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  •  The federal government has saved N3 5trn 8 5billion as it achieves 42 per cent local content in 20 4bn oil and gas projects The Executive Secretary of the Nigeria Content Development and Monitoring Board NCDMB Engr Simbi Wabote disclosed this at the opening of the 10th edition of the Practical Nigerian Content PNC forum held at the NCDMB headquarters in Yenagoa Bayelsa Wabote who spoke on the theme Driving Nigerian Content in the New Dawn of the Petroleum Industry Act added that Nigeria is on track to achieve 70 per cent manpower content in Nigeria s oil and gas sector in 2027 He also gave an overview of the Nigerian content performance in the areas of Engineering Procurement Fabrication Project Management and Services under the 10 years strategic roadmap According to the ES projects worth 20 4bn were carried out between 2016 and 2020 with estimated 42 Nigerian content performance He highlighted the spending categories to include 8 07billion on Fabrication representing 39 of spend 4 74billion on Engineering services representing 23 of spending and 5 67billion on Procurement of manufactured materials representing 28 of spend The low spends were 1 18billion on Services representing 6 of spend and 746million on project management representing 4 of spend he stated He said Based on the above data the aggregated level of Nigerian Content across the five categories is established as 42 It is however pertinent to note that while the NC performance in Engineering as one of the top 3 spend areas is above the 70 target there is need to focus on the other two areas namely Fabrication and Procurement of materials if we are to realise the 70 target by 2027 That is why we are keen to ensure that the established in country fabrication yards are utilized for sanctioned projects such as NLNG Train 7 as well as drive local manufacturing of goods such as chemicals hardware spares accessories and other consumables via our commercial venture partnerships and our oil and gas industrial parks Wabote stated further that the implementation of the PIA 2021 has further reinforced the role of NCDMB in the oil and gas industry adding we are poised to fully utilize the opportunity provided to derive maximum benefit for our country Minister of State for Petroleum Resources Timipre Sylva charged the board to stay focused on the implementation of the Nigerian Content 10 Year Strategic Roadmap to grow Nigerian Content to the targeted level of 70 by 2027
    FG Saved N3.5trn On Oil And Gas Projects
     The federal government has saved N3 5trn 8 5billion as it achieves 42 per cent local content in 20 4bn oil and gas projects The Executive Secretary of the Nigeria Content Development and Monitoring Board NCDMB Engr Simbi Wabote disclosed this at the opening of the 10th edition of the Practical Nigerian Content PNC forum held at the NCDMB headquarters in Yenagoa Bayelsa Wabote who spoke on the theme Driving Nigerian Content in the New Dawn of the Petroleum Industry Act added that Nigeria is on track to achieve 70 per cent manpower content in Nigeria s oil and gas sector in 2027 He also gave an overview of the Nigerian content performance in the areas of Engineering Procurement Fabrication Project Management and Services under the 10 years strategic roadmap According to the ES projects worth 20 4bn were carried out between 2016 and 2020 with estimated 42 Nigerian content performance He highlighted the spending categories to include 8 07billion on Fabrication representing 39 of spend 4 74billion on Engineering services representing 23 of spending and 5 67billion on Procurement of manufactured materials representing 28 of spend The low spends were 1 18billion on Services representing 6 of spend and 746million on project management representing 4 of spend he stated He said Based on the above data the aggregated level of Nigerian Content across the five categories is established as 42 It is however pertinent to note that while the NC performance in Engineering as one of the top 3 spend areas is above the 70 target there is need to focus on the other two areas namely Fabrication and Procurement of materials if we are to realise the 70 target by 2027 That is why we are keen to ensure that the established in country fabrication yards are utilized for sanctioned projects such as NLNG Train 7 as well as drive local manufacturing of goods such as chemicals hardware spares accessories and other consumables via our commercial venture partnerships and our oil and gas industrial parks Wabote stated further that the implementation of the PIA 2021 has further reinforced the role of NCDMB in the oil and gas industry adding we are poised to fully utilize the opportunity provided to derive maximum benefit for our country Minister of State for Petroleum Resources Timipre Sylva charged the board to stay focused on the implementation of the Nigerian Content 10 Year Strategic Roadmap to grow Nigerian Content to the targeted level of 70 by 2027
    FG Saved N3.5trn On Oil And Gas Projects
    Oil & Gas12 months ago

    FG Saved N3.5trn On Oil And Gas Projects

    The federal government has saved N3.5trn ($8.5billion) as it achieves 42 per cent local content in $20.4bn oil and gas projects.The Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote disclosed this at the opening of the 10th edition of the Practical Nigerian Content (PNC) forum held at the NCDMB headquarters in Yenagoa Bayelsa.Wabote who spoke on the theme, “Driving Nigerian Content in the New Dawn of the Petroleum Industry Act,” added that Nigeria is on track to achieve 70 per cent manpower content in Nigeria’s oil and gas sector in 2027.He also gave an overview of the Nigerian content performance in the areas of Engineering, Procurement, Fabrication, Project Management, and Services under the 10 years’ strategic roadmap.According to the ES, projects worth $20.4bn were carried out between 2016 and 2020 with estimated 42% Nigerian content performance.He highlighted the spending categories to include $8.07billion on Fabrication representing 39% of spend; $4.74billion on Engineering services representing 23% of spending, and $5.67billion on Procurement of manufactured materials representing 28% of spend.The low spends were $1.18billion on Services representing 6% of spend and $746million on project management representing 4% of spend, he stated.He said, “Based on the above data, the aggregated level of Nigerian Content across the five categories is established as 42%.“It is however pertinent to note that while the NC performance in Engineering as one of the top-3 spend areas is above the 70% target, there is need to focus on the other two areas namely: Fabrication and Procurement of materials if we are to realise the 70% target by 2027.That is why we are keen to ensure that the established in-country fabrication yards are utilized for sanctioned projects such as NLNG Train-7 as well as drive local manufacturing of goods such as chemicals, hardware, spares, accessories, and other consumables via our commercial venture partnerships and our oil and gas industrial parks.”Wabote stated further that the implementation of the PIA (2021) has further reinforced the role of NCDMB in the oil and gas industry, adding, “we are poised to fully utilize the opportunity provided to derive maximum benefit for our country.”Minister of State for Petroleum Resources, Timipre Sylva charged the board to stay focused on the implementation of the Nigerian Content 10-Year Strategic Roadmap to grow Nigerian Content to the targeted level of 70% by 2027.

  •   Edith Ike Eboh and Emmanuel Afonne Nigeria National Petroleum Company NNPC Limited started its new week on a happy note as the country entered the global liquefied natural gas LNG market on Monday for the first time in 22 years This was a step that is expected to strengthen Nigeria s footprint in the global LNG market following the withdrawal from Bonny Island in Rivers State The first export of LNG from NNPC LNG Ltd a branch of NNPC Ltd was a milestone in about 22 years The event brought together the Director MD NLNG Dr Phillip Mshelbila and the NNPC team led by the Executive Director General Manager Mr Umar Ajiya The other members of the NNPC were the group s executive director Gas Power Mr Mohammed Ahmed Group Executive Director Corporate Services Ms Aisha Farida Katagum Group Managing Director NNPC LNG Investment Management Services LIMS Ms Nike Kolawole and MD NNPC LNG Ltd Mr Adamu Umar The group s chief executive NNPC LNG Investment Management Services LIMS Ms Nike Kolawole said the landmark event was one of the oil company s many efforts to explore viable business opportunities to improve the fortunes of the company organization The significance of this step given NNPC s transition from a corporation to a limited liability company is that we are poised to generate additional income for NNPC Ltd which aligns with the Act petroleum industry PIA and the Companies and Allied Affairs Act CAMA respectively she said NNPC GMD CEO Malam Mele KyariKolawole said that with NNPC s successful entry into the global LNG market the company has strongly established its presence and has become a key player in the international LNG trade space She stressed that the current leadership of the NNPC is focused on supporting federal government initiatives to get maximum value from gas production and use Kolawole also noted that participating in the entire LNG value chain would expose the company to other benefits beyond dividends According to her NNPC s current ability to acquire volumes in the LNG market and trade such volumes in the global market was achievable thanks to the visionary leadership of the Group Managing Director Managing Director Malam Mele Kyari and his team leadership who provided the environment She expressed her commitment to develop the business for the benefit of the NNPC and the nation NNPC LNG Ltd is a wholly owned subsidiary of NNPC Ltd with the mandate to manage federal government investments in LNG companies Established on October 3 2012 as an investment entity in all downstream LNG partnerships and companies the Company is the issuing entity of four marketing joint ventures MJVs of NNPC Ltd created to market LNG and its derivatives On Tuesday NNPC Limited called for support from leading technologically advanced jurisdictions around the world to enable the country and other developing countries to achieve the desired global energy transition NNPC CEO GMD Kyari made this plea during his opening speech at the Nigerian Association of Energy Correspondents NAEC 2021 Strategic Conference on PIA Energy Transition and the future of Nigeria s oil and gas Kyari who only recently warned that carrying out the energy transition comprehensively without taking into account the particular socio economic conditions of various countries would cause upheavals that could exacerbate security problems in developing countries insisted on the need to allow less technologically endowed countries time to build the required capacity to allow for a smooth transition As we speak and as a country and for most African countries the realities around the energy transition are clearly a major challenge for us Today as we all know we lack energy we have problems with electricity supply and even a lot of other infrastructure Kyari said According to him the effects of the energy transition were already being felt in the oil and gas industry as local and international lenders suspended oil and gas financing and projects He aligned himself with Buhari s call at the ongoing COP 26 in Glasgow for energy justice in implementing the energy transition stressing that although Africa only accounts for around three percent of global carbon emissions the continent still has a responsibility to join the world in the fight against climate change Kyari however said Africa needs to be assisted to do so as most countries on the continent lack the means to make a rapid transition He pointed out that the NNPC as a catalyst for national energy security is working hard to increase the domestic use of the country s gas resources as a viable alternative to heavy fossil fuels through the aggressive delivery of all gas infrastructure projects like Ajaokuta Kaduna Kano AKK Obiafu Obrikom Oben OB3 pipeline and Escravos Lagos pipeline system expansion project ELPS The NNPC boss noted that the PIA s fiscal framework gave great support to this aspiration adding that when completed the projects would add an additional 8 billion cubic feet of gas to the national gas grid thereby enabling the optimization of Nigeria s gas resources as planned in the decade of the gas initiative Regarding recent concerns about the impending fuel shortage the CEO GMD of NNPC said the company will continue to play its role in ensuring an uninterrupted supply and distribution of petroleum products across the country He confirmed that NNPC has a stockpile of over 1 7 billion liters of Premium Motor Spirit PMS and is expecting delivery of an additional 2 3 billion liters during this month to support supply for the Christmas season and beyond Also during the week under review the NNPC Petroleum Industry Act PIA Transition Committee was tasked with getting under way to ensure a seamless transformation of the organization from a company to an energy company of the NNPC world class GMD CEO Malam Mele Kyari gave the charge on Wednesday during the committee s inauguration in the NNPC towers noting that there was no time to waste as things were moving rapidly in the oil and gas industry from the country The GMD said the grand opening was a milestone for NNPC as it grows into a global international oil company IOC driven by growth profitability and performance excellence He said the enactment of the PIA meant that for the first time since the Petroleum Law of 1967 the Nigerian oil and gas industry would have a legislative framework in which it would thrive and bring value to Nigerians Describing the effect resulting from the implementation of the PIA as being massive Kyari said that as a company governed by the principles of the Allied Matters Act CAMA there would be no room for the non execution He said the PIA was about reforming the National Oil Company NOC and that as CEO he was committed to ensuring the transition committee fulfills its mandate The transition committee has 18 months to fulfill its mission Meanwhile NNPC Ltd urged the public not to engage in panic buying of petroleum products as the company had sufficient stock of products that would last through the holiday season and beyond The company said it is engaging all stakeholders to ensure a smooth supply and distribution of products to all regions of the country Mr Ishaku Abdullahi Managing Director of Petroleum Products Marketing Company PPMC the downstream entity of NNPC discusses efforts to ensure seamless supply and distribution of petroleum products nationwide Visit us on for more details Source NAN
    NNPC Weekly Review: Nigeria’s LNG cargo arrives global market after 22 years
      Edith Ike Eboh and Emmanuel Afonne Nigeria National Petroleum Company NNPC Limited started its new week on a happy note as the country entered the global liquefied natural gas LNG market on Monday for the first time in 22 years This was a step that is expected to strengthen Nigeria s footprint in the global LNG market following the withdrawal from Bonny Island in Rivers State The first export of LNG from NNPC LNG Ltd a branch of NNPC Ltd was a milestone in about 22 years The event brought together the Director MD NLNG Dr Phillip Mshelbila and the NNPC team led by the Executive Director General Manager Mr Umar Ajiya The other members of the NNPC were the group s executive director Gas Power Mr Mohammed Ahmed Group Executive Director Corporate Services Ms Aisha Farida Katagum Group Managing Director NNPC LNG Investment Management Services LIMS Ms Nike Kolawole and MD NNPC LNG Ltd Mr Adamu Umar The group s chief executive NNPC LNG Investment Management Services LIMS Ms Nike Kolawole said the landmark event was one of the oil company s many efforts to explore viable business opportunities to improve the fortunes of the company organization The significance of this step given NNPC s transition from a corporation to a limited liability company is that we are poised to generate additional income for NNPC Ltd which aligns with the Act petroleum industry PIA and the Companies and Allied Affairs Act CAMA respectively she said NNPC GMD CEO Malam Mele KyariKolawole said that with NNPC s successful entry into the global LNG market the company has strongly established its presence and has become a key player in the international LNG trade space She stressed that the current leadership of the NNPC is focused on supporting federal government initiatives to get maximum value from gas production and use Kolawole also noted that participating in the entire LNG value chain would expose the company to other benefits beyond dividends According to her NNPC s current ability to acquire volumes in the LNG market and trade such volumes in the global market was achievable thanks to the visionary leadership of the Group Managing Director Managing Director Malam Mele Kyari and his team leadership who provided the environment She expressed her commitment to develop the business for the benefit of the NNPC and the nation NNPC LNG Ltd is a wholly owned subsidiary of NNPC Ltd with the mandate to manage federal government investments in LNG companies Established on October 3 2012 as an investment entity in all downstream LNG partnerships and companies the Company is the issuing entity of four marketing joint ventures MJVs of NNPC Ltd created to market LNG and its derivatives On Tuesday NNPC Limited called for support from leading technologically advanced jurisdictions around the world to enable the country and other developing countries to achieve the desired global energy transition NNPC CEO GMD Kyari made this plea during his opening speech at the Nigerian Association of Energy Correspondents NAEC 2021 Strategic Conference on PIA Energy Transition and the future of Nigeria s oil and gas Kyari who only recently warned that carrying out the energy transition comprehensively without taking into account the particular socio economic conditions of various countries would cause upheavals that could exacerbate security problems in developing countries insisted on the need to allow less technologically endowed countries time to build the required capacity to allow for a smooth transition As we speak and as a country and for most African countries the realities around the energy transition are clearly a major challenge for us Today as we all know we lack energy we have problems with electricity supply and even a lot of other infrastructure Kyari said According to him the effects of the energy transition were already being felt in the oil and gas industry as local and international lenders suspended oil and gas financing and projects He aligned himself with Buhari s call at the ongoing COP 26 in Glasgow for energy justice in implementing the energy transition stressing that although Africa only accounts for around three percent of global carbon emissions the continent still has a responsibility to join the world in the fight against climate change Kyari however said Africa needs to be assisted to do so as most countries on the continent lack the means to make a rapid transition He pointed out that the NNPC as a catalyst for national energy security is working hard to increase the domestic use of the country s gas resources as a viable alternative to heavy fossil fuels through the aggressive delivery of all gas infrastructure projects like Ajaokuta Kaduna Kano AKK Obiafu Obrikom Oben OB3 pipeline and Escravos Lagos pipeline system expansion project ELPS The NNPC boss noted that the PIA s fiscal framework gave great support to this aspiration adding that when completed the projects would add an additional 8 billion cubic feet of gas to the national gas grid thereby enabling the optimization of Nigeria s gas resources as planned in the decade of the gas initiative Regarding recent concerns about the impending fuel shortage the CEO GMD of NNPC said the company will continue to play its role in ensuring an uninterrupted supply and distribution of petroleum products across the country He confirmed that NNPC has a stockpile of over 1 7 billion liters of Premium Motor Spirit PMS and is expecting delivery of an additional 2 3 billion liters during this month to support supply for the Christmas season and beyond Also during the week under review the NNPC Petroleum Industry Act PIA Transition Committee was tasked with getting under way to ensure a seamless transformation of the organization from a company to an energy company of the NNPC world class GMD CEO Malam Mele Kyari gave the charge on Wednesday during the committee s inauguration in the NNPC towers noting that there was no time to waste as things were moving rapidly in the oil and gas industry from the country The GMD said the grand opening was a milestone for NNPC as it grows into a global international oil company IOC driven by growth profitability and performance excellence He said the enactment of the PIA meant that for the first time since the Petroleum Law of 1967 the Nigerian oil and gas industry would have a legislative framework in which it would thrive and bring value to Nigerians Describing the effect resulting from the implementation of the PIA as being massive Kyari said that as a company governed by the principles of the Allied Matters Act CAMA there would be no room for the non execution He said the PIA was about reforming the National Oil Company NOC and that as CEO he was committed to ensuring the transition committee fulfills its mandate The transition committee has 18 months to fulfill its mission Meanwhile NNPC Ltd urged the public not to engage in panic buying of petroleum products as the company had sufficient stock of products that would last through the holiday season and beyond The company said it is engaging all stakeholders to ensure a smooth supply and distribution of products to all regions of the country Mr Ishaku Abdullahi Managing Director of Petroleum Products Marketing Company PPMC the downstream entity of NNPC discusses efforts to ensure seamless supply and distribution of petroleum products nationwide Visit us on for more details Source NAN
    NNPC Weekly Review: Nigeria’s LNG cargo arrives global market after 22 years
    General news1 year ago

    NNPC Weekly Review: Nigeria’s LNG cargo arrives global market after 22 years

    Edith Ike-Eboh and Emmanuel Afonne

    Nigeria National Petroleum Company (NNPC) Limited started its new week on a happy note as the country entered the global liquefied natural gas (LNG) market on Monday for the first time in 22 years.

    This was a step that is expected to strengthen Nigeria's footprint in the global LNG market following the withdrawal from Bonny Island in Rivers State.

    The first export of LNG from NNPC LNG Ltd, a branch of NNPC Ltd, was a milestone in about 22 years.

    The event brought together the Director (MD), NLNG, Dr Phillip Mshelbila and the NNPC team led by the Executive Director / General Manager, Mr Umar Ajiya.

    The other members of the NNPC were the group's executive director, Gas & Power, Mr. Mohammed Ahmed; Group Executive Director, Corporate Services, Ms. Aisha Farida Katagum; Group Managing Director, NNPC LNG Investment Management Services (LIMS), Ms. Nike Kolawole and MD NNPC LNG Ltd, Mr. Adamu Umar.

    The group's chief executive, NNPC LNG Investment Management Services (LIMS), Ms. Nike Kolawole, said the landmark event was one of the oil company's many efforts to explore viable business opportunities to improve the fortunes of the company. organization.

