Supply
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...
Minister: Nigerian government to scale up domestic gas expansion, monetisation drive
Minister of State, Petroleum Resources, Mr. Timipre Sylva, has stated that the federal government will continue to ramp up its current domestic gas expansion drive as well as its monetisation programme to increase the country’s supply of the much needed foreign exchange earnings. Speaking when he appeared virtually at the formal opening of the new headquarters of the Nigeria Liquefied Natural Gas Limited (NLNG) in Port Harcourt, Rivers State, the minister stressed that the company was expected to play a major role in achieving the objective. Sylva noted that the country’s gas reserves must be fully explored for the full benefit of Nigerians, noting that has remains a major game-changer for Nigeria, especially with the renewed attention to the commodity as a lower carbon energy source. “In ...
NNPC selects 26 firms to lift Nigeria’s crude oil
The Nigerian National Petroleum Corporation (NNPC) has picked 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. The crude term contracts, expected to run from 2021 through 2023, would see the firms and the selected nations, which would operate on a Government-to-Government (G2G) basis to purchase the commodity from the national oil company. The deal is coming less than a week after the corporation chose 16 oil and gas consortia for its new crude-for-fuel swap contracts for one year starting in August. The contracts, known as Direct Sale, Direct Purchase (DSDP) are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption. However, in the fresh crude oil...
NNPC assures will continue to meet financial obligations to FAAC
The Nigerian National Petroleum Corporation (NNPC) has clarified that the revenue projection contained in the letter to the Accountant General of the Federation being cited in the media pertains only to the Federation revenue stream being managed by the Corporation and not a reflection of the overall financial performance of the Corporation. A press release by the Corporation’s spokesman, Dr. Kennie Obateru, stated that the clarification became necessary in the light of media reports insinuating that the Corporation was in financial straits. NNPC maintains that it is conscious of its role and was doing everything possible to shore up revenues and support the Federation at all times. “The shortfall will be remedied by the Corporation as it relates only to the Federation revenue stream being...
U.S. pledges sustained help for India in tackling coronavirus crisis
Senior U.S. officials on Tuesday pledged sustained support for India in helping it deal with the world’s worst current surge of COVID-19 infections, warning the country is still at the “front end” of the crisis and overcoming it will take some time. The White House’s National Security Council coordinator for the Indo-Pacific, Kurt Campbell, told a virtual event on the U.S. assistance that President Joe Biden had told Indian Prime Minister Narendra Modi on a phone call on Monday: “You let me know what you need and we will do it.” Campbell said at the event, organized by the U.S.-India Business Council and U.S. Chamber of Commerce Foundation, that Washington was committed to helping the world’s second most populous country get to grips with the crisis. “We all have to realize that this is no...
Naira stable at parallel, official market
Nigeria’s naira remained stable against the U.S. dollar at the unofficial market on Friday, data posted on abokiFX .com, a website that collates parallel market rates in Lagos showed. The data posted showed that the naira closed at N485.00 at the black market, the same rate it exchanged hands with the greenback in the previous session on Thursday. Similarly, the local unit remained stable at the official market. Data posted on the FMDQ Security Exchange window where forex is officially traded showed that the domestic unit again closed at N410.00 at the trading session of the NAFEX window on Friday. Friday’s performance came to be as forex supply slumped significantly. The naira experienced an intraday high of N394.00 and a low of N436.40 before closing at N410.00 on Friday, the same rate i...
Federal government okays N20.1 billion for Nigerian customs equipment
The federal government has approved a total of N20,114,002871 for the acquisition of various operational equipment for the Nigerian Customs Service (NCS). The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to State House Correspondents after the federal executive council (FEC) meeting presided over by Vice President, Yemi Osinbajo at the presidential villa on Wednesday. The Minister said further that Council also approved the sum of N539,277,673 for the construction of the Federal Inland Revenue Service (FIRS) building at the Ilupeju Medium and Small Taxpayers’ office in Lagos. On the breakdown of contracts approved for Customs, the Minister said a total of 427 operational vehicles, worth N14.55 billion and nine assorted gunboats worth N5,564,002,871 were a...
Payroll fraud: Gombe approves N1.49 billion for biometric system installation
The Gombe State Government has approved the sum of N1.499 billion for the supply and installation of biometric attendance system to check payroll fraud in the state’s civil service. Muhammad Magaji, the state’s Commissioner of Finance and Economic Development, stated this, on Wednesday, while addressing newsmen after the 12th State’s Executive Council meeting. Magaji said the initiative tagged “Gombe state Integrated Payroll Payment Gateway and Human Resource Management Information System’’ would help to reduce, if not eliminate, payroll fraud. According to him, when installed, the system would increase transparency in the payment of salaries and pensions, as well as effectively manage the state’s human resource capacities at both state and local government levels. He stated that the initi...
Easter: Abuja airport records high traffic
The Nnamdi Azikiwe International Airport, Abuja, on Friday witnessed increased traffic due to huge number of passengers travelling to different parts of the country to celebrate Easter. According to NAN reports, flights from Abuja to other routes were fully booked before Thursday. Also, booking and check-in counters of many airlines were crowded with travelers rushing to board their flights. Many of the airline officials who spoke with NAN in separate interviews said there was upsurge in traffic, but ticket fare still remained same. The Max Air Station Manager, Kehinde Ogunyale, said that more people had chosen to fly home for the Easter celebration than the previous years. Ogunyele further said that Max Air also possibly experienced unique increase in passengers due to reduction in flight...
Minister: 60% of dairy products consumed in Nigeria imported
Nigeria imports at least 60 per cent of dairy products the country consumes, the Minister of Agriculture and Rural Development, Sabo Nanono, has said. Mr Nanono disclosed this when speaking at the National Dairy Policy Stakeholders Engagement in Abuja on Tuesday. He said, “Despite the potentials in the dairy industry, 60 per cent of dairy products consumed in the country is imported while the remaining 40 per cent is produced locally.” The minister said Nigeria’s per capita consumption of milk is 8 litres per year, representing very low consumption levels when compared with the global average of 44 litres of milk, according to the Food and Agriculture Organisation of the United Nations (FAO). According to him, presently, the Nigerian dairy industry is largely subsistence and consists of lo...
DPR: Market forces should determine gas prices
File Photo The Department of Petroleum Resources (DPR) has advocated that market forces should be allowed to determine gas prices to guarantee the security of supply and demand of the commodity. Mr Sarki Auwalu, the Chief Executive Officer, DPR, disclosed this while presenting keynote address at the pre-summit conference on “Decade of gas’, in Abuja, on Monday. Auwalu said that the right and market-based pricing of gas was critical, as it would assure producers of returns on their investments. He also outlined five critical levers for gas development, especially as Nigeria moves to leverage its abundant gas resources for national growth, diversification of the economy and to use gas as the fuel for economic transformation. According to him, the levers include availability, accessibility, a...
Official: TCN completes new transmission tower in Lagos
The Transmission Company of Nigeria (TCN) says it has completed the construction of a new transmission tower in Ajah, Lagos state. The TCN’s General Manager, Public Affairs, Mrs Ndidi Mbah, disclosed this in a statement in Abuja on Thursday. Mbah said that TCN has also strung the old and a new 330 kilovolts Egbin – Ajah transmission lines, adding that both lines have been energised. She said that the new line increased the transmission lines capacity on that line route by 600 Megawatts (MW) bringing it to a total of 1,200MW. “The old line was re-energised on March 13 while the new line was energised on March 15. “Prior to resuscitation of the second Egbin-Ajah Transmission Line, the Aja 330/132/33kV Substation operated through a single circuit 330kV transmission line. “Within the period, t...
