Connect with us

News

IOCs Link Sector’s Woes To Oil Theft, Vandalism, Others

Published

on

International Oil Companies (IOCs) operating in Nigeria have expressed their frustration on the rising spate of crude oil theft and pipeline vandalism in the country.
They expressed their displeasure during a panel session held at the 2022 Nigeria Oil and Gas Conference with the theme, “The Future of Nigeria’s Energy Sector in the PIA Era.”
Those that spoke are the Managing Director of TotalEnergies E&P Nigeria Limited, Mr. Mike Sangster;Managing Director of Shell Nigeria Limited, Mr. Osagie Okunbor; Managing Director of Chevron Nigeria Limited and Chairman of the Oil Producers Trade Section (OPTS), Mr. Rick Kennedy; the Executive Director at ExxonMobil Nigeria, Mr. Oladotun Isiaka.
They said that within a three months period covering January 1 and March 31 this year, Nigeria lost a whopping amount of $1billion revenue to crude oil theft.
The $1billion, when converted to the Naira using the official exchange rate of the Central Bank of Nigeria (CBN), translates to about N416billion.
The theft of crude oil has been frustrating the efforts of the government in attracting fresh investments into the oil and gas industry through the implementation of the Petroleum Industry Act.
Three months ago, the Minister of Petroleum Resources, Chief Timipre Sylva; the Chief of Defence Staff, Lucky Irabor; and the Group Managing Director of the Nigerian National Petroleum Company Ltd, Mele Kyari; visited the Niger Delta for an on-the-spot assessment of the damage done by vandals.
Shortly after the visit, a military operation followed immediately to smoke vandals out of the creeks.
Currently, the Nigerian Navy is carrying out serious military operations in the Niger Delta to ensure that oil and gas assets are protected.
The theft of crude oil has been having a negative effect on the revenue of the Federal Government, which has denied the country the much-needed fund to boost economic development.
Apart from revenue loss, the issue of oil theft is currently threatening not just the NNPC’s quest for energy security for the country; it was also having a debilitating effect on Nigeria’s foreign exchange earnings.
Nigeria relies on crude oil revenue for over 90per cent of its foreign exchange earnings.
Speaking on the development, Okunbor warned that the development was a threat to the country’s economy.
The Shell MD said the high level of oil losses caused by crude theft had resulted to Nigeria’s daily oil production declining from 1.8million barrels per day in the last three years to just a little over 1million bpd.
He said two of the most important oil pipelines in the country are currently shut down with hundreds of thousands of barrels a day shut-in.
He said, “If there’s one thing we need to take away from this conference, it’s how we can put our heads together: industry, government, regulators, communities, security agencies as to how we can deal with this culture.
“We need to address it. If we don’t address it, we can do all the new oil development issues that will continue to occur. But what is really going to move the needle for us in terms of bridging this gap of hundreds of thousands of barrels a day is solving the evacuation problem.
“So, our OML 53 and 57 marginal field licensees, depending on how quickly they can bring production on stream, those who are on land, swamps and shallow water, evacuation is going to be an issue. So, it’s an existential issue for us.
“In three to five years, we were brought down from 1.8million barrels a day to a little over 1million barrels a day and frankly, most of that comes out of deep water.”
In his submission at the event, Chevron’s Rick Kennedy, said time has come for all the stakeholders in the oil and gas industry to address the issue of oil theft.
He said, “There is the need for an unprecedented level of collaboration and partnership across industry, with the regulators with the ministry, and with NNPC.
“And I think that will do us well going forward as we all take on the challenges ahead of us, including the high crude theft that we are going through. Let’s just carry on that collaborative mind-set and ensure we address these challenges.”

Continue Reading

News

We’ll Drive Tinubu’s Vision in Rivers With Vigour – Fubara  …Inaugurates Dualized Ahoada/Omoku Road ….Debunks Rift With RSHA

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has stated that he will lead Rivers people to galvanize support for President Bola Tinubu to drive the vision and objectives of the Renewed Hope Agenda in the State with vigour.

The governor, who joined the ruling All Progressives Congress (APC), on Tuesday, explained that his decision to join the APC was not for personal interest but for the overall benefit of Rivers State.

Fubara disclosed these while inaugurating the extension of the dualized Ahoada/ Omoku Express road in Ahoada East and Ogba Egbema Ndoni Local Government Areas of Rivers State.

He commended the contracting firm, Julius Berger, for timely delivery of the project, saying the project is a campaign promise fulfilled which will bring economic benefits to the people and tackle issues of insecurity associated with the route.

He said his administration has remained focused in delivering democratic dividends in the state despite facing glaring challenges.

The governor thanked the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas for their continuous support, and urged his supporters to remain steadfast and also support President Tinubu who he said, has demonstrated love to Rivers State as a father.

