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MD Harps On Efficient Use Of Oil Proceeds

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In view of the depleting nature of the oil resources leaders and policy makers in Nigeria, have been urged to focus on efficient management of oil proceeds as to impact on  posterity.

The Managing Director of Treasure Energy Resources Limited (TERL), Dr. Eddie Wikina who said this in a statement made available to The Tide recently enjoined the government to avoid white elephant projects and adequately manage oil proceeds.

Wikina therefore suggested the divestment re-investment of oil proceeds into sustainable economic development projects to have a sustainable value, and stressed the need for increase in oil production level in order to generate income which could be plouged back into development.

He urged the Federal Government to unlock all the abandoned marginal fields by putting in place measures that could support production and add more value to the nation’s economy through generation of jobs and extra income.

The TERL boss also stressed the need for government to develop local indigenous skills, capacities and capabilities in strategic professions if we are to witness positive change and growth in the nation’s economy saying that less should be spent on foreign consultants and studies.

“If government focuses on this, using world class management techniques and allowing competence to override sentiments, the economy will witness positive change and growth. Leaders should avoid replacing sound economic policies, objectives and plans with political games and rhetorics” he emphasised.

In another development, Wikina said aside from payment of taxes and royalties to government, International Oil Companies (IOCs) operating in the Niger Delta should ensure that adequate infrastructure were put in place to make life more meaningful for the people in the region.

According to him, though it is the duty of the government to provide social amenities such as roads, hospitals among others, corporate social responsibility demands that IOCs do things that would benefit the host communities and also protect their environments.

“They need to carry out their corporate social responsibilities effectively if for nothing else to buy peace, because failure to live up to their corporate social responsibilities had been responsible for the problems between them and their communities”, Wikina declared.

 

Vivian-Peace Nwinaene

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Oil & Energy

DPR Assures Fuel Availability During Sallah

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The Department of Petroleum Resources (DPR) has assured Nigerians of petroleum products availability during the Sallah holidays.
Head, Public Affairs, DPR, Mr Paul Osu, gave the assurance in a statement issued last Friday in Lagos.
The Tide source reports that the Federal Government has declared July 20 and 21 as public holidays to mark the celebration.
Osu said there was product sufficiency nationwide and advised marketers against hoarding and creating artificial scarcity under any guise.
He said the DPR would intensify its monitoring and surveillance of petroleum products outlets to ensure compliance with quality, quantity, integrity and safety of operations in line with its regulatory mandate.
Osu advised consumers to report any infraction such as under dispensing of products to any DPR office nationwide.
He also reiterated the DPR’s commitment to safety and advised consumers to observe all necessary safety protocols in the handling of petroleum products.
Osu said the regulatory agency would continue to initiate appropriate initiatives to enable business and create opportunities for investors and stakeholders in the oil and gas industry in Nigeria.

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Oil & Energy

Reps Pass PIB, Adopt 3% For Host Communities

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Following the report of the conference Committee on the Petroleum Industry Bill (PIB), the House of Representatives last Friday, in Abuja passed the bill, allowing three per cent to host communities.
The three per cent is however against 10 per cent demanded by the host communities and also the initial five per cent agreed to by the House of Reps.
The PIB is an Executive bill, which sought to reform the Oil and Gas sector and ensure its governance met with best global standards.
It was presented by the Chairman of House Committee on PIB, Rep. Mohammed Monguno (APC-Borno) on July 1.
The bill was scheduled for third reading and final passage by the House following the adoption of the report by the House, which was eventually passed on July 16.
The Tide source reports that the main opposition, the Peoples Democratic Party (PDP) could not participate in the adoption following their walk out from the plenary.
It would be recalled that the host communities had earlier demanded for 10 per cent, the Chairman of the House Committee on PIB however accepted five per cent in its report.
The conference Committee of the House of Reps and the Senate jointly agreed to give three per cent to the host communities via harmonisation.

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Sylva Affirms Oil, OPEC’s Place In Future Energy Mix

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Minister of State for Petroleum Resources, Timipre Sylva, has said oil will not lose its place in the future energy mix, adding that OPEC itself would continue to be a force to be reckoned with in the sector.
He made the statement while announcing the launch of a book, “Nigeria and OPEC : 50 years of Partnership” by the federal government in celebration of the country’s golden jubilee anniversary as member of the Organisation of Petroleum Exporting Countries.
“Oil will continue to be an important component of the energy mix into the foreseeable future. It will continue to be needed to power the global economic growth in order to eradicate poverty, which is still prevalent worldwide.
“OPEC’s role of stabilising the oil market for the benefits of all stakeholders will continue to be required in the years ahead,” Syvla added.
Nigeria was admitted into OPEC as its 11th member country on July 12, 1971, at the 24th meeting of the OPEC held in Vienna, Austria.
“OPEC at the time was in its 11th year of existence having being established on September 14 1960, in Baghdad, Iraq, by five founding member countries Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
“This makes July 12, 2021, the golden anniversary of a successful partnership between Nigeria and OPEC.
“As part of this celebration, it is my pleasure to launch the book ‘Nigeria and OPEC: 50 years of Partnership, 1971-2021,” he said.
He said the book was an updated version of the one published in 2006 to mark the 35th anniversary.
According to him, it is a very important document that can adequately inform and inspire the future generation.
“The book gave great insights into our people, culture, diversity and relationship with OPEC over these 50 eventful years
“It also gives an insight into the landmark developments in the oil and gas sectors as well as their envisaged place in Nigeria’s energy transition commitments,’’ he said
The minister said that Nigeria as a key player in the industry would continue to lend full support to the efforts of the organisation to balance the oil market for the benefit of all.
He said Nigeria’s membership of OPEC was very important and had helped in strengthening shared values and protecting the group’s interest.
Commenting on the role of Nigeria in OPEC, he said that it had contributed enormously to the survival of OPEC during turbulent times by lending full support to the efforts of the organisation to balance and stabilise the oil market.
He quoted the OPEC Secretary General, Mohammad Barkindo, as saying that the organisation had benefited from the wisdom and expertise of dedicated public servants from Nigeria who had engaged with the organisation in different period.
“Nigeria has played a major role in driving the organisation focus on cooperation , goodwill, a sense of belonging and unity and in working toward achieving oil market stability,’’ he quoted Barkindo as saying.
Sylva further said that over the past 50 years Nigeria had produced six presidents of the OPEC conference.
He named the presidents to include Shettima Ali Monguno (1972/73), Malam Yahaya Dikko (1982/83), Dr Rilwanu Lukman (1986- 89, 2002), Prof. Jibril Aminu (1991), Dr Edmund Daukoru (2006) and Dr Ibe Kachikwu (2015).
“They have in total, presided over 26 OPEC ministerial conferences held in several countries
“It is appropriate and important to mention that our president Muhammadu Buhari also served as head of Nigeria delegation to OPEC from 1976 to 1978 and has continued to engage with the organisation, lending his unflinching support to OPEC laudable endavours.
“It is on record that he played a crucial role in negotiating the Declaration of Cooperation (DoC) between OPEC and participating non-OPEC oil producing countries which has continued to be backbone for the survival of the oil industry during the ongoing Covid-19 pandemic,’’ he said .
The minister added that Nigeria had also provided four OPEC Secretary Generals namely Chief MO Feyide 1975/1976, Dr Rilwanu Lukman (1986/88), Dr Edmund Daukoru (2006) and the incumbent Mohammad Barkindo.
“This amounts to a total of 15 years of managing the affairs of the secretariat on behalf of the members. Nigeria , has therefore played a vital role in the evolution of the secretariat and the development of the organisation,’’ he said

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