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NNPC, DPR Uncover Illegal Fuel Reservoirs In Abuja

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A combined team of the Nigerian National Petroleum Corporation (NNPC), Department of Petroleum Resources (DPR) and security agents have uncovered illegal reservoirs of fuel in Abuja.
Speaking at the site of the mini depot, the Group Managing Director of the NNPC, Dr Maikanti Baru, said it was saddening to make such discoveries in the city center when less than 500 meters away, motorists were on endless queues.
The Tide reports that hundreds of jerry cans, 200-liter drums, and 500 liter tanks were uncovered in a sting operation by the team in the city center.
According to him, the perpetrators have caused untold pain and hardship on Nigerians during a crucial season as Christmas.
“In the war room (where crucial issues are discussed during fuel crises), we asked ourselves why the situation (fuel queues) persists.
“We got an intelligence report of these mini depots and as you can see, these golf cars that are supposed to have 40 litres have tanks that can take 200 liters of petrol.
“This other one is a mini depot. Although some of the products are diesel, the DPR says it is unauthorised. We have over 50 days supply of diesel and so there is no reason to hoard the product,’’he said.
The Abuja Zonal Controller of DPR, Mr Mohammed Abba told newsmen: “We have arrested 20 people in connection with those who sell in jerry cans in Zone One alone and their facilities.
“We are handing them over to the Nigeria Security and Civil Defense Corps, because the DPR has no capabilities to prosecute.
“We will test for forensic analysis and we will pursue the case to court’’.
Mr Aminu Abdullahi, Assistant Commandant-General Operations, Nigeria Security and Civil Defense Corps while receiving the perpetrators confirmed receiving the 20 persons.
“We have received the suspects and DPR will be called in for forensic analysis to test what was handed over,’’ he said. A survey of filling stations by The Tide in the FCT revealed that motorists are lamenting the harsh conditions on fuel queues on Christmas Day.
Some of the filling stations visited by our reporter were the NIPCO along Jabi, Oando in Zone 1, Texaco on the Airport Road and NNPC Mega Station along Zone 1 and on the Kubwa Expressway.
Our source reports that though there was presence of security agents in almost all stations visited, the queues were rowdy with angry commuters screaming themselves down.
The source also reports that at the NNPC mega station, the rowdiness was caused by two cars on an illegal queue that blocked the main queue and insisted on entry.
The presence of three security agencies comprising a military man, a policeman and a civil defense man did nothing to intimidate the driver who kept saying: “It is sad that I have to be at a filling station today.
“My family is at home waiting for me to come and take them out. This is unfair, sad and cruel. This is my worst Christmas’’.
At Jabi, our source reports that the security men were dressed to the hilt with helmets as if ready for chaos but there were still very long illegal lines blocking the exit to NIPCO. A motorist, Mr Salau Agidingbi said: “It is these illegal queues that cause chaos during crisis such as these. they block flow of oncoming traffic, block the exit for drivers that have got fuel after queuing up for hours and want to be served immediately they get into the station”.

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NNPC, IOCs Sign Pact To Generate $500bn Revenue …To Produce 10bn Barrels Oil From Five OMLs

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The Nigerian National Petroleum Company (NNPC) Limited and International Oil Companies (IOCs) operating in Nigeria, on Friday, signed various agreements that would ensure the production of about 10 billion barrels of crude oil and generate over $500bn revenue to all parties involved.
NNPC officials and their counterparts from the IOCs including Shell, Chevron, Texaco, Sinopec, Sapetro, Esso Exploration and Production Nigeria Limited, among others, renewed their agreements in five Oil Mining Leases (OMLs) that included OMLs 128, 130,132, 133, and 138.
The agreements renewed by the parties were Production Sharing Contracts (PSC) as well as Dispute Resolution Agreements (DRA) among others, at a signing ceremony held at the Abuja headquarters of NNPC.
Speaking at the event, the Group General Manager, National Petroleum Investment Management Services, Bala Wunti, said, “Cumulatively we hope to produce and monetise over 10 billion barrels of oil with these signatures that we had today.
“And this by no means will give significant revenue for all the parties. We expect over $500bn of revenue for all the stakeholders.”
Earlier, the Group Chief Executive Officer, NNPC, Mele Kyari, had explained that the Petroleum Industry Act 2021 gave NNPC the legal backing to renegotiate all its existing PSCs in conformance to the provisions of the new Act within a one-year period.
The PIA became law on August 16, 2021 after it was signed into law the same day by the President, Muhammadu Buhari.
The PIA in Section 311(2) stipulates that new PSC agreements under new heads of terms will be signed between NNPC Ltd as concessionaire and its contracting parties within one year of signing the PIA into law, giving a deadline of August 15, 2022.
Kyari noted that this provision paved the way for the resolution of lingering disputes which created investment uncertainty and stifled new investments in the nation’s deep offshore assets.
To achieve this, he said NNPC leveraged the near end-term of the PSCs and the parties’ interest to renew the PSCs as a negotiation currency in bringing the contractors to work towards trading the past for the future.
“These renewed PSCs would provide several benefits such as improved long-term relationships with contractors, elimination of contractual ambiguities especially in relation to gas terms, enablement of early contract renewal, among others,” he stated.
Kyari added, “The signing of the new PSCs is a key milestone achievement by NNPC Ltd which would ultimately unlock opportunities within the Nigeria upstream sector.
“The execution of the PSCs will deepen investment and development of Nigeria’s rich petroleum resources and ensure that the trifold mandate of the NNPC Ltd to ensure energy availability, sustainability, and accessibility is achieved.
“Ultimately, the new PSCs will provide an inflow of Foreign Direct Investment, expanded access to affordable energy, job creation and socio-economic development.”

