News
Nigeria’s Rig Count Rises 20.8% To 29 In Q3
Nigeria’s rig count, a global index for measuring activities in the upstream sector, has increased by 20.8per cent Year-on-Year, YoY, to 29 in the third quarter 2021 (Q3’21) from 24 recorded in the corresponding period of 2020.
This was revealed in a report by the Organisation of Petroleum Exporting Countries (OPEC), yesterday.
During the quarter under review, sector activities appear on the low ebb in July with just seven rigs in operation, but it quickly rose to 11 in August and maintaining same level in September.
The organization did not provide reasons for the increase, but investigations show that it might have been connected to improved activities after the complete lockdown of the oil and gas industry under the Covid-19 adverse operating environment.
This was even as the OPEC’s latest Monthly Oil Market Report (MOMR), for the month of October, 2021 puts the Nigeria’s oil output at 1.239million barrels per day, mb/d, excluding condensate, based on data obtained from direct sources.
However, when data obtained from indirect sources were considered, the organization, which has already increased Nigeria’s quota to 1.8mb/d from 2022, puts the nation’s output at 1.271mb/d.
Already, the government proposed its 2022 budget benchmarks on $57per barrel and 1.8mb/d, but prices currently hover at over $80per barrel, indicating that its revenue target would likely be met despite the shortfall in output.
In the budget presentation to the National Assembly, President Muhammadu Buhari had said: “The 2022 to 2024 Medium Term Expenditure Framework and Fiscal Strategy Paper sets out the parameters for the 2022 Budget. A conservative oil price benchmark of $57per barrel; daily oil production estimate of 1.88million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day); exchange rate of four 410.15 per US Dollar; and projected GDP growth rate of 4.2per cent and 13per cent inflation rate.
“Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at N17.70trillion in 2022.
“Total federally distributable revenue is estimated at N12.72trillion in 2022 while total revenue available to fund the 2022 Federal Budget is estimated at N10.13trillion. This includes grants and aid of N63.38billion, as well as the revenues of 63 government-owned enterprises.
“Oil revenue is projected at N3.16trillion, non-oil taxes are estimated at N2.13trillion and FGN independent revenues are projected to be N1.82trillion.”
In any case, Senior Research Analyst at FXTM, Senior Research Analyst at FXTM, Lukman Otunuga, who raised hope on continued stability in oil prices, said: “One of the major themes dominating global markets is the recent surge in oil prices.
“Brent and WTI crude have appreciated to multiyear highs this month thanks to the combination of tightening supplies and rising demand. The explosive appreciation in oil is bad news for energy consumers but a welcome development for energy-producing countries like Nigeria which acquires over 90% of export earnings and roughly 70per cent of government earnings from oil sales.”
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has tasked troops of Operation SAVANNAH SHIELD to dominate the battlespace and intensify offensive operations against kidnappers, bandits and other criminal elements in the North Central region.
Shaibu gave the directive yesterday during his maiden operational visit to the Headquarters, Joint Task Force North Central (JTF-NC), at Sobi Barracks, Ilorin.
This is contained in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, in Abuja, yesterday.
Shaibu said the Nigerian Army would remain resolute in its constitutional responsibility of safeguarding lives and property, stressing that troops must sustain pressure to decisively deny criminal elements freedom of action.
He assured personnel of continued deployment of combat enablers and operational resources to enhance clearance operations and dismantle criminal hideouts across Kwara and Niger states.
The COAS reaffirmed his commitment to troop welfare, noting that improved welfare remained critical to sustaining morale, operational effectiveness and combat readiness.
He urged the troops to remain disciplined, professional and loyal to the Constitution and the democratically elected government.
Earlier, the Theatre Commander, JTF-NC Operation SAVANNAH SHIELD, Maj.-Gen. Yakubu Yahaya, commended the COAS for his strategic leadership and support.
Yahaya assured that troops would remain committed and steadfast in restoring peace and stability in the region.
The Nigerian Navy says it is expanding training and infrastructure to address emerging security threats and strengthen operational efficiency across formations and units nationwide.
The Chief of Naval Staff, Vice Adm. Idi Abbas, spoke during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers as part of activities marking the Nigerian Navy’s 70th anniversary.
Abbas, represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, said the projects reflected significant progress made by the navy since its establishment in 1956 from the British Royal Navy.
“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the navy’s constitutional responsibilities.”
According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.
Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.
Others were the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.
Abbas described the new theatre as a major milestone for the navy’s medical services.
“Previously, injured personnel requiring surgeries were referred outside the facility.
“With this theatre, surgeries can now be conducted within the base.’’
He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.
The naval chief assured officers, ratings and trainees that the navy leadership remained committed to their welfare and wellbeing.
“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.
In addition, NAVTRAC distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area of Rivers.
Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.
Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.
“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.
He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.
Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.
He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.
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