Energy
Saudi Arabia, Nigeria biggest losers in OPEC’s oil production for July 2023 — Report
…As Nigeria’s bad deal with OPEC adds more pressure on Africa’s largest economy
According to a Reuters survey, Saudi Arabia and Nigeria had the biggest decline in crude oil production under the umbrella of the Organization of Petroleum Exporting Countries (OPEC).
In the month of July 2023, OPEC oil output fell after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group’s latest agreement to support the market.
Meanwhile, there was a crude production outage recorded earlier in the month of July which affected the general crude production rate for Nigeria.
According to Reuters, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27.34 million barrels per day (bpd) in July 2023, which is down 840,000 barrels per day from June 2023, the lowest for OPEC since September 2021.
It was pointed out that there were increases in Iraq and Angola.
Recall that the Shell Petroleum Development Company (SPDC) Limited suspended loadings of Nigeria’s Forcados crude oil due to a suspected leak at the export terminal.
According to the report, SPDC confirmed that 200,000 barrels per day of crude oil exports were halted as a result of this incident.
On July 12, some workers observed a sheen near the single buoy mooring facility, prompting the suspension of activities in order to conduct investigations.
Prior to the outage, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows that since January 2023, the Forcados terminal crude oil production output ranged between 5 to 7 million barrels of crude oil production per month, experiencing slight decreases in March and April 2023.
The Forcados terminal, which is located in Delta state, increased its crude oil and condensates production to 7,006,778 in May 2023 from 5,783,707 recorded in April 2023.
In June 2023, OPEC monthly oil market report data revealed Nigeria as the top crude oil producer for the month.
The report stated that direct communication data showed that of the top four crude oil producers in Africa; Nigeria produced 1,249 million barrels of crude oil per day, and Libya produced 1,186 million barrels of crude oil per day.
Meanwhile, Angola produced 1,119 million barrels per day and Algeria produced 953K barrels per day in June 2023.
Bear in mind that Gabriel Aduda, the Permanent Secretary of the Ministry of Petroleum Resources has said that steps have been taken to ensure that the country produces 1.7 million barrels per day by the end of the year (2023).
Energy
Synergy, commitment crucial to clean energy transition, sustainability in Africa — CEO, Egbin Power
As carbon emissions reduction and energy security remain a crucial focus in the global sustainability agenda, shared commitment, synergy and decisive actions are the cornerstone of accelerating the transition to cleaner energy and achieving a sustainable environment.
Having analysed the percentage of global greenhouse emissions attributed to sectors including electricity/heat production, agriculture/forestry and land use, transportation, industry and others, the Chief Executive Officer, Egbin Power, Mokhtar Bounour, charged for synergy and renewed commitment among stakeholders.
He made this known at the maiden edition of Asharami Square, a Sahara Group initiative aimed at amplifying the discourse on sustainability through impactful media advocacy.
While highlighting Egbin Power’s unwavering commitment to reducing carbon emissions and promoting sustainable energy sources, Bounour further stressed the need for deepened engagement and advocacy to further prioritise sustainability.
Bounour outlined Egbin Power’s comprehensive approach to sustainability, which includes an array of pragmatic initiatives such as obsolescence management, asset upgrades, energy efficiency improvement, sustainability and environmental impact management, and fugitive emissions minimization.
These programs are strategically designed to effectively address carbon emissions and promote cleaner energy initiatives.
According to him, Egbin Power drives sustainability through afforestation, adoption and enforcement of ANSI Lighting Design Standards for the Egbin built environment, a gradual switch from Internal Combustion Engines (ICEs) to Compressed Natural Gas (CNG) and the integration of Electric Vehicles (EVs) into the company’s operations, among other interventions.
“These actions demonstrate Egbin Power’s commitment to thinking globally and acting locally, ensuring that deliberate and impactful steps are taken to promote sustainability and environmental consciousness actively.
“As a responsible organisation Egbin Power is steadfast in its commitment to promoting sustainability.
“Our roadmap and initiatives are designed to align with global sustainable development goals and to ensure that we contribute to a cleaner and more sustainable energy landscape in Africa.
“Our pragmatic initiatives which include obsolescence management, asset upgrades and overhauls, energy efficiency improvement, sustainability and environmental impact management, and fugitive emissions minimization as part of programs designed to address carbon emissions.
“We are committed to treating the environment with the utmost care, knowing well that every activity we engage in – either as an individual or collectively as an organisation has an impact on the ecosystem,” Bounour explained.
By Esther Agbo
NNPC Retail Limited has swiftly responded to allegations circulating on social media regarding coercive practices at one of its filling stations.
A video clip surfaced on social media, X (formerly Twitter) precisely, purportedly showing customers being pressured to purchase lubricants or engine oil in order to obtain Premium Motor Spirit (PMS), commonly known as petrol. The attendant in the video claimed that this directive originated from NNPC Retail Management.
In a statement issued, NNPC Retail categorically refuted the allegations, asserting that such practices are entirely false and do not align with the company’s Customer Service Charter. According to NNPC Retail, customers visiting any of their filling stations are under no obligation to purchase additional products as a condition for buying petrol.
Managing Director of NNPC Retail Ltd, Mr. Huub Stokman, emphasised the company’s commitment to transparent and quality service delivery.
He stated, “We are dedicated to providing clear, transparent and quality service to all our customers, guaranteeing that their needs are met without any recourse to unnecessary and unscrupulous conditionalities.”
In response to the incident, NNPC Retail Limited has initiated an investigation to ascertain the facts surrounding the video. The company has assured the public that appropriate disciplinary measures will be taken against any individuals found responsible for misconduct.
“The public is hereby advised to disregard the information in its entirety and report any such occurrences to the appropriate authority.
“In the meantime, NNPC Retail Limited has launched an investigation into the unfortunate incident and assures that appropriate disciplinary action will be taken against the culprit (s).”
In line with the Electricity Act 2023, the Nigerian Electricity Regulatory Commission, NERC, issued an order transferring regulatory oversight of the electricity market in Imo to the Imo State Electricity Regulatory Commission.
This was contained in a recent order signed by NERC Chairman Sanusi Garba.
The order shall take effect on July 1, 2024.
The implication is that Imo State will be responsible for the complete regulation of its electricity market.
The order stated: “Section 230 (3) of the Act mandates the commission to develop a transition plan and timeline for the transfer of regulatory oversight of the intrastate electricity market from NERC to ISERC upon receipt of formal notification from the State
“EEDC shall complete the incorporation of EEDC SubCo within 60 days from the effective date of this Order and, EEDC SubCo shall apply for and obtain a licence for the intrastate supply and distribution of electricity from ISERC.
“EEDC shall identify the actual geographic boundaries of Imo State and carve out its network in Imo State as a standalone network with the installation of boundary meters at all border points where the network crosses from Imo State into another state.”
With the development, Imo becomes the fourth state to get electricity regulatory authority after Enugu, Ondo and Ekiti states.
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