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3,000 Get Health Insurance In Shell IA Cluster

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No fewer than 3,000 indigenes of Rumuobiokani, Rumuezeolu, Oginigba and Rumuomasi in Obio/Akpor Local Government Area of Rivers State are now proud beneficiaries of the first ever community health insurance scheme in Nigeria.

In addition, more than 3,000 registered indigenes of the four communities for the insurance scheme have also received insecticide-treated bed nets to protect them from the scourge of mosquitoes.

Another 1,000 indigenes and over 10,000 non-indigenes are expected to further benefit from the novel scheme, which is expected to cover more than 15,000 persons.

Launched last Thursday at the Obio Cottage Hospital in Rumuobiokani by the Rivers State Commissioner for Health, Dr Sampson Parker, the scheme is the pilot initiative of the Shell Petroleum Development Company of Nigeria (SPDC) Industrial Area Cluster Development Board (IACDB) as part of the implementation of the Global Memorandum of Understanding (GMoU) template in the area.

Speaking at the scheme launch, Parker lauded Shell and the IACDB for bringing the dream of a community health insurance scheme to concrete reality, adding that the Chibuike Amaechi administration’s policy of building 150 primary healthcare centres across the 23 LGAs was to entrench community ownership, participation, utilization and management in the provision of quality, accessible and affordable healthcare delivery to the people.

The commissioner noted that for the people to benefit maximally from the services available at the health centres, they must be incorporated as proud owners and managers of the facilities, stressing that if the ordinary people were allowed to key into their programmes, a more healthy people will populate the society.

He commended SPDC for providing the seed funds, technical equipment, medical consumables and guidance, as well as the IACDB for setting aside 13.15 per cent of its annual GMoU receipts to fund the scheme, adding that the writing off of 50 per cent on the premium payable by indigenes shows a worthy commitment of the IACDB to improve the healthcare needs of the citizenry.

Parker restated the preparedness of the government to partner SPDC and the IACDB to sustain the momentum, widen the scope of beneficiaries, and maintain quality healthcare service delivery for the people of the cluster.

In his address, Managing Director, SPDC, Mr. Mutiu Sunmonu, noted that as the first community-based health insurance programme in Nigeria involving the private sector, government and impacted communities, Shell was proud to be part of the effort to deliver guaranteed healthcare services that would improve and save lives in host communities.

Sunmonu expressed delight that the GMoU as a tool for empowering the people, has brought about good and accessible healthcare, which would fast track development of the area, saying that with the CHIS, thousands will now have access to comprehensive healthcare insurance coverage for curative and preventive medical treatment.   

Also speaking, Regional Community Health Manager, SPDC, Dr Babatunde Fakunle, said the linkage between health, poverty, prosperity and development could not be underestimated, stressing that “users of the Obio Health Insurance Scheme now have the option of purchasing care through this model instead of the ‘fee for service’ strategy”.

Emphasising that SPDC directly supports 27 health facilities in six states in the Niger Delta, Fakunle said that the scheme would eliminate out of pocket expenses for healthcare, ensure equitable access to quality-assured healthcare systems and infrastructures, check poverty as a barrier to receiving healthcare and create an environment populated by healthy and prosperous people, among others.

In his goodwill message, Chairman, Obio/Akpor LGA, Prince Timothy Nsirim, who was represented by his Vice, Hon Solomon Eke, said as an offshoot of the National Health Insurance Scheme (NHIS), he was elated that the scheme has been first launched in his LGA, and assured that the council will leverage on the CHIS at Obio Cottage Hospital in the efforts to deliver quality healthcare services to the people in the nine other health centres.

Earlier, Chairman, IACDB, Chief Joseph Amadi, had said the scheme has a kick-off funding of N24.2million, which offsets 50 per cent premium payable by beneficiaries, adding that while indigenes will pay N3,600 each per annum or N300 per month, a family of six would pay N20,880 per annum or N1,740 per month.

Amadi further stated that non-indigenes were expected to pay full premium of N7,200 each per annum or N600 per month while a family of six would pay N41,760 per annum or N3,480 per month.

 

Nelson Chukwudi

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Oil & Energy

FG Woos IOCs On Energy Growth

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The Federal Government has expressed optimism in attracting more investments by International Oil Companies (IOCs) into Nigeria to foster growth and sustainability in the energy sector.
This is as some IOCs, particularly Shell and TotalEnergies, had announced plans to divest some of their assets from the country.
Recall that Shell in January, 2024 had said it would sell the Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance.
According to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, increasing investments by IOCs as well as boosting crude production to enhancing Nigeria’s position as a leading player in the global energy market, are the key objectives of the Government.
Lokpobiri emphasized the Ministry’s willingness to collaborate with State Governments, particularly Bayelsa State, in advancing energy sector transformation efforts.
The Minister, who stressed the importance of cooperation in achieving shared goals said, “we are open to partnerships with Bayelsa State Government for mutual progress”.
In response to Governor Douye Diri’s appeal for Ministry intervention in restoring the Atala Oil Field belonging to Bayelsa State, the Minister assured prompt attention to the matter.
He said, “We will look into the issue promptly and ensure fairness and equity in addressing state concerns”.
Lokpobiri explained that the Bayelsa State Governor, Douyi Diri’s visit reaffirmed the commitment of both the Federal and State Government’s readiness to work together towards a sustainable, inclusive, and prosperous energy future for Nigeria.
While speaking, Governor Diri commended the Minister for his remarkable performance in revitalisng the nation’s energy sector.

