The Organisation of Petroleum Exporting Countries (OPEC) says its upward adjustment of 0.1 million barrel per day to the overall oil production level is only intended for September 2022. OPEC made this known at its report on the 32nd OPEC and non-OPEC Ministerial Meeting held via video conference on Monday obtained by the News Agency of Nigeria , Abuja.
NAN recalls that the 19th and 29th OPEC and non-OPEC Ministerial Meetings approved upward adjustment of overall production for August 2022 by 0.648 .
According to the meeting, the required production level of August and October, 2022 for OPEC and non-OPEC Participating Countries remains the same.
Required production level for Nigeria was 1,830 in September while 1,826 was required in October and August.
The meeting decried adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning.
It said that higher volatility and increased uncertainties required the continuous assessment of market conditions and a readiness to make immediate adjustments to production in different forms, if needed.
It also added that OPEC+ had the commitment, the flexibility, and the means within the existing mechanisms of the Declaration of Cooperation to deal with these challenges and provide guidance to the market.
It reiterated the critical importance of adhering to full conformity and to the compensation mechanism.
“Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting while 33rd OPEC and non-OPEC Ministerial Meeting holds on Oct. 5.
TotalEnergies on Wednesday said the commencement of production from its Ikike field would help to bridge Nigeria’s oil production gap which had declined in recent times.
Mr Mike Sangster, the Managing Director, TotalEnergies E&P Nigeria, made this known at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) in Lagos.
The News Agency of Nigeria reports that the Ikike project is a Joint Venture between TotalEnergies (40 per cent) and the Nigerian National Petroleum Company Ltd. (60 per cent).
Located 20 kilometers off the coast, at a depth of about 20 meters, the Ikike platform is tied back to the existing Amenam offshore facilities through a 14km multiphase pipeline.
Represented by Mr Victor Bandele, the Deputy Managing Director, Deepwater, TotalEnergies E&P Nigeria, Sangster said the field would add 50,000 barrels per day to Nigeria’s oil production.
He said: “That kind of the project first is low capex, which is what Nigeria needs now.
It is high profit, which is what Nigeria needs now and it’s helping to bridge the gap that we have caused by ourselves.
“Today, our Organisation of the Petroleum Exporting Countries (OPEC) quota is 1.8 million barrels, we are producing less than 1.3 million.
“So, what for me is success is that we don’t waste the capacity that we should have as a country.
“When we are supposed to be producing 1.8 million, we should do more than that and be able to take benefits of what we have today.
” Sangster called for more collaboration among operators in the sector to optimise cost and improve efficiency in their operations.
He said there was a need for the industry stakeholders to work with the government in addressing the current security challenges such as pipeline vandalism and oil theft that was affecting the sector.
The Federal Government on Tuesday reiterated its commitment to achieving self-sufficiency and net exporter of energy resources by 2026.Mr Bala Wunti, Group General Manager, National Petroleum Investment Services (NAPIMS), made this known while speaking at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Tuesday in Lagos.
The News Agency of Nigeria reports that he spoke during a panel session on “Sustainable Energy Transition Strategy: The Role of Legislative Frameworks and Investment Programmes.
”Wunti said though the government had pledged to achieve net zero carbon emission by 2060, its priority remains reducing energy poverty in the country with its abundant hydrocarbon resources.
To this end, he said the government’s target was to attain zero dependence on imported energy, both primary and secondary, as well as becoming a net exporter of secondary energy resources by 2026.Wunti said the plan was to provide access to energy to 100 per cent of the population through the gas to power initiative which would spur industrialisation and economic growth.
He, however maintained that this could only be achieved through effective legislative frameworks and investment programmes needed to maximise the opportunities in the oil and gas sector.
Wunti said there was need to create a platform where market investment and financing come together with regard to delivery of energy in a more sustainable manner.
He noted that unfortunately, the industry had witnessed decline in investments in recent years which had plunged the world into the global energy crisis.
