk of COVID-19 cases primarily fuelled by the Delta variant is clouding oil demand prospects going into the final quarter of the year, resulting in downward adjustments to 4Q21 estimates.

“As a result, second half of 2021 oil demand has been adjusted slightly lower, partially delaying the oil demand recovery into the first half of 2022.”

According to the report, global oil demand in 2021 is now estimated to average 96.7 million barrels per day .

It added that in 2022, oil demand is expected to robustly grow by around 4.2 million barrels per day some 0.9 mb/d higher compared to last months assessment.

“Revisions were driven by both the OECD and non-OECD, as the recovery in various fuels is expected to be stronger than anticipated and further supported by a steady economic outlook in all regions.

“Oil demand in 2022 is now projected to reach 100.8 mb/d, exceeding pre-pandemic levels,” the report said.

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Rivers State government acquisition of OML 11 and Kidney Island was affirmed by the apex court on Friday, when it dismissed the Shell Petroleum Development Company’s suit which sought the setting  aside of the N17 billion judgment made against it in 2019.

It will be recalled that the Supreme Court had in January 2019, upheld the judgment of the Court of Appeal, which awarded N17 billion damages against for a devastating oil spill that ravaged farmlands, rivers and streams in Ejama-Ebubu in  Eleme local government area of Rivers State decades ago.

Shell, which was the operator of OML 11 and Kidney Island in Port Harcourt, had in July 2019, filed a suit at the Supreme Court to set aside its earlier judgment on the ground that the apex court did not go into the merit of their appeal before upholding the decision of the Court of Appeal.

But the Supreme Court in a unanimous judgment prepared by Justice Centus Nweze and delivered by Justice Samuel Oseji, asserted that the appeal filed by Shell was frivolous and lacked merit.

Justice Oseji declared that the Supreme Court could not revisit its earlier decision on the matter.

To this end, the court dismissed Shell’s appeal for being incompetent and lacking in merit.

In addition, the Supreme Court held that parties were to bear the cost of their litigation.

Rivers State Governor, Nyesom  Ezenwo Wike, had in September last year announced the acquisition  of Shell’s 45% interest in OML 11 oilfields and Kidney Island in the state.

The governor had directed the Rivers State Ministry of Finance Incorporated to make a bid of USD 150,000,0900.00 supported by a Bank Guarantee and cash payment to the Deputy Sheriff in the sum of N1 billion, the later payable to the Judgement Creditors while the former is escrowed.

The Ejama community had filed a suit against Shell over un-remedied pollution that took place since 1970 as admitted by SPDC vide letters they wrote seeking to clean the spill in 2006 while the case was at the trial court.

The suit between Shell and Ejama-Ebubu community was finally disposed in 2017.

But, Shell and its parent companies took out a further appeal to the Supreme Court of Nigeria in 2017, which appeal was considered and dismissed by that court in a judgment read by Hon. Justice B. Akaahs.

After losing at the High Court, Shell gave the successful Ejama Ebubu Plaintiffs a Bond Guarantee stipulating that First Bank of Nigeria Limited would pay them the value of the judgment debt and interests thereon in the event that SPDC’s appeal to the Court of Appeal fails at that court.

Having lost the matter at the Court of Appeal, the Ejama Ebubu community commenced enforcement by domiciling the judgment in the State High Court and levying execution on SPDC moveables in their Industrial Area in Port Harcourt.

Shell, had invited the community and offered them N7 billion as against the judgment debt of N194 billion, which the community refused to accept.

Afterwards, the community approached the court for an order granting them leave to sell SPDC’s immovable property comprised in OML 11 and their Kidney Island support base in Port Harcourt.

It was on this basis that the Rivers State government placed advertisement of the said immovable assets for auction after the Attorney General and Commissioner for Justice of Rivers State alerted the government of the state of the matter.

Governor Wike had said that rather than standby and watch other persons or group purchase Shell’s 45% interest in OML 11 and further exacerbate the poverty of the people of the state, the state government had to weigh in and bid for the purchase of SPDC interest already set down for auction.