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Your Investment Is Safe, FG Tells Investors In Gas

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The Federal Government has assured investors in the nation’s gas sector of the security and safety of their investments.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo,  gave the assurance while hosting top officials of Shanghai Huayi Energy Chemical Company Group of China (HUAYI) and China Road and Bridge Corporation, who are strategic investors in Brass Methanol and Gas Hub Project in Bayelsa State.
The Minister in a statement stressed that Nigeria was open for investments and investors, insisting that present and prospective foreign investors have no need to entertain fear on the safety of their investment.
Describing the Brass project as one critical project of the President Bola Tinubu-led administration, Ekpo said.
“The Federal Government is committed to developing Nigeria’s gas reserves through projects such as the Brass Methanol project, which presents an opportunity for the diversification of Nigeria’s economy.
“It is for this and other reasons that the project has been accorded the significant concessions (or support) that it enjoys from the government.
“Let me, therefore, assure you of the strong commitment of our government to the security and safety of yours and other investments as we have continually done for similar Chinese investments in Nigeria through the years”, he added.
Ekpo further tasked investors and contractors working on the project to double their efforts, saying, “I want to see this project running for the good of Nigeria and its investors”.
Earlier in his speech, Leader of the Chinese delegation, Mr Zheng Bi Jun, said the visit to the country was to carry out feasibility studies for investments in methanol projects.
On his part, the Managing Director of Brass Fertiliser and Petrochemical Ltd, Mr Ben Okoye, expressed optimism in partnering with genuine investors on the project.

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Oil Prices Record Second Monthly Gain

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Crude oil prices recently logged their second monthly gain in a row as OPEC+ extended their supply curb deal until the end of Q2 2024.
The gains have been considerable, with WTI adding about $7 per barrel over the month of February.
Yet a lot of analysts remain bearish about the commodity’s prospects. In fact, they believe that there is enough oil supply globally to keep Brent around $81 this year and WTI at some $76.50, according to a Reuters poll.
Yet, like last year in U.S. shale showed, there is always the possibility of a major surprise.
According to the respondents in that poll, what’s keeping prices tame is, first, the fact that the Red Sea crisis has not yet affected oil shipments in the region, thanks to alternative routes.
The second reason cited by the analysts is OPEC+ spare capacity, which has increased, thanks to the cuts.
“Spare capacity has reached a multi-year high, which will keep overall market sentiment under pressure over the coming months”, senior analyst, Florian Grunberger, told Reuters.
The perception of ample spare capacity is definitely one factor keeping traders and analysts bearish as they assume this capacity would be put into operation as soon as the market needs it. This may well be an incorrect assumption.
Saudi Arabia and OPEC have given multiple signs that they would only release more production if prices are to their liking, and if cuts are getting extended, then current prices are not to OPEC’s liking yet.
There is more, too. The Saudis, which are cutting the most and have the greatest spare capacity at around 3 million barrels daily right now, are acutely aware that the moment they release additional supply, prices will plunge.
Therefore, the chance of Saudi cuts being reversed anytime soon is pretty slim.
Then there is the U.S. oil production factor. Last year, analysts expected modest output additions from the shale patch because the rig count remained consistently lower than what it was during the strongest shale boom years.
That assumption proved wrong as drillers made substantial gains in well productivity that pushed total production to yet another record.
Perhaps a bit oddly, analysts are once again making a bold assumption for this year: that the productivity gains will continue at the same rate this year as well.
The Energy Information Administration disagrees. In its latest Short-Term Energy Outlook, the authority estimated that U.S. oil output had reached a record high of 13.3 million barrels daily that in January fell to 12.6 million bpd due to harsh winter weather.
For the rest of the year, however, the EIA has forecast a production level remaining around the December record, which will only be broken in February 2025.
Oil demand, meanwhile, will be growing. Wood Mackenzie recently predicted 2024 demand growth at 1.9 million barrels daily.
OPEC sees this year’s demand growth at 2.25 million barrels daily. The IEA is, as usual, the most modest in its expectations, seeing 2024 demand for oil grow by 1.2 million bpd.
With OPEC+ keeping a lid on production and U.S. production remaining largely flat on 2023, if the EIA is correct, a tightening of the supply situation is only a matter of time. Indeed, some are predicting that already.
Natural resource-focused investors Goehring and Rozencwajg recently released their latest market outlook, in which they warned that the oil market may already be in a structural deficit, to manifest later this year.
They also noted a change in the methodology that the EIA uses to estimate oil production, which may well have led to a serious overestimation of production growth.
The discrepancy between actual and reported production, Goehring and Rozencwajg said, could be so significant that the EIA may be estimating growth where there’s a production decline.
So, on the one hand, some pretty important assumptions are being made about demand, namely, that it will grow more slowly this year than it did last year.
This assumption is based on another one, by the way, and this is the assumption that EV sales will rise as strongly as they did last year, when they failed to make a dent in oil demand growth, and kill some oil demand.
On the other hand, there is the assumption that U.S. drillers will keep drilling like they did last year. What would motivate such a development is unclear, besides the expectation that Europe will take in even more U.S. crude this year than it already is.
This is a much safer assumption than the one about demand, by the way. And yet, there are indications from the U.S. oil industry that there will be no pumping at will this year. There will be more production discipline.
Predicting oil prices accurately, even over the shortest of periods, is as safe as flipping a coin. With the number of variables at play at any moment, accurate predictions are usually little more than a fluke, especially when perceptions play such an outsized role in price movements.
One thing is for sure, though. There may be surprises this year in oil.

lrina Slav
Slav writes for Oilprice.com.

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