According to him, available statistics from the Organisation of the Petroleum Exporting Countries (OPEC) shows that the world requires $11.8 trillion to meet its energy needs.
Wunti said the current global energy crisis was due to energy imbalance with supply falling short of demand which had driven the price of energy resources upward.
Also, Mr Austin Avuru, Chairman, AA Holdings Ltd., said Africa must design home grown solutions to the divestment of assets by International Oil Companies across the continent.
Avuru said the move was largely responsible for Nigeria being unable to meet its OPEC quota, adding that there was need to grow indigenous companies to fill the void created by the divestment of the IOCs.He said the way forward was for the companies to get access to funding from within the continent for oil and gas exploration.
Avuru also called for deployment of technologies, production of more natural gas and encouragement of tree planting to achieve decarbonisation while maximising the continent’s abundant oil and gas resources.
Earlier in his remarks, Prof. Olalekan Olafuyi, Chairman, SPE Nigeria Council, decried the lack of access to energy by many Africans.
Olafuyi said building a sustainable energy sector was fundamental for the African continent to power sustainable industrialisation and trade.
He said this underpins the African Continental Free Trade Area (AfCFTA) plan and thus highlights further the need for regional integration to solve Africa’s energy and climate challenges.
“Ramping up sustainable energy generation capacity by 2030 according to the African Development Bank’s (AfDB) New Deal on Energy for Africa, requires a minimum of $44 billion of annual financing.
“Maintaining and extending the pace of progress will thus require strong political commitment and sound governance, long-term energy planning, adequate political and fiscal incentives as well as public and private financing,” he said.
Haitham Al-Ghais of Kuwait on Monday assumed office as the new Secretary General of the Organisation of Petroleum Exporting Countries (OPEC).
Al-Ghais was appointed as the new chief of the Vienna-headquartered OPEC in January this year, and his tenure will last for three years.
Al-Ghais said he looked forward to “working with all our member countries and our many partners around the world to ensure a sustainable and inclusive energy future which leaves no one behind.
” An OPEC press release states that Al-Ghais served as deputy managing director for international marketing at the Kuwait Petroleum Corporation (KPC) before taking up the role of OPEC chief.
He was also Kuwait’s governor for OPEC from 2017 to 2021. Al-Ghais succeeded the late OPEC Chief, Nigeria’s Mohammad Barkindo, who died on July 5. Late Barkindo was appointed Secretary General of OPEC in June 2016 for a period of three years, but took office on Aug. 1, 2016, succeeding the Libyan Abdallah Salem el-Badri, who had been Secretary General since 2007. Barkindo, who steered the group through the creation of the OPEC+ Alliance, was due to step down at the end of this month after six years at the OPEC top job.
Mr Gabriel Lima, Minister of Mines and Hydrocarbons, Equatorial Guinea has lauded the initiative of the Nigerian government for the new Nigeria National Petroleum Company Limited, describing Nigeria as a great example for Africa.
Lima made this known in an interview with newsmen on Wednesday in Abuja, following the unveiling of the new NNPC Ltd on Tuesday.
He said that Nigeria was a great example in the oil and gas sector with so many expertise which other African countries should learn from.
The Minister also noted that Nigeria and the late Mohammed Barkindo, former Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), were instrumental to the successful harnessing of Equatorial Guinea’s oil and gas.
“First of all, I will like to express my condolence to all Nigerians, especially the oil sector, for the passing away of OPEC Secretary-general, Mohammed Barkindo.
“Equatorial Guinea have been one of the countries that have been touched by his work.
He was instrumental for us to join OPEC, he was very instrumental for us to learn about the sector.
“I do believe this is a very important step for the African National Company and it is something that we have to learn from it.
“I am a big advocate that Nigeria is an example of oil and gas.
“A lot of people they focus on the negative part, but they forget that there are very many things that Nigeria has done very well; Local contents, operations, creating entities like this initiative of the NNPC Limited.
