News
Nigeria’s Rig Count Drops 49.5% To 53
There are indications that oil and gas explorations dropped in Nigeria as the rig count fell by 49.5 per cent to 53 in the first eight months (January-August) of 2021, from 105, recorded in the corresponding period of 2020.
The rig count, a major index for measuring the level of activities, especially exploration in the upstream oil sector, was obtained from the reports of the Organisation of Petroleum Exporting Countries (OPEC).
The reports attributed the development to the Coronavirus pandemic and relatively low crude oil prices as major factors that discouraged investors from investing during the period.
It was also partly attributed to the prolonged delay associated with the passage of the Petroleum Industry Bill (PIB), into law.
Like Nigeria, the rig count of some other African oil and gas producing countries also showed significant changes during the period.
For instance, the rig count of Algeria dropped to 191 in 2021, from 271 recorded in the corresponding period of 2020, indicating a decrease of 29.5 per cent.
However, the rig counts of Libya and Angola rose to 32 and 114, from 26 and 101, respectively, during the period, showing an increase of 12.8 per cent and 23 per cent, respectively.
Commenting on the development, the Chief Executive Officer, Cabtree, Olabode Sowunmi, raised hope for increased investment in exploration and other activities in the coming years.
He said, “The prolonged delay in the passage of the PIB into law scuttled the inflow of domestic and foreign investments for many years. In fact, many investors left Nigeria for other countries. But with the emergence of the PIA, we expect that the nation’s oil and gas would witness substantial investments in the coming months.”
Similarly, in its latest report – Investment uptick expected as Nigeria’s Petroleum Industry Bill becomes law – Fitch Solutions Country Risk & Industry Research, a global provider of country risk and industry analysis stated, “We expect Nigeria’s Risk Reward Indices score to improve in next quarter’s scoring, once the changes from the PIB are integrated into our analysis.
“On the upstream side of things, Nigeria is competing for investment on the global stage with newcomers Guyana, Senegal and Kenya while industry stalwarts Brazil and Norway continue to attract investment due to outsized reserves and friendly investor environment.
“Next quarter’s RRI should show Nigeria’s upstream position improve, although attracting new investment over other destinations is likely to be a race as overall investment is likely to decline in the long-term, as decarbonisation efforts divert more capital to alternative energy and high margin barrels. Existing discoveries of sizeable reserves are the most likely area of new investment.
“The biggest impact of the new PIB will be the increase in new investment expected from existing International Oil Companies, IOCs operating the deepwater sector. The oil majors are a significant part of the deepwater players and several have joint stakes in the key offshore growth projects, Bonga Southwest, Bonga North, Bonga Main Extension (OML 118), Preowei (OML 130), and Owowo (OML 139).”
Also, the Director, Centre for Petroleum, Energy Economics and Law, University of Ibadan, Prof. Adeola Adenikinju, said, “It removes some of the uncertainties in the sector and more importantly now you cannot hold a field for a long time without developing it for years. Now prospecting licences will expire after the period stated in the contract. Unlike in the past when major companies can just hold a field without developing it.
Commenting on the development, the National President, Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mr. Colman Obasi, said, “The dwindling rig count clearly showed that the nation is not investing enough in the upstream sector. It also illustrated that we might not likely meet set targets, especially the attainment of 40billion barrels reserves target by 2025.
“Besides, it also showed that Nigeria’s current 37billion barrel reserves might be depleted much faster than expected, if the nation does not invest much in exploration, required to make new finds and increase reserves. More than that, it showed further that the emerging oil and gas countries in Africa, and other continents could overtake Nigeria in the medium and long term.”
In any case, Lead Promoter, EnergyHub Nigeria, Dr. Felix Amieyeofori, called on the International Oil Companies (IOCs), indigenous companies, and the Federal Government to work toward increasing the investments, and by extension the rig count in the upstream sector.
News
NDLEA Alerts Parents After Uncovering Drugs In Cookies, Gummies
In a statement posted yesterday, NDLEA’s Director of Media and Advocacy, Femi Babafemi, said recent seizures by the agency’s officers had revealed attempts by criminal elements to introduce prohibited substances under the guise of everyday snacks.
“As parents, if your kids and young ones always crave for cookies and gummies, you may have to pay a little more attention. There may be more to it than ordinary cookies and gummies,” Babafemi wrote, sharing images of seized packages.
The photos showed colourful pouches of “Cookies Delta 8 Gummies” in flavours such as Hawaiian Rain Pineapple Guava and Thai Mango, labelled as vegan and hemp-derived, alongside the actual gummy products.
The warning comes amid a major interception by the Nigeria Customs Service at the Tin Can Island Port in Lagos.
Officers seized two 40-foot containers containing large quantities of cannabis-infused products concealed among legitimate imports such as used vehicles, generators, batteries and fabrics.
