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Average price of 5kg cooking gas stood at N4,962.87 in Dec 2023 — NBS

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The National Bureau of Statistics (NBS) says the average price of 5kg of cooking gas increased from N4,828.18 recorded in November 2023 to N4,962.87 in December 2023.

This is contained in the Bureau’s “Cooking Gas Price Watch” for December 2023 released on Monday in Abuja.

The report said the December price represented a 2.79 percent increase, compared to what was obtained in November.

The NBS said the average price of 5kg of cooking gas increased on a year-on-year basis by 8.70 percent from N4,565.56 recorded in December 2022 to N4,962.87 in December 2023.

On state profile analysis, the report showed that Adamawa recorded the highest average price at N5,725.33 for 5kg cooking gas, followed by Jigawa at N5,686.88, and Lagos at N5,671.05.

It said on the other hand, Ebonyi recorded the lowest price at N4,071.43, followed by Imo and Abia at N4,088.24 and N4,155.88, respectively.

Analysis by zone showed that the North-East recorded the highest average retail price at N5,256.61 for 5kg cooking gas, followed by the North-West at N5,144.50.

“The South-East recorded the lowest average retail price at N4,155.59,” the NBS said.

Also, the NBS said the average retail price for refilling a 12.5kg cooking gas increased by 3.18 per cent on a month-on-month basis from N11,155.15 in November 2023 to N11,510.16 in December 2023.

The report said the average retail price for 12.5kg cooking gas rose by 12.31 per cent on a year-on-year basis from N10,248.97 recorded in December 2022 to N11,510.16 in December 2023.

State profile analysis showed that Cross River recorded the highest average retail price of N13,572.22 for 12.5kg cooking gas, followed by Edo at N13,265.63 and Delta at N13,041.67.

On the other hand, the report showed that the lowest average price for 12.5kg of cooking gas was recorded in Ebonyi at N10,142.86, followed by Imo and Anambra with N10,150.90 and N10,264.29, respectively.

Analysis by zone showed that the South-South recorded the highest average retail price of N12,700.14 for 12.5kg cooking gas, followed by the North-Central at N11,585.89.

The report said the South-East recorded the lowest price at N10,632.14.

The NBS said the average retail price per litre of kerosene increased to N1,362.27 in December 2023 on a month-on-month basis, showing an increase of 5.84 per cent, compared to the N1,287.10 recorded in November.

According to its National Kerosene Price Watch for December, on a year-on-year basis, the average retail price per litre of kerosene rose by 23.33 per cent from N1,104.61 in December 2022.

On state profile analysis, the report showed that Abuja recorded the highest average price at N1,650.00 per litre of kerosene in December, followed by Ogun at N1,609.52 and Benue at N1,594.44.

“On the other hand, the lowest price was recorded in Kwara at N917.14, followed by Rivers at N969.70 and Nasarawa at N1,071.43.”

The NBS said the analysis further showed that the South-West recorded the highest average retail price per litre of Kerosene at N1,455.21, followed by the North-West at N1,420.48.

It said the South-East recorded the lowest average retail price per litre of kerosene at N1,264.49.

The report said the average retail price per gallon of Kerosene paid by consumers in December 2023 was N4,529.92, indicating a 1.17 per cent decline from N4,583.44 recorded in November.

“On a year-on-year basis, the average price per gallon of kerosene increased by 20.69 percent from N3,753.38 recorded in December 2022.

On state profile analysis, it showed that Bauchi recorded the highest average retail price at N5,600.00 per gallon of kerosene, followed by Lagos at N5,273.53 and Ekiti at N5,234.38.

On the other hand, the report said Delta recorded the lowest price at N3,234.29, followed by Bayelsa and Kaduna at N3,538.03 and N3,560.00 ,respectively.

Analysis by zone showed that the North-East recorded the highest average price per gallon of Kerosene at N5,077.08, followed by the South-West at N5,014.48.

“The South-South recorded the lowest average price per gallon of Kerosene at N3,957.17 ,” the NBS said.

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NCDMB lauds SNEPCO, Bayelsa Govt over digital library inauguration at Niger Delta University

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The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe has commended Shell Nigeria Exploration and Production Company (SNEPCo) and the Bayelsa State Government for the completion and inauguration of a Learning Centre and Digital Library at Niger Delta University (NDU), Amassoma, Bayelsa State.

The state-of-the-art facility which boasts three floors – a 2,300-seater Library Building – and a fully equipped digital library, also has a Wi-Fi Lounge, offices, digital educational technology rooms, a 500KVA generator housed within a purpose-built external structure, 500KVA transformer, a dedicated water facility and overhead tank, a restaurant/recreation hub, etc.

Engr. Ogbe, represented by the Director of Corporate Services of NCDMB, Dr. Ama Ikuru, prefaced his address at the commission ceremony on Thursday with a word of appreciation to the State Government for making the environment conducive for business activities.

Continuing, he noted, “Those of us in the oil and gas industry know that without the enabling environment, there will be no projects and without projects, there will be no local content growth and no projects like this one.” The project, as he noted, is part of SNEPCo’s “commitment to the Nigerian Content Human Capital Development Initiative.”

