Minister of State for
Petroleum, Dr Ibe Kachikwu has advised oil producing countries to use the fall in oil price to check cost profile in doing business.
Kachikwu gave the advice at the closing ceremony of the 6th African Petroleum Congress and Exhibition, on Thursday in Abuja.
“The industry will still be in challenge in one to two years and I hope that the lesson you take away will help you either as government policy makers or practitioners in the industry, to confront some of the issues.
“ Amidst all these global chaos, reducing prices, lack of investments, loss of jobs, contracting of most of the servicing companies, postponement of major projects, there are some good safer linings.
“It is a good opportunity for countries to begin to look inwards, check their cost profile,’’ he said.
According to him, during the era of 120 dollar per barrel many countries and companies assumed that it will not end and the cost profile was up the bounds.
Kachikwu, who is also the Chairman of African Petroleum Producers Association (APPA), said that stakeholders were framing up the planned meeting of OPEC and non OPEC countries.
He said the meeting would hold on 17th April adding that it would help bring positive change in the industry.
“ Hopefully, it will help to bring up the price higher than what it is today.
“Again in the last two months, because of the work some of us have done, the prices are beginning to be firm.
“ We cannot know the predictions now, but there are signs of hope,’’ he said.
Kachikwu said that presently, countries were looking at the best ways to reposition their companies and countries.
He advised African countries to emulate what countries in the Far East and the Gulf were doing right, especially in the area of governance and savings.
The minister added that a lot of intelligence was required especially now that there is paucity of fund to unbundle challenges in the sector.
Kachikwu noted that the coming together of African countries would help open up space for more investors in the sector in the region.
Lawmaker Applauds Wike On Curbing Oil Theft, Illegal Refineries
The Chairman, House of Representatives Committee on Host Communities, Rt. Hon. Dumnamene Robinson Dekor, has commended the Rivers State, Nyesom Wike, for stern steps taken to curb the activities of illegal refining of crude oil, called ‘Kpo-fire’ in local parlance.
Recall that the Governor also declared the operators wanted during a personal visit to the sites of the illegal business in Ikwerre and Emohua Local Government Areas of the State.
Dekor, who is the member representing Khana/Gokana in the House of Representatives, made the commendation while addressing a cross section of Rivers youths in Abuja.
He noted that the proactive steps taken by Governor Wike in declaring operators of the illegal business of Kpo-fire wanted, apprehending many others and his physical visit to some sites of the illegal refineries would significantly reduce the menace of soot and its attendant environmental and health degradation in the State.
“You all know that the State has been battling the challenge of soot worsened by the illegal business of refining petroleum products, popularly called kpo-fire.
“You are also aware of the agony, pains and sicknesses associated with the environmental hazard, which has regularly contaminated the air in our dear state with devastating health implications”, he said.
Dekor in his commendation, said, “you will recall, His Excellency has in his new year broadcast promised to tackle head-on illegal crude oil refining activities in the state for the collective health survival of Rivers people.
“It is in view of this, that I want to thank the Governor for his prompt action taken towards addressing this ugly trend”, the lawmaker stated.
He used the opportunity to call on all community leaders to join hands with the State Governor in the struggle to bring an end to oil theft and illegal crude oil refining activities in their localities in order to end the menace of soot in the State by reporting those behind the illegal business in their communities to relevant law enforcement agencies.
The federal lawmaker also appealed to his constituents to desist from oil theft and illegal crude oil refining activities, while warning that anyone caught would be made to face the full weight of the law.
He said the noticeable blanket of soot in the skies across the state, in our homes and on clothes are largely due to the upsurge in illegal bunkering business in the Niger Delta of which Rivers State appears to be one of the epicenters.
Dekor frowned at the seeming reluctance of the Federal Government and regulatory agencies in taking measures to mitigate the menace of soot in the Niger Delta and urged them to rise up to take responsibility in protecting the lives of the people and those living in the region.
By: Tonye Nria-Dappa
NLNG Approves Supply Of LPG To Nigerian Market
The Board of Directors of Nigeria Liquified Natural Gas (NLNG) Limited has approved the supply of 100 per cent of the company’s LPG production (Propane & Butane) to the Nigerian market.
