Connect with us

Oil & Gas

Oil Rise Price Rekindles Producers’ Hope

Published

on

Malam Mele Kyari
Share

Ganiyu Obaaro, with Agency report

 Energy stocks are poised for a higher opening on positive broader market momentum after positive comments from China, which propelled risk assets across the board including oil.  Sector news is thin today and low trading volumes are anticipated.

Shares of Parsley Energy are higher by 2% per cent in pre-market trading after the company initiated a quarterly dividend and highlighted that the third quarter production would be at high end of guidance.

Crude oil futures reversed Monday’s weakness, as they track the broader equity markets higher and as they price in expectations for draws in crude supplies in data to be released later today and tomorrow as well as data showing that OPEC compliance to the output agreement in July was 159 per cent.

Natural gas prices are moderately lower on profit-taking from yesterday’s 3.5 per cent gain and as weather forecasts turn cooler.

In a related development, Eni , through its affiliate NAOC (Eni 20 per cent, operator, Nigerian National Petroleum Corporation, (NNPC), 60 per cent, Oando 20 per cent) has made a significant gas and condensate find in the deeper sequences of the Obiafu-Obrikom fields, in OML61, onshore Niger Delta.

The Obiafu-41 Deep well has reached a total depth of 4.374 m encountering an important gas and condensate accumulation within the deltaic sequence of Oligocene age comprising more than 130m of high quality hydrocarbon-bearing sands. The find amounts to about 1 trillion cubic feet of gas and 60 million barrels of associated condensate in the deep drilled sequences.

The discovery has further potential that will be assessed with the next appraisal campaign. The well can deliver in excess of 100 million standard cubic feet/day of gas and 3,000 barrels/day of associated condensates, and will be immediately put on-stream to increase NAOC’s gas production.

 Brazil’s planned privatization of eight Petroleo Brasileiro SA Petrobras refineries has lured several of the world’s largest trading and oil companies as prospective bidders. Around 20 companies have signed non-disclosure agreements granting them access to the refineries’ data and signaling that they are considering a bid, speaking on condition of anonymity to disclose private details of the sale. The first round of non-binding offers for four of the eight refineries Petrobras put on the block is due on Oct. 11.

The eight refineries have total capacity of 1.1 million barrels per day.

NEWS

NSCDC Uncovers Illegal Bunkering Sites in Rivers Cemeteries

Published

on

Share

The Nigeria Security and Civil Defence Corps has busted illegal crude oil refining sites at cemeteries in Abalama and Oproama Communities in Asari-Toru Local Government Area of Rivers State.

The security outfit said the feat was achieved by its Marine Anti-vandal Squad after a four hour operational tour on water across the two coastal communities.

Speaking to newsmen after the operation, the NSCDC spokesman, Rivers State Command, Superintendent Olufemi Ayodele, said its operatives successfully uncovered the illegal bunkering sites through credible and sustained intelligence.

Ayodele recalled that the NSCDC Commandant General, Dr Ahmed Abubakar Audi, gave a marching order to all formations in the Niger Delta to step up intelligence and operational efficiency in the fight against oil theft and illegal oil bunkering activities.

He expressed worry about how the miscreants devised a new means of converting cemeteries to illegal bunkering sites, saying they had already loaded several illegally refined crude and refined Automotive Gas Oil also known as diesel was sighted in boats by the riverside.

The state NSCDC image maker however said on sighting its operatives the hoodlums took to their heels though they were giving a hot chase, pointing out that men of the Marine Anti-Vandal Squad are on their trail to ensure they are arrested and prosecuted.

He stated, “Acting on this directive the Rivers State Commandant of the NSCDC, Basil Igwebueze, deployed the Marine Anti-vandal Squad to the crime scene where several boats filled with crude oil and refined Automotive Gas Oil were sighted.

‘This is the Abalama community and behind us is the Oproama community as well where Cemeteries were converted to illegal bunkering sites; Upon our arrival, the suspects took to their heels knowing the squad had superior firepower.

‘The NSCDC as an environmentally friendly agency condemns outright all acts of environmental pollution, degradation of aquatic life and economic sabotage.

“We have contacted some good people in the two communities and they are cooperating with us so that the perpetrators would be apprehended in due course. However, the quantities in litres of the locally refined AGO cannot be ascertained.”

He added, “Consequently, the NSCDC Rivers State Command helmsman has further issued a stern warning against the activities of vandals and illegal bunkers in the state affirming that the fight against oil theft is a relentless war and suspects arrested with their sponsors would be made to face the full wrath of the law.”

Continue Reading

Energy and Power

Oil, Electricity Workers’ Unions Mobilise for Planned Strike

Published

on

Share
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to comply with the directive of the two labour centres to begin an indefinite nationwide strike on Monday.

Its General Secretary, Mr Afolabi Olawale, in a statement on Saturday, said the union was committed to ensuring total compliance with the directive.

Recall that the Nigeria Labour Congress (NLC) and Trade Union Congress of Nigeria (TUC) declared an indefinite nationwide strike to begin on Monday, to express their grievances over the proposed new minimum wage.

