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Nigeria Oil Industry Lost $50bn Worth Of Investments In Four Years – Sylva

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Minister of State for Petroleum Resources, Timipre Sylva, has disclosed that Nigeria’s oil and gas industry lost about $50 billion worth of investments between 2015 and 2019.

 

Speaking at the historic  unveiling of  the new Nigerian National Petroleum Company Limited (NNPC Limited),  State House Conference Centre Abuja on Tuesday,  Sylva said with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer rudderless.

 

‘‘From the onset of this administration, Mr. President never concealed his desire to create a more conducive environment for growth of the oil and gas sector, and addressing legitimate grievances of communities most impacted by extractive industries.

 

‘‘While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments. In fact, between 2015 and 2019, KPMG states that “only 4 percent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves.

 

‘‘We are setting all these woes behind us, and a clear path for the survival and growth of our petroleum industry is now before us,’’ he said.

 

Sylva described the unveiling of NNPC Limited as a new dawn in the quest for the growth and development of the Nigerian Oil and Gas Industry, opening new vintages for partnerships.

 

He thanked the President for his unparalleled leadership, steadfastness, and unalloyed support towards ensuring that the country’s oil and gas industry is on a sound footing.

 

The Group Chief Executive Officer of NNPC Limited, Mele Kyari, announced that the company had adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within the next six months.

 

He assured stakeholders and the global energy community that the new company was endowed with the ‘‘best human resources one can find anywhere in the industry.’’

 

‘‘NNPC Limited is positioned to lead Africa’s gradual transition to new energy by deepening natural gas production to create low carbon activities and positively change the story of energy poverty at home and around the world,’’ he said.

 

President Muhammadu Buhari , while affirming that the company is mandated by law to ensure that the nation’s  national energy security is guaranteed.

 

The President said Africa’s largest National Oil Company (NOC) would also support sustainable growth across other sectors of the economy as it delivers energy to the world.

 

At the event, which featured a Special rendition of the Theme Song ”Energy for today, Energy  for tomorrow, Energy for Everyone” by an Ensemble, the President recounted how God had used him to consistently play an important role in shaping the destiny of the country’s NOC in the last 45 years.

 

He expressed optimism that the NNPC Limited will sustainably deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding and free from institutional regulations such as the Treasury Single Account (TSA).

 

‘‘This is a landmark event for the Nigerian oil industry.

 

‘‘Our country places high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements.

 

‘‘We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.

 

‘‘By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the 1st July 1977. Forty-Four (44) years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector.

 

‘‘The provisions of PIA 2021, have given the Nigerian petroleum industry a new impetus, with improved fiscal framework, transparent governance, enhanced regulation and the creation of a commercially-driven and independent National Oil Company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement and Fiscal Responsibility Acts.

 

‘‘It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.

 

‘‘Coincidentally, I, on the 1st of July 2022 authorized transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest National Oil Company today.

 

‘‘I therefore thank Almighty God for choosing me to consistently play an important role in shaping the destiny of our National Oil Company from the good to the great.’’

 

The President, therefore, assured stakeholders in the industry that Africa’s largest NOC will adhere to its fundamental corporate values of Integrity, Excellence and Sustainability, while operating as a commercial, independent and viable NOC at par with its peers around the world.

 

He added that the company would focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, for the day days after tomorrow.

 

He thanked the leadership and members of the National Assembly for demonstrating uncommon courage and patriotism in the passage of PIA that culminated in the creation of NNPCL.

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Oil & Gas

MT BRIGHTON 1: Barge Stealing Crude Destroyed In Delta

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MT Brighton1 in Flames

 

 

 

 

 

By Izuchukwu Ozoemena

 

 

 

Federal Government’s efforts to end the ugly incidence of crude oil theft in the Niger Delta paid off recently when, in collaboration with Nigerian security operatives, Tantila Security Services which bagged a surveillance contract on oil pipeline installations in the Niger Delta apprehended and destroyed a barge known as MT Brighton 1 which reports say, is stealing Nigeria’s crude oil and selling illegally refined diesel to foreign ships.

 

Information monitored on Arise News says MT Brighton 1, an 820- metric ton barge, was apprehended in one of the creeks running into

the Ramos River in Agge community, a border village between Delta and Bayelsa State. It was destroyed through explosion.

 

According to Arise Energy Correspondent, the illegal operations of the barge known as Brighton 1 has come to an end.

 

“The 820 metric ton barge has operated for years, stealing and selling stolen crude oil and illegally refined diesel”.

 

The report said it was arrested alongside a large wooden canoe conveying illegally refined diesel in one of the creeks running into the Ramos River.

