By Ifeanyi Olannye

Gov. Ifeanyi Okowa of Delta, on Monday, said the nation’s oil industry had lost substantial investments due to delay in the passage of Petroleum Industry Bill (PIB).

The governor stated this when the Co-Chairman, National Assembly Joint Committee on Petroleum Industry Bill, Mohammed Monguno, led members of the committee on a visit to him at Government House, Asaba.

Okowa said that investments in the nation’s oil industry would be up-scaled as soon as the bill was passed.

According to him, people of the Niger Delta zone are gladdened to hear about the renewed commitment by federal lawmakers towards passing the Petroleum Industry Bill.

Okowa expressed delight with the inclusion of Host Communities Fund in the bill, saying that this would make the people to be part-owners of the ventures and encourage them to secure oil facilities.

“You have come obviously for a very important assignment, something that we have not been able to achieve as a county in the last 14 years.

“We are gladdened as people from the Niger Delta to hear both leaderships of the National Assembly speak about their commitment towards passing the PIB.

“If you are able to achieve it, your name will be written in gold, because for too long, we have been talking about this bill and we are already endangering the oil industry.

“People are agitated about the direction of PIB and when anticipation and action are not clearly taken, it leads to loss of investment opportunities, because people are worried about the direction of the industry.

“There is no doubt that oil exploration has kept our economy, but over time, it has also caused so much pain to our people, which the bill is geared towards addressing.

“People have lost their lives and their source of livelihood, while the pains continue to increase on daily basis.

“But, we thank God that the dark days are over and there is an amnesty programme, even though it is not being run as it was proposed by the Yar’ Adua administration,” he said.

The governor expressed satisfaction with the commitment on the part of the leadership of the National Assembly, adding “We will be proud of you if you are able to achieve the passage (of the bill) this time around.

“We hope that with the provision of the host communities fund, it will impact in their lives and help them to live a sustainable life,” Okowa said.

Earlier, Monguno, who is the Chief Whip of the House of Representatives, said that his team was in Delta in furtherance of the legislative processes that would eventually lead to the passage of the bill.

He said that the national assembly was working closely with the executive arm and other stakeholders to ensure the passage of the bill.

“We have promised Nigerians that by the end of April, we will pass this all-important bill.

“We are committed this time around to the passage of the bill, for the good of Nigeria.

“There is the need for us, as a country, to reform the oil and gas sector, especially as the world is moving away from fossil fuel to renewable energy.

“It is important that we take advantage of the opportunities available,” Monguno said.

By Yakubu Uba

The Department of Petroleum Resources (DPR) says queues observed in some filing stations in Maiduguri are caused by panic buying by motorists on the assumption that the price of petrol would soon increase.

Mr Ibrahim Ciroma, North East Zonal Operations Controller of DPR, told the News Agency of Nigeria (NAN) in Maiduguri on Friday that the assumption was unfounded because Maiduguri received between 15 and 20 trucks of petrol daily.

Ciroma urged motorists not to panic as the DPR was on top of the situation.

According to him, there is no cause for alarm.

“Maiduguri receives between 15 and 20 trucks of petrol daily and we are monitoring all filling stations to ensure that no one hoards or sells above the official pump price of N162 per litre.

“I have called the Independent Petroleum Marketers Association of Nigeria (IPMAN) in the state to appeal against any malpractice from the members.

“IPMAN has also constituted a committee to ensure its members sells at the approved price and nobody is hoarding the commodity,” Ciroma said.
The controller reiterated the commitment of DPR to ensure steady supply of fuel to Borno.

He said to ensure there were no hitches, some staff hitherto directed to stay at home because of COVID-19, had been recalled for effective monitoring of filling stations. (NAN)

By Edith Ike-Eboh

The Nigerian National Petroleum Corporation (NNPC) has assured Organised Labour and Nigerians that there will be no increase in the price of Premium Motor Spirit (PMS) also known as Petrol in the month of February.

The corporation gave the assurance in a statement  signed by its spokesman Dr Kennie Obateru  in Abuja, on Thursday.

“In spite of the rise in the price of crude oil in the international market, NNPC has ruled out any increment in the ex-depot price of PMS in February, 2021,” he said .

The News Agency of Nigeria (NAN) reports that ex-depot price is the price at which oil marketers buy products from depot.

The price determines the price at which they sell to motorists at their various petrol stations.

Obateru explained that the decision was to allow ongoing engagements with organised labour and other stakeholders on an acceptable framework that would not expose the ordinary Nigerian to any hardship.

He urged petroleum products marketers not to engage in hoarding of PMS  in order not to create artificial scarcity and unnecessary hardship for Nigerians.

He further gave  assurance that the corporation  had enough stock pile of petrol to keep the nation well supplied for about 40 days.

He also called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.