    “The significance of this step given NNPC's transition from a corporation to a limited liability company is that we are poised to generate additional income for NNPC Ltd, which aligns with the Act. petroleum industry (PIA) and the Companies and Allied Affairs Act (CAMA), respectively, ”she said.

    NNPC GMD / CEO, Malam Mele Kyari

    Kolawole said that with NNPC's successful entry into the global LNG market, the company has strongly established its presence and has become a key player in the international LNG trade space.

    She stressed that the current leadership of the NNPC is focused on supporting federal government initiatives to get maximum value from gas production and use.

    Kolawole also noted that participating in the entire LNG value chain would expose the company to other benefits, beyond dividends.

    According to her, NNPC's current ability to acquire volumes in the LNG market and trade such volumes in the global market was achievable thanks to the visionary leadership of the Group Managing Director / Managing Director, Malam Mele Kyari and his team. leadership who provided the environment.

    She expressed her commitment to develop the business for the benefit of the NNPC and the nation.

    NNPC-LNG Ltd is a wholly owned subsidiary of NNPC Ltd with the mandate to manage federal government investments in LNG companies.

    Established on October 3, 2012 as an investment entity in all downstream LNG partnerships and companies, the Company is the issuing entity of four marketing joint ventures (MJVs) of NNPC Ltd, created to market LNG and its derivatives.

    On Tuesday, NNPC Limited called for support from leading technologically advanced jurisdictions around the world to enable the country and other developing countries to achieve the desired global energy transition.

    NNPC CEO / GMD Kyari made this plea during his opening speech at the Nigerian Association of Energy Correspondents (NAEC) 2021 Strategic Conference on - PIA, Energy Transition and the future of Nigeria's oil and gas.

    Kyari, who only recently warned that carrying out the energy transition comprehensively without taking into account the particular socio-economic conditions of various countries would cause upheavals that could exacerbate security problems in developing countries, insisted on the need to allow less technologically endowed countries time to build the required capacity to allow for a smooth transition.

    “As we speak, and as a country and for most African countries, the realities around the energy transition are clearly a major challenge for us.

    “Today, as we all know, we lack energy, we have problems with electricity supply and even a lot of other infrastructure,” Kyari said.

    According to him, the effects of the energy transition were already being felt in the oil and gas industry as local and international lenders suspended oil and gas financing and projects.

    He aligned himself with Buhari's call at the ongoing COP 26 in Glasgow for energy justice in implementing the energy transition, stressing that although Africa only accounts for around three percent of global carbon emissions, the continent still has a responsibility to join the world in the fight against climate change.

    Kyari, however, said Africa needs to be assisted to do so, as most countries on the continent lack the means to make a rapid transition.

    He pointed out that the NNPC, as a catalyst for national energy security, is working hard to increase the domestic use of the country's gas resources as a viable alternative to heavy fossil fuels through the aggressive delivery of all gas infrastructure projects like Ajaokuta-Kaduna-Kano (AKK), Obiafu-Obrikom-Oben (OB3) pipeline and Escravos-Lagos pipeline system expansion project (ELPS).

    The NNPC boss noted that the PIA's fiscal framework gave great support to this aspiration, adding that when completed, the projects would add an additional 8 billion cubic feet of gas to the national gas grid, thereby enabling the optimization of Nigeria's gas resources as planned in the decade of the gas initiative.

    Regarding recent concerns about the impending fuel shortage, the CEO / GMD of NNPC said the company will continue to play its role in ensuring an uninterrupted supply and distribution of petroleum products across the country.

    He confirmed that NNPC has a stockpile of over 1.7 billion liters of Premium Motor Spirit (PMS) and is expecting delivery of an additional 2.3 billion liters during this month to support supply for the Christmas season and beyond.

    Also during the week under review, the NNPC Petroleum Industry Act (PIA) Transition Committee was tasked with getting under way to ensure a seamless transformation of the organization from a company to an energy company of the NNPC. world class.

    GMD / CEO Malam Mele Kyari gave the charge on Wednesday during the committee's inauguration in the NNPC towers, noting that there was no time to waste as things were moving rapidly in the oil and gas industry from the country.

    The GMD said the grand opening was a milestone for NNPC as it grows into a global international oil company (IOC) driven by growth, profitability and performance excellence.

    He said the enactment of the PIA meant that for the first time since the Petroleum Law of 1967, the Nigerian oil and gas industry would have a legislative framework in which it would thrive and bring value to Nigerians.

    Describing the effect resulting from the implementation of the PIA as being massive, Kyari said that as a company governed by the principles of the Allied Matters Act (CAMA), there would be no room for the non-execution.

    He said the PIA was about reforming the National Oil Company (NOC) and that as CEO he was committed to ensuring the transition committee fulfills its mandate.

    The transition committee has 18 months to fulfill its mission.

    Meanwhile, NNPC Ltd urged the public not to engage in panic buying of petroleum products as the company had sufficient stock of products that would last through the holiday season and beyond.

    The company said it is engaging all stakeholders to ensure a smooth supply and distribution of products to all regions of the country.

    Mr. Ishaku Abdullahi, Managing Director of Petroleum Products Marketing Company (PPMC), the downstream entity of NNPC, discusses efforts to ensure seamless supply and distribution of petroleum products nationwide.

    Visit us on for more details.

    Source: NAN

  •   By Edith Ike Eboh and Emmanuel Afonne Nigeria National Petroleum Company NNPC Limited started its new week on a happy note as the country entered the global liquefied natural gas LNG market on Monday for the first time in 22 years This was a step that is expected to strengthen Nigeria s footprint in the global LNG market following the withdrawal from Bonny Island in Rivers State The first export of LNG from NNPC LNG Ltd a branch of NNPC Ltd was a milestone in about 22 years The event was attended by the Managing Director MD NLNG Dr Phillip Mshelbila and the NNPC team led by the Group Executive Director CFO Mr Umar Ajiya The other members of the NNPC were the group s executive director Gas Power Mr Mohammed Ahmed Group Executive Director Corporate Services Ms Aisha Farida Katagum Group Managing Director NNPC LNG Investment Management Services LIMS Ms Nike Kolawole and MD NNPC LNG Ltd Mr Adamu Umar The group s chief executive NNPC LNG Investment Management Services LIMS Ms Nike Kolawole said the landmark event was one of many efforts by the national oil company to explore viable business opportunities to improve the fortunes of the nation organization The significance of this step given NNPC s transition from a corporation to a limited liability company is that we are poised to generate additional income for NNPC Ltd which aligns with the Act petroleum industry PIA and the Companies and Allied Affairs Act CAMA respectively she said Kolawole said that with NNPC s successful entry into the global LNG market the company has strongly established its presence and has become a key player in the international LNG trade space She stressed that the current leadership of the NNPC is focused on supporting federal government initiatives to get maximum value from gas production and use Kolawole also noted that participating in the entire LNG value chain would expose the company to other benefits beyond dividends According to her NNPC s current ability to acquire volumes in the LNG market and trade such volumes in the global market was achievable thanks to the visionary leadership of the Group Managing Director Managing Director Malam Mele Kyari and his team leadership who provided the environment She expressed her commitment to develop the business for the benefit of the NNPC and the nation NNPC LNG Ltd is a wholly owned subsidiary of NNPC Ltd with the mandate to manage federal government investments in LNG companies Established on October 3 2012 as an investment entity in all downstream LNG partnerships and companies the Company is the issuing entity of four marketing joint ventures MJVs of NNPC Ltd created to market LNG and its derivatives On Tuesday NNPC Limited called for support from leading technologically advanced jurisdictions around the world to enable the country and other developing countries to achieve the desired global energy transition NNPC CEO GMD Kyari made this plea during his opening speech at the Nigerian Association of Energy Correspondents NAEC 2021 Strategic Conference on PIA Energy Transition and the future of Nigeria s oil and gas Kyari who only recently warned that carrying out the energy transition comprehensively without taking into account the particular socio economic conditions of various countries would cause upheavals that could exacerbate security problems in developing countries insisted on the need to allow less technologically endowed countries time to build the required capacity to allow for a smooth transition As we speak and as a country and for most African countries the realities around the energy transition are clearly a major challenge for us Today as we all know we lack energy we have problems with electricity supply and even a lot of other infrastructure Kyari said According to him the effects of the energy transition were already being felt in the oil and gas industry as local and international lenders suspended oil and gas financing and projects He associated himself with the call made by President Muhammadu Buhari during the COP 26 underway in Glasgow for energy justice in the implementation of the energy transition stressing that although Africa only represents about 3 of global carbon emissions the continent still has a responsibility to join the world in the fight against climate change Kyari however said Africa needs to be assisted to do so as most countries on the continent lack the means to make a rapid transition He pointed out that the NNPC as a catalyst for national energy security is working hard to increase the domestic use of the country s gas resources as a viable alternative to heavy fossil fuels through the aggressive delivery of all gas infrastructure projects like Ajaokuta Kaduna Kano AKK Obiafu Obrikom Oben OB3 pipeline and Escravos Lagos pipeline system expansion project ELPS The NNPC boss noted that the PIA s fiscal framework gave great support to this aspiration adding that when completed the projects would add an additional 8 billion cubic feet of gas to the national gas grid thereby enabling the optimization of Nigeria s gas resources as planned in the decade of the gas initiative Regarding recent concerns about the impending fuel shortage the CEO GMD of NNPC said the company will continue to play its role in ensuring an uninterrupted supply and distribution of petroleum products across the country He confirmed that NNPC has a stockpile of over 1 7 billion liters of Premium Motor Spirit PMS and is expecting delivery of an additional 2 3 billion liters during this month to support supply for the Christmas season and beyond NNPC GMD CEO Malam Mele KyariAlso during the week under review the NNPC Petroleum Industry Act PIA Transition Committee was tasked with getting under way to ensure a seamless transformation of the organization from a company to an energy company of the NNPC world class GMD CEO Malam Mele Kyari gave the charge on Wednesday during the committee s inauguration in the NNPC towers noting that there was no time to waste as things were moving rapidly in the oil and gas industry from the country The GMD said the grand opening was a milestone for NNPC as it grows into a global international oil company IOC driven by growth profitability and performance excellence He said the enactment of the PIA meant that for the first time since the Petroleum Law of 1967 the Nigerian oil and gas industry would have a legislative framework in which it would thrive and bring value to Nigerians Describing the effect resulting from the implementation of the PIA as massive Kyari said that as a company governed by the principles of the Companies and Related Affairs Act CAMA there would be no room for non execution He said the PIA was about reforming the National Oil Company NOC and that as CEO he was committed to ensuring the transition committee fulfills its mandate The transition committee has 18 months to fulfill its mission Meanwhile NNPC Ltd urged the public not to engage in panic buying of petroleum products as the company had sufficient stock of products that would last through the holiday season and beyond The company said it is engaging all stakeholders to ensure a smooth supply and distribution of products to all regions of the country Mr Ishaku Abdullahi Managing Director of Petroleum Products Marketing Company PPMC the downstream entity of NNPC discusses efforts to ensure seamless supply and distribution of petroleum products nationwide
    NNPC Weekly Review: Nigeria’s LNG cargo arrives global market after 22 years
      By Edith Ike Eboh and Emmanuel Afonne Nigeria National Petroleum Company NNPC Limited started its new week on a happy note as the country entered the global liquefied natural gas LNG market on Monday for the first time in 22 years This was a step that is expected to strengthen Nigeria s footprint in the global LNG market following the withdrawal from Bonny Island in Rivers State The first export of LNG from NNPC LNG Ltd a branch of NNPC Ltd was a milestone in about 22 years The event was attended by the Managing Director MD NLNG Dr Phillip Mshelbila and the NNPC team led by the Group Executive Director CFO Mr Umar Ajiya The other members of the NNPC were the group s executive director Gas Power Mr Mohammed Ahmed Group Executive Director Corporate Services Ms Aisha Farida Katagum Group Managing Director NNPC LNG Investment Management Services LIMS Ms Nike Kolawole and MD NNPC LNG Ltd Mr Adamu Umar The group s chief executive NNPC LNG Investment Management Services LIMS Ms Nike Kolawole said the landmark event was one of many efforts by the national oil company to explore viable business opportunities to improve the fortunes of the nation organization The significance of this step given NNPC s transition from a corporation to a limited liability company is that we are poised to generate additional income for NNPC Ltd which aligns with the Act petroleum industry PIA and the Companies and Allied Affairs Act CAMA respectively she said Kolawole said that with NNPC s successful entry into the global LNG market the company has strongly established its presence and has become a key player in the international LNG trade space She stressed that the current leadership of the NNPC is focused on supporting federal government initiatives to get maximum value from gas production and use Kolawole also noted that participating in the entire LNG value chain would expose the company to other benefits beyond dividends According to her NNPC s current ability to acquire volumes in the LNG market and trade such volumes in the global market was achievable thanks to the visionary leadership of the Group Managing Director Managing Director Malam Mele Kyari and his team leadership who provided the environment She expressed her commitment to develop the business for the benefit of the NNPC and the nation NNPC LNG Ltd is a wholly owned subsidiary of NNPC Ltd with the mandate to manage federal government investments in LNG companies Established on October 3 2012 as an investment entity in all downstream LNG partnerships and companies the Company is the issuing entity of four marketing joint ventures MJVs of NNPC Ltd created to market LNG and its derivatives On Tuesday NNPC Limited called for support from leading technologically advanced jurisdictions around the world to enable the country and other developing countries to achieve the desired global energy transition NNPC CEO GMD Kyari made this plea during his opening speech at the Nigerian Association of Energy Correspondents NAEC 2021 Strategic Conference on PIA Energy Transition and the future of Nigeria s oil and gas Kyari who only recently warned that carrying out the energy transition comprehensively without taking into account the particular socio economic conditions of various countries would cause upheavals that could exacerbate security problems in developing countries insisted on the need to allow less technologically endowed countries time to build the required capacity to allow for a smooth transition As we speak and as a country and for most African countries the realities around the energy transition are clearly a major challenge for us Today as we all know we lack energy we have problems with electricity supply and even a lot of other infrastructure Kyari said According to him the effects of the energy transition were already being felt in the oil and gas industry as local and international lenders suspended oil and gas financing and projects He associated himself with the call made by President Muhammadu Buhari during the COP 26 underway in Glasgow for energy justice in the implementation of the energy transition stressing that although Africa only represents about 3 of global carbon emissions the continent still has a responsibility to join the world in the fight against climate change Kyari however said Africa needs to be assisted to do so as most countries on the continent lack the means to make a rapid transition He pointed out that the NNPC as a catalyst for national energy security is working hard to increase the domestic use of the country s gas resources as a viable alternative to heavy fossil fuels through the aggressive delivery of all gas infrastructure projects like Ajaokuta Kaduna Kano AKK Obiafu Obrikom Oben OB3 pipeline and Escravos Lagos pipeline system expansion project ELPS The NNPC boss noted that the PIA s fiscal framework gave great support to this aspiration adding that when completed the projects would add an additional 8 billion cubic feet of gas to the national gas grid thereby enabling the optimization of Nigeria s gas resources as planned in the decade of the gas initiative Regarding recent concerns about the impending fuel shortage the CEO GMD of NNPC said the company will continue to play its role in ensuring an uninterrupted supply and distribution of petroleum products across the country He confirmed that NNPC has a stockpile of over 1 7 billion liters of Premium Motor Spirit PMS and is expecting delivery of an additional 2 3 billion liters during this month to support supply for the Christmas season and beyond NNPC GMD CEO Malam Mele KyariAlso during the week under review the NNPC Petroleum Industry Act PIA Transition Committee was tasked with getting under way to ensure a seamless transformation of the organization from a company to an energy company of the NNPC world class GMD CEO Malam Mele Kyari gave the charge on Wednesday during the committee s inauguration in the NNPC towers noting that there was no time to waste as things were moving rapidly in the oil and gas industry from the country The GMD said the grand opening was a milestone for NNPC as it grows into a global international oil company IOC driven by growth profitability and performance excellence He said the enactment of the PIA meant that for the first time since the Petroleum Law of 1967 the Nigerian oil and gas industry would have a legislative framework in which it would thrive and bring value to Nigerians Describing the effect resulting from the implementation of the PIA as massive Kyari said that as a company governed by the principles of the Companies and Related Affairs Act CAMA there would be no room for non execution He said the PIA was about reforming the National Oil Company NOC and that as CEO he was committed to ensuring the transition committee fulfills its mandate The transition committee has 18 months to fulfill its mission Meanwhile NNPC Ltd urged the public not to engage in panic buying of petroleum products as the company had sufficient stock of products that would last through the holiday season and beyond The company said it is engaging all stakeholders to ensure a smooth supply and distribution of products to all regions of the country Mr Ishaku Abdullahi Managing Director of Petroleum Products Marketing Company PPMC the downstream entity of NNPC discusses efforts to ensure seamless supply and distribution of petroleum products nationwide
    NNPC Weekly Review: Nigeria’s LNG cargo arrives global market after 22 years
    Headlines1 year ago

    NNPC Weekly Review: Nigeria’s LNG cargo arrives global market after 22 years

    By Edith Ike-Eboh and Emmanuel Afonne

    Nigeria National Petroleum Company (NNPC) Limited started its new week on a happy note as the country entered the global liquefied natural gas (LNG) market on Monday for the first time in 22 years.

    This was a step that is expected to strengthen Nigeria's footprint in the global LNG market following the withdrawal from Bonny Island in Rivers State.

    The first export of LNG from NNPC LNG Ltd, a branch of NNPC Ltd, was a milestone in about 22 years.

    The event was attended by the Managing Director (MD), NLNG, Dr Phillip Mshelbila and the NNPC team led by the Group Executive Director / CFO, Mr Umar Ajiya.

    The other members of the NNPC were the group's executive director, Gas & Power, Mr. Mohammed Ahmed; Group Executive Director, Corporate Services, Ms. Aisha Farida Katagum; Group Managing Director, NNPC LNG Investment Management Services (LIMS), Ms. Nike Kolawole and MD NNPC LNG Ltd, Mr. Adamu Umar.

    The group's chief executive, NNPC LNG Investment Management Services (LIMS), Ms. Nike Kolawole, said the landmark event was one of many efforts by the national oil company to explore viable business opportunities to improve the fortunes of the nation. 'organization.

    “The significance of this step given NNPC's transition from a corporation to a limited liability company is that we are poised to generate additional income for NNPC Ltd, which aligns with the Act. petroleum industry (PIA) and the Companies and Allied Affairs Act (CAMA), respectively, ”she said.

    Kolawole said that with NNPC's successful entry into the global LNG market, the company has strongly established its presence and has become a key player in the international LNG trade space.

    She stressed that the current leadership of the NNPC is focused on supporting federal government initiatives to get maximum value from gas production and use.

    Kolawole also noted that participating in the entire LNG value chain would expose the company to other benefits, beyond dividends.

    According to her, NNPC's current ability to acquire volumes in the LNG market and trade such volumes in the global market was achievable thanks to the visionary leadership of the Group Managing Director / Managing Director, Malam Mele Kyari and his team. leadership who provided the environment.

    She expressed her commitment to develop the business for the benefit of the NNPC and the nation.

    NNPC-LNG Ltd is a wholly owned subsidiary of NNPC Ltd with the mandate to manage federal government investments in LNG companies.

    Established on October 3, 2012 as an investment entity in all downstream LNG partnerships and companies, the Company is the issuing entity of four marketing joint ventures (MJVs) of NNPC Ltd, created to market LNG and its derivatives.

    On Tuesday, NNPC Limited called for support from leading technologically advanced jurisdictions around the world to enable the country and other developing countries to achieve the desired global energy transition.

    NNPC CEO / GMD Kyari made this plea during his opening speech at the Nigerian Association of Energy Correspondents (NAEC) 2021 Strategic Conference on - PIA, Energy Transition and the future of Nigeria's oil and gas.

    Kyari, who only recently warned that carrying out the energy transition comprehensively without taking into account the particular socio-economic conditions of various countries would cause upheavals that could exacerbate security problems in developing countries, insisted on the need to allow less technologically endowed countries time to build the required capacity to allow for a smooth transition.

    “As we speak, and as a country and for most African countries, the realities around the energy transition are clearly a major challenge for us.

    “Today, as we all know, we lack energy, we have problems with electricity supply and even a lot of other infrastructure,” Kyari said.

    According to him, the effects of the energy transition were already being felt in the oil and gas industry as local and international lenders suspended oil and gas financing and projects.

    He associated himself with the call made by President Muhammadu Buhari during the COP 26 underway in Glasgow for energy justice in the implementation of the energy transition, stressing that although Africa only represents about 3% of global carbon emissions, the continent still has a responsibility to join the world in the fight against climate change.

    Kyari, however, said Africa needs to be assisted to do so, as most countries on the continent lack the means to make a rapid transition.

    He pointed out that the NNPC, as a catalyst for national energy security, is working hard to increase the domestic use of the country's gas resources as a viable alternative to heavy fossil fuels through the aggressive delivery of all gas infrastructure projects like Ajaokuta-Kaduna-Kano (AKK), Obiafu-Obrikom-Oben (OB3) pipeline and Escravos-Lagos pipeline system expansion project (ELPS).

    The NNPC boss noted that the PIA's fiscal framework gave great support to this aspiration, adding that when completed, the projects would add an additional 8 billion cubic feet of gas to the national gas grid, thereby enabling the optimization of Nigeria's gas resources as planned in the decade of the gas initiative.

    Regarding recent concerns about the impending fuel shortage, the CEO / GMD of NNPC said the company will continue to play its role in ensuring an uninterrupted supply and distribution of petroleum products across the country.

    He confirmed that NNPC has a stockpile of over 1.7 billion liters of Premium Motor Spirit (PMS) and is expecting delivery of an additional 2.3 billion liters during this month to support supply for the Christmas season and beyond.

    NNPC GMD / CEO, Malam Mele Kyari

    Also during the week under review, the NNPC Petroleum Industry Act (PIA) Transition Committee was tasked with getting under way to ensure a seamless transformation of the organization from a company to an energy company of the NNPC. world class.

    GMD / CEO Malam Mele Kyari gave the charge on Wednesday during the committee's inauguration in the NNPC towers, noting that there was no time to waste as things were moving rapidly in the oil and gas industry from the country.

    The GMD said the grand opening was a milestone for NNPC as it grows into a global international oil company (IOC) driven by growth, profitability and performance excellence.

    He said the enactment of the PIA meant that for the first time since the Petroleum Law of 1967, the Nigerian oil and gas industry would have a legislative framework in which it would thrive and bring value to Nigerians.

    Describing the effect resulting from the implementation of the PIA as massive, Kyari said that as a company governed by the principles of the Companies and Related Affairs Act (CAMA), there would be no room for non-execution.

    He said the PIA was about reforming the National Oil Company (NOC) and that as CEO he was committed to ensuring the transition committee fulfills its mandate.

    The transition committee has 18 months to fulfill its mission.

    Meanwhile, NNPC Ltd urged the public not to engage in panic buying of petroleum products as the company had sufficient stock of products that would last through the holiday season and beyond.

    The company said it is engaging all stakeholders to ensure a smooth supply and distribution of products to all regions of the country.

    Mr. Ishaku Abdullahi, Managing Director of Petroleum Products Marketing Company (PPMC), the downstream entity of NNPC, discusses efforts to ensure seamless supply and distribution of petroleum products nationwide.

  •   Some oil and gas experts have advised the federal government to invest heavily in the sector or provide intervention funds to private investors to stop the rise in liquefied petroleum gas LPG prices Experts also advised the Nigerian Liquefied Natural Gas Company NLNG to allocate enough gas to meet local consumption demand up to 1 2 metric tons to eliminate the impact of foreign currency Experts made this known in separate talks with Nigeria s news agency Abuja on Thursday while reacting to the continued rise in the price of LPG otherwise known as cooking gas reports that many consumers and retailers of LPG have complained bitterly about the constant increase in the price of LPG and the perceived decline in quality an effect that is unbearable for households and businesses due to its general use Dr Olanrewaju Aladeitan an oil and gas expert said he was surprised that 60 of our LPG comes from imports while Nigeria is more of a gas producing country than an oil producing country In view of this Aladeitan instructed the government to invest in the sector or better yet the Central Bank of Nigeria CBN to provide intervention funds to private investors to cushion the effect By doing this we would prepare for the Energy Transition which is there anyway It will also help in our decarbonization campaign he said Also speaking with economist Dr Chijioke Ekechukwu pointed out different reasons why the price of LPG has increased and is unstable in the country According to him the annual local consumption of LPG is around 1 2 million metric tons but NLNG only allocates 350 metric tons for local consumption while the rest is imported He said the imported product is subject to a 7 5 percent value added tax VAT The portion of the imported price is determined by an exchange rate that oscillates between N410 and N570 per dollar Often due to port congestion these imported gases attract demurrage which increases the cost he explained To find solutions to this price hike he said the government needs to tackle all of the aforementioned causes in order to bring the prices down He further advised that NLNG should allocate enough to meet local consumption demand up to 1 2 metric tons the impact of currency forex and import as well as the associated costs will be eliminated Ekechukwu said Mr Promise Ajujumbu an LPG retailer said 80 of the gas consumed locally is imported He said gas importers and distributors have complained about the imposed VAT and difficulties in accessing foreign exchange NLG only supplies 20 percent of gas for domestic consumption while 80 percent comes from abroad And because of the difficulty in sourcing foreign currency in the local market instead of getting it directly from CBN at the official price in the end it will affect the price and also make room for adulterated gas The rise started in April when a kilogram Kg was sold around N280 and N300 until the price is currently triggering up to N708 per Kg Currently 20 tons of LPG are sold at 9 5 million naira against 4 million naira before the increase Basically Nigeria is already blessed and can produce enough gas for domestic consumption If there were to be storage and exchange facilities as well as a removal of VAT the price would drop he said Mr John Abuchi another retailer urged the government to address the issues responsible for the high cost of gas Worried about the price going up every week Abuchi said there had been no gain in the market since then adding that he had suffered losses Ms Shade Akpan a gas consumer called the continued rise in prices absurd She said it would be commendable for the government to find a lasting solution to the looming gas crisis in the country It s really telling on the pocket and affects the purchase of a lot of other consumables she said Another consumer Ms Catherine Onyeka revealed that despite the price increase its quality has depreciated Onyeka added that before the looming crisis his 12 5 LPG cylinder when recharged for home use could last over a month She said now the gas was sold for N8 500 it could barely last three weeks I also use another 12 5 cylinder for my fast food business I am not happy because there is no more gain in my business The expense of gas refill alone has affected production costs and customer participation is also declining she said Meanwhile a senior Petroleum Resources Ministry official who pledged anonymity said there was a stakeholder commitment to cushion the effect of the continuing price hike The official said oil and gas stakeholders recently met with government officials and regulatory agencies to come up with an appropriate option to take to bring gas prices down www Source NAN
    Cooking Gas: Experts task FG on massive investment, as consumers bemoan price hike
      Some oil and gas experts have advised the federal government to invest heavily in the sector or provide intervention funds to private investors to stop the rise in liquefied petroleum gas LPG prices Experts also advised the Nigerian Liquefied Natural Gas Company NLNG to allocate enough gas to meet local consumption demand up to 1 2 metric tons to eliminate the impact of foreign currency Experts made this known in separate talks with Nigeria s news agency Abuja on Thursday while reacting to the continued rise in the price of LPG otherwise known as cooking gas reports that many consumers and retailers of LPG have complained bitterly about the constant increase in the price of LPG and the perceived decline in quality an effect that is unbearable for households and businesses due to its general use Dr Olanrewaju Aladeitan an oil and gas expert said he was surprised that 60 of our LPG comes from imports while Nigeria is more of a gas producing country than an oil producing country In view of this Aladeitan instructed the government to invest in the sector or better yet the Central Bank of Nigeria CBN to provide intervention funds to private investors to cushion the effect By doing this we would prepare for the Energy Transition which is there anyway It will also help in our decarbonization campaign he said Also speaking with economist Dr Chijioke Ekechukwu pointed out different reasons why the price of LPG has increased and is unstable in the country According to him the annual local consumption of LPG is around 1 2 million metric tons but NLNG only allocates 350 metric tons for local consumption while the rest is imported He said the imported product is subject to a 7 5 percent value added tax VAT The portion of the imported price is determined by an exchange rate that oscillates between N410 and N570 per dollar Often due to port congestion these imported gases attract demurrage which increases the cost he explained To find solutions to this price hike he said the government needs to tackle all of the aforementioned causes in order to bring the prices down He further advised that NLNG should allocate enough to meet local consumption demand up to 1 2 metric tons the impact of currency forex and import as well as the associated costs will be eliminated Ekechukwu said Mr Promise Ajujumbu an LPG retailer said 80 of the gas consumed locally is imported He said gas importers and distributors have complained about the imposed VAT and difficulties in accessing foreign exchange NLG only supplies 20 percent of gas for domestic consumption while 80 percent comes from abroad And because of the difficulty in sourcing foreign currency in the local market instead of getting it directly from CBN at the official price in the end it will affect the price and also make room for adulterated gas The rise started in April when a kilogram Kg was sold around N280 and N300 until the price is currently triggering up to N708 per Kg Currently 20 tons of LPG are sold at 9 5 million naira against 4 million naira before the increase Basically Nigeria is already blessed and can produce enough gas for domestic consumption If there were to be storage and exchange facilities as well as a removal of VAT the price would drop he said Mr John Abuchi another retailer urged the government to address the issues responsible for the high cost of gas Worried about the price going up every week Abuchi said there had been no gain in the market since then adding that he had suffered losses Ms Shade Akpan a gas consumer called the continued rise in prices absurd She said it would be commendable for the government to find a lasting solution to the looming gas crisis in the country It s really telling on the pocket and affects the purchase of a lot of other consumables she said Another consumer Ms Catherine Onyeka revealed that despite the price increase its quality has depreciated Onyeka added that before the looming crisis his 12 5 LPG cylinder when recharged for home use could last over a month She said now the gas was sold for N8 500 it could barely last three weeks I also use another 12 5 cylinder for my fast food business I am not happy because there is no more gain in my business The expense of gas refill alone has affected production costs and customer participation is also declining she said Meanwhile a senior Petroleum Resources Ministry official who pledged anonymity said there was a stakeholder commitment to cushion the effect of the continuing price hike The official said oil and gas stakeholders recently met with government officials and regulatory agencies to come up with an appropriate option to take to bring gas prices down www Source NAN
    Cooking Gas: Experts task FG on massive investment, as consumers bemoan price hike
    General news1 year ago

    Cooking Gas: Experts task FG on massive investment, as consumers bemoan price hike

    Some oil and gas experts have advised the federal government to invest heavily in the sector or provide intervention funds to private investors to stop the rise in liquefied petroleum gas (LPG) prices.

    Experts also advised the Nigerian Liquefied Natural Gas Company (NLNG) to allocate enough gas to meet local consumption demand, up to 1.2 metric tons, to eliminate the impact of foreign currency. .

    Experts made this known in separate talks with Nigeria's news agency , Abuja, on Thursday while reacting to the continued rise in the price of LPG, otherwise known as cooking gas.

    reports that many consumers and retailers of LPG have complained bitterly about the constant increase in the price of LPG and the perceived decline in quality, an effect that is unbearable for households and businesses due to its general use.

    Dr Olanrewaju Aladeitan, an oil and gas expert, said he was surprised that 60% of our LPG comes from imports, while Nigeria is more of a gas-producing country than an oil-producing country.

    In view of this, Aladeitan instructed the government to invest in the sector or, better yet, the Central Bank of Nigeria (CBN) to provide intervention funds to private investors to cushion the effect.

    “By doing this, we would prepare for the Energy Transition which is there anyway. It will also help in our decarbonization campaign, ”he said.

    Also, speaking with, economist Dr Chijioke Ekechukwu pointed out different reasons why the price of LPG has increased and is unstable in the country.

    According to him, the annual local consumption of LPG is around 1.2 million metric tons, but NLNG only allocates 350 metric tons for local consumption, while the rest is imported.

    He said the imported product is subject to a 7.5 percent value added tax (VAT).

    “The portion of the imported price is determined by an exchange rate that oscillates between N410 and N570 per dollar.

    "Often, due to port congestion, these imported gases attract demurrage which increases the cost," he explained.

    To find solutions to this price hike, he said the government needs to tackle all of the aforementioned causes in order to bring the prices down.

    He further advised that NLNG should allocate enough to meet local consumption demand, up to 1.2 metric tons.

    ", the impact of currency (forex) and import as well as the associated costs will be eliminated," Ekechukwu said.

    Mr. Promise Ajujumbu, an LPG retailer, said 80% of the gas consumed locally is imported.

    He said gas importers and distributors have complained about the imposed VAT and difficulties in accessing foreign exchange.

    “NLG only supplies 20 percent of gas for domestic consumption, while 80 percent comes from abroad.

    “And because of the difficulty in sourcing foreign currency in the local market instead of getting it directly from CBN at the official price, in the end it will affect the price and also make room for adulterated gas.

    “The rise started in April when a kilogram (Kg) was sold around N280 and N300 until the price is currently triggering up to N708 per Kg.

    “Currently, 20 tons of LPG are sold at 9.5 million naira against 4 million naira before the increase.

    “Basically Nigeria is already blessed and can produce enough gas for domestic consumption.

    "If there were to be storage and exchange facilities as well as a removal of VAT, the price would drop," he said.

    Mr. John Abuchi, another retailer, urged the government to address the issues responsible for the high cost of gas.

    Worried about the price going up every week, Abuchi said there had been no gain in the market since then, adding that he had suffered losses.

    Ms. Shade Akpan, a gas consumer, called the continued rise in prices absurd.

    She said it would be commendable for the government to find a lasting solution to the looming gas crisis in the country.

    “It's really telling on the pocket and affects the purchase of a lot of other consumables,” she said.

    Another consumer, Ms. Catherine Onyeka, revealed that despite the price increase, its quality has depreciated.

    Onyeka added that before the looming crisis, his 12.5 LPG cylinder, when recharged for home use, could last over a month.

    She said now the gas was sold for N8,500, it could barely last three weeks.

    “I also use another 12.5 cylinder for my fast food business.

    “I am not happy because there is no more gain in my business.

    “The expense of gas refill alone has affected production costs and customer participation is also declining,” she said.

    Meanwhile, a senior Petroleum Resources Ministry official who pledged anonymity said there was a stakeholder commitment to cushion the effect of the continuing price hike.

    The official said oil and gas stakeholders recently met with government officials and regulatory agencies to come up with an appropriate option to take to bring gas prices down. (www.)

    Source: NAN

  •   By Ismaila Chafe President Muhammadu Buhari has again warned that the federal government remains ready to take decisive action against secessionist agitators and their sponsors who threaten national security The president gave the warning during a broadcast to mark the 61st anniversary of Nigeria s independence Friday in Abuja said officials already high profile of the agitators including a member of the National Assembly had been identified He said The recent arrests of Nnamdi Kanu and Sunday Adeyemo and ongoing investigations have revealed some high level officials behind these individuals We vigorously pursue these proud people one of whom has been identified as an active member of the National Assembly This is a clear example of how people abandon their national leadership positions for their selfish gains Instead of preaching unity they fund and mislead our young people into criminal acts that sometimes result in unfortunate and unnecessary loss of life and property As the so called leaders run abroad to hide our innocent young people are misled and left on the streets to fight for their senseless and destructive causes he said President Buhari said however that the government will continue with a greater level of popular participation and in collaboration with international partners to improve the security architecture reduce the environment conducive to the development of crime and eliminate criminal offenses opportunities for terrorism in the country Regarding the 2021 Oil Industry Law the president said the law was part of relentless efforts to resolve a nearly two decade deadlock on oil resource management and ensure fair consideration for host communities According to him the law not only reorganizes the institutional regulatory and fiscal framework of the oil industry but also reduces the previous opacity associated with this sector He said This is the first step of the reforms because the process is continuous Already to further improve the governance framework I have requested an amendment to Articles 11 2 b and 34 2 b We will also continue to review and modify as appropriate The President praised the leaders and members of the Ninth Assembly for their patriotism their dedication to duty their frankness and most importantly the speed with which they enacted the legacy legislation of this nation I do not take such a level of cooperation for granted and I hope it will continue for the overall effectiveness of the federal apparatus The President further noted that Nigeria s local refining roadmap is on track with the inauguration of a modular refinery at Imo According to him a second modular refinery should be inaugurated by the end of 2021 in Edo while the third in Bayelsa by 2022 In addition to the modular projects we also have the two upcoming mega refinery projects in Lagos and Akwa Ibom states As these refineries are commissioned more employment opportunities are created and there would be an increase in petroleum products available for local consumption which will significantly reduce our dependence on imports By further demonstrating our plan to reduce our dependence on oil and tapping into our enormous gas resources this administration remains committed to the Gas Decade initiative which aims to concentrate the use of our enormous gas resources He revealed that the government has previously supported and promoted various gas based projects including the NLNG 7 train and mega urea and ammonia projects in the South South region Source NAN
    FG vows firm actions against secessionist agitators, sponsors
      By Ismaila Chafe President Muhammadu Buhari has again warned that the federal government remains ready to take decisive action against secessionist agitators and their sponsors who threaten national security The president gave the warning during a broadcast to mark the 61st anniversary of Nigeria s independence Friday in Abuja said officials already high profile of the agitators including a member of the National Assembly had been identified He said The recent arrests of Nnamdi Kanu and Sunday Adeyemo and ongoing investigations have revealed some high level officials behind these individuals We vigorously pursue these proud people one of whom has been identified as an active member of the National Assembly This is a clear example of how people abandon their national leadership positions for their selfish gains Instead of preaching unity they fund and mislead our young people into criminal acts that sometimes result in unfortunate and unnecessary loss of life and property As the so called leaders run abroad to hide our innocent young people are misled and left on the streets to fight for their senseless and destructive causes he said President Buhari said however that the government will continue with a greater level of popular participation and in collaboration with international partners to improve the security architecture reduce the environment conducive to the development of crime and eliminate criminal offenses opportunities for terrorism in the country Regarding the 2021 Oil Industry Law the president said the law was part of relentless efforts to resolve a nearly two decade deadlock on oil resource management and ensure fair consideration for host communities According to him the law not only reorganizes the institutional regulatory and fiscal framework of the oil industry but also reduces the previous opacity associated with this sector He said This is the first step of the reforms because the process is continuous Already to further improve the governance framework I have requested an amendment to Articles 11 2 b and 34 2 b We will also continue to review and modify as appropriate The President praised the leaders and members of the Ninth Assembly for their patriotism their dedication to duty their frankness and most importantly the speed with which they enacted the legacy legislation of this nation I do not take such a level of cooperation for granted and I hope it will continue for the overall effectiveness of the federal apparatus The President further noted that Nigeria s local refining roadmap is on track with the inauguration of a modular refinery at Imo According to him a second modular refinery should be inaugurated by the end of 2021 in Edo while the third in Bayelsa by 2022 In addition to the modular projects we also have the two upcoming mega refinery projects in Lagos and Akwa Ibom states As these refineries are commissioned more employment opportunities are created and there would be an increase in petroleum products available for local consumption which will significantly reduce our dependence on imports By further demonstrating our plan to reduce our dependence on oil and tapping into our enormous gas resources this administration remains committed to the Gas Decade initiative which aims to concentrate the use of our enormous gas resources He revealed that the government has previously supported and promoted various gas based projects including the NLNG 7 train and mega urea and ammonia projects in the South South region Source NAN
    FG vows firm actions against secessionist agitators, sponsors
    Features1 year ago

    FG vows firm actions against secessionist agitators, sponsors

    By Ismaila Chafe

    President Muhammadu Buhari has again warned that the federal government remains ready to take decisive action against secessionist agitators and their sponsors who threaten national security.

