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Crude Export to Increase by 380,000b/d in Days

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Crude Export

Crude Export

Crude oil export from Nigeria is expected to increase by about 380,000 barrels per day in the next few days, following the expected return of Shell’s Forcados crude pipeline by mid September.

The Chief Executive Officer, Shoreline Group, Mr. Kola Karim, on Wednesday, stated that Shell Nigeria’s Forcados crude oil pipeline would resume deliveries by September.

Karim, who spoke to Bloomberg, said, “We are hearing Forcados is due to return at the middle of next month. It has been a tough situation for us these past couple of months.”

In its latest Financial and Operations report for June 2016, the Nigerian National Petroleum Corporation revealed that the subsisting Force Majeure at Forcados Terminal meant that about 380,000 barrels of oil per day remained shut in.

The Forcados pipeline system is among oil infrastructure targeted by Nigerian militants this year.

In February, Shell declared force majeure, a legal clause that allows it to stop shipments without breaching contracts, after militants blew up a line feeding the Forcados terminal, which typically exports about 200,000 barrels a day.

Of that, Shoreline sends about 52,000 barrels a day, according to Bloomberg.

A Lagos-based spokesman for Shell, Precious Okolobo, declined to comment on Wednesday.

While the Niger Delta Avengers, which claimed most attacks in Nigeria’s oil heartland this year, have announced a halt to hostilities, other militant groups have emerged.

The Niger Delta Greenland Justice Mandate claimed an assault this week on the Ogor-Oteri pipeline, which is run by the Nigerian Petroleum Development Company and Shoreline and was already halted following a previous attack on Forcados.

“It’s key to note that there are other groups now trying to assert themselves,” Dolapo Oni, the Lagos-based head of Ecobank Energy Research, said by phone. “Nevertheless, it shouldn’t prevent the September opening.”

Shoreline is still trying to pinpoint the location and assess the damage from Tuesday’s attack in Delta State, Karim said.

Nigeria expects to pump 1.5 million barrels a day “at best” this year, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had said on August 12.

Nigeria, an OPEC member, produced about two million barrels a day last year.

“With Forcados, we are likely to regain output at 1.8 million barrels a day and should be able to sustain that till year-end, which is a major boost for government revenue,” Oni said.

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.

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Pharmaceutical Industry M&A Activity Grew by 17% in H1 2020 amid 56% Drop in Deal Value

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merger and acquisition

Pharmaceutical Industry M&A Activity Rose by 17% in the First Half of 2020

According to the research data analyzed and published by ComprarAcciones, merger and acquisition (M&A) deal activity in the pharmaceutical sector rose by 17% in H1 2020, disregarding the economic toll of the global pandemic.

It saw a total of 41 deals during the period, but the Q2 2020 deal value total of $3.3 billion was the lowest quarterly total since Q1 2018.

According to PwC, the pharma subsector posted a drop of 56% in deal value from H2 2019 to H1 2020. For the PLS sector as a whole (pharma, biotech and medical devices), the decline in deal value was a massive 87.2% during the same period.

Pharma and Life Sciences (PLS) M&A Total Deal Value Sank from $272.9B to $35B YoY

The total deal value for the pharmaceutical subsector in H1 2019 was $100.1 billion. In contrast, its total deal value in H1 2020 was valued at $7.7 billion.

The PLS sector had a total of 99 deals valued at $35 billion in H1 2020. In H2 2019, the figures were higher, with 129 deals valued at $86.5 billion. H1 2019 was even bigger, with 119 deals valued at a remarkable $272.9 billion.

Meanwhile, for the healthcare industry as a whole, H2 2020 started off with 13 deals valued at $1 billion+ according to S&P Global.

On the other hand, based on a report from Global Data, the global M&A deal value started on a downtrend in Q1 2020. It went from $151.2 billion to $129.9 billion from February to March. Another study from S&P Global shows that the decline carried into Q2 2020, with a 35% drop in deal volume. Similarly, total transaction value dropped by 40%, the highest drop since 2015.

Comparing H1 2020 to H2 2019, the total deal volume sank by 32% year-over-year (YoY) from 10,155 deals to 6,938 according to Merger Market. Deal values sank by 53%, from $1.9 trillion to $901.6 billion during the same period.

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Lagos State to Support Businesses Looted by Hoodlums

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endSARS violence

Lagos State to Support Businesses Vandalised and Looted by Hoodlums

Lagos State has announced plans to support businesses looted and vandalised by hoodlums last week.

The Deputy Governor of the stated, Obafemi Hamzat, made this known in a series of tweets put out on Friday.

He directed businesses vandalised in the state to fill a form attached through the link below.

“If you are a Lagos based business and your store got looted/vandalized this week, please fill this form by @LSETF https://t.co/lwPiXvFzTp. Let’s do what we can to support you,” he tweeted.

This was after Governor Babajide Sanwo-Olu said the state had activated the process of healing the destruction and massacre that happened earlier in the week when security operatives in army uniforms opened fire on armless #EndSARS protesters.

Sanwo-Olu said, “My heart bled after I went out today for a first-hand assessment of the destruction of assets of the Government and private properties. The level of destruction observed indicated that the violence was more than just a peaceful protest and agitations for police reforms. The proportion of devastation is a lot. This is not the Lagos that was handed over to me on May 29, 2019.

“Moving forward from the destruction, we have to continue the process of healing ourselves. We need to stop some of our citizens still using social media to instigate or incite the people. It will not be under my watch that we will lose the city that has the largest economy in the entire black nation. Enough is enough. I have moved around and I saw that our people want peace. On this, we are committed to bringing lasting peace back to the State.

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TVC Resumes Operations in Lagos Office Following Hoodlums Attack

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Telecommunications

TVC Commences Operations Less Than 72 Hours After Hoodlums Attacked and Destroyed the Company’s Lagos Office

Television Continental (TVC) station has resumed operations less than 72 hours after its Lagos office was attacked by hoodlums that hijacked the #EndSARS protest.

The television station was attacked on Wednesday by criminals would believe that the media platform was owned by one of the top Buhari supporters, Mr. Bola Ahmed Tinubu.

The attack followed the shooting of unarmed #EndSARS protesters, who had gathered to protest against the activities of the Special Anti-Robbery Squad (SARS) unit of the Nigerian Police Force (NPF) at the Lekki Toll Gate on Tuesday.

The peaceful protesters were shot by security operatives in Nigerian Army uniform before the commencement of curfew imposed by Governor Babajide Sanwo-Olu of Lagos State.

The killings now tagged Lekki Massacre attracted global attention as global leaders condemned the Federal Government or whoever ordered the shooting and called for an immediate investigation into the matter.

On Wednesday, criminals allegedly sponsored by interested parties to dislodge peaceful protesters took advantage of the situation to wreak havoc across Nigeria’s commercial hub, Lagos State, as several private establishments businesses were attacked and looted by these unscrupulous characters.

One of the establishments attacked was the National Newspaper also linked to Mr. Tinubu.

The hoodlums stormed TVC on Wednesday morning during a popular morning show, Your View, anchored by Mrs Morayo Afolabi-Brown, the programme did not end before the television station went off air as it was immediately set on fire.

However, Investors King gathered that TVC resumed operations on Saturday morning, although regular programs were yet to resume fully.

As at the time of writing, the station was airing promos of various programmes and from what we gathered, regular programming will return very soon especially from its Abuja office.

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