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NNPC: Oil Production Dips to 1.3mbd Over Vandalism

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Heritage Oil
  • NNPC: Oil Production Dips to 1.3mbd Over Vandalism

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said an average of 700,000 barrels per day (bpd) of crude oil was deferred last year due to pipeline sabotage. He lamented that this brought production down to as low as 1.3 million (bpd) from 2.2 million barrels targeted for the period.

Baru, who stated this in a keynote address at the maiden edition of the Nigerian International Pipeline Technology and Security Conference (NIPITECS 2017) in Abuja yesterday, said this year, NNPC has recorded 27 breaching incidents on the Trans Niger Pipeline (TNP), adding that for the Trans Forcados Pipeline (TFP) with a capacity of 300,000bpd, 17 breaches were recorded in 2016.

He lamented that NNPC had suffered at least 15 breaching incidents on the TFP this year, urging members of the Pipeline Professionals’ Association of Nigeria (PLAN) to conduct a systematic diagnosis of the pipelines system in the country and come up with sustainable and actionable solutions to the menace of pipeline vandalism in the country.

He urged all key players to rally round the pipeline professionals to proffer solutions to the pipeline vandalism challenge as it posed a great threat to the economy in terms of revenue loss and environmental degradation.

“The foregoing summarises the effect of pipeline vandalism and therefore underscores the importance of protecting our pipeline system and treating them as National Assets. On the strength of that, we must endeavor to carry out a systematic diagnosis and proffer workable, practicable and actionable solutions that will guarantee sustainability of pipeline infrastructure,” he was quoted to have said in a statement endorsed by the Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu.

He listed some of the measures deployed by NNPC to stem the tide of pipeline vandalism to include: horizontal directional drilling (HDD) technology to bury pipelines deeper to prevent easy accessibility; technology-based pipeline surveillance mechanism with capability to detect, alert and deny access; and aerial monitoring and marine patrols by the Military Joint Tax Force (JTF).

Dr. Baru further said the government was working out a political solution to the socially-induced-agitation sabotage while the law enforcement agencies had been empowered to deal with those who engage in pipeline vandalism out of criminality such as oil theft.

Speaking earlier on the significance of the conference, Chairman of PLAN, Engr. Geoff Onuoha, said considering the critical role of pipelines to the entire value chain of the oil and gas industry, there was need for a forum like NIPITECS to bring professionals and stakeholders together to brainstorm and share knowledge and technology.

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, who also spoke at the occasion, said the Board was working hard to boost local production of pipes, adding that its efforts were already yielding dividends as Nigeria now has two world class pipe mills in full operation.

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.

Economy

Prepaid Meter is Free, Buhari Warns DisCos, Agents

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prepaid meter

President Muhammadu Buhari once again warned Power Distributing Companies (DisCos) and their agents selling prepaid meters to electricity customers against the Federal Government directive that meter is free.

Ahmed Rufai Zakar, the Special Adviser to the President on Infrastructure, who represented Buhari at the FGN/NLC-TUC ad-hoc committee on electricity tariff stakeholders held in Ibadan, Oyo State on Wednesday, said President Buhari understood people’s concerns on issues surrounding electricity and was determined to curb and deal with unscrupulous individuals in the power sector.

He said, “We have made it very clear through the regulators direct order as well as intervention from the Ministry of Power that the meters are to be provided to Nigerians at no cost.

“Even for meters that were paid for, there is the directive from the regulator to the discos that they would need to find a way to reimburse those citizens over time.

“In cases where we find any disco or disco representative selling the meters or exploiting Nigerians to be able to get meters by paying, we would take the full measures of the law.

“The President has mandated that these meters must be free. We have also said that they must come from local manufacturers.

“This would create jobs and revive our industry.”

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Economy

Nigeria’s Real Estate Sector Shrinks by 8.06% in the Third Quarter -NBS

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Economic uncertainty plunged Nigeria’s real estate sector by 8.06 percent in the third quarter of the year, according to the National Bureau of Statistics (NBS).

Nigeria’s statistics office said “In nominal terms, real estate services recorded a growth rate of –8.06 per cent in the third quarter of 2020, indicating a decline of –11.78 per cent points compared to the growth rate at the same period in 2019, and by 9.12 per cent points when compared to the preceding quarter.

“Quarter-on-quarter, the sector growth rate was 18.92 per cent.

“Real GDP growth recorded in the sector in Q3 2020 stood at -13.40 per cent, lower than the growth recorded in third quarter of 2019 by –11.09 per cent points, but higher relative to Q2 2020 by 8.59 per cent points.

“Quarter-on-quarter, the sector grew by 17.15 per cent in the third quarter of 2020.

“It contributed 5.58 per cent to real GDP in Q3, 2020, lower than the 6.21 per cent it recorded in the corresponding quarter of 2019.”

Nigeria’s economy contracted by 2.48 percent in the first nine months following a 6.10 percent and 3.62 percent contraction in the second and third quarters respectively.

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Economy

Nigeria Requires N400 Billion Annually to Maintain Federal Roads -Senator Bassey

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The Chairman of the Senate Committee on road maintenance, Senator Gersome Bassey, on Friday said Nigeria requires about N400 billion annually to maintain federal roads across the country.

The Senator, therefore, described the N38 billion budgeted for road repairs in the 2021 proposed Budget as grossly inadequate. According to him, nothing meaningful could be achieved by the Federal Roads Maintenance Agency (FERMA) with such an amount.

He said, “For the 35 kilometres federal roads in the country to be motorable at all times, the sum of N400bn is required on yearly basis for maintenance.”

Bassey “What the committee submitted to the Appropriation Committee in the 2021 fiscal year is the N38bn proposed for it by the executive which cannot cover up to one quarter of the entire length of deplorable roads in the country.

“Unfortunately, despite having the power of appropriation, we cannot as a committee jerk up the sum since we are not in a position to carry out the estimation of work to be done on each of the specific portion of the road.

“Doing that without proposals to that effect from the executive, may lead to project insertion or padding as often alleged in the media.”

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