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FG, OPEC Forge Ties To Ensure Global Oil Market Stability

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The Federal Government has given assurance of its readiness to support every move that will bring about stability in the global oil market.
This was reiterated at a visit by Dr Mohammad Barkindo, the Nigerian born Organisation of Petroleum Exporting Countries (OPEC) Scribe, to the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja.
They both expressed their readiness to work hand-in-hand to ensure stability of the global crude oil market.
Sylva said that Nigeria, as one of the leading oil and gas producing nations in Africa, would continue to abide by the Declaration of Cooperation (DOC) which has gone a long way in stabilising the market for the collective good of the producing and consuming nations.
On his part, Barkindo applauded Nigeria for the key role it has been playing in the global crude oil market, noting that the 50 years partnership between OPEC and Nigeria has impacted the crude oil market positively.
He presented a book entitled “Nigeria and OPEC: 50 years of Partnership,” to mark the golden anniversary of its membership in the Organization of Petroleum Exporting
Can The Biden Administration Meet Its Ambitious Offshore Wind Power Target?
Earlier this year, the Biden administration said it planned to build offshore wind power generation capacity to the tune of 30 GW by 2030, creating more than 44,000 direct jobs and close to 33,000 indirect ones. To date, the United States has wind power capacity of 118 GW. Of this, only 42 MW is offshore wind. And According to IHS Markit, the 30 GW additional capacity target will almost certainly be missed.
Last year, the United States set a record in wind power capacity additions, at 14.2 GW added during the pandemic year. That was a continuation of another strong year in 2019, which also set a record in wind power additions, according to data from the Energy Information Bureau.
However, the reason for this boom in wind power generation capacity was not a simple response to greater demand for wind power. In fact, the reason for the records set in both 2019 and 2020 was the looming phase-out of the production tax credit, which spurred the mass deployment of wind and solar installations.
In December, Congress extended the production tax credit, which provided wind farm operators with a credit of $0.025 per kWh, until the end of this year. There are other incentives available to the wind industry, too. The biggest is the investment tax credit, which covers between 12 and 30 percent of investment costs at the start of the project. As of December, Congress has established a 30-percent investment tax credit for projects that start construction by December 2025.
So, with so much government help for the wind power industry, the 30 GW target in offshore wind should be a no-brainer. Yet, there are other factors at play besides government incentives and it is these factors, according to IHS Markit, that would make hitting the 30 GW target impossible.
For starters, the permitting process for offshore wind projects is lengthy and complicated, IHS Markit’s Andre Utkin wrote in a recent analysis of the topic. Then, there are not enough manufacturing facilities for the turbines, blades, and other equipment that goes into a utility-scale wind farm. The installation process is also tricky: per U.S. legislation, only U.S.-flagged vessels can sail along the country’s coasts. And there are not enough U.S.-flagged wind turbine installation and service vessels, according to IHS’s Utkin.
Then there is the issue of transmission infrastructure. This is insufficient to accommodate an additional 30 GW of wind power capacity, according to the research firm. The transmission infrastructure problem is a global one, by the way. Earlier this year, IHS’s Utkin reported that global offshore wind power capacity was set to expand sixfold by 2030 thanks to technological advances, cost reductions, and government incentives. However, he added, “the industry needs to rapidly develop and invest in new infrastructure to achieve these ambitious plans.”
Finally, there is a regulatory hurdle, albeit not an insurmountable one. The Bureau of Ocean Energy Management tends to conduct lengthy investigations of the impacts of wind farm construction on the environment, which will also likely delay projects.
In all fairness, many of these challenges can be dealt with by legislators, a majority—although slim—of whom are clearly in favor of building the country’s offshore wind power capacity. Some, however, are trickier because they do not depend on favorable policies. One example is the cost of building the necessary transmission infrastructure.
The recent $550-billion bipartisan infrastructure deal struck between the Senate and the White House envisages $73 billion in funding for clean energy generation and transmission. Yet copper prices are rising, and the offshore wind takes massive amounts of copper for its infrastructure. The $73 billion might simply be not enough for that and modernizing the U.S. aging grid.
Slav writes for Oilprice.com

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June 12: DSS Issues Stern Warning Against Protest

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The Department of State Services (DSS) has warned individuals and groups planning to stage protests on June 12, Democracy Day, to desist from any violent or disruptive actions.
The warning was contained in a statement signed by the Director of Public Relations and Strategic Communications, DSS, Dr Peter Afunanya, yesterday.
The Service said it has received intelligence on plans to incite violence and disrupt public order during the protests.
The security agency vowed to maintain public safety and national security and urged citizens to resist any persuasions to engage in lawless acts.
The DSS also encouraged disgruntled persons to channel their grievances through appropriate channels and procedures.
Afunanya said: “The attention of the Department of State Services (DSS) has been drawn to plans by certain individuals and groups to stage physical protests in some parts of the country on 12th June 2024. These protests are designed with sinister objectives to coincide with the Democracy Day Celebration.
“While citizens may have the rights of assembly and expression, such freedoms should not be used to undermine public safety and national security. The determination by some non-state actors to incite mass disaffection through demonstrations that may turn violent will not be tolerated.
“Citizens are, therefore, called upon to resist any persuasions to be lawless or cause disorder and anarchy in the nation. Displeased persons are rather encouraged to appropriately channel their grievances through the right channels and procedures.
“The Service, while felicitating the government and citizens on this auspicious occasion of celebrating 25 years of unbroken democracy, calls for continued patriotism, unity and commitment to building a Nigeria of our collective dream.
“The Service will sustain collaboration with all relevant stakeholders, including sister security agencies, to maintain the peace as well as protect lives and property across the nation. Law-abiding citizens are enjoined to go about their businesses without fear.”