The consignment included thousands of Delta-8 cannabis pre-roll cookies, packs of cannabis-infused gummies and other cannabis-infused cookies, with a combined estimated street value of about ?373.8m.
The items were subsequently handed over to the NDLEA.
NDLEA officials described the products, which originated from the United States and were packaged to resemble ordinary vegan snacks with appealing flavours, as an emerging public health threat.
They noted that the attractive packaging could appeal especially to children, students and young people, raising the risk of accidental consumption of concentrated cannabis.
News
RIWAMA, PCRC Join Forces To Curb Illegal Waste Dumping In Rivers
The partnership was unveiled during a meeting between officials of RIWAMA and the leadership of the Rivers State chapter of the PCRC in Port Harcourt, recently, where both organisations pledged to work together to restore the Garden City status of the state capital.
In his speech, the Supervisor of Market and Community Sanitation in RIWAMA, Mr. Omereji Ukoha, said the collaboration was in line with the vision of the agency’s Managing Director, Dr. Ibimina Wokoma, and the Board Chairman, Dr. Samuel Nwanosike, to promote a cleaner and healthier environment.
Ukoha described the PCRC as a strategic grassroots partner capable of mobilising communities and driving behavioural change through sustained public enlightenment on proper waste disposal.
He expressed concern over the increasing rate of indiscriminate refuse dumping in parts of Port Harcourt, particularly in New GRA, where blocked drainage channels and illegal shanties have continued to contribute to flooding and environmental degradation.
According to him, the agency is determined to intensify enforcement against environmental offenders, warning that unregistered cart pushers and residents who patronise them would be prosecuted in accordance with the provisions of the RIWAMA Act, 2014.
The RIWAMA official urged residents to embrace proper waste disposal practices and patronise only government-approved waste operators in order to safeguard public health and protect the environment.
Responding, the Chairman of the Police Community Relations Committee in Rivers State, Dr. Voke Emore, commended RIWAMA for seeking collaboration with the committee in addressing environmental challenges confronting the state.
Emore said the PCRC would deploy its community-based structures across the state to support public sensitisation and encourage residents to comply with environmental sanitation regulations.
He also called on local government councils to play more active roles in waste management, noting that they collect sanitation levies and should complement the efforts of the state government in maintaining a clean environment.
The PCRC chairman described indiscriminate refuse disposal as a serious environmental and public health concern, stressing that sustained collaboration among government agencies, community leaders and residents remained critical to achieving lasting sanitation goals.
Both organisations expressed optimism that the partnership would promote cleaner communities, reduce environmental hazards and strengthen public participation in efforts to ensure a healthier and more sustainable environment for the people of Rivers State.
King Onunwor
News
Police Nab Kidnap Syndicate, Arrest Five In Rivers
The State Police Command disclosed this in a statement by its Public Relations Officer, ASP Blessing Agabe, in Port Harcourt, recently.
The suspects were arrested during a coordinated operation at Oyigbo, following directives by the Commissioner of Police, Rivers State Command, CP Olugbenga Adewole Adepoju.
Those arrested were Ezekiel Emmanuel, 44, from Benue State; Chukwuma Mbanefor, 51, from Anambra State; Nicholas Diala, 65, from Imo State; Ndubuisi Uwakwe, 49, from Abia State; and Ifeanyi Nwakwo, 51, from Imo State.
The Command said the arrest represented another significant operational success in its ongoing efforts to dismantle criminal networks operating in the State.
According to the Police, preliminary investigation indicated that the suspects were allegedly involved in kidnapping operations within Rivers State.
The suspects, during interrogation, allegedly confessed to their involvement in kidnapping and further admitted participating in several operations carried out in Kom-Kom, Railway, Obeama and Afam communities.
The Command said investigation was ongoing, with efforts intensified to identify and apprehend other members of the suspected syndicate who may be connected with the criminal activities.
The Police boss said the operation reflected the implementation of operational directives and the intelligence-driven policing strategy of the Inspector-General of Police, IGP Olatunji Rilwan Disu, psc, NPM.
Adepoju reaffirmed the Command’s determination to sustain aggressive intelligence-led operations against kidnapping, cultism, armed robbery and other violent crimes across Rivers State.
He warned kidnappers and other criminal elements operating in the State that there would be no safe haven for them, stressing that the Command would relentlessly pursue, arrest and ensure that those found culpable were brought to justice.
The Commissioner further assured residents of the Command’s commitment to protecting lives and property, urging members of the public to remain vigilant and cooperate with security agencies in the fight against crime.
He appealed to residents to provide the Police with credible and timely information capable of assisting security operatives in preventing criminal activities and apprehending suspected criminals.
The Command urged members of the public who may have useful information on the activities of the suspected kidnapping syndicate or other criminal elements to contact the Police through its emergency lines, assuring that such information would assist ongoing investigations.
King Onunwor
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