    The president gave the warning during a broadcast to mark the 61st anniversary of Nigeria's independence Friday in Abuja, said officials already high-profile of the agitators, including a member of the National Assembly , had been identified.

    He said: “The recent arrests of Nnamdi Kanu and Sunday Adeyemo, and ongoing investigations have revealed some high level officials behind these individuals. We vigorously pursue these proud people, one of whom has been identified as an active member of the National Assembly.

    “This is a clear example of how people abandon their national leadership positions for their selfish gains.

    “Instead of preaching unity, they fund and mislead our young people into criminal acts that sometimes result in unfortunate and unnecessary loss of life and property.

    “As the so-called leaders run abroad to hide, our innocent young people are misled and left on the streets to fight for their senseless and destructive causes,” he said.

    President Buhari said, however, that the government will continue, with a greater level of popular participation and in collaboration with international partners, to improve the security architecture, reduce the environment conducive to the development of crime and eliminate criminal offenses. opportunities for terrorism in the country.

    Regarding the 2021 Oil Industry Law, the president said the law was part of relentless efforts to resolve a nearly two-decade deadlock on oil resource management and ensure fair consideration for host communities. .

    According to him, the law not only reorganizes the institutional, regulatory and fiscal framework of the oil industry but also reduces the previous opacity associated with this sector.

    He said: “This is the first step of the reforms because the process is continuous.

    “Already, to further improve the governance framework, I have requested an amendment to Articles 11 (2) (b) and 34 (2) (b). We will also continue to review and modify as appropriate. ''

    The President praised the leaders and members of the Ninth Assembly for their "patriotism, their dedication to duty, their frankness and, most importantly, the speed with which they enacted the legacy legislation of this nation.

    “I do not take such a level of cooperation for granted and I hope it will continue for the overall effectiveness of the federal apparatus. "

    The President further noted that Nigeria's local refining roadmap is on track with the inauguration of a modular refinery at Imo.

    According to him, a second modular refinery should be inaugurated by the end of 2021 in Edo while the third in Bayelsa by 2022.

    “In addition to the modular projects, we also have the two upcoming mega refinery projects in Lagos and Akwa Ibom states.

    “As these refineries are commissioned, more employment opportunities are created and there would be an increase in petroleum products available for local consumption, which will significantly reduce our dependence on imports. .

    “By further demonstrating our plan to reduce our dependence on oil and tapping into our enormous gas resources, this administration remains committed to the 'Gas Decade' initiative, which aims to concentrate the use of our enormous gas resources.

    He revealed that the government has previously supported and promoted various gas-based projects, including the NLNG 7 train and mega-urea and ammonia projects in the South-South region.

    Source: NAN

  •   By Edith Ike Eboh Emmanuel Afonne Abuja September 26 2021 In accordance with Section 53 1 of the Petroleum Industry Law 2021 which requires the Minister of Petroleum Resources to cause the incorporation of NNPC Limited within six months of promulgation of the Petroleum Industry Act PIA in consultation with the Minister of Fice on the nominal shares of the company President Muhammadu Buhari approved the incorporation of the Nigerian National Petroleum Company Limited The chairman also approved the appointment of a board of directors and management for NNPC Limited and asked the NNPC Group Managing Director Malam Mele Kyari to take the necessary steps to ensure the incorporation of NNPC Limited in accordance with the provisions of the PIA 2021 He appointed the chairman of the NNPC board as senator Ifeanyi Ararume while Kyari and Umar Ajiya were appointed chief executive and chief financial officer respectively Other Board members appointed by the President are Dr Tajudeen Umar North East Ms Lami O Ahmed Center North Malam Mohammed Lawal North West Senator Margaret Chuba Okadigbo South East lawyer Constance Harry Marshal South East and Chief Pius Akiny le South West Araraume was in the Senate for two terms between 1999 and 2007 on the platform of the People s Democratic Party PDP He was born December 16 1958 and attended St Eugene Primary School Eziukwu Aba in present day Abia State and St Christopher Primary School Umuluwe Osuachara in Isiala Mbano Local Government Area State of Imo He obtained a first degree in Business Administration from Liberty University Lynchburg Virginia United States of America He also holds a master s degree in international relations from the University of Benin Kyari was born on January 8 1965 in Maiduguri Borno State He attended Biu Community Public Secondary School between 1977 and 1982 Kyari graduated from Maiduguri University in 1987 with a Bachelor of Science in Geology He completed his mandatory National Youth Service Corp NYSC program with the Food Roads and Rural Infrastructure DFRRI Branch between 1987 and 1988 as a well site geologist Between 1988 and 1991 he worked with the Nigerian Geological Survey Agency before joining the NNPC subsidiary Integrated Data Services Limited IDSL where he worked as a geophysicist in seismic data processing within the data processing department In 1998 he was assigned to National Petroleum Investment Management Services NAPIMS and worked as an exploration geophysicist In 1998 he appointed the Exploration Geophysicist Production Sharing Contract PSC at NAPIMS until 2004 when he became the Abuja Operations Manager of NAPIMS In 2006 was PSC Supervisor Crude Oil Marketing Division COMD of NNPC reaching the position of Chief and then Director of Production Contracts Management of COMD between 2007 and 2014 He was appointed General Manager of Oil Inventory Management COMD where he worked until 2015 before being appointed Group Managing Director COMD and later in 2019 as Group Managing Director of NNPC Ajiya holds a B Sc in Accounting from Ahmadu Bello University Zaria in 1987 and an MBA from Lagos State University Nigeria in 1998 He has over 30 years of experience in the oil and gas industry and started his career at Elf Petroleum now Total and joined Nigeria Liquefied Natural Gas Limited NLNG in 1991 Ajiya has made a significant contribution to raising funds for NLNG trains as well as marketing LNG He rose through the ranks to hold several positions including Head of Treasury Fice and Marketing Business Development In 2012 he joined NNPC as General Commercial Director of the LNG division where he created LNG marketing JVs Prior to being appointed Chief Ficial Officer of the NNPC in 2019 he was responsible for the planning and corporate strategy of the NNPC group He was also Managing Director of the Petroleum Products Marketing Company PPMC where he championed the transformation of PPMC from a loss making entity to a profitable one for the first time in 2017 He sits on the board of directors of several organizations including the Federal Inland Revenue Services Akinyelure was for his part the former national vice president of the Congress of All Progressives Southwest zone 2014 2018 He is also a chartered accountant and technocrat in the petroleum industry After a 35 year career with ExxonMobil which spanned both the upstream and downstream industries he retired as Executive Director Fice and External Relations He continued to maintain interests in business industry and politics He was first appointed to the board of directors of the NNPC in 2016 and reappointed to the board in June 2020 In addition Umar was the former chairman of the Nigeria Sao Tome and Principe Joint Development Authority JDA a bilateral organization established by the governments of Nigeria and Sao Tome and Principe to manage the exclusive economic zone straddling the maritime borders of the Nigeria with Sao Tome and Principe He is a petroleum geologist with over 30 years of experience in the oil and gas industry and has held several positions in the public and private sectors ranging from purely technical to management and executive He also held the position of Executive Director Oversight and Inspections of the same organization while also serving as President He was first appointed to the board of directors of the NNPC in 2016 and reappointed to the board in June 2020 Ms Ahmed has over 30 years of professional experience spanning the entire oil and gas industry value chain His pursuit of further education and continuous personal development has earned him three master s degrees in physiology business administration and social work Ahmed is a successful businesswoman and philanthropist who is involved in several charitable initiatives and humanitarian services across the country She was first appointed to the NNPC Board of Directors in June 2020 Lawal is an engineering procurement specialist with over 35 years of experience in design and maintenance engineering engineering procurement supply chain management public policy administration and politics Mohammed who was reappointed to the NNPC board in May 2020 has been a member of the NNPC board since 2016 Lady Margaret Okadigbo is the wife of former Senate Speaker Chuba Okadigbo She is originally from Anambra State and is a successful businesswoman and politician Marshall is also a seasoned lawyer and is part of the Harry Marshall family of Rivers State Harry Marshal was the political ally of President Buhari of the South South He was murdered in his bedroom on March 6 2003 in Abuja Attorney Constance Marshal was a former coordinator at Rivers State for the 4 4 Rivers State Chapter project During the week under review the NNPC in its Monthly Financial and Operational Report MFOR said it recorded total export sales of crude oil and gas of 219 75 million in May or an increase of 180 29 compared to the previous April According to the report export sales of crude oil contributed 181 19 million 82 45 of dollar transactions compared to 4 22 million the previous month while the sales component to the gas export amounted to 38 56 million in May The report also showed that between May 2020 and May 2021 the Company exported crude oil and gas worth 1 64 billion In the gas sector the report showed that natural gas production during the month under review increased 6 19 percent cemt to 222 23 billion cubic feet bcf compared to the previous month s production resulting in an average production of 7 177 53 million standard cubic feet mmscf of gas per day For the period May 2020 to May 2021 a total of 2 898 34 billion cubic feet of gas was produced representing an average daily production of 7 322 94 mmscf during the period Since the start of the period the output of Joint Ventures JVs Production Sharing Contracts PSC and the Nigerian Petroleum Development Company NPDC has contributed around 60 94 20 04 and 18 99 respectively Of the 216 29 billion cubic feet of gas produced in May a total of 133 56 billion cubic feet was marketed of which 44 02 billion cubic feet and 89 54 billion cubic feet were for domestic markets and export respectively This he said translated into a total gas supply of 1 419 83 mmscfd in the domestic market and 2 893 66 mmscfd in the export market for the month It also implied that 61 75 percent of the average daily gas produced was marketed while the remaining 38 25 percent was either re injected used as upstream fuel or flared In the downstream sector the report indicates that the Petroleum Products Marketing Company PPMC a downstream subsidiary of NNPC achieved 295 72 billion yen in sales of petroleum products during the month under review compared to 220 13 billion yen yen in April In addition the total revenue generated from the sales of petrochemicals for the period May 2020 to May 2021 was 2 345 billion yen where Premium Motor Spirit PMS also known as gasoline has contributed approximately 99 61 of total sales with a value of 2 336 trillion In terms of volume the figure translates to a total of 2 241 billion liters of white goods sold and distributed by PPMC in May 2021 compared to 1 673 billion liters in April 2021 Total sales of petroleum products for the period May 2020 to May 2021 amounted to 18 651 billion liters and PMS accounted for 99 69 of the total volume In May 64 pipeline points were vandalized an increase of 39 13 from the 46 points recorded in April The Port Harcourt area accounted for 65 and the Mosimi and Kaduna areas 30 and 5 respectively of the vandalized points The NNPC in collaboration with local communities and other stakeholders continually strives to reduce and eventually eliminate this threat Regarding security the company s group security department reiterated the need to put all hands on deck to ensure effective security of the company s assets and staff Group Executive Director Business Services Ms Aisha Katagum said at the Q3 Security Stakeholder Meeting held at NNPC towers Abuja She said that although security is an important aspect of life that should be everyone s business it was necessary to always engage with security guards whose primary duty is to secure people and equipment in the process to understand their challenges and help them be more effective in their roles For his part the director general of the group s security department Mr Abba Kaka Mohammed said that the quarterly security stakeholders meeting is a platform for reviewing and evaluating strategies to ensure the end to end security of the company and its facilities across the country The stakeholder meeting brought together representatives from security agencies such as the Nigerian Police NPF the Nigerian Army NA the National Drug Law and Enforcement Agency NDLEA the Department of State Security Services DSS Nigeria Security and Civil Defense Corps NSCDC Federal Road Safety Corps FRSC among others Www Source NAN
    NNPC weekly review: FG approves incorporation of NNPC Ltd
      By Edith Ike Eboh Emmanuel Afonne Abuja September 26 2021 In accordance with Section 53 1 of the Petroleum Industry Law 2021 which requires the Minister of Petroleum Resources to cause the incorporation of NNPC Limited within six months of promulgation of the Petroleum Industry Act PIA in consultation with the Minister of Fice on the nominal shares of the company President Muhammadu Buhari approved the incorporation of the Nigerian National Petroleum Company Limited The chairman also approved the appointment of a board of directors and management for NNPC Limited and asked the NNPC Group Managing Director Malam Mele Kyari to take the necessary steps to ensure the incorporation of NNPC Limited in accordance with the provisions of the PIA 2021 He appointed the chairman of the NNPC board as senator Ifeanyi Ararume while Kyari and Umar Ajiya were appointed chief executive and chief financial officer respectively Other Board members appointed by the President are Dr Tajudeen Umar North East Ms Lami O Ahmed Center North Malam Mohammed Lawal North West Senator Margaret Chuba Okadigbo South East lawyer Constance Harry Marshal South East and Chief Pius Akiny le South West Araraume was in the Senate for two terms between 1999 and 2007 on the platform of the People s Democratic Party PDP He was born December 16 1958 and attended St Eugene Primary School Eziukwu Aba in present day Abia State and St Christopher Primary School Umuluwe Osuachara in Isiala Mbano Local Government Area State of Imo He obtained a first degree in Business Administration from Liberty University Lynchburg Virginia United States of America He also holds a master s degree in international relations from the University of Benin Kyari was born on January 8 1965 in Maiduguri Borno State He attended Biu Community Public Secondary School between 1977 and 1982 Kyari graduated from Maiduguri University in 1987 with a Bachelor of Science in Geology He completed his mandatory National Youth Service Corp NYSC program with the Food Roads and Rural Infrastructure DFRRI Branch between 1987 and 1988 as a well site geologist Between 1988 and 1991 he worked with the Nigerian Geological Survey Agency before joining the NNPC subsidiary Integrated Data Services Limited IDSL where he worked as a geophysicist in seismic data processing within the data processing department In 1998 he was assigned to National Petroleum Investment Management Services NAPIMS and worked as an exploration geophysicist In 1998 he appointed the Exploration Geophysicist Production Sharing Contract PSC at NAPIMS until 2004 when he became the Abuja Operations Manager of NAPIMS In 2006 was PSC Supervisor Crude Oil Marketing Division COMD of NNPC reaching the position of Chief and then Director of Production Contracts Management of COMD between 2007 and 2014 He was appointed General Manager of Oil Inventory Management COMD where he worked until 2015 before being appointed Group Managing Director COMD and later in 2019 as Group Managing Director of NNPC Ajiya holds a B Sc in Accounting from Ahmadu Bello University Zaria in 1987 and an MBA from Lagos State University Nigeria in 1998 He has over 30 years of experience in the oil and gas industry and started his career at Elf Petroleum now Total and joined Nigeria Liquefied Natural Gas Limited NLNG in 1991 Ajiya has made a significant contribution to raising funds for NLNG trains as well as marketing LNG He rose through the ranks to hold several positions including Head of Treasury Fice and Marketing Business Development In 2012 he joined NNPC as General Commercial Director of the LNG division where he created LNG marketing JVs Prior to being appointed Chief Ficial Officer of the NNPC in 2019 he was responsible for the planning and corporate strategy of the NNPC group He was also Managing Director of the Petroleum Products Marketing Company PPMC where he championed the transformation of PPMC from a loss making entity to a profitable one for the first time in 2017 He sits on the board of directors of several organizations including the Federal Inland Revenue Services Akinyelure was for his part the former national vice president of the Congress of All Progressives Southwest zone 2014 2018 He is also a chartered accountant and technocrat in the petroleum industry After a 35 year career with ExxonMobil which spanned both the upstream and downstream industries he retired as Executive Director Fice and External Relations He continued to maintain interests in business industry and politics He was first appointed to the board of directors of the NNPC in 2016 and reappointed to the board in June 2020 In addition Umar was the former chairman of the Nigeria Sao Tome and Principe Joint Development Authority JDA a bilateral organization established by the governments of Nigeria and Sao Tome and Principe to manage the exclusive economic zone straddling the maritime borders of the Nigeria with Sao Tome and Principe He is a petroleum geologist with over 30 years of experience in the oil and gas industry and has held several positions in the public and private sectors ranging from purely technical to management and executive He also held the position of Executive Director Oversight and Inspections of the same organization while also serving as President He was first appointed to the board of directors of the NNPC in 2016 and reappointed to the board in June 2020 Ms Ahmed has over 30 years of professional experience spanning the entire oil and gas industry value chain His pursuit of further education and continuous personal development has earned him three master s degrees in physiology business administration and social work Ahmed is a successful businesswoman and philanthropist who is involved in several charitable initiatives and humanitarian services across the country She was first appointed to the NNPC Board of Directors in June 2020 Lawal is an engineering procurement specialist with over 35 years of experience in design and maintenance engineering engineering procurement supply chain management public policy administration and politics Mohammed who was reappointed to the NNPC board in May 2020 has been a member of the NNPC board since 2016 Lady Margaret Okadigbo is the wife of former Senate Speaker Chuba Okadigbo She is originally from Anambra State and is a successful businesswoman and politician Marshall is also a seasoned lawyer and is part of the Harry Marshall family of Rivers State Harry Marshal was the political ally of President Buhari of the South South He was murdered in his bedroom on March 6 2003 in Abuja Attorney Constance Marshal was a former coordinator at Rivers State for the 4 4 Rivers State Chapter project During the week under review the NNPC in its Monthly Financial and Operational Report MFOR said it recorded total export sales of crude oil and gas of 219 75 million in May or an increase of 180 29 compared to the previous April According to the report export sales of crude oil contributed 181 19 million 82 45 of dollar transactions compared to 4 22 million the previous month while the sales component to the gas export amounted to 38 56 million in May The report also showed that between May 2020 and May 2021 the Company exported crude oil and gas worth 1 64 billion In the gas sector the report showed that natural gas production during the month under review increased 6 19 percent cemt to 222 23 billion cubic feet bcf compared to the previous month s production resulting in an average production of 7 177 53 million standard cubic feet mmscf of gas per day For the period May 2020 to May 2021 a total of 2 898 34 billion cubic feet of gas was produced representing an average daily production of 7 322 94 mmscf during the period Since the start of the period the output of Joint Ventures JVs Production Sharing Contracts PSC and the Nigerian Petroleum Development Company NPDC has contributed around 60 94 20 04 and 18 99 respectively Of the 216 29 billion cubic feet of gas produced in May a total of 133 56 billion cubic feet was marketed of which 44 02 billion cubic feet and 89 54 billion cubic feet were for domestic markets and export respectively This he said translated into a total gas supply of 1 419 83 mmscfd in the domestic market and 2 893 66 mmscfd in the export market for the month It also implied that 61 75 percent of the average daily gas produced was marketed while the remaining 38 25 percent was either re injected used as upstream fuel or flared In the downstream sector the report indicates that the Petroleum Products Marketing Company PPMC a downstream subsidiary of NNPC achieved 295 72 billion yen in sales of petroleum products during the month under review compared to 220 13 billion yen yen in April In addition the total revenue generated from the sales of petrochemicals for the period May 2020 to May 2021 was 2 345 billion yen where Premium Motor Spirit PMS also known as gasoline has contributed approximately 99 61 of total sales with a value of 2 336 trillion In terms of volume the figure translates to a total of 2 241 billion liters of white goods sold and distributed by PPMC in May 2021 compared to 1 673 billion liters in April 2021 Total sales of petroleum products for the period May 2020 to May 2021 amounted to 18 651 billion liters and PMS accounted for 99 69 of the total volume In May 64 pipeline points were vandalized an increase of 39 13 from the 46 points recorded in April The Port Harcourt area accounted for 65 and the Mosimi and Kaduna areas 30 and 5 respectively of the vandalized points The NNPC in collaboration with local communities and other stakeholders continually strives to reduce and eventually eliminate this threat Regarding security the company s group security department reiterated the need to put all hands on deck to ensure effective security of the company s assets and staff Group Executive Director Business Services Ms Aisha Katagum said at the Q3 Security Stakeholder Meeting held at NNPC towers Abuja She said that although security is an important aspect of life that should be everyone s business it was necessary to always engage with security guards whose primary duty is to secure people and equipment in the process to understand their challenges and help them be more effective in their roles For his part the director general of the group s security department Mr Abba Kaka Mohammed said that the quarterly security stakeholders meeting is a platform for reviewing and evaluating strategies to ensure the end to end security of the company and its facilities across the country The stakeholder meeting brought together representatives from security agencies such as the Nigerian Police NPF the Nigerian Army NA the National Drug Law and Enforcement Agency NDLEA the Department of State Security Services DSS Nigeria Security and Civil Defense Corps NSCDC Federal Road Safety Corps FRSC among others Www Source NAN
    NNPC weekly review: FG approves incorporation of NNPC Ltd
    General news1 year ago

