Connect with us

Markets

Sacked Mobil Workers Demand N11.4bn Terminal Benefits

Published

on

mobil

Former workers of Mobil Producing Nigeria have asked the management of the company to pay them N11.4bn as their terminal benefits.

It was learnt that over 1,444 affected people were engaged as service contract workers by the company and later laid off in 2012 without commensurate entitlements as contained in the Collective Bargaining Agreement reportedly reached between them and the company.

The spokesman of the group, Mr. Godwin Idim, on Wednesday in Eket, said that some of their members had died in the course of the struggle to get the company pay their entitlements.

The CBA, dated July 1, 2010 and signed by a former Field Manager, Human Resources of MPNU, Mr. Seun Oluwole; the Assistant Secretary, Nigeria Union of Petroleum and Natural Gas Workers, Mr. G. A. Tasker; the Chairman, Labour Contract, Mr. Ikohesa Ikohesa; and the Chairman, Service Contract, Mr. Aniedi Douglas, was made available to newsmen.

Idim called on the Akwa Ibom State Governor, Mr. Udom Emmanuel, to save their souls by wading into the matter.

A counsel to the disengaged workers, Mr. Jacob Udobang & Associates, in a letter reminded the MPN of the need to settle with the workers, stressing that the existing labour law it signed with NUPENG and service contract employees remained binding.

He stated that majority of the affected workers were from the oil-producing communities of Akwa Ibom State and urged the MPN to pay the disengaged workers their entitlements in line with the CBA without delay.

But Mobil, in a letter dated February 25, 2013 and signed by Mr. Justin Ezeala, denied having any obligation whether directly or indirectly to pay terminal benefits to the disengaged workers.

“We are not aware of any labour contract collective bargaining agreement dated July 1, 2010 or any other date, signed between theMPN and representatives of your client,” the letter stated.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Markets

Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd

Published

on

Oil

The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.

The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.

The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.

The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.

Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.

The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.

Continue Reading

Markets

Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins

Published

on

Oil Prices Recover from 4 Percent Decline as Joe Biden Wins

Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.

This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.

Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.

On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.

Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”

The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.

There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.

“Either you’re crimping energy demand or consumption behavior.”

Continue Reading

Markets

Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020

Published

on

oil-rig

Revenue of OPEC Members to Drop to 18 Year Low in 2020

The United States Energy Information Administration (EIA) has predicted that the oil revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC) will decline to 18-year low in 2020.

EIA said their combined oil export revenue will plunge to its lowest level since 2002. It proceeded to put a value to the projection by saying members of the oil cartel would earn around $323 billion in net oil export in 2020.

If realised, this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” it said.

The oil expert based its projection on weak global oil demand and low oil prices because of COVID-19.

It said this coupled with production cuts by OPEC members in recent months will impact net revenue of the cartel in 2020.

It said, “OPEC earned an estimated $595bn in net oil export revenues in 2019, less than half of the estimated record high of $1.2tn, which was earned in 2012.

“Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programmes, and support public services.”

Continue Reading

Trending