News
Nigeria’s Rig Count Drops 49.5% To 53
There are indications that oil and gas explorations dropped in Nigeria as the rig count fell by 49.5 per cent to 53 in the first eight months (January-August) of 2021, from 105, recorded in the corresponding period of 2020.
The rig count, a major index for measuring the level of activities, especially exploration in the upstream oil sector, was obtained from the reports of the Organisation of Petroleum Exporting Countries (OPEC).
The reports attributed the development to the Coronavirus pandemic and relatively low crude oil prices as major factors that discouraged investors from investing during the period.
It was also partly attributed to the prolonged delay associated with the passage of the Petroleum Industry Bill (PIB), into law.
Like Nigeria, the rig count of some other African oil and gas producing countries also showed significant changes during the period.
For instance, the rig count of Algeria dropped to 191 in 2021, from 271 recorded in the corresponding period of 2020, indicating a decrease of 29.5 per cent.
However, the rig counts of Libya and Angola rose to 32 and 114, from 26 and 101, respectively, during the period, showing an increase of 12.8 per cent and 23 per cent, respectively.
Commenting on the development, the Chief Executive Officer, Cabtree, Olabode Sowunmi, raised hope for increased investment in exploration and other activities in the coming years.
He said, “The prolonged delay in the passage of the PIB into law scuttled the inflow of domestic and foreign investments for many years. In fact, many investors left Nigeria for other countries. But with the emergence of the PIA, we expect that the nation’s oil and gas would witness substantial investments in the coming months.”
Similarly, in its latest report – Investment uptick expected as Nigeria’s Petroleum Industry Bill becomes law – Fitch Solutions Country Risk & Industry Research, a global provider of country risk and industry analysis stated, “We expect Nigeria’s Risk Reward Indices score to improve in next quarter’s scoring, once the changes from the PIB are integrated into our analysis.
“On the upstream side of things, Nigeria is competing for investment on the global stage with newcomers Guyana, Senegal and Kenya while industry stalwarts Brazil and Norway continue to attract investment due to outsized reserves and friendly investor environment.
“Next quarter’s RRI should show Nigeria’s upstream position improve, although attracting new investment over other destinations is likely to be a race as overall investment is likely to decline in the long-term, as decarbonisation efforts divert more capital to alternative energy and high margin barrels. Existing discoveries of sizeable reserves are the most likely area of new investment.
“The biggest impact of the new PIB will be the increase in new investment expected from existing International Oil Companies, IOCs operating the deepwater sector. The oil majors are a significant part of the deepwater players and several have joint stakes in the key offshore growth projects, Bonga Southwest, Bonga North, Bonga Main Extension (OML 118), Preowei (OML 130), and Owowo (OML 139).”
Also, the Director, Centre for Petroleum, Energy Economics and Law, University of Ibadan, Prof. Adeola Adenikinju, said, “It removes some of the uncertainties in the sector and more importantly now you cannot hold a field for a long time without developing it for years. Now prospecting licences will expire after the period stated in the contract. Unlike in the past when major companies can just hold a field without developing it.
Commenting on the development, the National President, Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mr. Colman Obasi, said, “The dwindling rig count clearly showed that the nation is not investing enough in the upstream sector. It also illustrated that we might not likely meet set targets, especially the attainment of 40billion barrels reserves target by 2025.
“Besides, it also showed that Nigeria’s current 37billion barrel reserves might be depleted much faster than expected, if the nation does not invest much in exploration, required to make new finds and increase reserves. More than that, it showed further that the emerging oil and gas countries in Africa, and other continents could overtake Nigeria in the medium and long term.”
In any case, Lead Promoter, EnergyHub Nigeria, Dr. Felix Amieyeofori, called on the International Oil Companies (IOCs), indigenous companies, and the Federal Government to work toward increasing the investments, and by extension the rig count in the upstream sector.
Vice President Kashim Shettima has arrived in Addis Ababa, Ethiopia, for an official State visit at the invitation of the Prime Minister, Dr. Abiy Ahmed.
Upon arrival yesterday, Shettima was received at the airport by the Minister of Foreign Affairs of Ethiopia, Dr. Gedion Timothewos, and other members of the Ethiopian and Nigerian diplomatic corps.
Senior Special Assistant to the Vice President on Media and Communication, Stanley Nkwocha, revealed this in a statement he signed yesterday, titled: “VP Shettima arrives in Ethiopia for official state visit.”
During the visit, Vice President Shettima will participate in the official launch of Ethiopia’s Green Legacy Programme, a flagship environmental initiative.
The programme designed to combat deforestation, enhance biodiversity, and mitigate the adverse effects of climate change targets the planting of 20 billion tree seedlings over a four-year period.
In line with strengthening bilateral ties in agriculture and industrial development, the Vice President will also embark on a strategic tour of key industrial zones and integrated agricultural facilities across selected regions of Ethiopia.
News
RSG Tasks Farmers On N4bn Agric Loan ….As RAAMP Takes Sensitization Campaign To Four LGs In Rivers
The Rivers State Government has called on the people of the state especially farmers to access the ?4billion agricultural loans made available by the State and domiciled in the Bank of Industry.
This is as the State Project Implementation Unit (SPIU) of Rural Access and Agricultural Marketing Project (RAAMP), a World Bank project, took its sensitization campaign to Opobo/Nkoro, Andoni, Port Harcourt City and Obio/Akpor local government areas.
The campaign was aimed at enlightening community dwellers and other stakeholders in the various local government areas on the RAAMP project implementation and programme activities.