NAN reports that the Minister of State for Petroleum Resources, Chief Timipre Sylva, in March 2020 announced that the nation’s downstream oil sector had been deregulated

With the announcement,  the prices of petroleum products would be determined by prevailing market forces. (NAN)

By Edith Ike-Eboh

The Organisation of Petroleum Exporting Countries (OPEC) says the global oil sector needs about  US$ 12.6-trillion investment to enable it contribute to achieving future global oil demand.

 The OPEC  Secretary General, Dr Mohammad Barkindo, disclosed this at the Virtual  11th IEA-IEF-OPEC Symposium on Energy Outlooks on Wednesday.

“The global primary energy demand is forecast to continue growing in the medium and long term, rising by a hefty 25 per cent by 2045.

“Oil will remain the largest contributor to the energy mix in 2045 at 28 per cent.

“To meet this future demand, the global oil sector will need cumulative investment of US$ 12.6 trillion in the upstream, midstream and downstream through to 2045.

“These investments are essential for both producers and consumers,’’ he said.

According to him, underinvestment remains one of the greatest challenges for the industry and has been exacerbated by the COVID-19 pandemic.

He noted that over the course of 2020, investments declined by 30 per cent, adding that there was the need to work towards creating an investment-friendly climate.

“There is a common thread linking the cooperation between our Organizations; the “Declaration of Cooperation (DoC) actions to restore market stability and the producer-consumer dialogue.

“It is something deeply ingrained in OPEC’s raison d’etre.

“In our fast-changing and unpredictable world, we seek to contribute to greater stability, more predictability and enhanced transparency,’’ the OPEC Scribe said.

He further noted that the organisation constantly seeks to improve its capacity, believing that this would help to build a better future that would serve the interests of generations of producers and consumers.

By Obinna Unaeze

The Department of Petroleum Resources (DPR) in Niger says it is uncomfortable with the operations of some marketers of petroleum products in the state who sell large quantity of Premium Motor Spirit (PMS) in Jerry cans.

Alhaji Isah Jankara, Controller, DPR in the state, disclosed this on Tuesday in Minna during an interview with the News Agency of Nigeria (NAN).

“The report reaching us reveals that some marketers of petroleum products in the state are selling large quantity of PMS in jerry cans.

“It is not permitted by law to sell such product in jerry cans because of the high inflammable nature of fuel.

“It is hazardous to transport fuel or store it in jerry cans,” he said.

Jankara said that selling large quantity of PMS in jerry cans meant diversion or smuggling the product to an unknown destination “which is against the law”.

He explained that the department must be notified and issue permit before such quantity of fuel would be sold in jerry cans in order to ensure safety and stop diversion and smuggling of the product.

The controller said that investigations were ongoing to bring the earring marketers to book to serve as deterrent to others.

“Any marketer found guilty will be made to face the law; that I assure you,’’ he said.

He assured that the Federal Government would continue to make the PMS available to the public stressing that there was no need for panic buying or hoarding.

NAN reports that the PMS (popularly known as petrol) sells for N161 and N162 per litre in the state. (NAN)

By Edith ike-Eboh

Mr Waziri Adio, Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI)  has thanked president Muhammadu Buhari for the opportunity to serve and contribute to the growth and development of the country

Adio disclosed this on his verified Twitter handle @waziriadio, on Tuesday in Abuja.

The News Agency of Nigeria (NAN) reports that Adio’s five years non-renewable tenure will end on Feb. 18.

“My five year non-renewable tenure as the Executive Secretary of @nigeriaeiti ends in exactly two days. Grateful for opportunity to serve and to learn and mighty proud of the few key things the NEITI team has achieved under my watch.

“I am particularly grateful to president @MBuhari for the rare opportunity to serve, to late Malam Abba Kyari for trust and faith, to @kfayemi for his non-obtrusive guidance as board chairman.

“To my wonderful friends and family, I thank you for bearing with and standing by me,’’ he said.

Adio said that he was happy that under his watch NEITI was able to achieve so many things that contributed to growth of the extractive industry in the country.

He named some of the achievement of NEITI under his watch to include Quality Research and Analysis to NEITI’s work team, Activating Satisfactory progress in NEITI, Leveraging Technology for public access and operational efficiency, Ensuring stakeholder’s support, among others.

“After Thursday, I look forward to sleeping, exercising and reading a bit more, being a house husband for a short while, then going to Oxford University sometimes in March for a visiting fellowship.

“Thanks everyone for your support to me and NEITI,’’ he added.(NAN)
ENO/ISMA

By Edith  Ike-Eboh

The Organisation of Petroleum Exporting Countries (OPEC), has congratulated Dr Ngozi Okonjo-Iweala, on her appointment as the Director-General of the World Trade Organisation (WTO).

The OPEC Secretary-General, Dr Barkindo Mohammed, disclosed this in a congratulatory message made available to the News Agency of Nigeria (NAN), on Monday, in Abuja.

NAN reports that Okonjo-Iweala, 66, was appointed  director-general of the WTO  on Monday by representatives of the 164 member countries.

“ On behalf of the Organisation of the Petroleum Exporting Countries, allow me to formally extend our sincere and heartfelt congratulations to Your Excellency on your fully deserved appointment as the newly elected Director-General of the World Trade Organisation.

“We wish you every success in your new role leading the WTO, a key organisation for the effective functioning of the global economy, and in helping trade flow as freely as possible.

“ We commend the wisdom of the General Council of the WTO for the historic nature of your appointment, as you are the first woman and first person from the continent of Africa, to take up the reigns of the organisation.

“The breadth of support that Your Excellency received during this campaign is testimony to your suitability for the role and lifetime of public service to both our beloved home country, Nigeria, and the international community,’’ he said.

Mohammed noted that Okonjo-Iweala’s candidacy received support from every geographical region and all categories of  members  recognised in the WTO provisions.

According to him, the appointment comes at an extremely challenging time for the world and the WTO.

“Global trade has been severely impacted by the COVID-19 pandemic, support for the multilateral system needs to be bolstered and the WTO, under your leadership, will embark on a period of substantive and procedural reform.

“ However, I know from your lengthy and successful career as a highly-respected economist, an international development expert who worked for 25 years at the World Bank, a diplomat and your two terms as Finance Minister in Nigeria that you are more than up to the task.

“Yours is a career replete with achievements,’’ he added.

Mohammed  recalled when in 2005, as Minister of Finance for Nigeria, Okonjo-Iweala,  successfully led a team that negotiated an 18 billion dollar debt write-off with the Paris Club.

This, he said, enabled Nigeria to obtain its first-ever sovereign-debt rating.

“ At the World Bank, you fronted several initiatives that supported low-income countries, including raising almost 50 billion dollars  from donors in an aid campaign for the International Development Association.

“Your leadership capabilities, your deep knowledge and your astute judgement and negotiating skills, will be warmly welcomed at the WTO.

“You have continuously conducted yourself with the highest standards of professionalism, honesty, integrity and courage. I can think of no-one better for the position.

“It is also an extremely proud day for our home country of Nigeria, and the government of President Muhammadu Buhari, who recognised your distinctive and impressive credentials for the role and campaigned tirelessly in talking with world leaders to seek support for your candidacy.

“I am sure your appointment is being lauded across the whole of Nigeria,’’ he said.

Mohammed said that the historic nature of Okonjo-Iweala’s appointment would  inspire women and girls across the globe to become more involved in trade related professions and aspire to leadership positions in international organisations.

“As an inter-governmental association, OPEC is a proud member of the multilateral system. We are continuously exploring opportunities to strengthen our relations with like-minded international organisations who share our values.

“In this regard, I look forward to having an opportunity to discuss in person the possibilities of enhancing relations between the WTO and OPEC.

“ For supporters of multi-nationalism everywhere, it is reassuring to know that your capable hands are now guiding the WTO,’’ he said (NAN)

By EricJames Ochigbo

The Minister of State for Petroleum Resources, Mr Timipre Sylva says Nigeria is on course to end gas flaring by 2025.

Sylva made this known on Monday at a Public Hearing on gas flaring organised by the House of Representatives on Monday in Abuja.

The minister said that the public hearing was an opportunity to update the records and to bring stakeholders up to speed.

He said that elimination of gas flaring was an issue the ministry was taking seriously, saying that the ministry was committed to achieving the global consensus on elimination of gas flaring by 2025.

“Today, we have actually reduced gas flaring significantly to a very minimal level of eight per cent.

“If you all recall, in 2020, the ministry of petroleum started what we call the National Gas Expansion Programme and we declared year 2020 as the year of gas.

“At the beginning of this year, we also declared year 2021 the beginning of the gas decade. We believe that with all the programmes we have in place, we are on course to achieving complete elimination of gas flaring by year 2025,” he said.

The minister recalled that in December 2020, the ministry rolled out a gas penetration programme.

Sylva said that the ministry was aggressively pursuing it to attain total elimination and utilisation of gas that was being flared today.

Also speaking, the Minister of Environment, Mr Muhammed Abubakar said that gas flaring was one environmental challenge a lot had been said about.

Represented by the Director of Environment, Mr Abah Suleman, Abubakar said that gas flaring leads to global warming.

“The fear that the earth might snowball into a runaway greenhouse effect as we have on planet Venus is one of the major reasons why it has been globally accepted that all hands must be on deck to ensure that gas flares are totally put out.

