Business

Yuletide Fuel Availability Excites Motorists

Published

10 years ago

January 7, 2015

A cross section of motor
ists in Port Harcourt, Rivers State Port Harcourt have expressed delight over the availability of petroleum products before, during and after the yuletide period.
The motorists, who spoke with the Tide correspondent in Port Harcourt on Monday said they were delighted as they could drive their vehicles without the usual fuel scarcity that used to charactirise the season in previous years.
According to them, as there is fuel, no fare increase was experienced in all the routes of transportation, both inter and intra, while the motoring public did not experience any queues at filling stations.
They gave kudos to the present administration that such should be sustained, so that commuters ad the public would heave a sign of relief during such periods.
A commercial bus driver, Mr Emeka Lawrence Offor said the experience was wonderful unlike previous years, as they could operate hitch-free during the christman and new year periods, and appealed to the authorities to sustain the tempo.
Stephen Ordu, in his own reaction said it is a good experience that there was fuel during the festive season by making people’s movements very easy.
“It is a thing to Joy that there was no panic buying of petroleum product this period and I think it is a plus to this administration,” Ordu Opined.
Another motorists, Cassidy Aniogu, noted that the availability to fuel during the festive season had made things easy for both the motorists, the commuters and the public, as they were able to reach out to their love ones without much ??? and it’s a plus to the government.
Mrs Sarah Tom-Briggs also noted that, “There is no gain saying that the Federal Government has tried to ensure that there is availability of fuel during this period. It is a cheering development that need to be sustained.”
Udoh Ufom, a commercial vehicle driver was full of Joy that they did not experience any hike in fuel price this year, and lauded the government for a job well done.
However, it is hoped that 2015 will be better in terms of availability of fuel.

Collins Barasimeye

Business

Nigeria Wants Higher Quota From OPEC

Published

19 mins ago

January 28, 2025

The Tide

As Nigeria’s crude output recovers from years of decline, the country is set to persuade the Organisation of Petroleum Exporting Counries (OPEC) to increase its oil production quota.

The Chief Executive of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, who disclosed this, said the country is focused on ramping up production to meet budgetary targets before formally engaging OPEC for a quota review.

“Nigeria is occupied with increasing production first to meet its budget aspiration and will then engage with OPEC to raise the nation’s quota”, Komolafe stated.

Nigeria’s crude oil production rose to 1.48 million barrels per day (bpd) in December 2024, just below its OPEC quota of 1.5 million bpd.

This marks a sharp recovery from a low of 1.1 million bpd in 2022 when widespread theft and vandalism crippled the country’s oil infrastructure.

Efforts to strengthen security and attract investments have been pivotal in reversing the decline, with the government projecting production to reach two million bpd, the highest in a decade.

In 2022, theft and sabotage plagued key infrastructure such as the Trans-Niger Pipeline, which was illegally tapped in over 150 locations. Producers received only a fraction of the oil transported through the system.

The Nigerian National Petroleum Company (NNPC) has since implemented measures to address these challenges, including establishing a real-time production monitoring command centre and engaging local communities to protect pipelines.

According to Ifeanyi Onyegiri, a senior analyst at Welligence, “These measures are starting to bear fruit, though at significant cost”.

Analysts believe that if Nigeria can sustain these improvements, it may successfully negotiate a higher quota with OPEC.

Despite the progress, experts still warn that maintaining security across the vast Niger Delta pipeline network remains a major challenge.

“The main bottleneck is whether the vandalism issue can be fixed in a sustained way”, Pranav Joshi, an analyst at Rystad Energy, said.

Domestic oil companies have also played a key role in the recovery.

Nigerian-owned firms such as Seplat Energy and Oando have increased investments, with Seplat aiming to more than double its production to 120,000 bpd following the acquisition of ExxonMobil’s onshore assets. Similarly, Oando plans to boost its output to 100,000 bpd in the coming years.

Komolafe noted that drilling activity has tripled in the past four years, reflecting renewed confidence in the sector. However, Nigeria’s ambitious plans to surpass 2 million bpd may put it on a collision course with OPEC, which has sought to enforce production limits to stabilise global oil prices.

Recent developments within OPEC suggest a mixed precedent. While Angola left the cartel in 2023 after rejecting tighter output restrictions, the United Arab Emirates successfully negotiated a higher quota in 2024, citing increased production capacity.

Given Nigeria’s fiscal constraints and the urgent need for revenue, analysts suggest the country may prioritise increased production over strict adherence to OPEC quotas.

An energy analyst at Renaissance Capital Africa, Dipo Ogunbiyi, said, “Nigeria’s current fiscal situation provides strong incentives to exceed its OPEC limit, as incremental revenue directly impacts the budget deficit”.