To this end, NLNG will prioritise the domestic market for 100 per cent of its Butane production, otherwise known as cooking gas.
The milestone is coming three months after the company supplied its first propane cargo into the domestic market and has developed a scheme to sustainably supply Propane for usage in cooking gas blending, as well as in agro-allied, autogas, power and petrochemical sectors of the Nigerian economy to further deepen gas utilisation in Nigeria.
These initiatives, according to the firm, are designed to increase LPG availability in Nigeria, diversifying its uses and support the Federal Government’s Decade of Gas initiative.
NLNG is currently the highest single supplier of LPG into the domestic market, with an estimated 400,000 metric tonnes supplied in 2021.
Speaking, the Managing Director and Chief Executive Officer of NLNG, Dr. Philip Mshelbila, said the announcement marked the company’s strong commitment to the continued growth of the domestic LPG market and its passion to increase utilisation of one of the most versatile energy sources in the world.
Mshelbila explained that natural gas could help drive the country’s economy by providing cooking gas for homes, supporting industrialisation, powering mobile cell sites and complex transportation systems, impacting food supply through its usage for fertilizer production and increasing power supply to both homes and industries while reducing the country’s carbon footprint.
“Gas, as the cleanest of the fossil fuels, has become an essential energy source to be reckoned with during this energy transition period. Other countries are revolutionising their energy industry to cut down on carbon emissions drastically. Nigeria should not be left out in this drive, considering its abundant gas resources.
“Gas is essential for life and living at the moment, because it can support everything, we will need to develop our economy and create better living standards for Nigerians. We need to change the narrative, and NLNG is being pragmatic about it”, he said.
FCMB Boosts Modular Refinery
An energy park, consisting of a modular refinery, gas processing facility, compressed natural gas plant, a refined product terminal, a 20 megawatts power plant and data centre constructed by Duport Midstream Company Limited and financed by First City Monument Bank (FCMB) is set for completion and commissioning in March this year.
Mrs. Yemisi Edun, Managing Director/Chief Executive Officer (MD/CEO) of FCMB, announced this during an inspection tour of the management of the bank to the facility located at Egbokor, Orhionmwon Local Government Area in Edo State.
Speaking after assessing the project, Mrs. Edun restated the commitment of the bank to championing and supporting initiatives that would fast-track national development across all sectors of the economy.
According to her, “our partnership with Duport Midstream Company Limited is progressive and will positively impact many sectors of the economy. So, we are excited to fund this project and pleased with the progress achieved.
“It will help meet part of our local petroleum consumption needs, reducing fuel importation and forex loss when fully operational. Replicating this model will strengthen the value of the naira in the long run and create job opportunities in the petroleum value chain”, she said..
Also speaking, the CEO of Duport Midstream Company Limited, Dr. Akintoye Akindele, affirmed that the project would be commissioned in March as soon as the government approves it.
According to him, “the regulator will come for inspection and ensure that all we designed are ready. Then, we will start testing in the next 30 to 45 days for the government to confirm that it meets all standards.
“However, this will be delivered in modules: Phase one will be going live in the next 30 days. After we get approval from the Nigerian Midstream and Downstream Petroleum Regulatory Authority to go live, we will start with a 2,500 barrel per day refinery, 40-million-scf gas processing, 5 megawatts power, a data centre and almost 20,000 metric tonnes of storage.
“Our plan after the initial take-off is to add the other modules to it quarterly and biannually. In that way, we will be able to utilise assets optimally, avoid wastage, look after the environment and create jobs”, he said.
Dr. Akindele added that when the energy park finally comes on stream, it would leverage infrastructure to deliver energy to the country, reduce dependence on importation of petroleum products, create jobs and ensure optimal utilisation of the nation’s assets.
He further disclosed that the company also has expansion plans for a 10,000 barrel per day refinery, 60-million-scf gas processing plant, 10-million-scf compressed natural gas plant, 50 megawatts power plant, which are part of the facilities to be delivered in the park.
FCMB is a member of FCMB Group Plc, Nigeria’s leading and most diversified financial holding company with subsidiaries that are market leaders in their respective segments. The Bank has built a strong base in various sectors of the nation’s economy by consistently offering cutting-edge solutions to its customers across segments.
Having transformed successfully into a retail banking and wealth management-led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.
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