 

Four suspects onboard the vessel were apprehended. These included Augustine Omote, a marine engineer, and Obiakpor Moses who supplies food and materials to them. Augustine who claimed that it was his first trip said that he had no idea that Christopher (his employer, now at large) wanted him to transport illegally- gotten product.

 

He claimed ignorant of the contents of the barge.

 

“Augustine claimed that during loading,” the report said, “some community boys approached him for settlement”.  But he told them to allow him contact his boss to discuss with them and sort them out as he was not the owner of the job.

 

Maritime Intel and security expert, a consultant for Tantita Security Services who, in collaboration with government and security agencies arrested the barge said the suspects are usually given a false sense of security by their sponsors to perpetrate the crime.

 

In a similar development, the illegal operations of Blessed Corporate Oil & Gas Services Petrol Station in Opete community on Warri Local Government Area has also been uncovered. The outfit is also said to be involved in the sale of stolen petroleum products.

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Oil & Gas

OTL 2022 EXPO: Transition To Clean Energy Depends On Petroleum Downstream Sector ……….Says Ghana National Petroleum Authority.

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Dignitaries at the OTL 2022 EXPO

 

 

By Izuchukwu Ozoemena

 

 

 

 

If efforts aimed at achieving clean energy are to yield the desired fruits, the petroleum downstream sector must be given full attention in terms of fashioning out forward-thinking operational guidelines and expected timelines.

 

 

Dr Mustapha Abdul-Hamid, Chief Executive, National Petroleum Authority (NPA) up Ghana, stated this in Lagos, Monday, at the opening session of the Oil Trading and Logistics (OTL 2022, Africa Downstream Week Expo) on the theme Energy Transition in the African Petroleum Downstream Context: Prospects, Challenges and the Way Forward.

 

 

Dr Abdul-Hamid expressed delight that already, experts in the petroleum downstream sector are being proactive in initiating conversations that will aid in fashioning out strategies to define and promote their relevance in the petroleum industry.

 

 

Of recent, he explained, the world is focused on the supply of cleaner and more sustainable forms of energy. This follows global warming and climate change and the implications of increase in gas emissions arising from intense human activity.

 

 

“There is a planned shrinkage in global production and supply of fossil fuels and the expansion of renewable energy. Western countries are setting targets to switch to renewable energy by the year 2030.

As a low emissions continent, Africa rather seeks to accelerate the exploitation of its oil and gas resources in order to fuel her industrialization and economic growth. This, certainly, will take longer than 2030 to achieve.”

 

 

Dr Abdul-Hamid recalled that many African countries have indicated unwillingness for now to do away with any of their hydrocarbon  deposits. For example, he said, Ghana plans to reach her zero emissions target by 2070 as Nigeria plans same by 2060. He explained that most African countries largely rely on refined petroleum products imports to sustain their economies.

 

 

“The bulk of crude oil produced on the continent is exported. The African continent is, therefore, highly susceptible to volatile petroleum products prices, unreliable suppliers and, more severely in recent times, depreciation of local currencies against the US dollar (which is the oil trading currency). Africa as a continent, is the most exposed to the current global energy trilemma. To survive, the continent needs to strike good policy and commercial balance among the three issues of energy equity (affordability and accessibility), energy security and environmental sustainability.”

 

 

“African nations need to be able to provide energy equity by ensuring that affordable energy is made  accessible to the citizens. They need to provide energy security by ensuring that there is continuous and uninterrupted supply of energy. Environmental sustainability needs to be pursued with a just and equitable energy transition to net zero emissions on the continent.”

 

 

He stated that for a while, demand for transportation fuels such as petrol and diesel in Africa will still be significant.

 

 

“Therefore, for us in the petroleum downstream industry, it is important to operate an enabling regulatory environment that maximizes our oil and gas potentials while promoting a just transition.”

 

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Oil & Gas

WAR AGAINST OIL THEFT: Tompolo’s Company Nabs VLCC Laden With Crude Oil

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Chief Government Ekpemupolo

 

 

By Izuchukwu Ozoemena

 

 

 

Last Thursday’s reported arrest of a Very Large Crude Carrier (VLCC) by Tantita Security Services Ltd, perhaps, marks a good starting point in the fight against pipeline vandalism and oil theft in the Niger Delta region.

 

 

It is also a huge booster to Nigeria’s quest to plug all leakages, conserve her daily crude production and return to her previous status of an oil-producing and exporting country that meets her quota as expected.

