Oil & Energy
Ribadu Wants FG To Fund Joint Ventures

The Management and staff of Bua Group, Port Harcourt in a walk-out during their Health, Safety and Environment (HSE) week at Port Harcourt Port Complex, recently.
The Federal Government, has been enjoined to put in place a coherent solution that allows government to fund its obligations under the Joint Venture JV Contract if it intends to increase its revenue from the oil and gas industry.
Mallam Nuhu Ribadu, commenting on the recommendations of the report by the Petroleum Revenue Special Task Force at the Council Chamber of the Presidential Villa, Abuja over the weekend said funding government obligation will unlock additional capital from JV partners which will over time increase government’s revenue from the proportionate additional balance of crude oil revenues and royalties on the entire production and taxes on taxable income.
Ribadu urged the federal government to take action on issues of outstanding royalties, petroleum revenue tax and various penalties citing gas flaring penalties as an instance.
His words: “Mr. President, the companies that are operating in Nigeria today are making huge money from our country. A lot of them are going out and investing in other parts of the world. The least they can do is to give us our own entitlement. We have found out that so many of them, even simple thing as royalties, they don’t pay. We need the money. We need them here. We need them to continue to do business, but also let them look at us and give us what is certainly our own entitlement.”
He also, highlighted on the use of traders to sell our crude stressing that other than Congo, Nigeria was the only country the world over that sells its crude through traders otherwise called term traders.”
The report noted that some international oil traders who were not “on the approved master list of customers” had been sold crude oil. “Without a formal contract” so little could be obtained about the details of these deals which can be worth hundreds of millions of dollars thus serve to reduce margins obtainable on sale of crude oil.
It therefore, recommended the direct sale of the nation’s crude like other countries were doing.
The report also pointed out the grave consequence of crude oil theft describing it as a national tragedy and stressed the need for government’s urgent action noting that it was one of the reasons the country was losing those who had interest of coming in to do business as they now have the option of going to other countries within the region that have just discovered crude oil.
Stating that the recommendations of the committee would strengthen institutions responsible for the management of the Petroleum industry, Ribadu who is the chairman of the committee said, “Most of the recommendations are about management, about people and about how we run our own affairs. It propably may not have to do with the law.
PIB or no PIB, some of these things right now can be implemented and if PIB comes it will still be very important in getting the result.”
The committee’s deputy chairman, Steve Orosanye, however, challenged the process of compilation of the report arguing that the process adopted by the committee at arriving at it the report was flawed.
Submitting the report to the President, the Minister of Petroleum, Mrs. Diezani Allison-Madueke called on Nigerians to down play the disagreement between the members of the committee and focus on the salient recommendation contained in the report.
“I will not allow this to reduce the extent of hard work that this people of integrity has put into all the work. They have done a good work. It is more critical to concern ourselves about how well we will move forward when we finalise,” she said.
Oil & Energy
Nigeria Loses More Crude Oil Than Some OPEC Members – Nwoko

Nigeria’s losses due to crude oil theft has been said to be more significant than those of some other members of the Organisation of Petroleum Exporting Countries(OPEC).
The Chairman, Senate Ad- hoc Committee on Crude Oil Theft, Senator Ned Nwoko, made this known in an interview with newsmen in Abuja.
Nwoko noted with dismay the detrimental impact of the issue, which, he said include economic damage, environmental destruction, and its impact on host communities.
According to him, the theft was not only weakening the Naira, but also depriving the nation of vital revenue needed for infrastructure, healthcare, education and social development.
The Senator representing Delta North Senatorial District described the scale of the theft as staggering, with reports indicating losses of over 200,000 barrels per day.
Nwoko disclosed that the ad hoc committee on Crude Oil Theft, which he chairs, recently had a two-day public hearing on the rampant theft of crude oil through illegal bunkering, pipeline vandalism, and the systemic gaps in the regulation and surveillance of the nation’s petroleum resources.
According to him, the public hearing was a pivotal step in addressing one of the most pressing challenges facing the nation.
‘’Nigeria loses billions of dollars annually to crude oil theft. This is severely undermining our economy, weakening the Naira and depriving the nation of vital revenue needed for infrastructure, healthcare, education, and social development.
‘’The scale of this theft is staggering, with reports indicating losses of over 200,000 barrels per day more than some OPEC member nations produce.
‘’This criminal enterprise fuels corruption, funds illegal activities and devastates our environment through spills and pollution.
‘’The public hearing was not just another talk shop; it was a decisive platform to uncover the root causes of crude oil theft, bunkering and pipeline vandalism.
‘’It was a platform to evaluate the effectiveness of existing surveillance, monitoring, and enforcement mechanisms; Identify regulatory and legislative gaps that enable these crimes to thrive.
‘’It was also to engage stakeholders, security agencies, host communities, oil companies, regulators, and experts to proffer actionable solutions; and strengthen legal frameworks to ensure stricter penalties and more efficient prosecution of offenders”, he said.
Nwoko noted that Nigeria’s survival depended
Oil & Energy
Tap Into Offshore Oil, Gas Opportunities, SNEPCO Urges Companies