“What Nigeria needs to do is that they need to export the knowledge in the oil and gas.
There are so many executives in Nigeria that can go to the continent and teach all of us.
“You have African countries that never expected to have oil; Namibia, Mozambique, Senegal, South Sudan, and these guys are starting from zeros,” Lima said.
Lima appreciated Nigeria for guiding Equatorial Guinea through when the country first started its oil and gas exploration.
The Equatorial Guinea’s Mines and Hydrocarbon minister, however, noted that his country was ready to continue to partner Nigeria to become one of the world’s highest exporter of oil and gas.
Lima said that with Equatorial Guinea having built one of the world’s fastest LNG plants in the world, a collaborative effort between both countries would boost production and increase revenue for both countries and the continent.
“A long time before we began producing, we came here and Nigeria advised us.
for example one of the things that we learnt from day one is gas utilisation.
“We do have the big methanol plant in Africa, three per cent of the world methanol comes from here.
“We built the fastest LNG plant in the world and that is why the project with Nigeria is not to buy the gas, it is just to bring the gas, we process the gas on your behalf and we sell it together.
“That is why so many Nigeria producers are so excited about it because it is not just buying at fixed price.
“Once you process it, you sell it to the market price, and then if the price is high we all benefit and if the price is low we have a reasonable benefit.
“But the key thing is we actually have more benefits with the relations with Nigeria than Nigeria with us.
Nigeria has a lot of experience,” Lima said.
President Muhammadu Buhari has condemned the attack by gunmen on Rev. Daniel Umaru of EYN Church, Njairi in Mubi Local Government area of Adamawa.
The News Agency of Nigeria reports that the gunmen on Tuesday shot the Pastor, killed two of his sons and kidnapped his 13 year old daughter.
Buhari who was represented by Boss Mustapha, Secretary to Government of the Federation (SGF), condemned the attack when he visited the National Vice President of EYN Church, Rev. Anthony Ndamsai on Monday in Mubi.
He assured that government would definitely take action to ensure those who committed the crime were caught to face the law.
He prayed for the quick recovery of Rev. Umaru who is currently receiving treatment.
Buhari also solicited more prayers from religious leaders for lasting peace in the country.
In his remarks, Ndamsai thanked SGF for the sympathy visit and identifying with them.
He urged the Federal Government to redouble efforts in the area of security of lives and property of citizens.
According to him, if need be, Nigeria should seek support of international communities to complement the effort of the government on security.
NAN reports that SGF had earlier condoled Lamido of Adamawa, Muhammadu Mustapha and family members over the demise of Muahammad Barkindo, outgoing Secretary General, Organisation of Petroleum Exporting Countries (OPEC).
He also inspected some of the ongoing federal roads in Song, Gombi and Hong LGAs of Adamawa as well as the Federal Medical Centre (FMC), Hong.
Secretary-General, African Petroleum Producers’ Organisation (APPO), Omar Ibrahim, has condoled with President Muhammadu Buhari on the passing of Mohammed Barkindo, the Secretary-General of Organisation of Petroleum Exporting Countries (OPEC).
APPO boss’s condolence message is contained in a letter of condolence to the President made available to newsmen in Abuja on Thursday.
The Secretary-General described the death of Barkindo as a huge loss to his family, Nigeria, Africa, the OPEC family, the global oil and gas industry and the President of Nigeria, who he publicly acknowledged as a great source of inspiration, guidance and wisdom.
‘‘As Secretary-General of OPEC and a key driver of the OPEC+ alliance, Barkindo’s contribution to the stabilisation of the global oil industry from 2016, especially during COVID-19 will always be remembered.
‘‘Barkindo succeeded in raising the profile of OPEC as stabiliser of the global energy market at the most volatile periods in the organisation’s history,’’ the Brazzaville-based organisation wrote.