    NNPC weekly review: FG approves incorporation of NNPC Ltd

    By Edith Ike-Eboh & Emmanuel Afonne

    Abuja, September 26, 2021 In accordance with Section 53 (1) of the Petroleum Industry Law 2021, which requires the Minister of Petroleum Resources to cause the incorporation of NNPC Limited within six months of promulgation of the Petroleum Industry Act (PIA) in consultation with the Minister of Fice on the nominal shares of the company, President Muhammadu Buhari approved the incorporation of the Nigerian National Petroleum Company Limited.

    The chairman also approved the appointment of a board of directors and management for NNPC Limited and asked the NNPC Group Managing Director, Malam Mele Kyari, to take the necessary steps to ensure the incorporation of NNPC Limited in accordance with the provisions of the PIA. 2021.

    He appointed the chairman of the NNPC board as senator Ifeanyi Ararume, while Kyari and Umar Ajiya were appointed chief executive and chief financial officer respectively.

    Other Board members appointed by the President are Dr Tajudeen Umar (North East), Ms Lami O. Ahmed (Center-North), Malam Mohammed Lawal (North-West), Senator Margaret Chuba Okadigbo (South-East) , lawyer Constance Harry Marshal (South East) and Chief Pius Akinyèle (South West).

    Araraume was in the Senate for two terms between 1999 and 2007 on the platform of the People's Democratic Party (PDP).

    He was born December 16, 1958 and attended St. Eugene Primary School, Eziukwu Aba in present-day Abia State and St. Christopher Primary School, Umuluwe, Osuachara in Isiala Mbano Local Government Area , State of Imo.

    He obtained a first degree in Business Administration from Liberty University, Lynchburg, Virginia, United States of America.

    He also holds a master's degree in international relations from the University of Benin.

    Kyari was born on January 8, 1965 in Maiduguri, Borno State.

    He attended Biu Community Public Secondary School between 1977 and 1982.

    Kyari graduated from Maiduguri University in 1987 with a Bachelor of Science in Geology.

    He completed his mandatory National Youth Service Corp (NYSC) program with the Food, Roads, and Rural Infrastructure (DFRRI) Branch between 1987 and 1988 as a well site geologist.

    Between 1988 and 1991, he worked with the Nigerian Geological Survey Agency before joining the NNPC subsidiary, Integrated Data Services Limited (IDSL), where he worked as a geophysicist in seismic data processing within the data processing department. .

    In 1998, he was assigned to National Petroleum Investment Management Services (NAPIMS) and worked as an exploration geophysicist.

    In 1998, he appointed the Exploration Geophysicist, Production Sharing Contract (PSC) at NAPIMS until 2004, when he became the Abuja Operations Manager of NAPIMS.

    In 2006, was PSC Supervisor, Crude Oil Marketing Division (COMD) of NNPC, reaching the position of Chief and then Director of Production Contracts Management of COMD between 2007 and 2014.

    He was appointed General Manager of Oil Inventory Management, COMD, where he worked until 2015 before being appointed Group Managing Director, COMD and later in 2019 as Group Managing Director of NNPC.

    Ajiya holds a B.Sc in Accounting from Ahmadu Bello University, Zaria, in 1987 and an MBA from Lagos State University, Nigeria in 1998.

    He has over 30 years of experience in the oil and gas industry and started his career at Elf Petroleum (now Total) and joined Nigeria Liquefied Natural Gas Limited (NLNG) in 1991.

    Ajiya has made a significant contribution to raising funds for NLNG trains as well as marketing LNG.

    He rose through the ranks to hold several positions including Head of Treasury, Fice and Marketing & Business Development.

    In 2012, he joined NNPC as General Commercial Director of the LNG division where he created LNG marketing JVs. Prior to being appointed Chief Ficial Officer of the NNPC in 2019, he was responsible for the planning and corporate strategy of the NNPC group.

    He was also Managing Director of the Petroleum Products Marketing Company (PPMC) where he championed the transformation of PPMC from a loss-making entity to a profitable one for the first time in 2017.

    He sits on the board of directors of several organizations, including the Federal Inland Revenue Services.

    Akinyelure was for his part the former national vice-president of the Congress of All Progressives, Southwest zone (2014-2018).

    He is also a chartered accountant and technocrat in the petroleum industry.

    After a 35-year career with ExxonMobil which spanned both the upstream and downstream industries, he retired as Executive Director, Fice and External Relations.

    He continued to maintain interests in business, industry and politics.

    He was first appointed to the board of directors of the NNPC in 2016 and reappointed to the board in June 2020.

    In addition, Umar was the former chairman of the Nigeria-Sao Tome and Principe Joint Development Authority (JDA), a bilateral organization established by the governments of Nigeria and Sao Tome and Principe to manage the exclusive economic zone straddling the maritime borders of the Nigeria with Sao Tome and Principe.

    He is a petroleum geologist with over 30 years of experience in the oil and gas industry and has held several positions in the public and private sectors ranging from purely technical to management and executive.

    He also held the position of Executive Director, Oversight and Inspections, of the same organization while also serving as President.

    He was first appointed to the board of directors of the NNPC in 2016 and reappointed to the board in June 2020.

    Ms. Ahmed has over 30 years of professional experience spanning the entire oil and gas industry value chain.

    His pursuit of further education and continuous personal development has earned him three master's degrees in physiology, business administration and social work.

    Ahmed is a successful businesswoman and philanthropist who is involved in several charitable initiatives and humanitarian services across the country.

    She was first appointed to the NNPC Board of Directors in June 2020.

    Lawal is an engineering procurement specialist with over 35 years of experience in design and maintenance engineering, engineering procurement (supply chain management), public policy administration and politics.

    Mohammed, who was reappointed to the NNPC board in May 2020, has been a member of the NNPC board since 2016.

    Lady Margaret Okadigbo is the wife of former Senate Speaker Chuba Okadigbo.

    She is originally from Anambra State and is a successful businesswoman and politician.

    Marshall is also a seasoned lawyer and is part of the Harry Marshall family of Rivers State.

    Harry Marshal was the political ally of President Buhari of the South-South.

    He was murdered in his bedroom on March 6, 2003, in Abuja.

    Attorney Constance Marshal was a former coordinator at Rivers State for the 4 + 4 Rivers State Chapter project.

    During the week under review, the NNPC, in its Monthly Financial and Operational Report (MFOR), said it recorded total export sales of crude oil and gas of $ 219.75 million in May, or an increase of 180.29% compared to the previous April.

    According to the report, export sales of crude oil contributed $ 181.19 million (82.45%) of dollar transactions compared to $ 4.22 million the previous month, while the sales component to the gas export amounted to $ 38.56 million in May.

    The report also showed that between May 2020 and May 2021, the Company exported crude oil and gas worth $ 1.64 billion.

    In the gas sector, the report showed that natural gas production during the month under review increased 6.19 percent cemt to 222.23 billion cubic feet (bcf) compared to the previous month's production. , resulting in an average production of 7,177.53 million standard cubic feet (mmscf) of gas per day.

    For the period May 2020 to May 2021, a total of 2,898.34 billion cubic feet of gas was produced, representing an average daily production of 7,322.94 mmscf during the period.

    Since the start of the period, the output of Joint Ventures (JVs), Production Sharing Contracts (PSC) and the Nigerian Petroleum Development Company (NPDC) has contributed around 60.94%, 20.04% and 18, 99% respectively.

    Of the 216.29 billion cubic feet of gas produced in May, a total of 133.56 billion cubic feet was marketed, of which 44.02 billion cubic feet and 89.54 billion cubic feet were for domestic markets and export respectively.

    This, he said, translated into a total gas supply of 1,419.83 mmscfd in the domestic market and 2,893.66 mmscfd in the export market for the month.

    It also implied that 61.75 percent of the average daily gas produced was marketed while the remaining 38.25 percent was either re-injected, used as upstream fuel, or flared.

    In the downstream sector, the report indicates that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of NNPC, achieved 295.72 billion yen in sales of petroleum products during the month under review compared to 220.13 billion yen. yen in April.

    In addition, the total revenue generated from the sales of petrochemicals for the period May 2020 to May 2021 was 2.345 billion yen, where Premium Motor Spirit (PMS), also known as gasoline, has contributed approximately 99.61% of total sales with a value of ₦. 2.336 trillion.

    In terms of volume, the figure translates to a total of 2.241 billion liters of white goods sold and distributed by PPMC in May 2021 compared to 1.673 billion liters in April 2021.

    Total sales of petroleum products for the period May 2020 to May 2021 amounted to 18.651 billion liters and PMS accounted for 99.69% of the total volume.

    In May, 64 pipeline points were vandalized, an increase of 39.13% from the 46 points recorded in April.

    The Port Harcourt area accounted for 65% and the Mosimi and Kaduna areas 30% and 5% respectively of the vandalized points.

    The NNPC, in collaboration with local communities and other stakeholders, continually strives to reduce and eventually eliminate this threat.

    Regarding security, the company's group security department reiterated the need to put all hands on deck to ensure effective security of the company's assets and staff.

    Group Executive Director, Business Services, Ms. Aisha Katagum, said at the Q3 Security Stakeholder Meeting held at NNPC towers, Abuja.

    She said that although security is an important aspect of life that should be everyone's business, it was necessary to always engage with security guards whose primary duty is to secure people and equipment in the process. to understand their challenges and help them be more effective in their roles.

    For his part, the director general of the group's security department, Mr. Abba Kaka Mohammed, said that the quarterly security stakeholders meeting is a platform for reviewing and evaluating strategies to ensure the end-to-end security of the company and its facilities across the country.

    The stakeholder meeting brought together representatives from security agencies such as the Nigerian Police (NPF), the Nigerian Army (NA), the National Drug Law and Enforcement Agency (NDLEA), the Department of State Security Services (DSS ), Nigeria Security and Civil Defense Corps (NSCDC), Federal Road Safety Corps (FRSC), among others. (Www,)

    Source: NAN

  •   By Ismaila Chafe The Presidency has listed numerous jinxes broken by the Buhari administration in recent times Mr Femi Adesina the Special Adviser to the President on Media and Publicity listed the jinxes in a special write up on Sunday in Abuja He stated that a giant sized jinx was broken recently when the Nigerian National Petroleum Corporation NNPC announced a first net profit in the 44 year history of the organisation According to him under President Buhari who doubles as the Minister for Petroleum Resources the oil conglomerate announced a first ever profit of N287 billion saying such had never happened before He however observed that this feat was by no means the only major jinx broken by the Buhari administration The presidential aide listed other jinxes broken to include the Petroleum Industry Bill signed into law in 2021 after almost two decades in the works It is aimed at reforming a Petroleum Act dating back to 1969 as well as other supplementary laws and regulations Deep Offshore and Inland Basin Production Sharing Contracts Act 2019 amended for the first time since 1993 More than six billion dollars of inherited cash call arrears now being cleared by the Buhari administration since 2016 More than three billion dollars of the arrears payments due to International Oil Companies have since been paid Adesina said He said the Buhari administration has also overseen the first successful Marginal Fields Bid Round in almost 20 years The Buhari administration has launched the first National Social Investment Programme in the country s history Today it is the largest Social Investment Programme in Africa and one of the largest in the world Restoration of the Federal Budget to a January to December cycle after more than a decade he said The presidential aide said that the Nigeria Centre for Disease Control NCDC though established in 2011 did not have an enabling Act of the National Assembly until 2018 when President Buhari assented to the NCDC Act Nigeria Police Act 2020 The first overhaul of the Police Act since it was originally enacted in 1943 Nigeria Correctional Service Act 2019 overhauled the existing Prisons Act almost 50 years after it was first enacted Fice Acts 2019 and 2020 the first time ever that federal budgets are being accompanied by dedicated and specific reform legislation to support implementation Adesina also listed the suppression of Piracy and Other Maritime Offences Bill SPOMO 2019 as one of the jinxes broken pointing out that it was the first of its kind in the entire Gulf of Guinea dedicated to prosecuting maritime offences Police Trust Fund Act 2019 First ever legislation dedicated to addressing the ficing of the Police Force CAMA 2020 the first overhaul of the Company and Allied Matters Act CAMA in 30 years He said the Discrimination Against Persons With Disabilities Prohibition Act 2018 was another unprecedented piece of legislation in Nigeria and Treasury Single Account TSA started in 2012 expanded across the entire government by President Buhari Adesina also listed the completion of some major projects by the Buhari administration to uplift the quality of life of the citizens He said the projects included the Itakpe Warri Rail Line started in 1987 abandoned for decades and finally completed in 2020 Others are the completion of four standard gauge railway projects between 2016 and 2021 Abuja Kaduna Rail Line Abuja Metro Line Itakpe Warri Rail Line and Lagos Ibadan Rail Line According to him Buhari is the first president to start and complete a rail project in Nigeria s history Lagos Ibadan Rail The last NLNG Train project Train 6 was completed in 2008 President Buhari has successfully flagged off Train 7 construction Apapa Oshodi Oworonshoki Expressway undergoing full reconstruction for the first time since it was constructed in the late 1970s Bodo Bonny Bridges and Road Construction finally kicked off in 2017 after several decades of planning and three false starts The long awaited Ogoni Clean Up kicked off under the Buhari Administration he added He also disclosed that the Nigerian Navy had in 2021 acquired its first new Landing Ship Tank LST in more than 40 years He added that the Nigerian Air Force had enjoyed the largest investment in fleet renewal in decades under the Buhari administration acquiring more than two dozen new aircraft since 2016 Adesina revealed that the administration had also ensured the construction of the first full scale private refinery and the first privately ficed Deep Sea Port in Nigeria s history both started under President Buhari s watch Only one Modular Refinery in the country pre 2016 Since 2018 there have been several either under construction or already completed Maritime University Delta State licensed by the NUC and operationalized in 2018 he said He further stated that the administration had ensured the completion since 2016 of 12 inherited dam projects across the country These dams include the Kashimbila Multipurpose Dam Taraba Ogwashi Uku Multipurpose Dam Delta Adada Dam Enugu Sulma Earth Dam Katsina Gimi Earth Dam Kaduna Amla Otukpo Dam Benue and Amauzari Earth Dam Imo Others are the Ibiono Ibom Earth Dam Akwa Ibom Gadau Lafia Zigau Dam Bauchi Alajue Small Earth Dam Osun Kampe Omi Dam Kogi Rehabilitation and Kargo Dam Kaduna Rehabilitation He said the administration had completed three inherited Hydropower Projects accounting for more than 100MW of electricity in total Gurara Hydropower Project 30MW Kaduna State completed and concessioned in 2020 Kashimbila Hydropower Project 40MW Taraba Dadin Kowa Hydropower Project 40MW Gombe Other achievements of the administration according to Adesina include the completion since 2016 of seven inherited Irrigation projects and 30 Water Supply Projects inherited by the Administration The projects are the Central Ogbia Regional Water Supply Project in Bayelsa Northern Ishan Regional Water Supply Project and the Ojirami Dam Water Supply Scheme and Reticulation Network both in Edo and Sabke Dutsi and Mashi Water Supply Project in Katsina State Adesina said the Vom Water Supply Project and Mangu Regional Water Supply Scheme in Plateau State Takum Water Supply Project in Taraba State were completed by the Buhari administration Others are Gambaki Chinade Hardawa Bulkachuwa Water Supply Project in Bauchi State and Inyishi Regional Water Supply Project in Imo were also completed under the Buhari government He also gave the nemes of other completed projects to include the Ilobu Water Supply Scheme and Osogbo Water Supply Scheme in Osun State Idanre Water Supply Project in Ondo State Ofeme Water Supply Project in Abia State and Uburu Water Supply Scheme in Ebonyi The presidential aide nemed Gashua Water Supply Scheme in Yobe State Kwami Gadam and Bojude Water Supply Project in Gombe State the Saki Town Water Supply Project Oyo State and the Zobe and Kazaure Water Supply Projects in Katsina and Jigawa States respectively as part of the completed projects by the Buhari administration He also listed the completion of the headquarters of the EFCC NDDC Complexes started in 2011 and the mid 1990s but completed 2018 and 2021 respectively Adesina said that the Zik Mausoleum started in 1996 was also completed and inaugurated 2018 by the Buhari administration Source NAN
    Presidency lists jinxes broken by Buhari’s administration
      By Ismaila Chafe The Presidency has listed numerous jinxes broken by the Buhari administration in recent times Mr Femi Adesina the Special Adviser to the President on Media and Publicity listed the jinxes in a special write up on Sunday in Abuja He stated that a giant sized jinx was broken recently when the Nigerian National Petroleum Corporation NNPC announced a first net profit in the 44 year history of the organisation According to him under President Buhari who doubles as the Minister for Petroleum Resources the oil conglomerate announced a first ever profit of N287 billion saying such had never happened before He however observed that this feat was by no means the only major jinx broken by the Buhari administration The presidential aide listed other jinxes broken to include the Petroleum Industry Bill signed into law in 2021 after almost two decades in the works It is aimed at reforming a Petroleum Act dating back to 1969 as well as other supplementary laws and regulations Deep Offshore and Inland Basin Production Sharing Contracts Act 2019 amended for the first time since 1993 More than six billion dollars of inherited cash call arrears now being cleared by the Buhari administration since 2016 More than three billion dollars of the arrears payments due to International Oil Companies have since been paid Adesina said He said the Buhari administration has also overseen the first successful Marginal Fields Bid Round in almost 20 years The Buhari administration has launched the first National Social Investment Programme in the country s history Today it is the largest Social Investment Programme in Africa and one of the largest in the world Restoration of the Federal Budget to a January to December cycle after more than a decade he said The presidential aide said that the Nigeria Centre for Disease Control NCDC though established in 2011 did not have an enabling Act of the National Assembly until 2018 when President Buhari assented to the NCDC Act Nigeria Police Act 2020 The first overhaul of the Police Act since it was originally enacted in 1943 Nigeria Correctional Service Act 2019 overhauled the existing Prisons Act almost 50 years after it was first enacted Fice Acts 2019 and 2020 the first time ever that federal budgets are being accompanied by dedicated and specific reform legislation to support implementation Adesina also listed the suppression of Piracy and Other Maritime Offences Bill SPOMO 2019 as one of the jinxes broken pointing out that it was the first of its kind in the entire Gulf of Guinea dedicated to prosecuting maritime offences Police Trust Fund Act 2019 First ever legislation dedicated to addressing the ficing of the Police Force CAMA 2020 the first overhaul of the Company and Allied Matters Act CAMA in 30 years He said the Discrimination Against Persons With Disabilities Prohibition Act 2018 was another unprecedented piece of legislation in Nigeria and Treasury Single Account TSA started in 2012 expanded across the entire government by President Buhari Adesina also listed the completion of some major projects by the Buhari administration to uplift the quality of life of the citizens He said the projects included the Itakpe Warri Rail Line started in 1987 abandoned for decades and finally completed in 2020 Others are the completion of four standard gauge railway projects between 2016 and 2021 Abuja Kaduna Rail Line Abuja Metro Line Itakpe Warri Rail Line and Lagos Ibadan Rail Line According to him Buhari is the first president to start and complete a rail project in Nigeria s history Lagos Ibadan Rail The last NLNG Train project Train 6 was completed in 2008 President Buhari has successfully flagged off Train 7 construction Apapa Oshodi Oworonshoki Expressway undergoing full reconstruction for the first time since it was constructed in the late 1970s Bodo Bonny Bridges and Road Construction finally kicked off in 2017 after several decades of planning and three false starts The long awaited Ogoni Clean Up kicked off under the Buhari Administration he added He also disclosed that the Nigerian Navy had in 2021 acquired its first new Landing Ship Tank LST in more than 40 years He added that the Nigerian Air Force had enjoyed the largest investment in fleet renewal in decades under the Buhari administration acquiring more than two dozen new aircraft since 2016 Adesina revealed that the administration had also ensured the construction of the first full scale private refinery and the first privately ficed Deep Sea Port in Nigeria s history both started under President Buhari s watch Only one Modular Refinery in the country pre 2016 Since 2018 there have been several either under construction or already completed Maritime University Delta State licensed by the NUC and operationalized in 2018 he said He further stated that the administration had ensured the completion since 2016 of 12 inherited dam projects across the country These dams include the Kashimbila Multipurpose Dam Taraba Ogwashi Uku Multipurpose Dam Delta Adada Dam Enugu Sulma Earth Dam Katsina Gimi Earth Dam Kaduna Amla Otukpo Dam Benue and Amauzari Earth Dam Imo Others are the Ibiono Ibom Earth Dam Akwa Ibom Gadau Lafia Zigau Dam Bauchi Alajue Small Earth Dam Osun Kampe Omi Dam Kogi Rehabilitation and Kargo Dam Kaduna Rehabilitation He said the administration had completed three inherited Hydropower Projects accounting for more than 100MW of electricity in total Gurara Hydropower Project 30MW Kaduna State completed and concessioned in 2020 Kashimbila Hydropower Project 40MW Taraba Dadin Kowa Hydropower Project 40MW Gombe Other achievements of the administration according to Adesina include the completion since 2016 of seven inherited Irrigation projects and 30 Water Supply Projects inherited by the Administration The projects are the Central Ogbia Regional Water Supply Project in Bayelsa Northern Ishan Regional Water Supply Project and the Ojirami Dam Water Supply Scheme and Reticulation Network both in Edo and Sabke Dutsi and Mashi Water Supply Project in Katsina State Adesina said the Vom Water Supply Project and Mangu Regional Water Supply Scheme in Plateau State Takum Water Supply Project in Taraba State were completed by the Buhari administration Others are Gambaki Chinade Hardawa Bulkachuwa Water Supply Project in Bauchi State and Inyishi Regional Water Supply Project in Imo were also completed under the Buhari government He also gave the nemes of other completed projects to include the Ilobu Water Supply Scheme and Osogbo Water Supply Scheme in Osun State Idanre Water Supply Project in Ondo State Ofeme Water Supply Project in Abia State and Uburu Water Supply Scheme in Ebonyi The presidential aide nemed Gashua Water Supply Scheme in Yobe State Kwami Gadam and Bojude Water Supply Project in Gombe State the Saki Town Water Supply Project Oyo State and the Zobe and Kazaure Water Supply Projects in Katsina and Jigawa States respectively as part of the completed projects by the Buhari administration He also listed the completion of the headquarters of the EFCC NDDC Complexes started in 2011 and the mid 1990s but completed 2018 and 2021 respectively Adesina said that the Zik Mausoleum started in 1996 was also completed and inaugurated 2018 by the Buhari administration Source NAN
    Presidency lists jinxes broken by Buhari’s administration
    General news1 year ago

    Presidency lists jinxes broken by Buhari’s administration

    By Ismaila Chafe

    The Presidency has listed numerous jinxes broken by the Buhari administration in recent times.

    Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, listed the jinxes in a special write-up on Sunday in Abuja.

    He stated that “a giant-sized jinx was broken recently when the Nigerian National Petroleum Corporation (NNPC) announced a first net profit in the 44-year history of the organisation.

    According to him, under President Buhari, who doubles as the Minister for Petroleum Resources, the oil conglomerate announced a first-ever profit of N287 billion, saying such had never happened before.

    He, however, observed that this feat was by no means the only major jinx broken by the Buhari administration.

    The presidential aide listed other jinxes broken to include the “Petroleum Industry Bill signed into law in 2021, after almost two decades in the works.

    “ It is aimed at reforming a Petroleum Act dating back to 1969, as well as other supplementary laws and regulations.

    “Deep Offshore and Inland Basin (Production Sharing Contracts) Act, 2019, amended for the first time since 1993.

    “More than six billion dollars of inherited cash call arrears now being cleared by the Buhari administration, since 2016.

    “More than three billion dollars of the arrears (payments due to International Oil Companies) have since been paid,“ Adesina said.

    He said the Buhari administration has also overseen the first successful Marginal Fields Bid Round in almost 20 years.

    “The Buhari administration has launched the first National Social Investment Programme in the country’s history. Today it is the largest Social Investment Programme in Africa and one of the largest in the world.

    “Restoration of the Federal Budget to a January-to-December cycle, after more than a decade, he said.

    The presidential aide said that the Nigeria Centre for Disease Control (NCDC) though established in 2011 did not have an enabling Act of the National Assembly until 2018 when President Buhari assented to the NCDC Act.

    “Nigeria Police Act, 2020: The first overhaul of the Police Act since it was originally enacted in 1943

    “Nigeria Correctional Service Act, 2019 overhauled the existing Prisons Act, almost 50 years after it was first enacted.

    “Fice Acts 2019 and 2020 – the first time ever that federal budgets are being accompanied by dedicated and specific reform legislation, to support implementation.

    Adesina also listed the suppression of Piracy and Other Maritime Offences Bill (SPOMO), 2019 as one of the jinxes broken, pointing out that it was the first of its kind in the entire Gulf of Guinea dedicated to prosecuting maritime offences.

    “Police Trust Fund Act, 2019: First-ever legislation dedicated to addressing the ficing of the Police Force

    “CAMA, 2020 – the first overhaul of the Company and Allied Matters Act (CAMA) in 30 years.

    He said the Discrimination Against Persons With Disabilities (Prohibition) Act, 2018 was another unprecedented piece of legislation in Nigeria and Treasury Single Account (TSA),  started in 2012, expanded across the entire government by President Buhari.

    Adesina also listed the completion of some major projects by the Buhari administration to uplift the quality of life of the citizens.

    He said the projects included the Itakpe-Warri Rail Line, started in 1987, abandoned for decades, and finally completed in 2020.

    Others are the completion of four standard gauge railway projects between 2016 and 2021: Abuja-Kaduna Rail Line, Abuja Metro Line, Itakpe-Warri Rail Line and Lagos-Ibadan Rail Line.

    According to him, Buhari is the first president to start and complete a rail project in Nigeria’s history – Lagos-Ibadan Rail.

    “The last NLNG Train project (Train 6) was completed in 2008. President Buhari has successfully flagged off Train 7 construction.

    “Apapa-Oshodi-Oworonshoki Expressway, undergoing full reconstruction for the first time since it was constructed in the late 1970s.

    “Bodo-Bonny Bridges and Road: Construction finally kicked off in 2017, after several decades of planning, and three false starts.

    “The long-awaited Ogoni Clean-Up kicked off under the Buhari Administration,’’ he added.

    He also disclosed that the Nigerian Navy had in 2021 acquired its first new Landing Ship Tank (LST) in more than 40 years.

    He added that the Nigerian Air Force had enjoyed the largest investment in fleet renewal in decades, under the Buhari administration, acquiring more than two-dozen new aircraft since 2016.

    Adesina revealed that the administration had also ensured the construction of the first full-scale private refinery and the first privately ficed Deep Sea Port in Nigeria’s history both started under President Buhari’s watch.

    “Only one Modular Refinery in the country pre-2016. Since 2018, there have been several either under construction or already completed.

    “Maritime University, Delta State, licensed by the NUC and operationalized in 2018,’’ he said.

    He further stated that the administration had ensured the completion, since 2016, of 12 inherited dam projects across the country.

    These dams include the Kashimbila Multipurpose Dam, Taraba; Ogwashi-Uku Multipurpose Dam, Delta; Adada Dam, Enugu; Sulma Earth Dam, Katsina; Gimi Earth Dam, Kaduna; Amla-Otukpo Dam, Benue and Amauzari Earth Dam, Imo.

    Others are the Ibiono-Ibom Earth Dam, Akwa Ibom; Gadau/Lafia Zigau Dam, Bauchi; Alajue Small Earth Dam, Osun; Kampe Omi Dam, Kogi (Rehabilitation) and Kargo Dam, Kaduna (Rehabilitation)

    He said the administration had completed three inherited Hydropower Projects, accounting for more than 100MW of electricity in total: Gurara Hydropower Project, 30MW, Kaduna State – completed and concessioned in 2020; Kashimbila Hydropower Project, 40MW, Taraba, Dadin-Kowa Hydropower Project, 40MW, Gombe.

    Other achievements of the administration, according to Adesina, include the completion, since 2016, of seven inherited Irrigation projects and 30 Water Supply Projects inherited by the Administration.

    The projects are the Central Ogbia Regional Water Supply Project in Bayelsa, Northern Ishan Regional Water Supply Project and the Ojirami Dam Water Supply Scheme and Reticulation Network, both in Edo and Sabke, Dutsi and Mashi Water Supply Project in Katsina State.

    Adesina said the Vom Water Supply Project and Mangu Regional Water Supply Scheme in Plateau State; Takum Water Supply Project in Taraba State were completed by the Buhari administration.

    Others are Gambaki/Chinade/Hardawa/Bulkachuwa Water Supply Project in Bauchi State and Inyishi Regional Water Supply Project in Imo were also completed under the Buhari government.

    He also gave the nemes of other completed projects to include the Ilobu Water Supply Scheme and Osogbo Water Supply Scheme in Osun State; Idanre Water Supply Project in Ondo State; Ofeme Water Supply Project in Abia State and Uburu Water Supply Scheme in Ebonyi.

    The presidential aide nemed Gashua Water Supply Scheme in Yobe State; Kwami Gadam and Bojude Water Supply Project in Gombe State; the Saki Town Water Supply Project, Oyo State; and the Zobe and Kazaure Water Supply Projects in Katsina and Jigawa States respectively as part of the completed projects by the Buhari administration.

    He also listed the completion of the headquarters of the EFCC, NDDC Complexes, started in 2011 and the mid-1990s, but completed 2018 and 2021, respectively.

    Adesina said that the Zik Mausoleum, started in 1996, was also completed and inaugurated 2018 by the Buhari administration.

    Source: NAN

  •   By Solomon Asowata The Nigeria LNG Limited NLNG says it is not responsible for the supply shortfall of Liquefied Petroleum Gas LPG also known as cooking gas q and the consequent price hike across the country The company made the clarification in a statement issued by its General Manager External Relations and Sustainable Development Mrs Eyono Fatayi Williams on Monday in Lagos Fatayi Williams said it was grossly inaccurate to state that NLNG produces 22 Million Tonnes Per Annum MTPA of LPG According to her NLNG is primarily an export company that produces 22 MTPA of Liquefied Natural Gas LNG and five MTPA of Natural Gas Liquids NGLs She said The price of LPG in the domestic market is dependent on several market factors including the forces of demand and supply On the supply side NLNG plays a pivotal role in the Nigerian domestic LPG market in line with the commitment it made to help deepen the market Recently the company increased the volume of its annual commitment to the market from 350 000 to 450 000 metric tons which is about 100 per cent of its Butane production Butane gas is less volatile and is therefore suitable for cooking In 2020 alone NLNG supplied over 80 per cent of its LPG sales Butane cooking gas to the Nigerian market By committing 100 per cent of its Butane production NLNG has prioritised the domestic market thus realising its domestic supply target safely Fatayi Williams said NLNG s current maximum Butane production meets about 40 per cent of domestic demand She said the balance was supplied by other domestic producers or via imports because NLNG s production alone was not sufficient In order to achieve its aspiration for the domestic supply a dedicated 13 000 metric ton vessel LPG Alfred Temile delivers the product to the market through Lagos and Port Harcourt terminals The vessel s delivery to these terminals are occasionally hampered by challenges at the terminal including storage capacity terminal access draft restrictions and prioritisation of other products over LPG NLNG s domestic LPG pricing is most competitive compared to all other alternatives imported and domestic supply However it is important to note that several factors such as Value Added Tax Forex etc impact the pricing of the product which is indexed to the international pricing model Fatayi Williams said She noted that NLNG s drive towards deepening the domestic LPG market was pivotal in line with NLNG s vision of helping to build a better Nigeria Fatayi Williams said the company was optimistic that the eventual completion of its Train 7 Project would further provide deepening the domestic LPG market www Source NAN
    NLNG clarifies role in domestic LPG market
      By Solomon Asowata The Nigeria LNG Limited NLNG says it is not responsible for the supply shortfall of Liquefied Petroleum Gas LPG also known as cooking gas q and the consequent price hike across the country The company made the clarification in a statement issued by its General Manager External Relations and Sustainable Development Mrs Eyono Fatayi Williams on Monday in Lagos Fatayi Williams said it was grossly inaccurate to state that NLNG produces 22 Million Tonnes Per Annum MTPA of LPG According to her NLNG is primarily an export company that produces 22 MTPA of Liquefied Natural Gas LNG and five MTPA of Natural Gas Liquids NGLs She said The price of LPG in the domestic market is dependent on several market factors including the forces of demand and supply On the supply side NLNG plays a pivotal role in the Nigerian domestic LPG market in line with the commitment it made to help deepen the market Recently the company increased the volume of its annual commitment to the market from 350 000 to 450 000 metric tons which is about 100 per cent of its Butane production Butane gas is less volatile and is therefore suitable for cooking In 2020 alone NLNG supplied over 80 per cent of its LPG sales Butane cooking gas to the Nigerian market By committing 100 per cent of its Butane production NLNG has prioritised the domestic market thus realising its domestic supply target safely Fatayi Williams said NLNG s current maximum Butane production meets about 40 per cent of domestic demand She said the balance was supplied by other domestic producers or via imports because NLNG s production alone was not sufficient In order to achieve its aspiration for the domestic supply a dedicated 13 000 metric ton vessel LPG Alfred Temile delivers the product to the market through Lagos and Port Harcourt terminals The vessel s delivery to these terminals are occasionally hampered by challenges at the terminal including storage capacity terminal access draft restrictions and prioritisation of other products over LPG NLNG s domestic LPG pricing is most competitive compared to all other alternatives imported and domestic supply However it is important to note that several factors such as Value Added Tax Forex etc impact the pricing of the product which is indexed to the international pricing model Fatayi Williams said She noted that NLNG s drive towards deepening the domestic LPG market was pivotal in line with NLNG s vision of helping to build a better Nigeria Fatayi Williams said the company was optimistic that the eventual completion of its Train 7 Project would further provide deepening the domestic LPG market www Source NAN
    NLNG clarifies role in domestic LPG market
    General news1 year ago

    NLNG clarifies role in domestic LPG market

    By Solomon Asowata

    The Nigeria LNG Limited (NLNG) says it is not responsible for the supply shortfall of Liquefied Petroleum Gas ( LPG), also known as cooking gas,q and the consequent price hike across the country.

    The company made the clarification in a statement issued by its General Manager, External Relations and Sustainable Development, Mrs Eyono Fatayi-Williams on Monday in Lagos.

    Fatayi-Williams said it was grossly inaccurate to state that NLNG produces 22 Million Tonnes Per Annum (MTPA) of LPG.

    According to her , NLNG is primarily an export company that produces 22 MTPA of Liquefied Natural Gas (LNG) and five MTPA of Natural Gas Liquids (NGLs).

    She said: “The price of LPG in the domestic market is dependent on several market factors, including the forces of demand and supply.

    “On the supply side, NLNG plays a pivotal role in the Nigerian domestic LPG market in line with the commitment it made to help deepen the market.

    “Recently, the company increased the volume of its annual commitment to the market from 350,000 to 450,000 metric tons, which is about 100 per cent of its Butane production.

    ” Butane gas is less volatile and is, therefore, suitable for cooking. In 2020 alone, NLNG supplied over 80 per cent of its LPG sales (Butane/cooking gas) to the Nigerian market.

    “By committing 100 per cent of its Butane production, NLNG has prioritised the domestic market, thus realising its domestic supply target safely.”

    Fatayi-Williams said NLNG’s current maximum Butane production meets about 40 per cent of domestic demand.

