By Emmanuella Anokam

The Federal Government says measures are being put in place to restore oil production in view of recent concerns regarding shortfall in oil production in Nigeria in the first quarter of 2024.

Sen. Heineken Lokpobiri, Minster of State for Petroleum Resource (Oil) said this in a statement by his Special Adviser, Media and Communications, Nneamaka Okafor, on Friday in Abuja.

He said the Federal Government was actively engaged in policy evolution aimed at maximising the utilisation of all available wells in Nigeria.

The minister clarified that the oil production shortfall was primarily due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating in Nigeria.

“In response to recent concerns regarding a shortfall in oil production in Nigeria during the first quarter of 2024, measures are being taken to address the situation to, not only restore production to previous levels, but to also increase it.

“The issues have been adequately addressed, and production is expected to return to its previous levels in the coming days,” the minister said.

Lokpobiri said Nigeria’s oil production, including condensate, which was approximately 1.7 million barrels per day (bpd) prior to these developments, would soon be restored.

“Furthermore, the Ministry of Petroleum Resources is actively engaged in policy evolution aimed at maximising the utilisation of all available wells in Nigeria.

“This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilise the nation’s foreign exchange reserves.

“The increased revenue will also empower the government to fulfill its commitments in providing essential infrastructure, as outlined in the 2024 budget,” he said.

He further assured of renewed hope as Nigeria navigates through these challenges.

He urged all to remain committed to ensuring the sustainability and growth of Nigeria’s oil sector, which plays a crucial role in driving the nation’s economy.

The Monthly Oil Market Report (MOMR) for April 2024, released by the Organisation of Petroleum Exporting Countries (OPEC) had revealed that the country’s oil production recorded a second consecutive decline since the beginning of 2024.

The OPEC MOMR indicated that the country produced 1.322 million barrels per day of crude in February 2024 but this dropped to 1.231mbpd in March, representing a decline of 91mbpd. (NAN) (www.nannews.ng)

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Edited by Salif Atojoko

By Naomi Sharang

Gov. Hope Uzodimma of Imo and the Chairman, crude oil theft and management committee, says his committee is working to end crude oil theft in the country, within the shortest possible time.

Uzodimma stated this when he briefed newsmen, shortly after a stakeholders meeting that lasted for more than six hours in Abuja.

He said that the committee plans to submit its interim report to the National Economic Council (NEC) before the end of April.

Uzodimma assured that the committee, which is a sub-committee of the NEC, would at the next economic council meeting, give an interim report of what the outcome of their assignment was.

“The NEC meeting usually holds the last week of the month.

“So, it may be the last week of this month, if all goes well and there is a national economic council meeting, we will submit an interim report to the council and that report will also carry the interim findings and recommendations.

“We have the mandate to eliminate completely, cases of crude oil theft, increase production of oil and gas and boost revenue earning for the government.

“We have done a lot. We have interfaced with critical stakeholders in the industry. Some revelations have been made, some findings have also been done,” he said.

Uzodimma added: “We have also been able to collect sufficient data; many have been processed and some are still being processed.

“I assure you at the next economic council, we should be able to give an interim report of what the outcome of our assignment is.

“After the interim report, and if our recommendations have been approved, we will continue with more activities in terms of implementing the recommendations presented in the interim report.

“So far, what we have seen is very encouraging and we are almost certain that at the end of the assignment, crude oil theft will become a thing of the past and there will be more discipline in the industry and operators in the industry will also play according to rules.”

On the high cost of gas, he said that the whole essence of the committee’s assignment was to optimise production of oil and gas.

“And with the increase in the price of gas, Nigeria being one of the major countries that can boast of gas reserves, sufficient gas reserves, we will benefit from it.

“Crude oil too when optimised in terms of production, will also earn us more revenue. We discussed all that and what we are trying to do now is to improve on the level of sincerity, honesty in the industry.

“And encourage stakeholders to play to the rules and have the interest of our country at heart to allow for a win, win situation where the oil companies that are producing will make profit, Nigeria that is also their partner will also make profit,” he said.

He also assured that the Renewed Hope Agenda of President Bola Tinubu would begin to yield results in the near future.

The News Agency of Nigeria (NAN) reports that participants at the stakeholders meeting included Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, the Minister of Budget and Economic Planning, Malam Abubakar Bagudu, the Central Bank of Nigeria Governor, Mr Yemi Cardoso. (NAN)

Edited Ali Baba-Inuwa

By Emmanuella Anokam

An Economist, Dr Chijioke Ekechukwu says Foreign Exchange (Forex) is not the only determinant of high prices of goods and services.

Ekechukwu, who is the Managing Director and Chief Executive Officer, Dignity Finance and Investment Ltd., spoke with the News Agency of Nigeria (NAN) on Tuesday in Abuja.