Business

ARCON Faults Unethical Ads On Meta-Owned Platforms … Vows Sanction Against Perpetrators

Published

19 mins ago

January 28, 2025

The Tide

The Advertising Regulatory Council of Nigeria (ARCON) has faulted the proliferation of unethical advertisements on Meta-owned platforms such as Instagram and Facebook.

It criticised individuals and organisations promoting unverified health claims, warning that such practices endanger public health and violate advertising laws.

In a statement by the Director-General, ARCON, Dr. Olalekan Fadolapo, announced plans to sanction those responsible for these misleading advertisements, saying that many of the claims lack scientific or clinical validation, thus exposing Nigerian consumers to risk.

“Investigations reveal that these products are not certified by relevant regulatory agencies and may be unsafe for use. Advertisers exploit the unregulated nature of online platforms to circulate these unapproved ads”, ARCON stated.

The agency further explained that the ads were neither submitted to nor approved by the Advertising Standards Panel (ASP), a statutory body tasked with ensuring compliance with the Advertising Regulatory Council of Nigeria Act No. 23 of 2022.

The ASP’s role includes vetting advertisements for ethical standards and adherence to Nigerian laws.

Some of the products include: Hookup Kit Runs Girl Package (It brings only rich and wealthy men to you); Nancy Secret Kayamata (Come and lock ur stubborn clients with us); Extreme Control Set (It comes with attention, love, control/command products to make your man grant your heart desires); Nancy Secret Kayamata (Very effective result is guarantee…); and Big Girls Soap (This is a special product for ladies that are expecting rich men & also favour from them and contractors can use it as well).

Dr. Edheba Trado Medical Centre also made two claims (We specialize in all bones dislocations, fractures, all spinal injuries; and Absolute treatment for all cases of high blood pressure).

While five claims were made by Billz Herbal Wellness (Bring all your ‘gbola’ issues to bills … I can help you get rid of that stubborn infection as well; Na ‘gbola’ wey sweet woman de fight for; Make it stronger, longer and last longer in bed; Meet the infection terminator; and Stop scratching and treat infection).

Jinja Herbal Extracts also has five claims (For treatment of infections, diabetes and others; The solution for all kinds of infections; Stabilises blood sugar level; Don’t let this lucrative opportunity pass by; and Boost your health with our super unique Jinja Herbal Extracts).

Business

Aging Workforce May Erode Oil Industry Gains – NAPE

Published

19 mins ago

January 28, 2025

The Tide

The Nigerian Association of Petroleum Explorationists (NAPE) has warned that the aging workforce in Nigeria’s oil and gas industry could erode the gains already recorded in the sector.

It said if not quickly addressed the erosion is imminent in the sector, especially as local industries have continued to make significant investments.

The Association, however, commended the Nigerian government for its recent energy policies, which have attracted investments into the oil and gas industry and boosted oil production.

The NAPE President, Johnbosco Uche, expressed his appreciation during a recent visit to the Special Adviser on Energy to the President, Olu Verheijen.

NAPE emphasised the crucial role of human capital development in ensuring the long-term sustainability of Nigeria’s oil and gas industry during their visit.

To address the looming skills gap, the Association underscored the importance of training Nigerian graduates to replace the aging workforce.

The NAPE proudly highlighted its contributions to this effort, including donations of workstations to Nigerian universities and training programmes for university lecturers and students.

These initiatives aim to equip the next generation of professionals with the skills and expertise needed to drive the industry forward.

Looking ahead, NAPE urged the government to implement incentives that encourage targeted gas exploration, while also tackling the barriers hindering development and production.

By doing so, Nigeria can unlock its full potential as Africa’s leading gas producer, driving economic growth and energy security for generations to come.

Uche vowed to harness NAPE’s vast network of over 12,000 members to showcase Nigeria’s energy sector progress while promising to share his expertise and insights to facilitate the discovery of additional oil and gas resources, further solidifying NAPE’s position as a leading voice in the industry.

In his response, Verheijen acknowledged NAPE’s significant contributions to the industry, by outlining the government’s initiatives aimed at attracting investments, developing upraised discoveries, and boosting production.

According to him, these initiatives have already shown significant success, with recent Final Investment Decisions (FIDs) totaling over $5 billion.

This substantial investment is a testament to the government’s efforts to create a more attractive environment for investors.

Furthermore, Verheijen emphasised the importance of human capital development, highlighting the government’s collaboration with relevant agencies to establish local training centres.

This move, he said, aims to enhance the skills and expertise of Nigerian professionals in the oil and gas sector, ensuring they can compete effectively in the global market

Verheijen concluded by inviting NAPE to continue its partnership with the government to advance the industry and drive sustainable growth.