    She said the balance was supplied by other domestic producers or via imports because NLNG’s production alone was not sufficient.

    “In order to achieve its aspiration for the domestic supply, a dedicated 13,000 metric ton vessel, LPG Alfred Temile, delivers the product to the market through Lagos and Port Harcourt terminals.

    “The vessel’s delivery to these terminals are occasionally hampered by challenges at the terminal, including storage capacity, terminal access, draft restrictions and prioritisation of other products over LPG.

    “NLNG’s domestic LPG pricing is most competitive compared to all other alternatives (imported and domestic supply).

    “However, it is important to note that several factors such as Value Added Tax, Forex, etc., impact the pricing of the product which is indexed to the international pricing model,” Fatayi-Williams said.

    She noted that NLNG’s drive towards deepening the domestic LPG market was pivotal in line with NLNG’s vision of helping to build a better Nigeria.

    Fatayi-Williams said the company was optimistic that the eventual completion of its Train 7 Project would further provide deepening the domestic LPG market. (www.)

    Source: NAN

  •   By Ismaila ChafePresident Muhammadu Buhari has welcomed Thursday s Q2 2021 report by the Nigerian Bureau of Statistics NBS showing a third consecutive quarter of positive growth in Nigeria s economy In a statement by his spokesman Mr Femi Adesina in Abuja the president noted that the report also showed the highest quarterly growth in GDP since 2014 The Gross Domestic Product GDP grew by 5 01 in Q2 2021 following 0 51 growth in Q1 2021 This growth which continues the progress of the preceding two quarters is a continuing trend reflecting Nigeria s economic rebound following the COVID 19 induced contractions seen in Q1 and Q2 2020 The non oil sector is a significant contributor to the economic performance in Q2 2021 with growth of 6 74 in real terms the fastest growth in the sector since the third quarter of 2014 The contribution of the non oil sector to GDP increased from 91 07 in Q2 2020 to 92 58 in Q2 2021 according to the NBS The president commended managers of the economy for hard work and commitment urging them to keep at it till the positive development touches the lives and pockets of the average Nigerian The main drivers of the Q2 2021 economic growth included Trade Information and Communication mainly Telecommunications Transportation Electricity Crop Production and Manufacturing even though the service sector specifically also recorded its strongest performance in more than a decade growing at 9 27 These main growth drivers of this second quarter performance are reflective of the gains from easing restrictions of movement locally and internationally and the improvement in the business and economic environment compared to the same period in 2020 President Buhari noted the decline in real growth in the oil sector in Q2 2021 compared to a year ago indicating oil production levels at 1 62million barrels per day compared to 1 67million barrels per day in Q2 2020 According to him the lower production output as well as the volatility in oil prices since the beginning of the COVID 19 pandemic was responsible for the decline in performance of the oil sector The president however assured that a combination of recent reforms and efforts were certain to attract new investment to the oil and gas sector as well as create conditions for more robust levels of growth in the future He cited these reforms and efforts to include the Marginal Fields Bid Rounds the renewed focus on gas development including the NLNG Train 7 project and various pipeline construction projects as well as the passage and assent to the Petroleum Industry Bill PIB It is gratifying to note that the various policies of the administration aimed at boosting agricultural production improving the business environment and investing massively in infrastructure are beginning to yield fruit Equally gratifying is the complementary news of the steady decline in the rate of inflation over the last few months The positive effects of the Economic Sustainability Plan ESP which helped fast track the country s exit from the COVID induced recession of 2020 continue to be evident as some of the sectors driving the Q2 2021 growth have benefited or are benefiting from government led interventions The successful roll out of vaccines and COVID 19 protocols has also helped to reduce pressures on the healthcare system and the need for a lockdown he observed While looking to the future the president assured Nigerians that there was much to be optimistic about He believed that the investments in agriculture and infrastructure would continue as will on going efforts to achieve a significant improvement in the security situation across the country There is no doubt that a more secure environment which the security agencies are working hard to achieve will spur and energize the shoots of economic progress being seen and felt in the country Source NAN
    5.01% GDP growth in Q2 excites President Buhari
      By Ismaila ChafePresident Muhammadu Buhari has welcomed Thursday s Q2 2021 report by the Nigerian Bureau of Statistics NBS showing a third consecutive quarter of positive growth in Nigeria s economy In a statement by his spokesman Mr Femi Adesina in Abuja the president noted that the report also showed the highest quarterly growth in GDP since 2014 The Gross Domestic Product GDP grew by 5 01 in Q2 2021 following 0 51 growth in Q1 2021 This growth which continues the progress of the preceding two quarters is a continuing trend reflecting Nigeria s economic rebound following the COVID 19 induced contractions seen in Q1 and Q2 2020 The non oil sector is a significant contributor to the economic performance in Q2 2021 with growth of 6 74 in real terms the fastest growth in the sector since the third quarter of 2014 The contribution of the non oil sector to GDP increased from 91 07 in Q2 2020 to 92 58 in Q2 2021 according to the NBS The president commended managers of the economy for hard work and commitment urging them to keep at it till the positive development touches the lives and pockets of the average Nigerian The main drivers of the Q2 2021 economic growth included Trade Information and Communication mainly Telecommunications Transportation Electricity Crop Production and Manufacturing even though the service sector specifically also recorded its strongest performance in more than a decade growing at 9 27 These main growth drivers of this second quarter performance are reflective of the gains from easing restrictions of movement locally and internationally and the improvement in the business and economic environment compared to the same period in 2020 President Buhari noted the decline in real growth in the oil sector in Q2 2021 compared to a year ago indicating oil production levels at 1 62million barrels per day compared to 1 67million barrels per day in Q2 2020 According to him the lower production output as well as the volatility in oil prices since the beginning of the COVID 19 pandemic was responsible for the decline in performance of the oil sector The president however assured that a combination of recent reforms and efforts were certain to attract new investment to the oil and gas sector as well as create conditions for more robust levels of growth in the future He cited these reforms and efforts to include the Marginal Fields Bid Rounds the renewed focus on gas development including the NLNG Train 7 project and various pipeline construction projects as well as the passage and assent to the Petroleum Industry Bill PIB It is gratifying to note that the various policies of the administration aimed at boosting agricultural production improving the business environment and investing massively in infrastructure are beginning to yield fruit Equally gratifying is the complementary news of the steady decline in the rate of inflation over the last few months The positive effects of the Economic Sustainability Plan ESP which helped fast track the country s exit from the COVID induced recession of 2020 continue to be evident as some of the sectors driving the Q2 2021 growth have benefited or are benefiting from government led interventions The successful roll out of vaccines and COVID 19 protocols has also helped to reduce pressures on the healthcare system and the need for a lockdown he observed While looking to the future the president assured Nigerians that there was much to be optimistic about He believed that the investments in agriculture and infrastructure would continue as will on going efforts to achieve a significant improvement in the security situation across the country There is no doubt that a more secure environment which the security agencies are working hard to achieve will spur and energize the shoots of economic progress being seen and felt in the country Source NAN
    5.01% GDP growth in Q2 excites President Buhari
    Economy1 year ago

    5.01% GDP growth in Q2 excites President Buhari

    By Ismaila ChafePresident Muhammadu Buhari has welcomed Thursday’s Q2 2021 report by the Nigerian Bureau of Statistics (NBS), showing a third consecutive quarter of positive growth in Nigeria’s economy.

    In a statement by his spokesman, Mr Femi Adesina, in Abuja, the president noted that the report also showed the highest quarterly growth in GDP since 2014.

    The Gross Domestic Product (GDP) grew by 5.01% in Q2 2021 following 0.51% growth in Q1 2021.

    This growth, which continues the progress of the preceding two quarters, is a continuing trend reflecting Nigeria’s economic rebound, following the COVID-19-induced contractions seen in Q1 and Q2 2020.

    The non-oil sector is a significant contributor to the economic performance in Q2 2021 with growth of 6.74% in real terms, the fastest growth in the sector since the third quarter of 2014.

    The contribution of the non-oil sector to GDP increased from 91.07% in Q2 2020 to 92.58% in Q2 2021, according to the NBS.

    The president commended managers of the economy for hard work and commitment, urging them to keep at it till the positive development “touches the lives and pockets of the average Nigerian.”

    The main drivers of the Q2 2021 economic growth included Trade, Information and Communication (mainly Telecommunications), Transportation, Electricity, Crop Production and Manufacturing, even though the service sector, specifically also recorded its strongest performance in more than a decade, growing at 9.27%.

    These main growth drivers of this second quarter performance are reflective of the gains from easing restrictions of movement locally and internationally and the improvement in the business and economic environment compared to the same period in 2020.

    President Buhari noted the decline in real growth in the oil sector in Q2 2021, compared to a year ago, indicating oil production levels at 1.62million barrels per day, compared to 1.67million barrels per day in Q2 2020.

    According to him, the lower production output, as well as the volatility in oil prices since the beginning of the COVID-19 pandemic, was responsible for the decline in performance of the oil sector.

    The president, however, assured that a combination of recent reforms and efforts were certain to attract new investment to the oil and gas sector, as well as create conditions for more robust levels of growth in the future.

    He cited these reforms and efforts to include the Marginal Fields Bid Rounds, the renewed focus on gas development, including the NLNG Train 7 project, and various pipeline construction projects, as well as the passage and assent to the Petroleum Industry Bill (PIB).

    ”It is gratifying to note that the various policies of the administration, aimed at boosting agricultural production, improving the business environment and investing massively in infrastructure, are beginning to yield fruit.

    ”Equally gratifying is the complementary news of the steady decline in the rate of inflation, over the last few months.

    ”The positive effects of the Economic Sustainability Plan (ESP), which helped fast-track the country’s exit from the COVID-induced recession of 2020, continue to be evident, as some of the sectors driving the Q2 2021 growth have benefited or are benefiting from government-led interventions.

    ”The successful roll-out of vaccines and COVID-19 protocols has also helped to reduce pressures on the healthcare system and the need for a lockdown,” he observed.

    While looking to the future, the president assured Nigerians that there was much to be optimistic about.

    He believed that the investments in agriculture and infrastructure would continue, ”as will on-going efforts to achieve a significant improvement in the security situation across the country.

    “There is no doubt that a more secure environment – which the security agencies are working hard to achieve – will spur and energize the shoots of economic progress being seen and felt in the country.”

