- Indigenous Company Set to Acquire IOC’s Oil Fields
Baywood Continental Limited, an indigenous and integrated oil and gas technical service company, said it is set to acquire matured oil fields from multinational oil companies in the country as part of its expansion drive in the sector.
President and chief executive officer of the Baywood Group, Chris Baywood Ibe, who stated this in Lagos, also said that his company would explore new frontiers in the energy sector such as cluster power generation, using abundant gas for upcoming new cities and towns.
“The future for Baywood Continental Ltd is extremely exciting and we are looking to upscale our operations especially, marginal fields, acquisition of matured oil fields from oil majors and explore new frontiers in the energy sector such as cluster power generation using abundant gas for upcoming new cities and towns.
“Baywood Continental Limited is re-branding to achieve a brand equity balance between current and projected profile of the company. We have developed the broad and specific elements of the company strategy to actualize this vision. Therefore, the BCL organizational brand is one to watch out for, we will be more active across the print, electronic and social media platforms within the nearest future.”
According to Ibe, BCL has achieved over 30 million man-hours with an industry unparalleled zero fatality record while providing cost-effective and fit for purpose solutions for their Client’s projects in challenging onshore and offshore locations.
He explained that Baywood fully acknowledges that operational, economic, environmental, public, and social issues are all integrally relevant to its immediate and future business objectives. “We have constantly supported our clients towards ensuring value- for- money audit in such areas as facility upgrade and construction enabling them to produce, process and export through the export terminals where we have held our own.
These terminals include and not limited to Escravos Terminal, operated by Chevron, Forcados Terminal operated by Shell, Bonny Terminal operated byShell,Akpo FPSO operated by Total in deep water, Sea Eagle FPSO operated by Shell.
“Each of these terminals supports NNPC and her joint venture partners thereby ensuring that Nigeria’s production and export quotas are achieved in alignment with national economic objectives,” he added.
NNPC Supplies 1.44 Billion Litres of Petrol in January 2021
The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.
The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.
NNPC said the 1.44 billion litres translate to 46.30 million litres per day.
Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).
The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.
Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.
For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.
Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.
Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.
NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021
The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.
This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).
The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.
It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.
NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.
Nigeria’s Food Inflation Hits 22.95 Percent in March 2021
Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.
Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.
Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.
On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.
Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.
Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.
The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.
However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.
Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.
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