“The Federal Government has made commitments to the Paris Agreement of the United Nations Framework Convention on Climate Change through our intended national determined contribution.

“The Ministry of Environment is highly desirous and have been giving support to the Ministry of Petroleum in this regard.

“As far back as 2003 when the ministry along some oil companies pushed for the use of compressed natural gas, which went comatose.

“I am happy to say that the administration of President Muhammadu Buhari has kick-started the programme,” he said.

Abubakar said that the ministry had embarked on a programme that would accurately track gas flaring across the country.

He pledged the ministry’s support to enforce all laws and policies to ensure that Nigeria meets its global commitments on gas.

The General Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, said that gas had value.

According to him, converting gas to value is so attractive and this is what we are doing today so we can use gas to develop our country, create wealth and opportunity.

He said that no one would want to flare gas when it could be commercialised but there must be a perfect framework to achieve that.

According to him, we are building major trunk lines that will receive most of the flared gas you are seeing today.

“We are connecting most part of the country to the gas network so that people can convert this gas either for power or industrial use and we hope to achieve this by the end of March.

“It is business that makes people invest, no matter how much penalty you put, if the cost of the penalty is cheaper than the cost of developing the gas that may not be commercial, people will continue to flare gas and pay the penalty.

“You can raise the penalty to any number and what it does, it completely makes people not to invest in anything, so increasing the penalty is not the solution.

“The solution is to clear the commercial towns that will enable companies invest in these flare so that we can convert them into money,” he said.

He said that the harm gas flaring was doing to communities and the environment would go away if commercialised.

The GMD pledged to work with the National Assembly to put in place every structure that was required to end gas flaring in the country. (NAN)

By Nathan Nwakamma

The Nigerian Content Development and Monitoring Board (NCDMB), has commended Total Exploration and Production (Total E & P) for its confidence in the Nigerian economy.

Executive Secretary of NCDMB, Mr Simbi Wabote made the commendation in a statement issued on Sunday and made available to the News Agency of Nigeria (NAN).

The statement was signed by Mr Naboth Onyesoh, Manager, Corporate Communications at NCDMB.

Wabote said the Final Investment Decision (FID) by the French oil firm on the “Ikike offshore Project’ in spite of delays in the passage of the Petroleum Industry Bill (PIB) showed that Nigeria remains a preferred investment destination.

The Executive Secretary urged international oil firms to emulate Total E&P in sponsoring new projects and stop being deterred by the delayed passage of the Petroleum Industry Bill (PIB).

According to the statement, Wabote spoke when he received the Managing Director of Total E&P, Mr. Mike Sangster at the Nigerian Content Tower, headquarters of the NCDMB in Yenagoa, Bayelsa.

He commended the MD for his emergence as the Chairman of the Oil Producers Trade Section (OPTS) of Lagos Chamber of Commerce and Industry.

Sangster’s appointment, Wabote said, was deserving because Total E&P was the only international operating company that had taken Final Investment Decisions on major oil and gas projects in recent times in Nigeria  in spite of the delayed PIB.

While expressing confidence in the determination of the 9th National Assembly to pass the PIB after it had been delayed for over 15 years, Wabote encouraged other IOCs to forge ahead with their new projects.

He explained that new projects were needed to grow Local Content and create opportunities for local fabrication and manufacturing yards, many of which have been idle since the conclusion of the Total’s Egina deep water project in 2018.

He also charged Total E&P to lend its full support to the ongoing NLNG Train 7 project, adding that the project held great prospects for the local oil and gas industry and host communities.

Wabote also solicited the support of the chairman of the Oil Producers Trade Section towards the conclusion of the categorisation of in-country oil and gas capacities and capabilities.

The categorisation covers engineering, fabrication yards, testing facilities and training facilities.

Wabote said another area of collaboration with OPTS is in the study for local gaskets manufacturing: study, to determine what it will take to produce all the gasket requirements in-country.

He also asked OPTS companies to provide crude feedstock for newly established modular refineries to increase value addition, local refining, discourage illegal refiners and stealing of crude.

The  statement quoted Sangster as saying that the company had operated in Nigeria for 60 years and is the only IOC that operates in the upstream, midstream and downstream sectors of the Nigerian oil and gas industry.

He explained that the company developed the last three Floating Production Storage and Offloading (FPSO) platforms in Nigeria and Egina in 2018 created new records, one of which is recording 40 million man hours in-country.

Sangster also reported that the company had made significant progress with the development of the Ikike Oil Field and would record first oil before the end of 2021.

He stated : “it had been difficult developing the project, particularly with the pandemic, but we are making progress and we appreciate the support from the NCDMB.”

On the PIB, the OPTS leader advised federal legislators and policy makers to ensure that the fiscal provisions in the law are fair to key stakeholders, to stimulate new investments in the industry. (NAN)