The APPO scribe prayed almighty God to grant the Barkindo family, loved ones and the President the fortitude to bear the huge loss of the great ambassador of Nigeria to the global energy community.
Sen. Orji Kalu, the Chief Whip of the Senate, has described death of the Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), DrMohammed Barkindo as a huge loss to Nigeria.
Kalu, in a condolence message issued on Thursday in Abuja, acknowledged the remarkable contributions of Barkindo to the oil and gas industry.
The former governor of Abia said the deceased was an accomplished professional in the oil and gas industry.
Kalu said that Barkindo’s leadership qualities stood him out among his contemporaries.
While commiserating with the government and people of Adamawa and stakeholders in the oil and gas industry, Kalu noted that the good deeds of the deceased would not be forgotten.
He urged the Barkindo family to sustain the worthy legacies of the deceased.
“I received with sadness the news of the passing of the secretary-general of OPEC, Dr Mohammed Barkindo.
“The deceased was an accomplished Nigerian, who served in various capacities in the oil and gas industry at the national and international levels.
“He played remarkable roles in promoting good relationship between OPEC and non-OPEC members.
“The late Barkindo carved a niche for himself in various endeavours.
`He left behind good legacies for his family to uphold,’’ Kalu said.
Kalu prayed to Allah to forgive the shortcomings of Barkindo and grant him Al-Jannah Firdaus.
Barkindo 63, an oil industry veteran who steered the group through the creation of the OPEC+alliance, was due to step down at the end of this month after being at the helm for six years at OPEC. (
The Peoples Democratic Party (PDP) Presidential Candidate, Atiku Abubakar, on Wednesday mourned Muhammad Barkindo, outgoing Secretary-General, Organisation of Petroleum Exporting Countries (OPEC).
Abubakar in his Twitter handle on Wednesday, said he was saddened by the passing away of the former Group Managing Director, Nigerian National Petroleum Company (NNPC), who died in Nigeria on Tuesday at age 63 years.
Abubakar described Barkindo as “a worthy ambassador of Nigeria, who left indelible marks in his service to the nation and OPEC.
“He was indeed a worthy ambassador of Nigeria.
“He died in active service, having delivered a speech at the ongoing Nigerian Oil and Gas Conference in Abuja and held a meeting with President Muhammadu Buhari hours before his passing away.
“He was my very good friend, and he will be surely missed.”
Abubakar condoled with the family and friends of Barkindo, management and staff of NNPC and OPEC.
He prayed that Allah forgives his sins and grants him Aljannah Firdaus.
Gov. Ahmadu Fintiri of Adamawa has expressed his condolences to the family of Muhammad Barkindo, outgoing Secretary General, Organisation of Petroleum Exporting Countries (OPEC).
Mr Humwashi Wonosikou, Press Secretary to the Governor, issued this in a statement on Tuesday.
“I received news of the passing of Muhammad Sanusi Barkindo with sadness; the late Barkindo will be remembered as a respected son of Adamawa and OPEC family.
“His demise is a sad day for me and the people of Adamawa and Nigeria.”
Fintiri stated that the late Barkindo made Adamawa proud during his 6 years service as OPEC Secretary General.
“Governor Fintiri prayed for the eternal repose of the late OPEC boss, describing his death as a great loss not only to Adamawa and Nigeria, but the whole world.
“I extend, on behalf of the people and Government of Adamawa State, my heartfelt sympathies and condolences to the immediate family, NNPC, OPEC, the people and Government of Adamawa State, over the death of the historic, 4th Secretary General of OPEC.
“We take the occasion to renew the ties of friendship and bonds of cooperation that exist between Nigeria and the OPEC Community. May his soul rest in perfect peace,” he said.
“I wish the family and associates of Muhammad Barkindo the strength, comfort and love of the Almighty Allah in these difficult times.”
The News Agency of Nigeria reports that Barkindo died in Nigeria on Tuesday, at 63 years.