The expert listed the high cost of petroleum products, scarcity of food as a result of security challenges, among others as other determinants of high cost of goods and services.

NAN reports that Naira has been fluctuating at the official market, trading between N1, 300 and N1,240 to a dollar.

Ekechukwu, however, said that the crash of the dollar being experienced currently at the official market might not have significant effect on the prices of commodities.

“Traders still have stock of goods bought at a high exchange rate.

“The Naira only gained traction in the last two weeks. It is a short period therefore to ascertain stability. Fear of instability of Forex will also make traders retain old prices.

“Secondly, Forex is not the only determinant of high prices. High cost of petroleum products such as diesel and petrol are major determinants.

“Scarcity of food as a result of insecurity in the north where we have more farming activities is also another determinant, among others,” he explained.

He further explained that petroleum products prices were determined by external sources and not within the control of government.

According to him, prices of petroleum products are determined by two factors: exchange rate and global oil price.

“The global oil price is not controlled by Nigeria. However, if the government embarks on subsidy of petroleum products again, their prices will come down.

“Petroleum products prices can also come down when our refineries start working optimally,” he added. (NAN)(www.nannews.ng)

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Edited by Francis Onyeukwu and Abiemwense Moru

By Emmanuella Anokam

The Petroleum Technology Development Fund (PTDF) says it has upgraded facilities in petroleum based departments of various universities to meet the training needs of energy and related industries in Nigeria.

The Fund also established two foremost centres of excellence at the Centre for Petroleum and Energy Studies (CPESK), Kaduna and Centre for Skills Development and Training (CDST), Port Harcourt.

Mr Aminu Ahmed, Executive Secretary, PTDF, said this at the Oloibiri Lecture Series and Energy Forum (OLEF 2024) organised by the Society of Petroleum Engineers (SPE), on Thursday in Abuja.

The SPE-OLEF with the theme: “Stability in the Energy Sector: Integrated Strategies for Infrastructure, Transportation and Security”, is being hosted by the PTDF.

Represented by Olayinka Agboola, General Manager, Planning and Documentation Department, PTDF, Ahmed said once fully operational, the centres were expected to meet all the training needs of the energy and related industries.

According to Ahmed, the PTDF as the capacity building agency of the Federal Government, is committed to developing a skilled workforce to drive the transformation of the energy sector in Nigeria.

“This is being done primarily through our established Human Capacity Development programmes, through institutional capacity building, as well as research and development activities.

“PTDF’s mandate is being activated through various initiatives such as the Scholarship Programmes, both Overseas and In-Country schemes, which is designed to empower young Nigerians with education in energy sector relevant disciplines.

“It engages in training and capacity building through organising training programmes, workshops, seminars and conferences to enhance the skills and knowledge of professionals already working in the oil and gas sector.

“Supporting research and development initiatives in collaboration with universities and research institutions to foster innovation and technological advancements in the oil and gas sector.

“This helps in creating a pool of skilled professionals capable of addressing industry challenges,” he said.

The PTDF helmsman said the Fund was fully dedicated to supporting initiatives that would foster innovation, sustainability and growth in the industry.

According to him, addressing industry challenges requires concerted efforts and comprehensive interventions across various domains with urgent consideration to investment in infrastructure, improve transportation networks and enhance security measures.

“I commend the SPE Nigeria for their unwavering commitment to the advancement of the industry. Your role in nurturing a community of professionals who are dedicated to excellence and innovation in the petroleum sector is invaluable.

“Together, we stand at the forefront of navigating the complexities of the energy landscape, advocating for best practices, and spearheading initiatives that will shape the future of our industry,” he added.

The SPE OLEF which debuted in 1991 is focused on contributing to Nigeria’s oil and gas industry policy development in commemoration of the first commercial oil discovery in Nigeria by Shell D’Arcy at Oloibiri, Bayelsa in 1956. (NAN) (www.nannews.ng)

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Edited by Rabiu Sani-Ali

By Emmanuella Anokam

The Nigerian National Petroleum Company Limited (NNPC Ltd.), has underscored the need of bridging the energy access gap to spur economic prosperity of the country.

The Group Chief Executive Officer (GCEO) of NNPC Ltd., Malam Mele Kyari, stated this at the Society of Petroleum Engineers Oloibiri Lecture Series and Energy Forum (SPE OLEF 2024), on Thursday in Abuja.

The annual OLEF forum with the theme: “Stability in the Energy Sector: Integrated Strategies for Infrastructure, Transportation and Security” is being hosted by the Petroleum Technology Development Fund (PTDF).

Kyari, in a presentation on industry operations, said NNPC Ltd. was working on developing the right infrastructure to deliver oil and gas to bridge energy access and drive prosperity for Nigerians.