 

 

Following allegations of high profile theft and a noticeable drop in crude oil production, a development which has reduced Nigeria’s ability to meet her OPEC-authorized quota of crude oil in the international market, the Nigerian National Petroleum Company Limited (NNPCL) recently awarded a contract to Tantita Security Services Limited, an indigenous outfit, to mount surveillance on the critical facilities in the  region.

The contract award has attracted controversy following allegations that it was sectional and not all-inclusive.

 

 

 

Tantita Security Services Ltd intercepted MT Deinmo, a crude oil tanker, with International Maritime Organisation (IMO) number 7210526, loaded with an unspecified quantity of crude oil at the Escravos River in Warri South West Local Government Area of Delta State.

 

 

The security outfit is an organization owned by High Chief Government Oweizide Ekpemupolo, aka Tompolo, the Ibe-Ebidouwei of Ijaw Nation and leader of the defunct Movement for Emancipation of Niger Delta (MEND)

 

 

In addition to the ship, Tantita also apprehended eight crew members of MT Deinmo.

 

 

According to Gbaramatu Voice Newspaper , one of the security personnel who was part of the operation told of how they got a tip-off that a ship was loading at the Escravos axis.

 

 

The security personnel went to the place  and got the ship arrested after verifying that it was involved in an illicit deal. The Tantita security expert further added that he was offered a bribe of N25m to let the ship go but he turned it down.

 

On the capacity of the ship, he explained that the ship is 1,500 metric tons and had on-board eight all-Nigerian crew members.

 

 

He disclosed that the captain of the vessel confessed that they came in from Lagos.  But for the arrest, the ship was billed to sail back to Lagos.

 

 

The intercepted ship, reports say, has been handed over to the Nigerian Navy.

 

 

It is recalled that the team Tantita Security Services led by its Managing Director, Engr. Kestin Pondi, on Friday, took security operatives and oil industry leaders, including the Chief of Defence Staff, General Lucky Irabor, Group Chief Executive Officer, Nigerian National Petroleum Company Limited, NNPCL, Mallam Mele Kyari, among others, to site of the discovered illegal oil pipeline deftly plugged into the Trans-Escravos pipeline.

By Izuchukwu Ozoemena

 

 

 

Last Thursday’s reported arrest of a Very Large Crude Carrier (VLCC) by Tantita Security Services Ltd, perhaps, marks a good starting point in the fight against pipeline vandalism and oil theft in the Niger Delta region.

 

 

It is also a huge booster to Nigeria’s quest to plug all leakages, conserve her daily crude production and return to her previous status of an oil-producing and exporting country that meets her quota as expected.

 

 

Following allegations of high profile theft and a noticeable drop in crude oil production, a development which has reduced Nigeria’s ability to meet her OPEC-authorized quota of crude oil in the international market, the Nigerian National Petroleum Company Limited (NNPCL) recently awarded a contract to Tantita Security Services Limited, an indigenous outfit, to mount surveillance on the critical facilities in the  region.

The contract award has attracted controversy following allegations that it was sectional and not all-inclusive.

 

 

 

Tantita Security Services Ltd intercepted MT Deinmo, a crude oil tanker, with International Maritime Organisation (IMO) number 7210526, loaded with an unspecified quantity of crude oil at the Escravos River in Warri South West Local Government Area of Delta State.

 

 

 

The security outfit is an organization owned by High Chief Government Oweizide Ekpemupolo, aka Tompolo, the Ibe-Ebidouwei of Ijaw Nation and leader of the defunct Movement for Emancipation of Niger Delta (MEND)

 

 

In addition to the ship, Tantita also apprehended eight crew members of MT Deinmo.

 

 

According to Gbaramatu Voice Newspaper , one of the security personnel who was part of the operation told of how they got a tip-off that a ship was loading at the Escravos axis.

 

 

The security personnel went to the place  and got the ship arrested after verifying that it was involved in an illicit deal. The Tantita security expert further added that he was offered a bribe of N25m to let the ship go but he turned it down.

 

 

On the capacity of the ship, he explained that the ship is 1,500 metric tons and had on-board eight all-Nigerian crew members.

 

 

He disclosed that the captain of the vessel confessed that they came in from Lagos.  But for the arrest, the ship was billed to sail back to Lagos.

 

 

The intercepted ship, reports say, has been handed over to the Nigerian Navy.

 

 

It is recalled that the team Tantita Security Services led by its Managing Director, Engr. Kestin Pondi, on Friday, took security operatives and oil industry leaders, including the Chief of Defence Staff, General Lucky Irabor, Group Chief Executive Officer, Nigerian National Petroleum Company Limited, NNPCL, Mallam Mele Kyari, among others, to site of the discovered illegal oil pipeline deftly plugged into the Trans-Escravos pipeline.

 

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