Oil & Energy
‘Crude Oil Theft: Buhari’s Efforts Yielding Dividends’
Nigeria’s recent increase in daily production of crude oil to an average of 1.41 million barrels in November 2022 has been described as a reflection of President Muhammadu Buhari’s pragmatic approach to tackling crude oil theft in the country.
The Buhari Media Organisation (BMO) made the declaration in a statement signed by its Chairman, Niyi Akinsiju, and Secretary, Cassidy Madueke.
In the statement, the group said data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows a daily increase of almost 200,000 barrels from the October figure of 1,230,372 barrels per day.
“The data, which is available on the Commission’s website, shows that crude oil volumes for November 2022 were 1,185,604, with blended condensates at 40,691 and unblended condensates at 187,799, amounting to 1,414,093 barrels per day.
“But just as Nigerians were still processing this piece of good news, it emerged through the Chief Upstream Investment Officer at the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, that Nigeria’s oil production, as of Dec. 6, is 1.59 million barrels per day.
“This is a testament to the administration’s relentless effort to stem the tide of crude oil theft that once saw daily crude production dip to an all-time low of 972,394 barrels per day in August according to NUPRC’s crude and condensate production data.
“For the avoidance of doubt, it was that same month that NNPC Limited secured and awarded pipelines surveillance contracts to five private security contractors to protect oil installations in the Niger Delta regions
“This was a time the authorities revealed that the nation was losing as much as $150m due to vandalism every two days,” the group added.
BMO said the decision to involve key communities stakeholders in pipeline surveillance was crucial to the new lease of life.
“Some of the startling discoveries include illegal refineries and, according to statistics from NNPCL, 638 out of 763 illegal refineries have been taken down in recent times.
“And lest we forget, the community involvement in securing oil installations also led to the discovery of an illegal 4-kilometre pipeline from the Forcados Terminal to the sea which had operated undetected for nine years.
“We also want to recall how a super tanker, MT Heroic Idun, with a carrying capacity of three million barrels of oil was intercepted by the Navy close to a loading port in August, without authorisation to lift crude oil in what is likely to go down as the most brazen oil theft attempt in the country’s history.
“It is joyful that the vessel and the 26-man crew have been brought back to Nigeria from Equatorial Guinea where they fled and all the crew members have since been arraigned in court and remanded in custody till January next year”.
The group expressed hope that the increase in Nigeria’s daily crude oil production will translate into better life for all Nigerians.
Oil & Energy
‘Revamping Moribund Refineries ‘ll Address Rising Cost Of Petroleum Products’
Oil & Energy
The Race To Cut Methane Emissions Is Exposing A Global Divide
By Felicity Bradstock for Oilprice.com 16
Oil & Energy
Delta Targets 120MW Power Boost, Moves To Cut Reliance On National Grid
The State Commissioner for Works (Rural Roads) and Public Information, Charles Aniagwu, disclosed this at a press conference in Asaba, weekend, noting that the initiative was part of wider reforms aimed at opening up the power sector to private investors.
Aniagwu, who was accompanied by the Executive Assistant to the Governor on New Media, Felix Ofou, said the state was exploring alternative sources of electricity to support businesses, households and communities while reducing pressure on the national grid.
He said the government was particularly interested in exploiting Delta’s abundant natural gas resources for power generation, pointing to the Kwale Free Trade Zone, which is part of the state’s special economic zone, as a major opportunity for investors.
According to him, prospective investors were taken to the zone during the state’s recent economic summit to enable them to assess the availability of gas as a key raw material for electricity generation. ComparePower Rates
The commissioner explained that generating more electricity locally would not only increase supply in Delta but also free up power on the national grid for use by other consumers.
Aniagwu cited the 8.5MW Independent Power Plant located behind the state secretariat in Asaba as an example of what could be achieved through alternative power sources.
He said the facility had enabled the secretariat complex to operate independently of the national grid, thereby making the electricity that would otherwise have been consumed there available to other users.
He added that the planned 120MW partnership with Supply Power would further strengthen the state’s electricity supply capacity and provide a more reliable power base for small and medium-sized enterprises.
Aniagwu said the state government was also intervening in areas traditionally regarded as the responsibility of electricity distribution companies because inadequate power supply could no longer be allowed to constrain economic development. LearnQuantum Physics
He identified the extension of the electricity grid from Abraka towards the Ndokwa axis as one of the interventions being undertaken to connect more communities to electricity.
The commissioner, however, raised concerns over the burden placed on communities that are often required to provide transformers and other electricity infrastructure, only for distribution companies to take over the facilities and subsequently collect electricity bills without adequately accounting for the investments made by the communities.
He said the state would continue to support efforts aimed at energising communities, noting that improved electricity supply would stimulate businesses, create jobs and help tackle social problems associated with unemployment and idleness.
On regulation, Aniagwu said the government was working with the Ministry of Energy and a committee set up to develop an appropriate regulatory framework for the state’s emerging power sector. SwitchEnergy Plans
He said the proposed energy commission would be responsible for regulating new electricity producers, determining appropriate tariffs and overseeing distribution networks.
The commissioner stressed that liberalising the sector required effective regulation to protect consumers and investors, adding that decisions on power distribution infrastructure, including the use of overhead or underground lines, must take into account the peculiarities and safety requirements of each location.
He warned that power expansion without adequate regulation could expose residents to electrocution and other hazards, stressing the need to protect electricity infrastructure while ensuring consumers were not subjected to unfair pricing.
Aniagwu said the state government’s broader objective was to build an efficient and sustainable electricity market driven by private investment and capable of powering businesses, households and communities across Delta State.
-
Politics3 days agoLG CITY BOY COORDINATOR HAILS WIKE’S SUPPORT FOR ONYESOH, TINUBU
-
Politics3 days ago
DIRI INAUGURATES APC CAMPAIGN COUNCIL, SETS MILLION VOTES TARGET FOR TINUBU
-
Politics3 days agoNDC Candidate Urges Oborevwori To Probe Asaba Political Violence
-
News3 days agoArmy Recovers X Account After Hack Attempt
-
Business3 days agoNigeria Loses N17tr Yearly To Abandoned Projects
-
Politics3 days ago
2027: Oborevwori Tasks Media On Fair, Accurate Reporting
-
Politics3 days ago
2027: AKPABIO ENVISAGES TINUBU’S VICTORY IN SOUTH SOUTH REGION
-
Politics3 days ago
Asaba Political Violence: Police Confirm One Dead, Delta Govt Urges Probe