    Source: NAN

  •   By Edith Ike Eboh In line with the promise of President Muhammadu Buhari to ensure an efficient oil and gas sector for economic development in Nigeria the president not only assented to the Petroleum Industry Bill PIB but has approved a steering committee to oversee the process of implementation of the act The committee according to the Special Adviser to the President on Media and Publicity Mr Femi Adesina will be headed by the Minister of State for Petroleum Resources Chief Timipre Sylva Other members of the committee are permanent secretary Ministry of Petroleum Resources Group Managing Director of the NNPC Executive Chairman FIRS Representatives of the Ministries of Justice Fice Budget and National Planning the Senior Special Assistant to the president On Natural Resources Mr Olufemi Lijadu will serve as Legal Adviser while the Executive Secretary Petroleum Technology Development Fund PTDF will serve as head of the coordinating Secretariat and the Implementation Working Group The primary responsibility of the committee shall be to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform programme and ensure that new institutions created have the full capability to deliver on their mandate under the new legislation According to the president the committee has 12 months to complete the assignment and periodic updates will be given to the president In the week under review the Nigerian National Petroleum Corporation NNPC assured Nigerians that the Federal Government has no immediate plans to increase the price of petrol following the signing of the PIB into law by Buhari According to the Corporation the Minister of State for Petroleum Resources Chief Timpre Sylva revealed this at a news conference to mark his second year in office adding that the ministry had delivered on its promise to have the PIB passed into law Sylva highlighted the achievements of the ministry in the last two years to include the reduction of smuggling of petroleum products which has brought down the daily consumption of petrol from 66million liters per day to 52 million reduction of cost of crude oil production by five per cent with the possibility of hitting 10 per cent He said though the subsidy regime has ended with the coming into effect of the Petroleum Industry Act PIA the government was mindful of the impact of deregulation on Nigerians and so would not rush into its implementation to ensure the welfare of ordinary Nigerians The Minister further explained the incorporation of the NNPC Limited as required by the PIA and the the three percent host community fund as enshrined in the act On the planned divestment by Shell the Minister said that Shell was still keen on investing in Nigeria as it is an existing partner in the operation of OML 245 adding that he was in consultation with the Attorney General and Minister of Justice to iron out the legal issues He noted that Nigeria currently had the capacity to produce three million barrels of crude oil per day but was restricted to 1 4million barrels because of international obligations Also the Group Managing Director of the Nigerian National Petroleum Corporation NNPC Malam Mele Kyari has expressed his appreciation to President Muhamadu Buhari for signing the Petroleum Industry Bill into law without delay Kyari who spoke after the signing of the bill allayed the concerns of the oil producing communities explaining that the three per cent approved under the new Petroleum Industry Act for Host Communities Fund could be bigger than what the Niger Delta Development Commission NDDC currently gets He clarified that the law mandates the payment of three per cent of oil companies operating expenses in the previous year to the host oil communities which are mostly in the Niger Delta According to him with about 16 billion dollars total operating expenditure by the oil and gas sector last year as much as 500 million dollars could accrue to the Host Communities Fund yearly The GMD said although in the past there were attempts to make sure that oil companies provided for the host communities it was not done in the right manner even if carried out in the name of Corporate Social Responsibility CSR projects He stressed that the signing into law of the new Act essentially means transforming from the Petroleum Act which was enacted in 1969 to a law that is relevant to current realities adding that with the legislation the NNPC would now operate under the Company and Allied Matters Act CAMA Given the new scenario Kyari pointed out that the NNPC would become more efficient slimmer and a much more commercially focused national oil company at par with its peers across the globe pledging that the company will do better under the new arrangement He added that there was already a framework established by government which would take care of the transition within the time frame of six months to incorporate and transfer assets and personnel among others While the new law envisages a fully deregulated market Kyari stressed that a number of engagements have been going on to ensure a smooth transition However he said when deregulation eventually happens there would be safeguards against market manipulation to ensure that the poor and vulnerable are not unduly exposed Still in the week under review the Corporation pledged improved collaboration with the Institute of Chartered Accountants of Nigeria ICAN to enhance the Corporation s transparency and accountability quotient while receiving the President of ICAN Mrs Comfort OluEyitayo at the NNPC Towers Abuja On her part Eyitayo commended the GMD for his leadership style while noting that the institute was taking note of the deliberate steps taken by the NNPC to institute global best practices in accounting On poor power supply in Borno State The NNPC said that to tackle the challenge it has taken the execution of the Engineering Procurement and Construction EPC and Equipment Procurement contracts for a 50 Megawatts MW Emergency Power Project in Maiduguri The project which is an integral part of the ongoing efforts to deepen the Corporation s domestic gas utilisation plan for the nation s socio economic growth has China Machinery Engineering Company CMEC as the EPC contractor while General Electric GE the equipment manufacturer Speaking at the contract signing event Kyari explained that the Corporation through its subsidiary NNPC Gas and Power Investment Company NGPIC decided to intervene in the Maiduguri power situation by undertaking the project which would be fired with Liquefied Natural Gas LNG and run commercially He said NNPC as a state owned oil company and enabler organisation was determined to boost power generation and supply to Nigerian homes through increased investment in gas fired combined cycle power plants to produce at least five Gigawatts GW additional power for the country Vice President of GE Africa amp Europe Mr Raisin Brice said the company was committed to working with NNPC to achieve success in the Power Project noting that GE would be tapping into its vast experience in the country to deliver on the project Similar support and commitment were echoed by Mr Fang Yanshui President of CMEC the main EPC contractor for the project As a mark of confidence in the project the contractors have already started moving vital equipment to site as work has commenced I On Fire Safety the Federal Fire Service FFS has commended the NNPC for its strict adherence and commitment to fire and environmental safety practice in all its operations The commendation was given by the Comptroller General of the FFS Alhaji Liman Ibrahim while presenting certificates of fire safety to the Corporation at the NNPC Towers Abuja Speaking at the event the Comptroller General represented by Deputy Superintendent of Fire Mr Sunday Oduye said NNPC had always prioritised the health and safety of its workforce as well as that of the environment adding that the revalidation of its fire safety certificates for the next three years was a testament to that fact On his part the General Manager Group Health Safety Environment and Quality GHSEQ NNPC Mr Hussaini Ali said the revalidation was part of efforts to secure the NNPC Towers against fire incidents He noted that as a public limited liability company it was necessary for the corporation to be insured comprehensively to attract investment Fire safety certification is an instrument required for the procurement of insurance cover which indemnifies the organization against liabilities in case of fire or any damage to its properties Also in the week under review Kyari reiterated the Corporation s commitment to support the Nigeria Liquefied Natural Gas NLNG Limited towards achieving its goal of becoming a global LNG company of choice Speaking as a Guest of Honour at the 2021 NLNG Health Safety and Environment HSE Day the GMD who was represented by the Group General Manager LNG Investment Management Services LIMS Nike Kolawole said HSE was a critical determit of business performance success across the oil and gas industry Kyari stated that as a principal shareholder in the company NNPC would continue to ensure that NLNG placed more emphasis on HSE stressing that no matter the figures indices or values recorded in production sales profit or revenue a dismal HSE performance would lead to obliteration of long built achievement He remarked that the rapid growth of NLNG from the base project Trains 1 and 2 to six trains was unprecedented and commended the company for its ability to adapt and effectively manage changes within the period Earlier in his remarks the outgoing Managing Director of NLNG Mr Tony Attah said the focus of this year s HSE Day was on identifying the weak and dark corners for continuous improvement on the organization s HSE policy Global Crude Oil Outlook Oil prices weakened for a fourth session due to a strong dollar as surging cases of coronavirus in Japan added to a weak demand picture in Asia Brent crude ended the session down 48 cents or 0 7 per cent at 69 03 dollars per barrel while U S West Intermediate crude WTI settled 70 cents or one per cent lower at 66 59 dollars a barrel The dollar advanced for a second straight session bolstered by safe haven demand A strong dollar makes oil more expensive for holders of other currencies Japan the world s third largest economy extended its state of emergency in Tokyo and other regions on Tuesday and announced new measures covering seven more prefectures to counter a spike in COVID 19 infections that is threatening the medical system Hedge funds and money managers cut net long positions in U S crude to the lowest since November in the week to Aug 10 as resurgent coronavirus infections in several countries dampened hopes of a rapid resumption in long distance air travel Meanwhile the market intelligent department of the NNPC London office reported that Russian crude oil production costs hit a 10 year high in the second quarter of 2021 as companies increased their capital spending in response to the OPEC plus alliance s move to gradually increase output A rising tax burden and a deterioration in the quality of Russia s oil reserves which are becoming more difficult to extract also contributed to the increase in costs Daily crude processing in China the world s biggest oil importer fell to its lowest in July since May 2020 as independent plants slashed production amid tighter quotas high inventories and weakening profits data showed China s factory output and retail sales growth also slowed sharply and missed expectations in July as new COVID 19 outbreaks and floods disrupted businesses On the supply side U S shale oil output is expected to rise to 8 1 million barrels per day bpd in September the highest since April 2020 according to government data Last week U S President Joe Biden s administration urged OPEC a group comprising of members of the Organization of the Petroleum Exporting Countries and other producers such as Russia to boost oil output to tackle rising gasoline prices www Source NAN
    NNPC Weekly Review: FG sets to implement PIA, says no petrol price increase
      By Edith Ike Eboh In line with the promise of President Muhammadu Buhari to ensure an efficient oil and gas sector for economic development in Nigeria the president not only assented to the Petroleum Industry Bill PIB but has approved a steering committee to oversee the process of implementation of the act The committee according to the Special Adviser to the President on Media and Publicity Mr Femi Adesina will be headed by the Minister of State for Petroleum Resources Chief Timipre Sylva Other members of the committee are permanent secretary Ministry of Petroleum Resources Group Managing Director of the NNPC Executive Chairman FIRS Representatives of the Ministries of Justice Fice Budget and National Planning the Senior Special Assistant to the president On Natural Resources Mr Olufemi Lijadu will serve as Legal Adviser while the Executive Secretary Petroleum Technology Development Fund PTDF will serve as head of the coordinating Secretariat and the Implementation Working Group The primary responsibility of the committee shall be to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform programme and ensure that new institutions created have the full capability to deliver on their mandate under the new legislation According to the president the committee has 12 months to complete the assignment and periodic updates will be given to the president In the week under review the Nigerian National Petroleum Corporation NNPC assured Nigerians that the Federal Government has no immediate plans to increase the price of petrol following the signing of the PIB into law by Buhari According to the Corporation the Minister of State for Petroleum Resources Chief Timpre Sylva revealed this at a news conference to mark his second year in office adding that the ministry had delivered on its promise to have the PIB passed into law Sylva highlighted the achievements of the ministry in the last two years to include the reduction of smuggling of petroleum products which has brought down the daily consumption of petrol from 66million liters per day to 52 million reduction of cost of crude oil production by five per cent with the possibility of hitting 10 per cent He said though the subsidy regime has ended with the coming into effect of the Petroleum Industry Act PIA the government was mindful of the impact of deregulation on Nigerians and so would not rush into its implementation to ensure the welfare of ordinary Nigerians The Minister further explained the incorporation of the NNPC Limited as required by the PIA and the the three percent host community fund as enshrined in the act On the planned divestment by Shell the Minister said that Shell was still keen on investing in Nigeria as it is an existing partner in the operation of OML 245 adding that he was in consultation with the Attorney General and Minister of Justice to iron out the legal issues He noted that Nigeria currently had the capacity to produce three million barrels of crude oil per day but was restricted to 1 4million barrels because of international obligations Also the Group Managing Director of the Nigerian National Petroleum Corporation NNPC Malam Mele Kyari has expressed his appreciation to President Muhamadu Buhari for signing the Petroleum Industry Bill into law without delay Kyari who spoke after the signing of the bill allayed the concerns of the oil producing communities explaining that the three per cent approved under the new Petroleum Industry Act for Host Communities Fund could be bigger than what the Niger Delta Development Commission NDDC currently gets He clarified that the law mandates the payment of three per cent of oil companies operating expenses in the previous year to the host oil communities which are mostly in the Niger Delta According to him with about 16 billion dollars total operating expenditure by the oil and gas sector last year as much as 500 million dollars could accrue to the Host Communities Fund yearly The GMD said although in the past there were attempts to make sure that oil companies provided for the host communities it was not done in the right manner even if carried out in the name of Corporate Social Responsibility CSR projects He stressed that the signing into law of the new Act essentially means transforming from the Petroleum Act which was enacted in 1969 to a law that is relevant to current realities adding that with the legislation the NNPC would now operate under the Company and Allied Matters Act CAMA Given the new scenario Kyari pointed out that the NNPC would become more efficient slimmer and a much more commercially focused national oil company at par with its peers across the globe pledging that the company will do better under the new arrangement He added that there was already a framework established by government which would take care of the transition within the time frame of six months to incorporate and transfer assets and personnel among others While the new law envisages a fully deregulated market Kyari stressed that a number of engagements have been going on to ensure a smooth transition However he said when deregulation eventually happens there would be safeguards against market manipulation to ensure that the poor and vulnerable are not unduly exposed Still in the week under review the Corporation pledged improved collaboration with the Institute of Chartered Accountants of Nigeria ICAN to enhance the Corporation s transparency and accountability quotient while receiving the President of ICAN Mrs Comfort OluEyitayo at the NNPC Towers Abuja On her part Eyitayo commended the GMD for his leadership style while noting that the institute was taking note of the deliberate steps taken by the NNPC to institute global best practices in accounting On poor power supply in Borno State The NNPC said that to tackle the challenge it has taken the execution of the Engineering Procurement and Construction EPC and Equipment Procurement contracts for a 50 Megawatts MW Emergency Power Project in Maiduguri The project which is an integral part of the ongoing efforts to deepen the Corporation s domestic gas utilisation plan for the nation s socio economic growth has China Machinery Engineering Company CMEC as the EPC contractor while General Electric GE the equipment manufacturer Speaking at the contract signing event Kyari explained that the Corporation through its subsidiary NNPC Gas and Power Investment Company NGPIC decided to intervene in the Maiduguri power situation by undertaking the project which would be fired with Liquefied Natural Gas LNG and run commercially He said NNPC as a state owned oil company and enabler organisation was determined to boost power generation and supply to Nigerian homes through increased investment in gas fired combined cycle power plants to produce at least five Gigawatts GW additional power for the country Vice President of GE Africa amp Europe Mr Raisin Brice said the company was committed to working with NNPC to achieve success in the Power Project noting that GE would be tapping into its vast experience in the country to deliver on the project Similar support and commitment were echoed by Mr Fang Yanshui President of CMEC the main EPC contractor for the project As a mark of confidence in the project the contractors have already started moving vital equipment to site as work has commenced I On Fire Safety the Federal Fire Service FFS has commended the NNPC for its strict adherence and commitment to fire and environmental safety practice in all its operations The commendation was given by the Comptroller General of the FFS Alhaji Liman Ibrahim while presenting certificates of fire safety to the Corporation at the NNPC Towers Abuja Speaking at the event the Comptroller General represented by Deputy Superintendent of Fire Mr Sunday Oduye said NNPC had always prioritised the health and safety of its workforce as well as that of the environment adding that the revalidation of its fire safety certificates for the next three years was a testament to that fact On his part the General Manager Group Health Safety Environment and Quality GHSEQ NNPC Mr Hussaini Ali said the revalidation was part of efforts to secure the NNPC Towers against fire incidents He noted that as a public limited liability company it was necessary for the corporation to be insured comprehensively to attract investment Fire safety certification is an instrument required for the procurement of insurance cover which indemnifies the organization against liabilities in case of fire or any damage to its properties Also in the week under review Kyari reiterated the Corporation s commitment to support the Nigeria Liquefied Natural Gas NLNG Limited towards achieving its goal of becoming a global LNG company of choice Speaking as a Guest of Honour at the 2021 NLNG Health Safety and Environment HSE Day the GMD who was represented by the Group General Manager LNG Investment Management Services LIMS Nike Kolawole said HSE was a critical determit of business performance success across the oil and gas industry Kyari stated that as a principal shareholder in the company NNPC would continue to ensure that NLNG placed more emphasis on HSE stressing that no matter the figures indices or values recorded in production sales profit or revenue a dismal HSE performance would lead to obliteration of long built achievement He remarked that the rapid growth of NLNG from the base project Trains 1 and 2 to six trains was unprecedented and commended the company for its ability to adapt and effectively manage changes within the period Earlier in his remarks the outgoing Managing Director of NLNG Mr Tony Attah said the focus of this year s HSE Day was on identifying the weak and dark corners for continuous improvement on the organization s HSE policy Global Crude Oil Outlook Oil prices weakened for a fourth session due to a strong dollar as surging cases of coronavirus in Japan added to a weak demand picture in Asia Brent crude ended the session down 48 cents or 0 7 per cent at 69 03 dollars per barrel while U S West Intermediate crude WTI settled 70 cents or one per cent lower at 66 59 dollars a barrel The dollar advanced for a second straight session bolstered by safe haven demand A strong dollar makes oil more expensive for holders of other currencies Japan the world s third largest economy extended its state of emergency in Tokyo and other regions on Tuesday and announced new measures covering seven more prefectures to counter a spike in COVID 19 infections that is threatening the medical system Hedge funds and money managers cut net long positions in U S crude to the lowest since November in the week to Aug 10 as resurgent coronavirus infections in several countries dampened hopes of a rapid resumption in long distance air travel Meanwhile the market intelligent department of the NNPC London office reported that Russian crude oil production costs hit a 10 year high in the second quarter of 2021 as companies increased their capital spending in response to the OPEC plus alliance s move to gradually increase output A rising tax burden and a deterioration in the quality of Russia s oil reserves which are becoming more difficult to extract also contributed to the increase in costs Daily crude processing in China the world s biggest oil importer fell to its lowest in July since May 2020 as independent plants slashed production amid tighter quotas high inventories and weakening profits data showed China s factory output and retail sales growth also slowed sharply and missed expectations in July as new COVID 19 outbreaks and floods disrupted businesses On the supply side U S shale oil output is expected to rise to 8 1 million barrels per day bpd in September the highest since April 2020 according to government data Last week U S President Joe Biden s administration urged OPEC a group comprising of members of the Organization of the Petroleum Exporting Countries and other producers such as Russia to boost oil output to tackle rising gasoline prices www Source NAN
    NNPC Weekly Review: FG sets to implement PIA, says no petrol price increase
    General news1 year ago

    NNPC Weekly Review: FG sets to implement PIA, says no petrol price increase

    By Edith Ike-Eboh

    In line with the promise of  President Muhammadu Buhari  to ensure an efficient oil and gas sector for economic development in Nigeria, the president not only assented to the Petroleum Industry Bill (PIB)  but has approved a steering committee to oversee the process of implementation of the act.

    The committee, according to the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, will be  headed by the Minister of State for Petroleum Resources, Chief Timipre Sylva.

    Other members of the committee are: permanent secretary, Ministry of Petroleum Resources, Group Managing Director of the NNPC, Executive Chairman, FIRS, Representatives of the Ministries of Justice, Fice, Budget and National Planning, the Senior Special Assistant to the president On Natural Resources.

    Mr Olufemi Lijadu will serve as Legal Adviser while the Executive Secretary, Petroleum Technology Development Fund, PTDF, will serve as head of the coordinating Secretariat and the Implementation Working Group.

    The primary responsibility of the committee shall be to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform programme, and ensure that new institutions created have the full capability to deliver on their mandate under the new legislation.

    According to the president, the committee has 12 months to complete the assignment and periodic updates will be given to the president.

     

    In the week under review, the Nigerian National Petroleum Corporation (NNPC) assured Nigerians that the Federal Government has no immediate plans to increase the price of petrol following the signing of the PIB into law by Buhari.

    According to the Corporation, the Minister of State for Petroleum Resources, Chief Timpre Sylva, revealed this at a news conference to mark his second year in office, adding that the ministry had delivered on its promise to have the PIB passed into law.

    Sylva highlighted the achievements of the ministry in the last two years to include the reduction of smuggling of petroleum products which has brought down the daily consumption of petrol from 66million liters per day to 52 million, reduction of cost of crude oil production by five per cent, with the possibility of hitting 10 per cent.

    He said though the subsidy regime has ended with the coming into effect of the Petroleum Industry Act (PIA), the government was mindful of the impact of deregulation on Nigerians and so would not rush into its implementation to ensure the welfare of ordinary Nigerians.

    The Minister further explained the incorporation of the NNPC Limited as required by the PIA and the, the three percent host community fund as enshrined in the act.

    On the planned divestment by Shell, the Minister said that Shell was still keen on investing in Nigeria as it is an existing partner in the operation of OML 245, adding that he was in consultation with the Attorney General and Minister of Justice to iron out the legal issues.

    He noted that Nigeria currently had the capacity to produce three million barrels of crude oil per day but was restricted to 1.4million barrels because of international obligations.

    Also, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari has expressed his appreciation to President Muhamadu Buhari for signing the Petroleum Industry Bill into law without delay.

    Kyari who spoke after the signing of the bill allayed the concerns of the oil producing communities, explaining that the three per cent approved under the new Petroleum Industry Act for Host Communities Fund could be bigger than what the Niger Delta Development Commission (NDDC) currently gets.

    He clarified that the law mandates the payment of three per cent of oil companies’ operating expenses in the previous year to the host oil communities, which are mostly in the Niger Delta.

    According to him, with about 16 billion  dollars total operating expenditure by the oil and gas sector last year, as much as 500 million dollars  could accrue to the Host Communities Fund yearly.

    The GMD said although in the past there were attempts to make sure that oil companies provided for the host communities, it was not done in the right manner, even if carried out in the name of Corporate Social Responsibility (CSR) projects.

    He stressed that the signing into law of the new Act essentially means transforming from the Petroleum Act which was enacted in 1969 to a law that is relevant to current realities, adding that with the legislation, the NNPC would now operate under the Company and Allied Matters Act (CAMA).

    Given the new scenario, Kyari pointed out that the NNPC would become more efficient, slimmer and a much more commercially focused national oil company at par with its peers across the globe, pledging that the company will do better under the new arrangement.

    He added that there was already a framework established by government, which would take care of the transition within the time frame of six months to incorporate and transfer assets and personnel, among others.

    While the new law envisages a fully deregulated market, Kyari stressed that a number of engagements have been going on to ensure a smooth transition.

    However, he said when deregulation eventually happens, there would be safeguards against market manipulation to ensure that the poor and vulnerable are not unduly exposed.

    Still in the week under review, the Corporation pledged improved collaboration with the Institute of Chartered Accountants of Nigeria (ICAN) to enhance the Corporation’s transparency and accountability quotient while receiving the President of ICAN, Mrs. Comfort OluEyitayo, at the NNPC Towers, Abuja.

    On her part, Eyitayo commended the GMD for his leadership style while noting that the institute was taking note of the deliberate steps taken by the NNPC to institute global best practices in accounting.

    On poor power supply in Borno State, The NNPC said that to tackle the challenge, it has taken the execution of the Engineering, Procurement, and Construction (EPC) and Equipment Procurement contracts for a 50 Megawatts (MW) Emergency Power Project in Maiduguri.

    The project which is an integral part of the ongoing efforts to deepen the Corporation’s domestic gas utilisation plan for the nation’s socio-economic growth has China Machinery Engineering Company (CMEC) as the EPC contractor while General Electric (GE), the equipment manufacturer.

    Speaking at the contract signing event Kyari explained that the Corporation through its subsidiary, NNPC Gas and Power Investment Company (NGPIC), decided to intervene in the Maiduguri power situation by undertaking the project which would  be fired with Liquefied Natural Gas (LNG) and run commercially.

    He said NNPC, as a state-owned oil company and enabler organisation, was determined to boost power generation and supply to Nigerian homes through increased investment in gas-fired combined cycle power plants to produce at least five Gigawatts (GW) additional power for the country.

    Vice President of GE Africa & Europe, Mr. Raisin Brice, said the company was committed to working with NNPC to achieve success in the Power Project, noting that GE would be tapping into its vast experience in the country to deliver on the project.

    Similar support and commitment were echoed by Mr Fang Yanshui, President of CMEC, the main EPC contractor for the project.

    As a mark of confidence in the project, the contractors have already started moving vital equipment to site as work has commenced. I

    On Fire Safety, the Federal Fire Service (FFS) has commended the NNPC for its strict adherence and commitment to fire and environmental safety practice in all its operations.

    The commendation was given by the Comptroller General of the FFS, Alhaji Liman Ibrahim, while presenting certificates of fire safety to the Corporation at the NNPC Towers, Abuja.

    Speaking at the event, the Comptroller General, represented by Deputy Superintendent of Fire, Mr. Sunday Oduye, said NNPC had always prioritised the health and safety of its workforce as well as that of the environment, adding that the revalidation of its fire safety certificates for the next three years was a testament to that fact.

    On his part, the General Manager, Group Health, Safety, Environment and Quality, GHSEQ, NNPC, Mr Hussaini Ali, said the revalidation was part of efforts to secure the NNPC Towers against fire incidents.

    He noted that as a public limited liability company, it was necessary for the corporation to be insured comprehensively to attract investment.

    Fire safety certification is an instrument required for the procurement of insurance cover which indemnifies the organization against liabilities in case of fire or any damage to its properties.

    Also in the week under review, Kyari reiterated the Corporation’s commitment to support the Nigeria Liquefied Natural Gas (NLNG) Limited towards achieving its goal of becoming a global LNG company of choice.

    Speaking as a Guest of Honour at the 2021 NLNG Health Safety and Environment (HSE) Day, the GMD, who was represented by the Group General Manager, LNG Investment Management Services (LIMS), Nike Kolawole, said HSE was a critical determit of business performance success across the oil and gas industry.

    Kyari stated that as a principal shareholder in the company, NNPC would continue to ensure that NLNG placed more emphasis on HSE, stressing that “no matter the figures, indices or values recorded in production, sales, profit or revenue, a dismal HSE performance would lead to obliteration of long built achievement”.

    He remarked that the rapid growth of NLNG from the base project (Trains 1 and 2) to six trains was unprecedented and commended the company for its ability to adapt and effectively manage changes within the period.

    Earlier in his remarks, the outgoing Managing Director of NLNG, Mr. Tony Attah, said the focus of this year’s HSE Day was on identifying the weak and dark corners for continuous improvement on the organization’s HSE policy.

    Global Crude Oil Outlook

    Oil prices weakened for a fourth session due to a strong dollar as surging cases of coronavirus in Japan added to a weak demand picture in Asia.

    Brent crude ended the session down 48 cents, or 0.7 per cent, at 69.03 dollars per barrel, while U.S. West Intermediate crude (WTI) settled 70 cents, or one per cent lower at 66.59 dollars a barrel.

    The dollar advanced for a second straight session, bolstered by safe-haven demand. A strong dollar makes oil more expensive for holders of other currencies.

    Japan, the world’s third-largest economy, extended its state of emergency in Tokyo and other regions on Tuesday and announced new measures covering seven more prefectures to counter a spike in COVID-19 infections that is threatening the medical system.

    Hedge funds and money managers cut net long positions in U.S. crude to the lowest since November in the week to Aug. 10 as resurgent coronavirus infections in several countries dampened hopes of a rapid resumption in long-distance air travel.

    Meanwhile, the market intelligent department of the NNPC London office reported that Russian crude oil production costs hit a 10-year high in the second quarter of 2021 as companies increased their capital spending in response to the OPEC-plus alliance’s move to gradually increase output.

    A rising tax burden and a deterioration in the quality of Russia’s oil reserves — which are becoming more difficult to extract — also contributed to the increase in costs.

    Daily crude processing in China, the world’s biggest oil importer, fell to its lowest in July since May 2020 as independent plants slashed production amid tighter quotas, high inventories and weakening profits, data showed.

    China’s factory output and retail sales growth also slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted businesses.

    On the supply side, U.S. shale oil output is expected to rise to 8.1 million barrels per day (bpd) in September, the highest since April 2020, according to government data.

    Last week, U.S. President Joe Biden’s administration urged OPEC+, a group comprising of members of the Organization of the Petroleum Exporting Countries and other producers such as Russia, to boost oil output to tackle rising gasoline prices. (www.)

    Source: NAN

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