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Agip Records 2,418 Oil Spills



Agip Oil Company
  • Agip Records 2,418 Oil Spills

The Ministry of Petroleum Resources on Thursday said 2, 418 oil spills were recorded in Nigerian Agip Oil Company’s operations between 2010 and 2016.

The Director, Petroleum Resources in the ministry, Mr Mordecai Ladan, made this known at the public hearing on “Despoliation of the Niger Delta and Activities of Nigeria Agip Oil Company” by the House of Representatives in Abuja.

Giving details of the incidents, Ladan said 10 spills each were recorded in 2010 and 2011; 2012, 575 spills; 2014, 788 spills; 2015, 498 spills and 332 in 2016.

He said, “Most of the spills in 2012 to 2016 are attributed to sabotage due to the agitations in Niger Delta and given that the locations of most NAOC’s operational areas are on land and swamp.”

Ladan, who was represented by Dr Musa Zagi, an Assistant Director, said that the department was researching into the environmental impact of the continued discharges from various terminals.

He added that several aspects of the study had commenced.

He said, “The outcome of the study will determine the magnitude of impact on the Brass canal caused by NAOC’s operations and the appropriate remediation options to adopt.

“The department has also designed a special sanction regime for companies and facilities that persist in the prohibited discharges.

“This Progressive Discharge Deterrent Charge shall be imposed on NAOC with your approval, to serve as a deterrent to further project delays and incentivise the company towards compliance.”

Agip in a document submitted to the committee and signed by General Manager (District), Mr Paolo Carrievale, said that the pipeline where the incidents occurred was vandalised by suspected oil thieves.

He said that the suspected vandals illegally installed a valve on the pipeline for the purpose of stealing oil.

Carrievale further stated that a joint inspection visit conducted by the National Oil Spill Detection and Response Agency and the Bayelsa Ministry of Environment established that the spill on the section of the pipeline was caused by third party interference.

Speaker of the house, Mr. Yakubu Dogara, in his speech, condemned the activities of economic saboteurs in the oil producing communities across the Niger Delta.

He expressed regrets over the death of 14 people in Azuzuama community in Bayelsa as result of the spills.

The speaker, who was represented by Rep. Chukwuma Onyema, Deputy Minority Leader, reiterated Federal Government’s commitment towards promotion of citizens’ participation in law-making process and governance.

According to him, the Joint Task Force was set up by the Federal Government as a stop gap to check breakdown of law and order in the Niger Delta due to militancy.

Dogara said that illegal refineries were spill-over of the activities of militancy in the Niger Delta allegedly due to joblessness, poverty and hunger.

He added that the illegal refineries thrived on illegal oil bunkering, stolen crude oil, and vandalism of oil pipelines and other installations.

He said, “Without a doubt, these illegal oil operations are reprehensible and should not be condoned for a number of reasons.

“Firstly, it is improper for citizens to destroy oil installations in their bid to steal crude oil as feedstock for illegal refineries.

“Secondly, it is most inappropriate for anybody, Nigerians or foreigners, to steal crude oil belonging to the Nigerian State with impunity.

“Thirdly, there are serious environmental issues involved, regardless of whether they dump the residue from the crude oil distillation process into the river or simply incinerate it.”

The Chairman, Ad hoc Committee on Joint Task Force in Niger Delta, Rep. Nasiru Garo, said that as part of the activities of the committee, members conducted on-the-spot assessment of the affected Niger Delta parts between Sept. 25 and Sept. 28, 2015.

He said, “This visit afforded the committee first-hand information on the extent of environmental degradation of the Niger Delta due to activities of illegal refineries operators and oil spillages.

“The committee also visited NAOC facility to assess the integrity of their equipment as mandated.”

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


Global Markets Near Record Peaks and Will Get Stronger: deVere CEO




As the FTSE 100 hits 7,000 points for the first time since the Covid pandemic, global stock markets are poised to “get even stronger”, says the CEO of one of the world’s largest independent financial advisory and fintech organisations.

The observation from Nigel Green, the chief executive and founder of deVere Group, comes as London’s index jumped over the important threshold in early trading in London, gaining over 0.5% to 7024 points.

Mr Green notes: “London’s blue-chip index is up 40% since the worst lows of the pandemic.

“This landmark moment represents the wider optimistic sentiment gripping global markets which are near record peaks.

“We can expect global stock markets to get even stronger as investors look to seize the opportunities from economies reopening.

“They are looking towards economies rebounding in a post-pandemic era due to the monetary and fiscal stimulus, pent-up cash and demand, and strong corporate earnings.

“The current ultra-low interest rate environment and the under-performance of bonds will also act as a catalyst for stock markets.”

However, the CEO’s bullish comments also come with a warning.

“I would urge investors to proceed with caution as there are some headwinds on the horizon, including relations between the U.S. and China, the world’s two largest economies, which could be coming to a tipping point in coming weeks.