Fubara denied having rift with the Rivers State House of Assembly, stating that his meeting with the lawmakers was stalled as a result of delay in the agreed meeting to be convened by former Governor Nyesom Wike and other stakeholders for him to meet with the state lawmakers.

“I have made every effort to meet with the Assembly members, but it is not within my leadership to initiate the meeting process.

“The arrangement was for my leader, Wike, and the elders led by Anabraba to call for a meeting with the the lawmakers.

“I’m a gentleman and principled. I can’t go behind to call them when we’ve already agreed. Whoever that tell them that I don’t want to meet with them, or I rejected proposal meant for them isn’t saying the truth,” Fubara said.

The Permanent Secretary of the Rivers State Ministry Works, Mr  Austin Ezekiel-Hart, who gave the project description, said the delivery of the project was a fulfillment of long time dream by the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas.

He said the road was previously a single lane and has now been dualised to 14.6 meters wide, complete with solar-powered streetlights with drainages.

He said the road significantly would reduce travel time between Ahoada and Omoku while improving economic activity in the region.

In his welcome address, Chairman of Ogba-Egbema-Ndoni Local Government Area, Hon. Chuku Shedrack Ogbogu, described the road as a symbol of unity, oneness, and development, thanking the governor for fulfilling his campaign promises.

On his part, the Managing Director of Julius Berger, Engr. Peer Lusbash, said the project was awarded to his company in 2023 with a completion period of 18 months which was achieved in best quality.

He added that Julius Berger enjoyed a good support from the Fubara administration, and assured to complete all ongoing projects being handled by Julius Berger on specification, especially the Ring Road project which is a legacy project.

Continue Reading

News

Fubara Expresses Commitment To Healthcare …As UNICEF Lauds RSG On Health Programmes

Published

on

Rivers State, Sir Siminialayi Fubara, has reaffirmed his commitment to ensuring good healthcare for the people of Rivers State.

?

?Governor Fubara stated  this when he played host to the Country Director of UNICEF, Wafaa Saeed Abdelatef and her management team in Port Harcourt, last Tuesday.

?

?The governor who was represented by the Secretary to the State Government, Dr. Benibo Anabraba, said he would continue to provide the necessary facilities in order to ensure accessible and good health care for all Rivers people.

?

?”We are constructing new zonal hospitals across the State. The Ahoada Zonal hospital will be commissioned in December and others are near completion.

?

?”We are grateful to UNICEF for all they have done and believe we can always work together to care for the vulnerable in the society. We appreciate your physical presence, and believe that your staff working remotely, can also do more virtually. We have a capable Commissioner of Health, Dr. Adaeze Oreh, to help foster our relationship, communication and greater collaboration,” he said.

?

?The Country Director for UNICEF Nigeria, Ms. Wafaa Saeed Abdelatef, assured Governor Fubara of UNICEF’s support to the programmes of the State Government. She appealed that health facilities such as the Oxygen Plant at Eleme Local Government Ares and the New Born Care Units be solarized.

?

?”Be assured that UNICEF will continue to work and support the programmes here in Rivers State. We have seen the Oxygen  Plant at Eleme LGA which has been effective because of the Public Private Partnership. We appeal that the plant be solarized.

?

?”I commend your leadership of the State and  assure that we are here to support your effort and assure you that you can count on our support and partnership. Rivers State is one of the states we can showcase how things are working so others can learn,” she added.

?

 

Continue Reading

News

Dangote Unveils N100bn Education Fund For Nigerian Students

Published

on

Chairman of the Dangote Group, Alhaji Aliko Dangote, has announced a N100 billion annual education support programme aimed at keeping financially vulnerable Nigerian students in school.

Speaking at the launch of the national scholarship scheme in Lagos, yesterday, Dangote said too many brilliant young people were being forced out of classrooms because of poverty.

He described education as the “strongest engine of social mobility” and a critical foundation for national development.

The initiative, funded by the Aliko Dangote Foundation, will run for ten years beginning in 2026, costing over N1 trillion in total.

Dangote said the scheme would support 45,000 scholars each year at inception, expanding to 155,000 beneficiaries annually by its fourth year, and maintaining that level for the rest of the decade.

By 2036, he said, the programme is expected to have reached at least 1,325,000 students.

“We cannot allow financial hardship to silence the dreams of our young people, not when the future of our nation depends on their skills, resilience and leadership,” he added.

A major component of the fund is the Aliko Dangote STEM Scholars programme, which will provide annual scholarships for 30,000 undergraduate students pursuing science, technology, engineering and mathematics in public universities and polytechnics.

Each beneficiary will receive tuition support aligned with the fees of their institution and course of study. Dangote said the goal is to expand access to higher education, empower innovation, and give young Nigerians the tools to compete globally.

“STEM drives development. If Nigeria must compete globally, our young minds must have the tools to learn, imagine and innovate,” he said.

Continue Reading

Trending