Shell Nigeria Exploration and Production Company Ltd. (SNEPCo) has called on Nigerian companies to position themselves strategically to take full advantage of the growing opportunities in upcoming offshore and shallow water oil and gas projects.
The Managing Director, SNEPCO, Ronald Adams, made the call at the 5th Nigerian Oil and Gas Opportunity Fair (NOGOF) Conference, held in Yenagoa, Bayelsa State, last Thursday.
Adams highlighted the major projects, including Bonga Southwest Aparo, Bonga North, and the Bonga Main Life Extension, as key areas where Nigerian businesses can grow their capacity and increase their involvement.
“Shell Nigeria Exploration and Production Company Ltd. (SNEPCo) says Nigerian companies have a lot to benefit if they are prepared to take advantage of more opportunities in its offshore and shallow water oil and gas projects.
“Projects such as Bonga Southwest Aparo, Bonga North and Bonga Main Life Extension could grow Nigerian businesses and improve their expertise if they applied themselves seriously to executing higher value contracts”, Adams stated.
Adams noted that SNEPCo pioneered Nigeria’s deepwater oil exploration with the Bonga development and has since played a key role in growing local industry capacity.
He emphasized that Nigerian businesses could expand in key areas like logistics, drilling, and the construction of vital equipment such as subsea systems, mooring units, and gas processing facilities.
The SNEPCO boss explained that since production began at the Bonga field in 2005, SNEPCo has worked closely with Nigerian contractors to build systems and develop a skilled workforce capable of delivering projects safely, on time, and within budget both in Nigeria and across West Africa.
According to him, this long-term support has enabled local firms to take on key roles in managing the Bonga Floating, Production, Storage and Offloading (FPSO) vessel, which reached a major milestone by producing its one-billion barrel of oil on February 3, 2023.
Oil & Energy
Administrator Assures Community Of Improved Power Supply

The Emohua Local Government Area Administrator, Franklin Ajinwo, has pledged to improve electricity distribution in Oduoha Ogbakiri and its environs.
Ajinwo made the pledge recently while playing host in a courtesy visit to the Oduoha Ogbakiri Wezina Council of Chiefs, in his office in Rumuakunde.
He stated that arrangements are underway to enhance available power, reduce frequent outages, and promote steady electricity supply.
The move, he said, was aimed at boosting small and medium-scale businesses in the area.
“The essence of power is not just to have light at night. It’s for those who can use it to enhance their businesses”, he said.
The Administrator, who commended the peaceful nature of Ogbakiri people, urged the Chiefs to continue in promoting peace and stability, saying “meaningful development can only thrive in a peaceful environment”.
He also charged the Chiefs to protect existing infrastructure while promising to address the challenges faced by the community.
Earlier, the Oduoha Ogbakiri Wezina Council of Chiefs, led by HRH Eze Goodluck Mekwa Eleni Ekenta XV, expressed gratitude to the Administrator over his appointment and pledged their support to his administration.
The chiefs highlighted challenges facing the community to include incessant power outage, need for new transformers, and the completion of Community Secondary School, Oduoha.
The visit underscored the community’s expectations from the LGA administration.
With Ajinwo’s assurance of enhancing electricity distribution and promoting development, the people of Oduoha Ogbakiri said they look forward to a brighter future.
By: King Onunwor
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