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The group disclosed this in a statement released at the end of its online meeting in Vienna on Saturday.

It would be recalled that OPEC and its allies under the OPEC+ had agreed to cut supply by up to 10 million barrels per day between May and June 2020 and eight million barrels per day between July and December 2020 and six million barrels per day from January 2021 to April 2022.

The group, at the just concluded meeting, agreed that countries that subscribed to the Declaration of Cooperation (DoC) that were unable to fully conform to the cut in May and June 2020 would be compensated.

According to the agreement, the compensation will be accommodated in their cut for July, August and September, in addition to their already agreed production adjustment for such months.

The OPEC+ also called on other major oil producers across the world to proportionally contribute to the stabilisation of the oil market, taking into consideration the substantial effort made by the OPEC and non-OPEC Participating Countries of the DoC.

The meeting further emphasised that it was vital that DoC participants and all major producers remained fully committed to efforts aimed at balancing and stabilising the market.

In that regard, it was noted that global oil demand was still expected to contract by around nine million barrels per day (mb/d) for the whole of 2020.

The agreement reads: “In view of the current fundamentals, and following the agreement reached at the 179th Meeting of the OPEC Conference, all Participating Countries reconfirmed the existing arrangements under the April agreement.

“Subscribed to the concept of compensation by those countries who were unable to reach full conformity (100 per cent) in May and June, with a willingness to accommodate it in July, August and September, in addition to their already agreed production adjustment for such months.

“Agreed the option of extending the first phase of the production adjustments pertaining in May and June by one further month.

“Recognised that the continuity of the current agreement is contingent on them fulfilling elements 1 and 2 above.

“Agreed without dissent that the full and timely implementation of the agreement remains inviolable, based on the five key elements, and endorsed the ‘Statement on the Declaration of Cooperation,’ which is annexed to this Press Release.

“The Meeting also called upon all major oil producers to proportionally contribute to the stabilisation of the oil market, taking into consideration the substantial effort made by the OPEC and non-OPEC Participating Countries of the DoC.”

Earlier, the Secretary General of OPEC, Dr Mohammad Barkindo, said the global oil demand was still expected to shrink by more than 17 million barrels per day.

“The very early green shoots of revival are evident; we do hope that we have turned a corner.

“Nevertheless, global oil demand is still expected to shrink by more than 17 million barrels per day in the second quarter of 2020, and while it is expected to ease in the second half of the year, for the whole of 2020, the contraction is still forecast to be around 9.1 mb/d,’’ he said

According to him, it will  bring global oil demand to 90.6mb/d; back to levels last seen before the 2014-2016 market downturn.

“It underscores the fact that we cannot rest on our laurels. We need to maintain the laser focus on helping bring supply and demand back into balance and providing a more stable market in the coming months.

“This is not the time to stand back and admire what we have achieved thus far; we do not want to jeopardise these successes in anyway.

“We also need to appreciate that the waters remain choppy, and as we navigate our journey, it will not be plain sailing, but we have to remain resolute. It is in the interests of us all,” he added.

Source: NAN

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The reduction is 300,000 barrels below the production cut which the Organisation of the Petroleum Exporting Countries (OPEC) and all its allies within the expanded OPEC+ format had agreed on Friday.

Mexico refused to reduce its production by 400,000 barrels as demanded and maintained its offer of cutting 100,000 barrels.

The Energy Ministry in Kazakhstan also confirmed the agreement, Russian news agencies reported, along with energy officials from other countries.

U.S. President Donald Trump praised the agreement among the world’s top oil producers, calling it a “great deal for all.”

“The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States,” Trump said in a tweet.

He added: “I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office.”

Trump confirmed on Friday that the U.S. would cut oil production in coordination with Mexican oil reductions, in a bid to help the southern neighbour contribute to the global deal.

Crude oil prices have halved in the past two months as a global economic slowdown amid the coronavirus pandemic has lowered demand for the commodity, along with a price war between Saudi Arabia and Russia.

It is unclear thus far how binding the agreement is and whether oil-producing countries will stick to it in practice.

Many members of the OPEC+ cartel, an expanded format of OPEC that includes Russia, have economies dependent on oil prices.

For the U.S., the sharp drop in oil has threatened its shale gas industry, with the cost of production effectively being too high relative to the price.

Source: dpa/NAN

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This, according to him, would require bold policy changes to restructure the country’s mono-product economy.

Speaking as Guest of Honour at the 50th anniversary of the Nigerian Military School, Zaria, 1970 set, Senator Omo-Agege also called on the old students to fashion out creative solutions to the challenges confronting the country.

He said: “The recent global outbreak of the COVID-19… obviously poses peculiar challenges, not only for personal health, but also for the economy and business. As we have seen already in the global oil and foreign exchange markets, these are frightening challenges that we must solve.

“Although the present administration has taken bold measures to stave off the outbreak from our shores, I am sure this global threat remains in the mind of every one of us here.

“We need to deal with the sharp drop in global oil prices and its impact on the 2020 budget and the exchange rate, and by implication, on the short, medium and long-term health of the economy.

“We will get through this, but it is going to require, more than anything else, bold policy changes to restructure the economy because it is still too dependent on crude oil.

“And this would necessitate some drastic changes in our ways of life. It will not be easy. I am very optimistic however, that we can do it. And my optimism about Nigeria going forward is in part because we have people like you who have the discipline associated with your Alma Mata.”

Recall that, last week, the Senate constituted a joint committee on Finance, National Planning and Appropriation to engage relevant federal ministries on the recent oil price crash.

This followed a Point of Order raised by the Senate Majority Leader, Senator Abdullahi Yahaya.

The Delta Central lawmaker, who also chairs the Senate Committee on Constitution Review, revealed that the panel would soon receive memoranda from Nigerians on the Fifth Alteration of the 1999 Constitution.

“I am glad to inform you that the 9th National Assembly has boldly taken up the gauntlet. Electoral reforms, Petroleum Industry Bill and reforms in the budgeting process are of special interest to the National Assembly.

“Recently, a Constitutional Review Committee of which I am honoured to be chairman was set up by the 9th Senate. We have begun work on this important national assignment. How far-reaching this will be, depends on all of us. Soon, we will be having public hearings, as well as receiving memoranda. It is my hope that you will avail us your experience in this regard,” he stated.

He therefore called for support for the ongoing reforms of the Muhammadu Buhari administration, aimed at achieving sustainable economic growth for Nigerians.

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Group Managing Director of NNPC Malam Mele Kyari, disclosed this when the Executive Vice President of China National Offshore Oil Corporation (CNOOC), Mr Lu Yan Ji, paid him a courtesy visit in Abuja, on Thursday.

Mr Ndu Ughamadu, spokesman for the corporation said in a statement that the partnership would also help to achieve three milliion barrels per day oil production target by 2023.

He added that there was need to improve the nation’s revenue profile through new investments in the Petroleum Sector.

He commended CNOOC for its plan to expand its investment in the Nigerian Petroleum Industry and assured it of the corporation’s support.

“To have investment of  16 billion dollars in Nigeria is clearly an indication of your confidence in us.

“We have a target to grow production to three million barrels per day by 2023, to do that, we need partners like you. You can count on us because we have common interest, ” he said.

In his remarks, Lu said Nigeria was one of his company’s largest investment destination with investment outlay standing at about 16 billion dollars.

He called for NNPC’s support in securing the investments, adding that there was need for both national oil corporations to work closely together.

He disclosed that CNOOC currently produces 800,000bpd worldwide with a target to hit 1.2 million barrels per day, adding that Nigeria was one of the targeted places to actualise the target.

CNOOC started business in Nigeria in 2005.

It currently has interest in Oil Mining Lease (OML) 130 in partnership with NNPC, Total and Petrobras.

Source:  NAN

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