He said the company’s commitment was not just a statutory requirement of the Petroleum Industry Act (PIA) but a pledge to ensure energy security beyond fuel supply.

“We are dedicated to investing in critical infrastructure to enhance economic prosperity by supplying gas to the domestic market, targeting at least eight billion cubic meters,” Kyari added.

He listed some infrastructure projects being undertaken by the NNPC Ltd. to help bridge the energy access gap in Nigeria to include the Obiafu/Obrikom/Oben (OB3) and Ajaokuta-Kaduna-Kano (AKK) pipelines, designed to enhance the nation’s gas supply network.

This, Kyari said, would work on expanding gas supply to the international market primarily through the Nigeria Liquefied Natural Gas Ltd. (NLNG) Train 7 project, while efforts were being made to start Train 8 and various floating LNG initiatives.

The GCEO called for support in leveraging Nigeria’s abundant gas resources for economic prosperity, emphasising the need to bridge access gaps in electricity and clean cooking fuel.

He assured stakeholders and investors of the support of President Bola Tinubu, whom he said, “is committed to the gas revolution”.

In his remarks, Mr Salahuddeen Tahir, Chairperson, Society of Petroleum Engineers (SPE) Nigeria Council and Head of Asset and Investments Management, NGPIS, underscord the critical role of energy in modern society.

“It’s a trigger for essential services such as transportation, heating, electricity generation, medical services, security, banking services, and communication”.

Tahir said there was the need to develop a diversified and sustainable energy transportation system as a measure for mitigating climate change and enhancing energy security.

The SPE OLEF which debuted in 1991 is focused on contributing to Nigeria’s oil and gas industry policy development in commemoration of the first commercial oil discovery in Nigeria by Shell D’Arcy at Oloibiri, Bayelsa in 1956. (NAN) (www.nannews.ng)

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Edited by Rabiu Sani-Ali

By Emmanuella Anokam

The Federal Government says addressing the underlying socio-economic causes of insecurity, such as poverty and unemployment, is crucial to achieving lasting stability in the energy sector.

Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), said this at the Oloibiri Lecture Series and Energy Forum 2024 (OLEF), organised on Thursday in Abuja by the Society of Petroleum Engineers (SPE).

“This can be addressed through implementation of the Host Community Trust Fund, Gas Infrastructure Fund and other intervention mechanism,” he said.

The News Agency of Nigeria (NAN) reports that the SPE-OLEF, hosted by the Petroleum Technology Development Fund (PTDF) has its theme as “Stability in the Energy Sector: Integrated Strategies for Infrastructure, Transportation and Security”.

NAN also reports that OLEF which commenced in 1991 is focused on contributing to Nigeria’s oil and gas industry policy development, in commemoration of the first commercial oil discovery in Nigeria by Shell D’Arcy at Oloibiri, Bayelsa State in 1956.

Lokpobiri, represented by Mr Kamoru Busari, Director Upstream of the ministry, said over the years, insecurity had posed as one of the most pressing challenges to stability in the Nigerian energy sector.

He said there had been cases of pipeline vandalism, oil theft and sabotage that had caused significant threat to the sustenance of the country’s energy infrastructure and smooth operations.

The minister said that concerted efforts were being made to address the security threats in the sector, with the awarding of surveillance contract to Tantita Security Service Nigeria Limited.

This, he said had culminated in substantial increase in oil production.

He said the government would continue to explore better ways resolving some of the bottlenecks in the sector especially through the use of modern technological.

“Government is open to harness all possible advancement pathways by implementing policies and promoting partnerships that will transform the current energy system to a low-carbon energy system, with hydro, solar and natural gas playing important roles.

“Nigeria is working towards achieving its Energy Transition Plan goals, which involves significant emission reductions across key areas like power, cooking, oil and gas, transport and industry with an ultimate target for carbon neutrality by 2060,’’ he said

According to the minister, areas of infrastructure, transportation and security are fundamental to the efficient functioning of the energy sector and its inter-dependent to ensure stability and sustainability.

He said following the strong commitment made by President Bola Tinubu at the recent COP 28, there was an ongoing robust approach by the government to revamp the energy sector.

This, he said was not only being implemented domestically but was being extended to the international communities through friendly competitions of energy supply to the international market.

In the theme lecture presentation, Mr Abdulrahman Mijinyawa, General Manager, Development and Subsurface Nigeria, Shell Companies in Nigeria (SCiN), said Nigeria’s energy infrastructure was largely inadequate, mostly out dated and often damaged.

Mijinyawa, while saying that products were not getting to the desired destination, explained that transportation was a critical aspects of the energy sector for enabling movement of products.

He said for an improved transport system, transport cost should be streamlined, logistic overhead reduced, while public private partnership should be encouraged to fund intermodal connectivity.

According to him, good policies, fiscal incentives, integration and collaboration would go a long way to unlock the industry challenges. (NAN)(www.nannews.ng)

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Edited by Emmanuel Afonne

By Emmanuella Anokam

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has clarified that the rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail outlets nationwide are false.

Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., said in a statement on Wednesday that the reports were false.

There were reports in some sections of the media on Monday that the ex-depot price for PMS had reduced from N640 to N630 for the independent oil marketers, while NNPC Ltd. maintained its N570 price.

The N630 new ex-depot price for independent marketers is just one per cent reduction following decision by the NNPC Ltd. to give product directly to the marketers, while maintaining its N570 ex-depot price.

This was against the former arrangement where the independent marketers get supply from private depots.

The development provoked reactions from Nigerians who assumed that NNPC Ltd. had reduced pump price at their retail outlets from N617 to N570.

Soneye, however, urged Nigerians to disregard the reports in entirety.

He reaffirmed its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country. (NAN)(www.nannews.ng)

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Edited by Emmanuel Afonne

By Emmanuella Anokam

Malam Mele Kyari, the Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Ltd.), says women are under represented in the energy sector in spite of constituting a substantial portion of Nigeria’s population and workforce.

Kyari said made this known on Tuesday in Abuja at the 2024 Strategic Women in Energy, Oil and Gas Leadership Summit and Awards, Northern Region.

He said that as at Quarter Four (Q4) 2023, women represented only 18.6 per cent of the sector’s total workforce and 23.1 per cent of its leadership.

The News Agency of Nigeria (NAN) reports that the summit was organised by the Women in Energy, Oil and Gas (WEOG), Nigeria in commemoration of the International Women’s Day observed annually on March 8.

The summit with theme: “Invest in Women for Accelerated Progress” was hosted by the Petroleum Technology Development Fund (PTDF).

In a keynote address entitled “Closing Energy Gaps in Nigeria by Investing in Women”, Kyari said the gap was largely attributed to the low level of participation in Science, Technology, Engineering and Mathematics fields, the major channel for the work force.

“Studies have also shown that at the middle of the technical talent pipeline (which is middle to senior management levels); there is lagging progress for women which is greatly impacted by the degree of flexibility of work.

“At NNPC, we have evaluated the challenges faced by women across different levels of our workforce and taken additional steps to address them.

“We focused on several key strategic initiatives. From coaching and mentoring to ensure our managers are effective leaders, to unlocking the full potential of flexible work.

“By empowering women and providing them with equal opportunities, we can unlock immense potential and drive meaningful change across the energy landscape.

“We are committed to fostering a culture of inclusivity and empowerment, where women have equal access to opportunities for growth, advancement and leadership,” Kyari said.

According to him, the NNPC Ltd. is actively working to build a more diverse and resilient workforce through initiatives such as mentorship programmes and leadership training.

He said from engineering and technology to leadership and management, women had proven time and again their ability to excel in every aspect of the energy sector.

While recognising the critical role women played in driving sustainable development and mitigating the impacts of climate change, Kyari said empowering women as decision-makers, sustainable practices, acceleration of transition to renewable energy could be achieved.

He urged all stakeholders within Nigeria and on the global stage to reaffirm commitment to gender equality and inclusive development, and join hands in supporting initiatives that empower women and close energy gaps.

Also, Mr Ahmed Aminu, Executive Secretary, PTDF, commended the women in the energy sector for consistently breaking barriers and making significant contributions.

This, Galadima said was leading to positive change in various aspects of the oil and gas industry.

Earlier, Dr Oladunni Owo, National President, WEOG, called for commitment to inspire inclusion in the energy industry value chain.

According to her, the International Women’s Day amalgamated into International Women’s month and concluded as a period when women are recognised for their achievements without regard to divisions, whether national, ethnic, linguistic, cultural, economic or political.

Dame Hassan Audu, Chairperson, Summit Organising Committee, said that a recent UN survey showed that closing gender gap in employment could boost Gross Domestic Product (GDP) per capita by 20 per cent.

The study, she said revealed that closing gaps in care and expanding services with decent jobs could spark almost 300 million jobs by 2035, and that an estimated 360 billion dollars was needed annually to achieve gender equality.

“Where individuals, organisations and governments deliberately invest to propagate girls in STEM, we create the foundational opportunity for improved participation in a gender balanced workforce in the sector,” she said.

Highlight of the occasion was the presentation of awards to some dignitaries and conferment of Grand Ambassador Awards to the Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri and his counterpart, Mr Ekperikpe Ekpo (Gas).

Other recipients are Malam Mele Kyari, GCEO, NNPC Ltd.; Mr Farouk Ahmed, Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Mr Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), among others. (NAN) (www.nannews.ng)

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Edited by Rabiu Sani-Ali