 

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Nigeria’s Crude Production Plunges By Over 2m Barrels 

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The Organisation of Petroleum Exporting Countries (OPEC) has said Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what was produced in the preceding month of June.
Data obtained from the latest Monthly Oil Market Report for August 2022, of OPEC, revealed  that crude oil production figures, based on direct communication,  indicated that Nigeria’s output dropped by an average of 74,000 barrels per day in July.
It indicated that for the 31 days in July, the country lost about 2.3 million barrels of crude oil, whereas the average cost of Brent crude, the global benchmark for oil, during the month under review was $105.12/barrel.
Going by the 2.3 million barrels loss in July this year, it means Nigeria’s oil earnings fell by about $241.1m or N101.13bn (at the official exchange rate of N419.37/$) in the month under review.
The data from OPEC also showed that Nigeria’s oil production in June 2022 was 1.158 million barrels per day, but this dropped to 1.084 million barrels per day in July.
The country had produced 1.024 million barrels per day in May this year, according to figures released by the OPEC on Friday.
The Federal Government, operators and experts have consistently fingered crude oil theft in the Niger Delta as the major reason for Nigeria’s poor output and its continued failure to meet the monthly oil production quota approved by OPEC.
The downstream sector has continued to be weighed down by the pricing regimes and the regulatory environments which have continued to dim the growth prospects in the sector.
OPEC has also stated that crude oil prices dipped in July, as against their costs in June, adding that crude in OPEC Reference Basket fell by $9.17 or 7.8 per cent month-on-month in July, to the average of $108.55/barrel.
“Oil futures prices remained highly volatile in July, amid a sharp drop in liquidity. The ICE Brent front month declined $12.38 or 10.5 per cent in July to average $105.12/barrel and NYMEX WTI declined by $14.96 or 13.1 per cent to average $99.38/barrel,” the international oil cartel stated.

By: Corlins Walter

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PH Airport Passengers Kick As Touts Increase

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Business activities at the Port Harcourt International Airport, Omagwa, seem to be taking a new twist, particularly at the arrival terminal area, as touts and touting activities have increased tremendously at that arrival arena.
Many arrival passengers have not been having it easy with the influx of these new touts, who claim to be hustling at the airport for their daily bread.
Some of the passengers not only argue with them, but brazenly argue or shout at them for forcing themselves on them (passengers).
The Tide had severally observed that the number of these hustlers has increased in recent times and their modus of operation is to approach arrival passenger, whether known or unknown to ask for assistance.
“Anything for the boys? Your boys are here-o”;  or “welcome-ooo, your boys are hungry, we are loyal-ooo”, are usually their opening gambit.
Several times, fracases had broken forth among them on how to share money given to them by some benevolent arrival persons with large heart, which usually constitute public nuisance.
Nevertheless, few of them have engaged themselves in helping passengers to load or offload luggages, and were being appreciated by some passengers, while others shun them, because they did not engage them.
Several questions have been asked by The Tide, on why this situation seems to be persisting, as the airport management appears to be indifferent to the issue, even when some passengers had been complaining.
Even the security operatives, particularly the airport security personnel, appear to be overwhelmed by the situation.
Meanwhile, a senior security officer at airport, who The Tide interacted with on the matter, said the unemployment situation had aggravated the increase in touting at the airport.
He expressed regret that many of the youths are unemployed, and that hustling at the airport, will be better  than taking arms and rubbing people, noting that it was for that reason they are not coming hard on their touting activities.

By: Corlins Walter

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