The Permanent Secretary, Rivers State Ministry of Agriculture, Mr Maurice Ogolo, said this at Opobo town, Ngo, Port Harcourt City and Rumuodumanya, headquarters of the four local government areas respectively, during the sensitization campaign.
Ogolo said apart from the ?4billion, the government has also made available fertilizers and other farm inputs to farmers in the various local government areas.
The Permanent Secretary who is the Chairman, State Steering Committee for the project, said RAAMP will construct roads that will connect farms to markets to enable farmers and fishermen sell their farms produce and fishes.
He also said rural roads would be constructed to farms and fishing settlements, and warned against any act that will lead to the cancellation of the projects in the four local government areas.
According to him, the World Bank and Federal Government which are the financiers of the programme will not condone such acts like kidnapping, marching ground and other acts inimical to the successful implementation of the projects in their respective areas.
At PHALGA, Ogolo asserted that the city will benefit in the areas of roads and bridge construction.
He noted that RAAMP was thriving in both the Federal Capital Territory, Abuja; Lagos and other states in the country, stressing that the project should also be given the seriousness it deserves in Rivers State.
Speaking at Opobo town, the headquarters of Opobo/Nkoro Local Government Area, the project coordinator, RAAMP, Mr.Joshua Kpakol, said the programme would reduce poverty in the state.
According to him, both fishermen and farmers will maximally benefit from the programme.
At Ngo which is the headquarters of Andoni Local Government Area, Kpakol said roads will be constructed to all remote fishing settlements.
He said Rivers State is lucky to be among the states implementing the project, and stressed the need for the people to embrace it.
Meanwhile, Kpakol said at PHALGA that RAAMP is a project that will transform the lives of farmers, traders and other stakeholders in the area.
He urged the stakeholders to spread the information to their various communities.
However, some of the stakeholders at Opobo town complained about the destruction of their farms by bulls allegedly owed by traditional rulers in the area, as well as incessant stealing of their canoes at waterfronts.
At Ngo, Archbishop Elkanah Hanson, founder of El-Shaddai Church, commended the World Bank and the Federal Government for bringing the projects to Andoni.
He stressed the need for the construction of roads to fishing settlements in the area.
Also, a former Commissioner for Agriculture in the state and Okan Ama of Ekede, HRH King Gad Harry, noted that storage facilities have become necessary for a successful agricultural programme.
Harry also stressed the need for the programme to be made sustainable.
In their separate speeches, the administrators of Andoni and Opobo/Nkoro Local Government Areas, pledged their readiness to support the programme.
At Port Harcourt City, the Administrator, Dr Arthur Kalagbor, represented by the Head of Local Government Administration, Port Harcourt City, Mr Clifford Paul, said the city would support the implementation of the programme in the area.
Also, the administrator of Obio/Akpor Local Government Area, Dr Clifford Ndu Walter, represented by Mr Michael Elenwo, pledged to support the programme in his local government area.
Among dignitaries at the Obio/Akpor stakeholders engagement is the chairman, Rivers State Traditional Rulers Council and paramount ruler of Apara Kingdom, HRM Eze Chike Wodo, amongst others.
John Bibor
President Bola Tinubu has ordered the commencement of personnel audit and skill gap analysis across all cadres of federal civil servants.
The president gave this directive in Abuja, yesterday, while speaking at the International Civil Service Conference, reaffirming his resolve to achieve efficiency and professional service delivery in the civil service.
“I have authorized the comprehensive personnel audit and skill gap analysis across the federal civil service to deepen capacity. I urge all responsible stakeholders to prioritize timely completion of this critical exercise, to begin implementing targeted reforms, to realize the full benefit of a more agile, competent and responsive civil service,” the president announced.
Tinubu further directed all Ministries, Departments and Agencies (MDAs), to prioritise data integrity and sovereignty in national interest.
He called for the capture, protection and strategic publication of public sector data in line with the Nigeria Data Protection Act of 2023.
“We must let our data speak for us. We must publish verified data assets within Nigeria and share them internationally recognized as fruitful. This will allow global benchmarking organisation to track our progress in real time and help us strengthen our position on the world stage. This will preserve privacy and uphold data sovereignty,” Tinubu added.
President Tinubu hailed the federal civil service as the “engine” driving his Renewed Hope Agenda, and the vehicle for delivering sustainable national development.
He submitted that the roles of civil servants remain indispensable in modern governance, declaring that in the face of a fast-evolving digital and economic landscape, the civil service must remain agile, future-ready, and results-driven.
“This maiden conference is a bold step toward redefining governance in an era of rapid transformation. An innovative Civil Service ensures we meet today’s needs and overcome tomorrow’s challenges.
“It captures our collective ambition to reimagine and reposition the civil service. In today’s rapid, evolving world of technology, innovation remains critical in ensuring that the civil service is dynamic, digital” the President said.
Head of the Civil Service of the Federation, Didi Walson-Jack in her welcome address told the President that his presence and strong words of commendation at the conference has renewed the morale and mandate of public servants across the country.
Walson-Jack described Tinubu as the backbone of driving transformation in the Nigerian civil service, and noted that the takeaways from past study tours undertaken to understudy the civil service in Singapore, the UK and US under her leadership, is already yielding multiplier effects.
Walson-Jack assured Tinubu that her office, in collaboration with reform-minded stakeholders, will not relent in accelerating the implementation of the Federal Civil Service Strategy and Implementation Plan, FCSSIP 25.
She affirmed that digitalisation, performance management, and continuous learning remain key pillars in strengthening accountability, transparency, and service delivery across MDAs.
Walson-Jack reaffirmed that the civil service is determined to exceed expectations by embedding a culture of innovation, ethical leadership, and citizen-centred governance in the heart of public administration.