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OPEC warns IEA on further undermining oil industry investments

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The Organisation of the Petroleum Exporting Countries (OPEC) has called on the International Energy Agency (IEA) not to further undermine the oil industry investments.

OPEC Secretary-General, Haitham Al Ghais said this in a statement obtained in Abuja on Thursday while responding to the latest comments by the IEA again criticising OPEC and OPEC+.

Al Ghais said the finger pointing and misrepresenting OPEC and OPEC+ actions was counterproductive and blaming oil for inflation was erroneous and technically incorrect as there were many other factors causing inflation.

Al Ghais reiterated that OPEC and OPEC+ were not targeting oil prices, with the focus being solely on market fundamentals and enabling vital oil industry investments that the world desperately required.

“The IEA knows very well that there are a confluence of factors that impact markets. The knock-on effects of COVID-19, monetary policies, stock movements, algorithm trading, commodity trading advisors and SPR releases (coordinated or uncoordinated), geopolitics, among others.

“The finger pointing and misrepresenting OPEC and OPEC+ actions is counterproductive and blaming oil for inflation is erroneous and technically incorrect as there are many other factors causing inflation.

“Other energy markets have been far more volatile with oil markets less so, mainly due to the stabilising role of OPEC and the OPEC+ group,” he said.

He said that the IEA’s repeated calls to stop investing in oil could lead to future volatility.

According to him, it is known that all data-driven outlooks envisage the need for more of this precious commodity to fuel global economic growth and prosperity in the decades to come, especially in the developing world.

Energy

Shell signs agreement to build gas pipelines in Oyo State

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Shell Nigeria Gas, SNG, and the Oyo State Government have signed an agreement to develop a gas supply and distribution infrastructure that will deliver gas to industrial and commercial users in the state.

A statement released on Friday by Shell Nigeria’s Media Relations Manager, Abimbola Essien-Nelson, disclosed that SNG will build and operate the gas distribution network, which will serve customers across Oyo State for 20 years.

According to the statement, the project will start with the construction of gas distribution infrastructure along a 15km pipeline route, adding that it will grow to deliver up to 60 million standard cubic feet of gas per day across the state.

Speaking at the signing ceremony, the Oyo State Governor Seyi Makinde, described the project as a catalyst for development in the state.

The Managing Director of SNG, Ralph Gbobo, noted that the agreement was “a significant milestone for SNG and Oyo State to boost economic activities in Nigeria by supplying industries and manufacturers with natural gas, a more reliable, cost-efficient and environmentally friendly source of energy.”.

He explained that the project would boost Oyo State’s internal revenue and create Job opportunities for indigenes.“

“The Managing Director of The Shell Petroleum Development Company of Nigeria Limited and Chairman, Shell Companies in Nigeria, Osagie Okunbor, remarked that the event pointed to the value of partnership as “Shell continues to power progress” in Nigeria through more and cleaner energy solutions for commercial and industrial customers.

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Energy

Nigeria ripe for nuclear power to boost electricity generation – NAEC 

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The Nigeria Atomic Energy Commission (NAEC) in collaboration with Centre for Energy Research and Training (CERT), Ahmadu Bello University (ABU), Zaria would deploy nuclear science and technology to strengthen electric power generation in Nigeria.

Prof. Yusuf-Aminu Ahmed, Chairman NAEC disclosed this during the 20th Anniversary Symposium of the Nigeria’s first Nuclear Research Reactor-1 (NNR-1) in Zaria on Thursday.

Ahmed said the experience developed over the years on nuclear power at the centre makes Nigeria ripe and ready to go into the next level of power generation through the nuclear reactor.

“We have used the reactor for research and development over the years and now we are going to use the reactor for the purpose of generating electricity.

“President Bola Tinubu has already given the commission a mandate to see how it contributes in the clean energy sphere of Nigeria and the nuclear energy programme of Nigeria would participate,’’ Ahmed said.

He explained that the time for the project would not be open for the public; however, Ahmed added that international partners and vendors were working closely with the commission over the project.

He also said that intergovernmental agreements were signed with some of the vendors on the nuclear power in Nigeria and very soon President Tinubu would make an announcement on the issue.

Earlier, Sen. George Akume, Secretary to the Government of the Federation said the 20 years of safe operation of the nuclear research reactor was an indication that Nigeria has joined the campaign for safe application of nuclear energy.

Akume, represented by his Special Assistant on Technical Issues, Prof. Bolaji Babatunde, added that since the centre had safely operated the nuclear research reactor for 20 years, it can also obtain a nuclear reactor for electricity generation.

According to him, the process of having a reactor that would generate electricity is similar to operating a nuclear research reactor.

“President Tinubu has re-echoed the need for having nuclear energy into the sources of electric power generation in Nigeria and Nigerians should look forward to this power.

“Electricity generated through nuclear energy is clean and safe except for human errors or natural causes such as the one that happened in Hiroshima,’’ he said.

Earlier, Prof. Sunday Jonah, Director of the center said the event was to celebrate 20 years of safe operation, maintenance and utilisation of the first Nuclear Research Reactor code named NNR-1.

However, in spite of the numerous gains at the centre over the years, the Director lamented over a plot by NAEC to wrestle the centre from the university through the proposed NAEC Bill 2022.

He explained that such a move would negate the dreams of the founding fathers that established the centre in universities because of the culture of research and development being promoted at designated universities.

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Alake unveils gender strategy for mining, steel sector

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The Minister of Solid Minerals Development, Dr Dele Alake, has unveiled a document for Women in Mining in Nigeria (WIMIN) strategy document.

Speaking at the event, he described the strategy as a significant mile stone in the sector.

He said that the move was a demonstration of the commitment of the Ministry of Solid Minerals Development (MSMD)‘ and Ministry of Steel Development in fostering diversity.

He said that the strategy is aimed at promoting gender equality and women‘s empowerment, adding that its focused on driving productivity for the nations‘ sustainable development.

“It also focuses on improving the opportunities for women to benefit from both sectors sustainably in policy, regulatory, operational, and commercial (large scale, medium scale, small scale, and artisanal levels), and value and supply chain roles.

“This strategy is not just a document but a call to action and a blueprint for all stakeholders to create a more inclusive and gender-balanced mining and steel sector.

“It provides a guideline and framework to guide both ministries, their agencies, and stakeholders to integrate gender equality and women’s empowerment priorities in their policies, programmes, and initiatives,” he said.

He acknowledged the indispensable contributions of women to the success and sustainability of the mining sector, saying that their talents, expertise, and perspectives are critical to the success and growth of the industry.

According to him, Nigeria is not immune from the biases perpetuated against women in these two sectors.

In addressing the situation, he said that the Federal Government has prioritised gender equity and female participation in its “Roadmap for the Growth and Development of the Nigerian Mining Industry.”

He said as part of the efforts of MSMD and Ministry of Steel Development to implement the roadmap, the Mineral Sector Support for Economic Diversification (MinDiver) engaged a consultancy to develop the gender strategy.

He said that to achieve the objectives of the strategy, its institutional capacity would be strengthened for effective gender mainstreaming.

He added that that women’s participation in leadership and governance roles within the mining sector and communities would be increased.

“Promoting women’s economic empowerment and rights and eliminating all barriers (structural and systemic) that hinder women’s meaningful participation, access and control over mining resources and benefits,” he said.

The Minister added that they were committed to building partnerships across a wide range of stakeholders in achieving the vision of the strategy.

He said that the WIMIN strategy was firmly rooted in the principles of equality, diversity, and empowerment, and  a call to action for stakeholders mobilisation toward a more inclusive and gender-balanced industry.

Earlier in her remarks, the National President of WIMIN, Dr Janet Adeyemi, described the launch of the strategy as an opportunity to galvanise support and implement actions to address the entrenched gender disparities within the mining and steel sectors.

Represented by the National Secretary, Mrs Emily Ofodile, she said that women within these industries continue to encounter multifaceted barriers that hinder their full participation and advancement.

On her part, the Permanent Secretary of MSMD, Dr Mary Ogbe, urged, women to be change agents at all levels, and urged all organisations to have gender focal persons to help in coordinating all related matters.

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