Barrels
Joe Biden pointedly asks Vladimir Putin about cyberattacks at summit
U.S. President Joe Biden asked Russian President Vladimir Putin on Wednesday how he would feel if someone carried out a ransomware attack on Russian oil pipelines, a pointed question during their summit that illustrated the breadth of their disagreements. The query referred to a cyberattack that closed the Colonial Pipeline Co system for several days in May, preventing millions of barrels of gasoline, diesel and jet fuel from flowing to the U.S. East Coast from the Gulf Coast. Both leaders described their first summit in a lakeside Swiss villa as professional, rather than friendly, and said they agreed to hold lower-level talks on cybersecurity and arms control and to send their ambassadors back to their capitals. But there was no hiding their differences on issues such as human rights, wh...
OPEC commits to stable global oil market
The Organisation of Petroleum Exporting Countries and non-OPEC ministerial meeting has reaffirmed its commitment to a stable global market in the mutual interest of producing countries. The meeting gave the assurance at the end of its virtual 17th OPEC and non-OPEC ministerial meeting on Tuesday. “In view of current oil market fundamentals and the consensus on its outlook, the meeting reaffirmed the existing commitment of the participating countries in the Declaration of Cooperation (DoC) to a stable market in the mutual interest of producing nations. “Also, the efficient, economic and secure supply to consumers; and a fair return on invested capital. “Reconfirmed the existing commitment of the 10th OPEC and non-OPEC ministerial meeting in April 2020, amended in June, September, and Decemb...
Shell’s pipeline spills 213 barrels of crude into Bayelsa community
The Okordia-Rumekpe 14-inch crude truckline operated by Shell Petroleum Development Company (SPDC) has discharged some 213 barrels of crude oil into Ikarama community in Bayelsa. SPDC’s Media Relations Manager, Mr Bamidele Odugbesan, confirmed the leakage and said that probe into the incident had been concluded. A Joint Investigative Visit’s (JIV) report obtained by newsmen on the incident on Thursday confirmed that the incident occured on April 7, while the investigation was concluded on April 12. JIV is a statutory probe into the cause of any recorded spill incident involving the oil firm, regulators, host communities and state ministries of environment. The JIV report concluded that the spill was an operational mishap traced to equipment failure which impacted nearby palm trees and fish...
TUC opposes sale of Port Harcourt refinery
File Photo The Trade Union Congress (TUC) is opposed to the sale of the Port Harcourt Refinery as canvassed by many Nigerians, its secretary-general, Musa Lawan, has said. The Federal Executive Council last week approved $1.5 billion (about N600 billion) for the rehabilitation of the 210,000 barrels per day refinery. The FEC approved the amount at its virtual meeting presided by President Muhammadu Buhari. The approval came amidst a controversial price increase in the pump price of petrol that was later reversed. Although Nigeria has four refineries, all government-owned, it currently imports virtually all its refined petroleum products. The approval for the Port Harcourt Refinery was greeted with mixed feelings as the country in the past spent billions of dollars on refinery maintenance w...
Court refuses to unblock Shell’s bank accounts
Getty Images Justice Oluremi Oguntoyinbo of the Federal High Court in Lagos on Tuesday declined to vacate an interim injunction directing 20 banks to block Shell Petroleum Development Company of Nigeria (SPDC) and its subsidiaries’ bank accounts. The court also insisted that two of the banks’ secretaries and chief financial officers accused of disobeying the order made on January 25, 2021 must appear before it on March 29, 2021. The affected banks and their officials are: Citi Bank Ltd, its Company Secretary Sola Fagbure and Chief Financial Officer, Sharaf Mohammed; United Bank For Africa (UBA) Plc, its Company Secretary Bill Andrew Odum and Chief Financial Officer, Ebenezer Kolawole. The judge threatened to issue a warrant of arrest against them if they failed to appear before her on the ...
Nigerian government gets revenue boost as oil prices near $60
File Photo Nigeria revenue profile may get a further boost in the days ahead as oil prices near $60 per barrel in a move propelled by the Organisation of Petroleum Exporting Countries (OPEC). U.S. West Texas Intermediate crude oil futures rose to their highest levels in nearly a year on Friday with Brent traders zeroing in on the psychological $60 a barrel level on economic revival hopes led by strong compliance with the planned output cuts by OPEC+. Also contributing to the gains were a government report that showed another draw in crude stockpiles, optimism over a speedier U.S. economic recovery on the prospect of additional stimulus from Washington and a successful rollout of the U.S. vaccination program. OPEC+ maintained its oil output policy at a meeting last Wednesday, a sign produce...
Economist: Official exchange rate may depreciate to N420 to the dollar
The managing director of Financial Derivatives Company, Bismarck Rewane, has projected that the naira will depreciate to N420 against the dollar on the official window by the end of 2021. Rewane was speaking at a virtual event tagged ‘Vantage Forum 2021’, organised by The Elevation Church (TEC) on Saturday. The economist also projected that the naira will exchange at N470 to the dollar at the parallel market. At present, the naira trades at N480/$ at the parallel market and N380 at the official rate operated by the Central Bank of Nigeria. This, he said, is based on a worst-case scenario where Nigeria produces 1.5 million barrels per day (bpd) with an inflation rate of 16.15 percent in the full year. “In the worst-case scenario, it goes the other way, in all cases you find that the average...
Nigerian government seizes bank’s assets over Shell’s N183 billion debt
File Photo Nigerian government have moved to sequester the assets of the country’s premier lender First Bank of Nigeria Limited in an effort to recover the damages oil major Royal Dutch Shell owed the Ejama Ebubu community of Rivers State in a legal contest spanning many decades, Bloomberg reported Thursday. Police operatives and court officials arrived the bank’s main branch in Port Harcourt on Tuesday to execute an order to seize the lender’s asset, FirstBank said in a statement. The bank said the incident leading to the confiscation of its properties was “unjustified, illegal and a reckless misuse of the machinery of justice.” Lagos-headquartered FirstBank resolved to guarantee the damages awarded against Shell by a Rivers State high court judge a decade ago. According to the estimation...
Presidency: Boko Haram weaker now than in 2015
As the country marks the 2021 Armed Forces Remembrance Day, Friday, the Presidency has declared that the activities of Boko Haram insurgents have been weakened compared to what obtained in 2015. This is even as it said that more than 2,403 criminals, including terrorists, bandits, kidnappers and criminals of other sorts, were reportedly eliminated by the Nigerian Armed Forces, in coordinated operations across the country between March 18 and December 30, 2020. The event is billed to hold in the early hours of the day at the National Arcade, opposite Eagles Square, Three Arms Zone, Abuja. The Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement titled “Security checklist, as Nigeria marks Armed Forces Remembrance Day, by Presidency” flaunted the Buhari admin...
National Assembly raises 2021 budget by N580 billion, approves N13.588 trillion
The two chambers of the National Assembly yesterday passed the 2021 Appropriation Bill, increasing the budget size from N13.08 trillion presented to them by President Muhamnadu Buhari 11 weeks ago to N13.588 trillion. The passage of the 2021 budget followed consideration and adoption of harmonised reports separately submitted to them by their Committees on Appropriation. The two chambers increased the 2021 budget by about N580 billion and pegged daily crude oil production at 1.86 million barrels per day, while oil benchmark price was fixed at $40 per barrel. They approved N379 to dollar as the official exchange rate while GDP growth rate was pegged at 3 per cent. Highlights of the report approved by the Senate showed aggregate expenditure to be N13,588,027,886,175, statutory transfer of N4...
Oil jumps 4 percent on upbeat coronavirus vaccine news
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