Oil & Energy
MD Seeks Quick Passage Of PIB
The National Assembly has been urged to avoid any delay and ensure the quick passage of the Petroleum Industry Bill (PIB) as it is for the best interest of all Nigerians.
A Rivers State government-owned oil exploration and production company, Treasure Energy Resources Limited’s (TERL), Managing Director, Dr. Eddie Wikina made the call in an interview with The Tide in Port Harcourt, Thursday.
According to Dr. Wikina, unbundling the Nigeria National Petroleum Company (NNPC) and transforming it into a commercial entity with more effective independent policy and regulatory units is core to the PIB and would bring about a reduction in the abuses and corruption that have plagued the oil and gas industry.
The oil and gas industry guru also noted that the PIB is expected to ensure that the interest of host communities are adequately addressed and for the best interest of all Nigerians and the Niger delta in particular, which bears the brunt of oil exploration and exploitation over some decades now.
It would be recalled that the Federal Executive Council (FEC) during its weekly meeting on Wednesday presided over by President Goodluck Jonathan, gave the approval for the new draft of the PIB.
The bill, which is an amalgamation of 16 laws in the oil and gas sector has been in the pipeline for almost 15 years.
The National Assembly is expected to receive the bill in the next fews days after few observations and inputs made during the meeting have been effected.
The draft bill seeks to unbundled the NNPC into five different companies which are National Oil Company, National Asset Management Corporation, National Frontier Exploration Services and the Host Community Fund.
Throwing more light on the bill at the end of the meeting, the Petroleum Minister, Mrs Diezani Alison-Madueke said: “The new bill looks at new areas that were quite critical and, first of all, they are the inspectorate, the regulatory agencies for the oil and gas sector to ensure that they are independent and that they can actually do the regulations.
We also looked, of course, at the unbundling of NNPC which has been very critical, created out of the old NNPC, a National Oil Company which will be independent, it will be a registered company which will have shareholding and will be ceded acreages.
As we implement the PIB, we will take over current infrastructure in the oil and gas sector, refineries, depots and certain down-stream entitles as well as production sharing contracts, she emphasized.
“I will assure you that for the next few years, we will have a continuum in that particular enterprise, which I have always said, is very critical if we are going to continue indeed to diversify our hydrocarbon base in the country.
The Petroleum Minister also said existing paratatals such as Petroleum Trust Development Fund, Petroleum Equalisation Fund, the Petroleum Training Institute, the National Content Development Management Board would continue to exist until they are no longer necessary.
Vivian-Peace Nwinaene
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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