.

In a joint statement signed by NLC President, Mr Joe Ajaero and TUC President, Mr Festus Osifo, the centres declared the strike over the tripartite committee’s inability to agree on a new minimum wage and the hike in electricity tariff.

Afolabi said the union was concerned and disturbed with the insensitive attitude of the federal government “to the very critical issue of negotiating a new minimum wage for Nigerian workers”.

“This is in view of the various socio- economic policies of this administration that have impoverished the working people of this country.

“Leaders of our great union at all levels, from the units, zones and branches, should immediately put all processes in place to ensure total compliance with this directive.”

Also, the National Union of Electricity Employees (NUEE) said it was mobilising its members to embark on the strike following the directive of NLC and TUC.

The Acting. General Secretary, Mr Dominic Igwebike, gave the directive to the members in a statement.

Igwebike said that along with the reasons of inconclusive negotiations on the minimum wage and electricity tariff hike, apartheid categorisation of Nigeria electricity consumers into bands was another, to embark on the strike.

“Given the above, all national, state, and chapter executives are requested to start the mobilisation of our members in total compliance with this directive to ensure the government does the right thing as stated above.

“The withdrawal of services becomes effective on Sunday 2nd June by 12.00 midnight, “ the union leader said. (NAN)

Continue Reading

COVER

Oil Theft: Navy Impound Three barges, Arrest Seven Suspects in Bayelsa

Published

on

Share

The Nigerian Navy has impounded three barges laden with suspected stolen crude oil and refined Automotive Gas Oil (AGO) ,arresting seven, at Tunu Community Creek, in Ekeremor Local Government Area of Bayelsa.

The Commander, Nigerian Navy Ship (NNS) SOROH, Commodore Nanmar Lakan told the News Agency of Nigeria (NAN) on Saturday that his command received an intelligence report on the illegal activities going on in the area and swung into action.

NAN reports that the seven suspects who were found on board the barges who claimed to be security working under Tunu leadership are kept under custody pending when the investigation is concluded.

According to Lakan, Shell Petroleum Development Company (SPDC) has complained of the loss of 25 percent of their daily production in the area to oil thieves.

He said he swung into action by sending his men on both air and water surveillance in the area and their efforts paid off as the barges were impounded by his officers and men.

According to the Commander, two of the barges have the capacities of containing 637,000 litres of the products each while the third can contain 700,000 litres of the products.

Lakan added that investigation is ongoing to ascertain the owners of the barges and where the products were meant to be discharged.

He warned those who indulge in such illegal activities of oil theft to desist from such illegitimate business, as the Nigerian Navy will not allow them to find peace. (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS1 hour ago

10th Reps Have Transformed Nigeria’s Budgetary Process—Don

Share Prof.  Ifure  Ifure, Country Representative, Centre for International and Strategy Studies, says the 10th House of Representatives has revolutionised...

SPORTS1 hour ago

Enugu CP Congratulates Rangers FC for Winning NPFL, Qualifying for CAF

Share The Enugu State Commissioner of Police, Mr Kanayo Uzuegbu, on Monday, congratulated the players, management, staff and fans of...

NEWS1 hour ago

FCT: Southern Leaders Urge Wike to Ignore Distractors

Share Some leaders from the southern Nigeria have advised the Minister of the Federal Capital Territory (FCT), Chief Nyesom Wike,...

Emir of Kano, Sanusi Lamido Emir of Kano, Sanusi Lamido
NEWS2 hours ago

Police Denounce Booing of Emir Sanusi, Warn Troublemakers

Share The Police Command in Kano State has expressed displeasure  over the booing  entourage of Emir Muhammadu Sanusi II by...

NEWS2 hours ago

Anambra police Intercept Alleged Gun Runner, Recover 375 Live Cartridges

Share The Police Command in anambra says it has arrested 48-year-old Felix Owaya, in possession of 375 live cartridges. SP...

NEWS3 hours ago

Olomojobi’s Appointment as Ekiti Head of Service Well-deserved – Medical Women

ShareMedical Women’s Association of Nigeria (MWAN), Ekiti chapter, has congratulated Dr Folakemi Olomojobi on her appointment as the new Head...

NEWS3 hours ago

Political Party Primaries for Kwara Councils’ Elections Begin June 24

ShareThe Kwara Independent Electoral Commission (KWSIEC), says political party primaries for the state’s local government elections will be held from...

NEWS3 hours ago

Sallah: Nigerians Decry High cost of foodstuff

Share Some Nigerians living in the Federal Capital Territory (FCT) have expressed worry over continuous increase in prices of foodstuffs...

Health3 hours ago

Stop Taking Unprescribed Drugs, Lawmaker Advises Nigerians

ShareHon. Amos Magaji, the Chairman, House of Representatives Committee on Health Institutions, has advised Nigerians to always seek medical advice...

NEWS3 hours ago

Over 3,500 Persons to Benefit from NDDC Health Intervention in C’River

Share No fewer than 3,500 persons have been slated to benefit from a free five-day medical mission in Akamkpa Local...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc