Connect with us

Oil & Gas

OPEC Cuts 2022 Oil Demand Over Economic Concerns

Published

on

Share

By Joseph Amah, Abuja

The Organisation of Petroleum Exporting Countries has revised the demand for crude oil in 2022 downward following the concerns around global economic growth.

OPEC’s Secretary-General, Sanusi Barkindo, announced this at the 62nd Meeting of the Joint Technical Committee via videoconference.

He also stated that the loss of crude oil and other liquids exports of more than seven million barrels per day from Russia could not be replaced, as this was rippling through energy markets.

He said, “Global oil demand growth for 2021 remains similar to last month, at 5.7 million barrels per day, but 2022 growth has been revised down by 0.

5mb/d to stand at 3.7mb/d. This mostly reflects the downward revision in world economic growth.“On the supply side, non-OPEC supply growth in 2022 has been revised down by 0.3mb/d to 2.7mb/d, mainly on the back of a downward revision for Russia.”

Barkindo noted that given the uncertainties on the supply side, and that OPEC-10 crude oil spare production capacity stood at around 3.3mb/d, or roughly 3.3 per cent of global demand, it was positive to hear last week that the Caspian Pipeline Consortium was set to resume full exports after almost 30 days of disruptions following repairs on one of its key loading facilities.

“The CPC pipeline carries around 1.2mb/d. In terms of the Declaration of Cooperation and the production adjustments, the latest data shows that our conformity levels reached 157 per cent in March, and stand at 113 per cent overall since May 2020,” he stated.

The OPEC scribe added, “As of March 2022, participating countries were producing 2.37 million barrels more on a daily basis than in August of 2021. Some countries continue to produce under their agreed levels, with the shortfall at 1.45mb/d in March.”

Meanwhile, Barkindo noted that it was now clear that Russia’s oil and other liquids exports of more than 7mb/d could not be made up from elsewhere.“The spare capacity just does not exist,” he stated, adding, “however, its potential loss, through either sanctions or voluntary actions, is clearly rippling through energy markets.“The crises we face are causing huge volatility, with daily price swings of more than $5/b occurring on 13 occasions across March and April.”

He further stated that recent events and developments in the oil industry showed the continuing shift among policymakers to a better understanding of what was required in the energy transition.

“It is not about moving from one energy to another; it is about utilising all available energies and understanding the energy security dimension of our future to enable the necessary investments,” he stated.

Barkindo added, “This was clearly highlighted last month by US investment bank, JP Morgan in its first annual energy outlook.“It said the world needs to find $1.3tn of incremental investment by 2030 to boost all types of energy output and infrastructure from renewables to oil and gas to avoid an energy crunch. What we are seeing is a wake-up call to all stakeholders.“We need to ensure there is a clear pathway for all energy investments. Sustained investment in oil is required if we are to expand production and ensure adequate spare capacity, a vital cog in the oil market landscape.”

Oil & Gas

NNPC Ltd. Disclaims Fake Financial Scheme

Published

on

Share

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has disowned a fake AI-generated video circulating on social media featuring a cloned voice of the Group CEO, Mr Bayo Ojulari, promoting a fictitious poverty alleviation scheme.

The Chief Corporate Communications Officer, NNPC Ltd.

, Olufemi Soneye in a statement on Thursday clarified that the company had no such investment initiative.

Soneye urged the public to disregard the video, originally shared by an account named Mensageiro de Cristo on Facebook.

“NNPC Ltd. has warned the perpetrators to cease their fraudulent actions or face legal consequences,” he said. (NAN)

Continue Reading

NEWS

NGEP Urges Gas Reticulation In Buildings

Published

on

Share

By Olasunkanmi Onifade

Abuja, April 29, 2025 The National Gas Expansion Programme (NGEP) has called on stakeholders to promote the integration of gas reticulation systems in estates, districts, and industrial areas, following best practices seen in developed countries.

Chairman of NGEP, Prof.

Mohammed Ibrahim, made the call on Tuesday during the Builders’ Conference and Annual General Meeting of the Nigerian Institute of Building (NIOB), FCT Chapter, in Abuja.

The conference, themed “Gas Reticulation in Building: Design, Safety, Environmental Compliance and Prospects for Builders,” focused on enhancing energy infrastructure in Nigeria’s built environment.

Ibrahim noted that with Nigeria’s vast natural gas reserves, gas reticulation offered a sustainable solution to improve energy accessibility, affordability, and reliability in homes and businesses.

“Gas reticulation in buildings presents a compelling pathway to a more sustainable, efficient, and resilient built environment.

“By prioritising sound design principles and ensuring strict adherence to safety and environmental standards, we can unlock the full potential of natural gas to drive progress,” he said.

He highlighted the key benefits of gas reticulation, including energy efficiency, cost effectiveness, versatility, and reliability.

Also speaking, the Chairman of the Council of Registered Builders of Nigeria, Samson Opaluwah, stressed the importance of capacity building for safe and efficient gas distribution.

He said this involved training engineers, technicians, and other professionals in system design, installation, and maintenance, while also strengthening regulatory frameworks and encouraging local innovation and manufacturing.

The Chairman of NIOB, FCT Chapter, Usman Okehi, emphasised the growing need to incorporate gas systems in residential, commercial, and industrial developments across Nigeria due to rising energy demands and gas availability.

According to him, with this advancement comes the need for strict adherence to design standards, rigorous safety protocols, and full environmental compliance.

“It is our responsibility as professionals and regulators to ensure these systems are functional, safe, and environmentally sound,” Okehi said.

He described the conference as a platform where stakeholders could explore the evolving landscape of gas infrastructure in building projects, share best practices, examine safety and environmental considerations, and assess future opportunities for builders in the sector.

The News Agency of Nigeria (NAN) reports that the Nigerian Institute of Building is the professional body for builders in Nigeria. It traces its origins to the Builders’ Society, established in London in 1834.

Continue Reading

Oil & Gas

FG Inaugurates Committee to Enhance Gas Distribution in Urban Buildings

Published

on

Share

The Ministry of Petroleum Resources has inaugurated a Technical Working Group to enhance gas reticulation practices in Nigeria’s building industry.

The ministry’s Permanent Secretary, Amb. Nicholas Ella inaugurated the Technical Working Group (TWG) between the National Gas Expansion Programme (NGEP) and the Council of Registered Builders of Nigeria (CORBON) on Wednesday.

Reports= says that reticulation refers to the process of creating a network of pipes or tubes to distribute gas or other utilities to buildings or industrial sites.

The permanent secretary restated the importance of creating energy smart cities, saying that modern urban development relies on efficient gas and utility distribution systems,

“Most modern cities in developed countries have evolved to energy smart cities where energy, specifically gas and other utilities are piped to districts and estates.

“However, one of the key tools in creating energy smart city is the National Building
Code which, in essence, sets the guidelines on Building Pre-design, designs, construction and post-construction stages,” he said.

The permanent secretary reiterated the benefits of reticulated gas systems for households and businesses alike, adding that it ensured metered supply akin to water and electricity,

According to him, it eliminates the need for cumbersome refills, and also enhances safety by burying pipes and incorporating advanced safety equipments.

“The TWG is tasked with designing a comprehensive policy to implement best practices for gas reticulation using LPG, PNG, and Bio-Gas across Nigeria’s building sector.

“Key responsibilities include reviewing the current National Building Code, examining global gas distribution systems, and proposing quality standards for materials used in gas installations,” he said.

The permanent secretary emphasised the need for rigorous safety protocols and guidelines to ensure the efficient and safe use of gas in construction.

He urged the group to prioritise environmental sustainability in its recommendations, adding that the group is expected to submit its report by Nov. 15.

Earlier, Mr Samson Opaliwah, the Chairman of CORBON. expressed the council’s commitment to collaborate with the group to ensure safe uptake of gas for use in houses and housing estates in Nigeria.

“I assure you of the williness of CORBON to leverage the expertise and resources at her disposal to ensure that steps are put in place for gas infrastructure in buildings and estates.

“The gas infrastructure will be safe, sustainable and world-class.

” Our collective efforts will yield clear, standardised guidelines for safe and effective gas systems in buildings, matched with a skilled workforce to meet growing demands in Nigeria,” he said. (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS10 hours ago

Immunization: Stakeholders raises alarm over 2.6m zero dose children in 2020

ShareBy Laide Akinboade, Abuja Stakeholders in the Health sector, have raised alarm over2.6 million children in Nigeria being zero-dose, in...

NEWS10 hours ago

NPC Commissioner Designate Donates N55m Classrooms to Nasarawa Community

ShareDr Joseph Kigbu, newly appointed Federal Commissioner, National Population Commission (NPC) representing Nasarawa State, has donated a classroom block worth...

NEWS11 hours ago

BEDC Rejects Alleged Takeover Plot by Ondo Govt, Urges Respect for Regulatory Framework

ShareThe Benin Electricity Distribution Company (BEDC) and its subsidiary, BEDC Electricity Ondo Limited (BEOL), have strongly condemned an alleged plan...

NEWS11 hours ago

EFCC Arrests 78 Suspected Internet Fraudsters in Nasarawa, Abia, Kano

ShareThe Economic and Financial Crimes Commission (EFCC) has arrested 78 suspected internet fraudsters in Kano, Nasarawa and Abia. Its spokesperson,...

SPORTS12 hours ago

I Want to Play in EPL, Super Eagles’ forward says

Share Super Eagles and Genk of Belgium striker, Tolu Arokodare, says it has always been his dream to play in the...

DEFENCE12 hours ago

Zulum Offers N5m Each to Families of 8 Slained CJTF Members 

Share Gov. Babagana Zulum of Borno has donated N5 million each to the families of eight members of Civilian Joint Task...

Uncategorized12 hours ago

France to Partially Ban Smoking in Public Areas to Protect Children

Share France is to ban smoking in public outdoor spaces, including beaches, parks, school zones, bus stops and sports facilities starting...

CRIME12 hours ago

Police Evacuates Remains of Bolt Driver Shot Dead in Yenagoa

SharePolice  operatives from the Bayelsa command have evacuated the remains of a bolt driver, who was shot dead on Friday...

Foreign News12 hours ago

Comedian Russell Brand Pleads not Guilty to Rape, Sexual Assault

ShareBritish comedian and actor Russell Brand has pleaded not guilty to charges of rape and sexual assault. The 49-year-old appeared...

General News13 hours ago

Tinubu Congratulates Chimaroke Nnamani on 65th Birthday 

SharePresident Bola Tinubu rejoices with Sen. Chimaroke Nnamani,  a former governor of Enugu State, as he celebrates his 65th birthday...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc