Senate has mandated its Committees on Petroleum (Upstream), Downstream, and Gas to investigate the implementation of the Petroleum Industry Act (PIA) with regard to the potential exit of international oil companies (IOCs) from Nigeria. Section 257 (2) of the
Act, which came into effect in August 2021, stipulates that oil and gas companies are expected to remit three percent of their yearly operational expenditure to affected host communities. But two years later, none of the oil-producing companies has complied, prompting complaints from stakeholders in affected host communities.
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No fewer than 10 Nigerian Navy warships have returned to base after a military exercise to curtail criminal activities in the nation’s waters and the Gulf of Guinea (GoG). The warships are Nigeria Navy Ship (NNS) Sagbama, NNS Nwamba, NNS Ibeno, NNS Dorina, NNS Gongola, NNS Ikene, NNS Badagry, NNS Oji, NNS Ose and NNS Okpoku. Addressing newsmen after the warships berthed in Onne, Rivers, the Flag Officer Commanding Central Naval Command (CNC), Rear Adm. Umar Chugali said the operation code-named ‘Exercise Sea Guardian’ was a huge success. He said troops participated in anti-crude oil theft operation, vessel seizure, fleet manoeuvres, man overboard and gunnex.
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The Chief of the Naval Staff (CNS), Vice Adm. Emmanuel Ogalla has launched a High Endurance Offshore Patrol Vessels (HE OPVs) for the Nigerian Navy at the Dearsan Shipyard, Tuzla in Istanbul, Turkey. This is contained in a statement by the Director of Naval
Information, Commodore Adedotun Ayo-Vaughan, in Abuja. Ayo-Vaughan said the vessel is one of two 76m HE OPV awarded to be constructed by Dearsan Shipyard on Nov. 3, 2021, while actual construction began on Sept. 16, 2022. The CNS, Vice Adm. Ogalla, said the vessels were meant to add to the fleet of the Nigerian Navy and enhance its capacity in the
protection of Nigeria’s maritime domain.
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Africa’s coastal nations are fighting a rising tide of illegal, unreported and unregulated (IUU) fishing, piracy, and drug smuggling. A recent report by the Institute for Security Studies (ISS) says local, regional and international criminals are taking advantage of poverty and corruption to transform African waters into “the world’s biggest transnational crime scene.” “The underpoliced ocean is central to the business model of organized crime networks,” the ISS report said. West Africa, for example, is the world’s epicenter for IUU fishing. The scourge costs the region $10 billion a year, according to the Stimson Center, a think tank. China is by far the worst IUU fishing offender in the region and across the globe.
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Nigeria’s leading terminal operator, ENL Consortium Nigeria Limited has signed an agreement with Chinese port operator, Lianyungang Port Holding Group Ltd, to
deepen investment at the Lagos Port Complex Apapa and boost trade between both countries. ENL Consortium is the operator of Terminals C and D at the Lagos Port Complex Apapa while Lianyungang Port Holding Group Ltd offers terminal handling, modern
logistics, port construction, and other services in China. The agreement between both companies was signed at the 6th China-Nigeria Logistics Line Supply Chain Platform Advanced Forum organised by Sinoma International Engineering Co., Ltd in Lianyungang,
Jiangsu province, China.
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Oil Producers Trade Section (OPTS), a sub-group of the Lagos Chamber of Commerce and Industry (LCCI), has disclosed that Nigeria owes gas producers in the country a whopping $1.3 billion for products supplied. It has therefore urged the Federal Government to factor
the debt as part of its outstanding obligation, as it seeks solutions to the lingering energy poverty in the country and its attendant challenges. Nathaniel Oyatogun, member Gas Sub-committee of the OPTS, made the disclosure in Abuja at a National Assembly Capacity
Building Workshop organised by the Independent Petroleum Producers Group (IPPG) and OPTS. According to him, it was unfair for the country to owe gas producers such a humongous sum for over 10 years.
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The war in the Middle East could push crude oil prices to $150 per barrel if it spreads across the region, the World Bank warned this week. Meanwhile, traders worried about the effect of high interest rates on oil consumption sparked a sell-off last week, extending a selling streak to four out of the five last weeks. Oil prices are on a wildly swinging seesaw, with interest
rates and the war premium in a constant battle with no clear view of which one would gain the upper hand. In its latest Commodity Markets Outlook, the World Bank looked at three scenarios for events in the Middle East involving a disruption in oil supplies. In the scenario of a “large disruption,” which the World Bank likened to the Arab oil embargo on the West in 1973, it predicted oil prices could reach between $140 and $157 per barrel.
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Gulf of Guinea Focus Week 43
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