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Court’s CTC Validates Our Position On Amaewhule, Others -Rivers AG …Advises Media Against Misinterpretation Of Judgements

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The Rivers State Attorney-General and Commissioner for Justice, Mr Dagogo Israel Iboroma, SAN, has said that the State High Court neither declared nor affirmed Martin Amaewhule as Speaker of the House of Assembly, stressing that the certified true copy (CTC) of court judgment validates the government’s position.
Mr Iboroma also urged media practitioners to desist from giving interpretations to court judgments by fiat, emotional or other shades of persuasions.
Rather, he advised that they should first obtain the judgement in order to read it thoroughly to gain proper understanding or at best, seek competent legal advice before going to press.
Mr Iboroma gave the advice yesterday night while briefing newsmen after obtaining the certified true copy (CTC) of the Monday court judgment in Port Harcourt.
The briefing was to restate his earlier position that there was no court ruling that ever declared or affirmed Martin Amaewhule and 26 others as members of the Peoples Democratic Party (PDP) and Rivers State House of Assembly.
Iboroma said: “Yesterday (Monday), I briefed the press and made the point that there is a misrepresentation of the judgment of the High Court of Rivers State in Suit No. DHC/20/CS/2024 in social, print, and electronic media.
“My position has been confirmed and vindicated by the Certified True Copy of the court order in Suit No. DHC/20/CS/2024.”
Mr Iboroma stated that a court order embodied the enforceable decisions of a court, adding that in this case in focus, the enforceable orders of the court will necessarily entail the specific pronouncements of the court.
He listed the three orders of the court in the judgment to include: “That this Suit be and is hereby dismissed/struck out for want of jurisdiction.
“That the Peoples Democratic Party (PDP) be and is hereby joined as 4th defendant.
“That the claimants’ case be and is hereby dismissed for lacking in merit.”
Mr Iboroma further said: “Contrary to the false claims and misrepresentation in social, print and electronic media, the court did not make a declaration that Martin Amaewhule is the Speaker of the Rivers State House of Assembly, neither did it make a declaration that Martin Amaewhule and 26 others are members of the Rivers State House of Assembly and the Peoples Democratic Party (PDP).
“If it were so, it would have been embodied in the court orders which have been circulated to you all and displayed by me here for the purpose of clarity.”
Mr Iboroma regretted that by the deliberate misrepresentation of yesterday (Monday), the court was painted in bad light and the public misled with such misinformation.
He said: “Whatever finding of fact that is not included in the court order is an Obiter Dictum, which has no binding force.
“Once again, I respectively urge the media to desist from giving any interpretation to any judgement without first reading the content of the judgement and seeking legal advice,” the attorney-general added.

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Sexual Harassment: Minister Drags Perm Sec Before Head Of Service

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The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has formally lodged a complaint with the Head of the Civil Service of the Federation regarding allegations of sexual harassment levelled against the ministry’s Permanent Secretary, Ambassador Ibrahim Lamuwa.
In a letter addressed to the HOCSF dated May 27, 2024, Tuggar expressed his concern over the serious nature of the allegation levelled against the permanent secretary by Mrs Simisola Ajayi.
He emphasised the importance of addressing the matter urgently and thoroughly.
The letter was titled, “Re: Official Complaint Regarding Sexual Harassment Of Mrs Simisola Fajemirokun Ajayi By Ambassador Ibrahim Adamu Lamuwa (Permanent Secretary Ministry Of Foreign Affairs.
It read, “I am compelled to write to inform you of a formal complaint against the Permanent Secretary, Ministry of Foreign Affairs, Ambassador Ibrahim Adamu Lamuwa, on allegations of sexual harassment.
“Bearing in mind the gravity of the matter, I feel it necessary to draw your attention to it and ask that you handle it accordingly,”
The letter included an attachment of the complaint received via email, and Tuggar assured the HOCSF his full cooperation in the investigation.
“May I also assure you that I remain available to provide you with any assistance required in discharging your responsibilities,” he added.
Ajayi, had a petition dated May 29, 2024, addressed to Tuggar, accused the permanent secretary of serial sexual harrasment.
Ajayi, through her lawyer, Femi Falana (SAN), called for a thorough investigation into the actions of Amb. Lamuwa.
The petition, signed by Adebayo A. Oniyelu LP of Falana & Falana’s, was titled “Request For An Investigation Of Amb. Ibrahim Lamuwa’s Conducts Of Sexual Harassment At The Place Of Work, Abuse Of Office, Official Intimidation And Discrimination.”
According to the petition, Ajayi narrated multiple instances of harassment allegedly by Lamuwa, which have created an unsafe and uncomfortable working environment.
She claimed for instance that during a policy retreat on October 7, 2023, Lamuwa allegedly made inappropriate advances towards her, suggesting she joined him in his hotel room.
He reportedly continued with inappropriate remarks throughout the retreat.
She also cited an incident on November 10, 2023, where Lamuwa allegedly invited Ajayi to travel to Hong Kong, promising significant personal benefits from the trip.

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