“As such, in order to capitalise on the opportunities and mitigate risks, investors must ensure proper portfolio diversification.”

Mr Green concludes: “A variety of factors are going to drive global stock markets. Investors will not want to miss out and should work with a good fund manager to judiciously top-up their portfolios.”

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Refinitiv Expands Economic Data Coverage Across Africa



Building on its commitment to drive positive change through its data and insights, Refinitiv today announced the expansion of its economic data coverage of Africa. The new data set allows investment managers, central bankers, economists, and research teams to use Refinitiv Datasteam analytical data for detailed exploration of economic relationships and investment opportunities among data series covering the African continent.

Securing reliable, detailed, timely, locally sourced content has not been easy for economists who have in the past had to use international sources which often can take many months to update and opportunities to monitor the market can be missed. Because Africa is a diverse continent, economists and strategists need more timely access to country-specific data via national sources to create tailored business, policy, trading and investment strategies to meet specific goals.

Africa continues to develop critical infrastructure, telecommunications, digital technology and access to financial services for its 1.3bn people. The World Bank estimates that over 50% of African inhabitants will be under 25 by 2050. This presents substantial opportunities for investors who can spot important trends and make informed decisions based on robust and timely economic data.

Stuart Brown, Group Head of Enterprise Data Solutions, Refinitiv, said: “Africa’s growing, dynamic and fast evolving economies makes it a focal point for financial markets today and in the coming decades.  As part of LSEG’s commitment to empowering the global markets with accurate and timely data, we are excited about making these unique datasets available via the Refinitiv Data Platform. Our economic data coverage of Africa will provide our customers with deeper and broader inputs for macroeconomic analyses and enable more effective investment strategies and economic research.”

Refinitiv Africa economic data coverage:

  • Africa economics content comprises around 500,000 nationally sourced time series data covering 54 African nations
  • Content is sourced from national statistical offices, central banks and other key national institutions
  • The full breadth of economics categories in Datastream including national accounts, money and finance, prices, surveys, labor market, consumer, industry, government and external sectors
  • International sources including OECD, World Bank, IMF, African Development Bank, Oxford Economics & more provide comparable data & forecasts across the continent

Refinitiv® Datastream® has global macroeconomics coverage to analyze virtually any macro environment, and better understand economic cycles to uncover trends and forecast market conditions. With over 14.2 million economic times series map trends, customers can validate ideas and identify opportunities using Refinitiv Datastream. Access its powerful charting tools, 9,000 pre-built chart templates and chart studies for commonly used valuation, performance, and technical and fundamental analysis.

 Refinitiv continually grows available data – the China expansion in 2019 covered a unique combination of economic and financial indicators. Refinitiv plans to expand Southeast Asia covering Thailand, Vietnam, Philippines and Malaysia with delivery expected in 2021. This ensures that Refinitiv will have much needed emerging market economic content.

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Crude Oil

Oil Rises on Drawdown in U.S. Oil Stocks, OPEC Demand Outlook



Oil 1

Oil prices rose in early trade on Wednesday, adding to overnight gains, after industry data showed U.S. oil inventories declined more than expected and OPEC raised its outlook for oil demand.

Brent crude futures rose 28 cents, or 0.4%, to $63.95 a barrel at 0057 GMT, after climbing 39 cents on Tuesday.

U.S. West Texas Intermediate (WTI) crude futures similarly climbed 28 cents, or 0.5%, to $60.46 a barrel, adding to Tuesday’s rise of 48 cents.

Oil price gains over the past week have been underpinned by signs of a strong economic recovery in China and the United States, but have been capped by concerns over stalled vaccine rollouts worldwide and soaring COVID-19 infections in India and Brazil.

Nevertheless, the Organization of the Petroleum Exporting Countries (OPEC) tweaked up its forecast on Tuesday for world oil demand growth this year, now expecting demand to rise by 5.95 million barrels per day (bpd) in 2021, up by 70,000 bpd from its forecast last month. It is banking on the pandemic to subside and travel curbs to be eased.

“It was a welcome prognosis by the market, which had been fretting about the impact the ongoing pandemic was having on demand,” ANZ Research analysts said in a note.

Further supporting the market on Wednesday, sources said data from the American Petroleum Institute showed crude stocks fell by 3.6 million barrels in the week ended April 9, compared with estimates for a decline of about 2.9 million barrels from analysts polled by Reuters.

Traders are waiting to see if official inventory data from the U.S. Energy Information Administration (EIA) on Wednesday matches that view.

Market gains are being capped on concerns about increased oil production in the United States and rising supply from Iran at a time when OPEC and its allies, together called OPEC+, are set to bring on more supply from May.

“They may have to contend with rising U.S. supply,” ANZ analysts said.

EIA said this week oil output from seven major shale formations is expected to rise by 13,000 bpd in May to 7.61 million bpd.

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