Connect with us

Energy

OPEC+ almost 3mpd behind its production target — Report 

Published

on

OPEC+members  produced 2.9  million barrels per day (bpd) below their collective oil production target in July, two OPEC+ sources said on Monday.

The gap between overall quota and actual oil production from the OPEC+ members has been growing for more than a year, with many producers unable to raise production due to capacity and/or investment constraints, while the alliance has added more barrels to its monthly oil production target.

Production in Russia, albeit stabilized at a level from February, just before the invasion of Ukraine, hasn’t increased as it should have been under the OPEC+ agreement.

Russia, the leader of the non-OPEC group in the OPEC+ pact, has the same monthly targets as OPEC’s top producer and largest crude oil exporter in the world, Saudi Arabia.

But while the Saudis have been raising production in recent months, Russia has not. In addition, many OPEC+ members, especially OPEC’s African producers Nigeria and Angola, have been significantly lagging behind their respective quotas.

So, in July, per Reuters’ sources in OPEC+, the alliance was 2.892 million bpd below quota, bringing compliance with the cuts to hit a mind-blowing 546 per cent in July, up from 320 per cent in June. Compliance at 100 per cent means OPEC+ is pumping at the levels set out in the deal.

For June, the OPEC+ group already had a massive shortfall of 2.84 million bpd between actual production and the target oil output level as part of the deal, two delegates at the alliance told Argus last month.

As OPEC+ is unwinding its cuts, more and more members are falling further behind their quotas due to a lack of capacity or investment in supply.

OPEC+ was widely expected to continue to underperform by a lot compared to its production targets for July and August after the group decided to accelerate the rollback of the cuts and have those completely unwound by the end of August.

Energy

AEDC announces disconnection of electricity service to debtors

Published

on

AEDC announces disconnection of electricity service to debtors

…issues 72hr ultimatum

The Abuja Electricity Distribution Company (AEDC) has notified its customers of an imminent disconnection failure to settle their outstanding bills.

The DisCo named the Kogi State government, Ministry of Power, amongst others as debtors owing the company.

In a statement, the company urged customers who are yet to settle their outstanding bills within the next 72 hours, by Monday, June 3, 2024, will face disconnection of their electricity supply.

“AEDC emphasizes the importance of adhering to payment deadlines to ensure efficient and reliable service.”

“The timely payment of electricity bills remains crucial for the continued operation and enhancement of AEDC’s infrastructure, which is essential for delivering uninterrupted service to the community.”

“Deadline for Payment: All outstanding bills must be paid within 72 hours of this notice, by Monday, June 3, 2024. For further information, please contact – [email protected].” The statement read.

Continue Reading

Energy

NNPC Ltd to commence oil exploration in Ogun

Published

on

By ABDULSALAM Abdullah Opeyemi

The Ogun State Government has announced that the Nigerian National Petroleum Company (NNPC) Limited is set to begin oil and gas exploration in the state.

In a statement on Friday, the government said the development would make its quest to become an oil-producing state materialise soon.

The statement added that stakeholders in the oil and gas industry were received at the office of Dapo Abiodun, Ogun State Governor, and Noimot Salako-Oyedele, his Deputy, to discuss the prospect.

Speaking at the meeting, Heineken Lokpobiri, Minister Of State For Petroleum Resources (Oil), said Ogun has always been part of the Dahomey basin with the prospect of having a huge deposit of hydrocarbons.

“We decided that we are going to resume exploration in the different Basins; we decided to come to Ogun State to reassure the people that we have very high potential of discoveries here,” he said.

“Ogun has always been part of the Dahomey Basin and our presence underscore the seriousness the federal government attaches to the exploration activities that we want to carry out in Ogun State.”

Lokpobiri said the visit was also to demonstrate the commitment of the federal government to bolster its revenue through the oil and gas sector.

“Today we are here to tell the people of the federal government’s commitment to ensuring that we continue our campaign and exploration activities across the country,” the minister said.

“We are doing this exploration activities in several places across Nigeria and today we are in Ogun after which we will proceed to Sokoto State.”

On his part, Mele Kyari, Group Chief Executive Officer (GCEO) of NNPC, said Ogun state is blessed to be in the Dahomey basin corridor, with expected high deposit of oil.

He assured that the company would return in earnest to commence exploration activities.

Kyari also expressed hope that oil would be found in commercial quantity in the state.

In his remarks, Gbenga Komolafe, the chief executive officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said the team’s visit was to further indicate the commitment of the federal government to growing oil reserves and enhancing federation revenue.

Komolafe said the Petroleum Industry Act (PIA) makes provision for funding the development of the frontier basins.

He added that in line with the commitments of the government, the NUPRC is collaborating with the NNPC to leverage on the PIA to carry out oil exploration in the Dahomey basin.

“The Dahomey Basin stretches up to Delta, Edo, Ogun and Ondo states. We intend to in the course of this exercise, cover all those states leveraging on the provision of Section 9, Subsection 4 of the PIA,” he said.

In his response, Governor Abiodun said Ogun state is part of the oil prospecting leases (OPLs) 302, 303, 306, and 307.

He said numerous studies show the potential of the basins, highlighting the state’s potential for commercial success and economic benefits from exploration and production within a short timeframe.

“It is noteworthy that this is a region of the country that provides ease of access, low entry and operating costs, a safe and welcoming community and a very active state government support and participation,” Abiodun said.

“Ogun State therefore presents some unique opportunities towards the realization of the full intentions of the PIA section 9 on frontier exploration as it will contribute to guarantee additional petroleum production of additional petroleum products for the country and afford more supply to potential refineries in the area.”

The Governor said the area presents an opportunity for Bitumen extraction, reducing import dependency and reducing foreign exchange expenditure on a single line item.

Continue Reading

Energy

AEDC issues 72-Hour ultimatum to debtors, threatens disconnection

Published

on

The Abuja Electricity Distribution Company (AEDC) has issued a 72-hour ultimatum to all customers with outstanding bills, urging them to settle their accounts immediately or face disconnection.

In a press statement signed by the company’s Acting Managing Director/CEO, Victor Ojelabi, he stressed that customers must pay their outstanding bills by Monday, June 3, 2024, to avoid disruption of their electricity service.

Recall that a recent report revealed how some government ministries, departments and agencies (MDAs) are among the top debtors of electricity distribution companies (DisCos).

According to the report the total debt owed by the Ministry, Agency and Departments (MDAs) alone is N100 billion, which is further crippling the already struggling power sector.

Ojelabi therefore stated the importance of adhering to payment deadlines to maintain efficient and reliable service.

“The timely payment of electricity bills remains crucial for the continued operation and enhancement of AEDC’s infrastructure, which is essential for delivering uninterrupted service to the community.

“All outstanding bills must be paid within 72 hours of this notice, by Monday, June 3, 2024,” the statement partly read.

Continue Reading

Trending