Regarding the sponsor of the project, the NCDMB boss stated, “I will thank Shell Nigeria Exploration and Production Company Limited (SNEPCO) and by extension, Shell Companies in Nigeria for showing faith, commitment, and good execution in the delivery of this project.”

The company’s major partner, Nigeria Upstream Investment Limited was similarly commended “for approving the execution of this project.”

Engr. Ogbe pointed out that “SNEPCO was not compelled by legislation, nor the force of regulators, nor by community agitation. They saw the need to support education in Nigeria and worked with their partners to conceptualize and commence the execution of this project.”

The role of NCDMB in facilitating the project execution was also highlighted. According to the Executive Secretary, “When funding for completion of the project became an issue, they sought permission from the NCDMB to complete the project.”

According to him, the request was promptly granted, with assurance of “our total support.”

On the importance of the facility to the University, Engr. Ogbe noted that “NDU is ready to soar above her peers in a digitalization and artificial intelligence-dominated academic world. With this facility,” he explained, “research projects will be completed on time, new findings will be published, students will graduate on time and lecturers will have the best materials for their publication and receive their elevation.”

He declared, “We are immensely proud of this achievement,” adding, “Shell Companies in delivering this project have proven beyond doubt that they are truly partners for Nigeria’s development.”

The Managing Director, SNEPCO, Mrs. Elohor Aiboni, said the learning complex embodies the commitment of her company to improving access to education for all Nigerians, and that the achievement is “the culmination of a vision shared by Nigerian National Petroleum Company Limited (NNPCL), SNEPCo, our co-venture partners, the Nigerian Content Development and Monitoring Board, and, of course, the Niger Delta University.”

On the wider benefits of the project to the local community and others, she noted, “Sustainable development is at the core of our mission. The construction process incorporated knowledge transfer programmes, empowering 24 individuals from the Niger Delta University with hands-on experience in complex engineering through industrial training opportunities. This initiative equips them with a solid foundation for successful future careers.”

The Managing Director, Shell Petroleum Development Company of Nigeria Limited, and Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor, reminded the audience, which included the Bayelsa State Governor, Senator Douye Diri, represented by the Deputy Governor, Dr. Lawrence Ewhrudjakpo, and the Secretary to the State Government, Professor Nimibofa Ayawei, among others, that “The history of Shell [in Nigeria] began in Bayelsa State.”

He described the Learning Centre and Digital Library as “a signature project in the Niger Delta,” and thanked industry colleagues “for the fruitful collaboration.” He also assured that Shell Companies in Nigeria “will continue to maintain close partnership with Bayelsa State.”

In his own remarks, the Deputy Governor, Dr. Ewhrudjakpo, thanked “all who initiated and completed the facility,” while urging Shell and other oil and gas industry players to never be tired of partnering the Bayelsa State Government. While advising the university community to “put [the facility] to the best use,” he declared, “For the students, the time to give excuses for your failure is over. For the lecturers, the time to give excuses for your inability to research has also expired.”

Construction of the Learning Centre and Digital Library was initiated by SNEPCo in 2007 to enhance educational infrastructure in the country.

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Ibiyemi honoured with Posthumous award for contributions to energy sector

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The Founding Publisher of Nigerian NewsDirect, Late Dr Samuel Ibiyemi has been honoured with a Posthumous award for his contributions to the Energy sector at the maiden edition of the Energy Times award ceremony in Lagos.

The late Dr Samuel Ibiyemi was bestowed with the award of “Most Versatile Journalist of the year.”

Dr Ibiyemi before he passed on last year July was a member of the Nigerian Gas Association, Nigerian Guild of Editors, NIPR, Rotary Club, Newspapers Propietors Association of Nigeria (NPAN), Association of Energy Correspondents of Nigeria (NAEC), member Ife Development board, Board Chairman, Olode Grammar School, amongst a host of others. He was also notably a member of the technical drafting committee that drafted the Petroleum Industry Bill now Petroleum Industry Act (PIA), being the only Journalist on the committee.

Described by the former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB) as a champion of local content, Dr Ibiyemi utilised his platform to advocate for the development of Nigeria’s local content and created foras to adumbrate on policies that will change the trajectory of Nigeria’s Oil and gas industry.

Commending Dr Ibiyemi, Dr Diran Fawibe, the Chairman of International Energy Services Limited (IESL) and Chairman of the occasion described the Late Dr Ibiyemi as one of the few journalists who were really knowledgeable about the sector and actively pursued the growth of the sector through his tabloid, NewsDirect.

Fawibe noted that he used to buy NewsDirect everyday due to the rich quality content and reportage it supplied on a daily basis on the energy sector.

Receiving the award on behalf of the family, the Publisher/Executive Director of Nigerian NewsDirect, Mr Mathew Ibiyemi commended the management of Energy Times for recognizing the impacts Dr Ibiyemi made on the energy sector in Nigeria.

Mr Mathew Ibiyemi noted that the award was emotional for him explaining that though his late dad was no longer with the family presently, his impacts continue to make him remembered globally.

Similarly, the Deputy Managing Director of Falcon Corporation, Mrs Audrey Ozigbo in an emotional moment who also bagged an award of Amazon of Gas development dedicated her award to the Late Dr Ibiyemi and two of his colleagues who stood by her company at the early stages of her company’s growth.

The hall was filled with many industry stakeholders who were also eager to share their encounters and the impact the Late Dr Samuel Ibiyemi had on their lives and businesses.

Other recipients awarded at the award ceremony include the GCEO of the Nigerian National Petroleum Company Limited, Mr Mele Kolo Kyari, recognized at the award ceremony, Governor of Edo State, Mr Godwin Obaseki, Heirs Energies, Commission Chief Executive of Nigeria Upstream Regulatory Commission (NUPRC), Mr Gbenga Komolafe, United Bank for Africa, Niger Delta Power Holding Company, amongst a host of others.

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NNPC, First E&P achieve 20,000bpd production at OML 85

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The Nigerian National Petroleum Company Limited and its joint venture partner in Oil Mining Lease 85, First Exploration and Petroleum Development Company Limited, have commenced oil production from the asset also known as Madu Field.

Production from the field which is located in shallow waters offshore Bayelsa State and operated by First E&P is expected to be at an average of 20,000 barrels per day, NNPC stated in a statement issued on Friday by its spokesperson, Olufemi Soneye.

It said, “The achievement is a testament to the commitment of the President Bola Tinubu administration to optimise production from the nation’s oil and gas assets through the provision of enabling environment for existing and prospective investors.”

Speaking on the development, the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, described the commencement of oil production at the Madu Field as a significant milestone that would contribute to the larger goal of meeting the production required to drive revenue growth and boost the nation’s economy.

Kyari, who commended stakeholders for their support, also explained that the addition of 20,000 barrels per day by an indigenous oil player signaled the commitment of stakeholders to achieving economic development for Nigeria.

Recall that the Final Investment Decision on the development of the Madu Field and a sister field, Anyala, was taken by the NNPC Ltd/First E&P JV in 2018.

“Production from the Madu Field will be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading Unit, which has a crude oil storage capacity of up to 800,000 barrels,” NNPC stated.

The Federal Government has been making efforts to ramp up crude oil production in Nigeria by addressing issues of oil theft and pipeline vandalism

For instance, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Chief of Defense Staff, Gen Christopher Musa, met on Thursday to come up with additional strategies to halt crude oil theft and pipeline vandalism.

Lokpobiri, who played host to the defence chief in his office in Abuja, said the move would enable the Federal Government to shore up crude oil production, increase oil revenue, address foreign exchange issues, and boost the overall economy.

On Monday, it was reported that Nigeria lost about N720bn in revenue as a result of the consecutive monthly decline in its crude oil production in February and March 2024.

The report also stated that the country’s inability to ramp up production in these months made it miss its crude oil production benchmark in the 2024 budget.

Nigeria’s 2024 budget set a crude oil production benchmark of 1.78 million barrels per day. This figure includes condensate along with crude oil.

But data from the latest April 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries showed that Nigeria’s crude oil production (excluding condensates) witnessed the second consecutive monthly decline since the beginning of this year, as it dropped to 1.231 million barrels per day in March.

The Federal Government and operators in the sector have consistently blamed the drop in Nigeria’s crude oil production on theft and incessant pipeline vandalism in the Niger Delta region.

As part of measures to tackle the menace, Lokpobiri, on Thursday, hosted the defence chief, who led a military delegation to the minister’s office.

Speaking before the meeting went into a closed-door session, Lokpobiri said, “The quickest way to solving our economic problems is through oil and gas.

“Today, oil sells for over $90/barrel, and if we ramp production and reduce the level of oil theft and pipeline vandalism, we will be able to raise the requisite money to fund not only our budget, take care of our forex problem and then ensure that we stabilise our economy as a country.”

The minister said security and investment in its oil assets usually get priority attention globally and expressed optimism that the defence chief, who is very familiar with the Niger Delta terrain, would address the situation.

“Your appointment is putting a round peg in a round hole because everyone in Bayelsa sees you as a Bayelsa man and there is no creek that you don’t know,” the oil minister told his guest, as he urged the military delegation to reduce crude oil theft and pipeline vandalism to the barest minimum.

“By the time we increase production, we will be able to take care of the feedstock needed by Dangote Refinery, Port Harcourt, Warri, and Kaduna refineries, and modular refineries that we have so that we can have full benefit across the entire value chain,” Lokpobiri stated.

On his part, the defence chief stated that crude oil being Nigeria’s economic mainstay, deserves all the military support it needs.

“We know all the challenges that we are facing, some of them directly, some indirectly, but we assure you that the Armed Forces of Nigeria are fully in support of you and your ministry.

“We will continue to provide the necessary support to ensure that the country benefits from the God-given resources that we have,” Musa stated.

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