Connect with us

News

Oil Production: We Can Reach 3m Barrels Per Day – NNPCL’s Bold Claim

Published

on

 
 
By Gloria Ikibah 
 
 
The Nigerian National Petroleum Company Limited (NNPCL) has said that Nigeria could potentially raise its daily crude oil production from the current 1.7 million barrels to 3 million barrels. 
 
 
The Chief Corporate Communications Officer (CCCO) of NNPCL, Olufemi Soneye, disclosed this at a Stakeholders Engagement Session with journalists covering the National Assembly in Abuja on Saturday.
 
 
According to Soneye, with the right cooperation from all involved parties, the goal of producing 3 million barrels daily is achievable. 
 
 
“This includes collaboration between security agencies, both government and private, oil companies, and host communities,” he emphasized.
 
 
Soneye noted that there is already political support to meet this target, citing President Bola Tinubu’s clear instructions to security agencies to tackle oil theft and pipeline vandalism, issues that have plagued the industry, and with these efforts, production has increased from 1.4 million barrels to 1.7 million barrels per day.
 
 
He stressed the importance of security in achieving this ambitious goal, highlighting that oil theft and pipeline vandalism have long hampered Nigeria’s oil production capacity. 
 
 
“With expected synergy from all the relevant stakeholders on the war against oil theft and pipeline vandalism, an enabling environment would be created to reach optimal production levels of 2.5 to 3 million barrels per day,” Soneye added.
 
 
The CCCO reflected on a past period when oil production dropped to as low as 900,000 barrels per day due to widespread oil theft and vandalism, a situation he described as “troubling.” However, improved security measures, including the involvement of private security firms and increased military efforts, have helped address these issues. “The intensity of the war against oil theft has eased our fears,” Soneye said.
 
 
But despite this progress, oil theft remains a significant problem as the Deputy Manager of NNPC’s Command and Control Centre, Murtala Muhammad, presented data showing that in the last six months, over 8,000 illegal refineries and 5,800 illegal pipeline connections have been detected and destroyed. These illegal activities have drained Nigeria’s economy of essential revenue.
 
 
Muhammad identified Bayelsa, Rivers, Imo, and Abia as states where oil theft is most rampant, he explained that criminal groups have taken advantage of Nigeria’s oil infrastructure, but efforts to dismantle illegal refineries and stop pipeline vandalism are ongoing.
 
 
The session also included a presentation by Professor Taiye Obateru, who urged journalists to balance reporting with nation-building. 
 
 
In his paper, titled “Balancing Reporting and Nation Building: The Role of National Assembly Press Corps,” he stressed the need for fairness and a focus on national interests when reporting on sensitive issues like oil production and security.
 
 
The forum’s speakers agreed that while achieving the 3 million barrels per day target is challenging, it is possible. With strong political backing, stakeholder cooperation, and ongoing efforts to combat oil theft, Nigeria can significantly boost its oil production. The recent rise in daily output from 1.4 million to 1.7 million barrels shows progress, but more work is needed.
 
 
As Soneye and others noted, the fight against oil theft remains a top priority, while the destruction of illegal refineries and pipelines is a step forward, constant vigilance is essential to prevent future losses. 
 
 
With the right security measures and commitment from all involved, Nigeria’s oil industry has the potential to thrive and bring significant economic benefits to the country and its citizens.
 
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Brotherhood crisis turns violent as worshippers reject Olumba’s successor

Published

on

The prolonged succession crisis in a Nigerian Christian religious sect, the Brotherhood of the Cross and Star, has festered on since its founder, Olumba Obu, passed away.

The crisis turned violent recently as angry worshippers in a particular branch in Uyo, Akwa Ibom State, became riotous, destroying the portrait of Olumba’s first son, Rowland, who leads a faction of the sect.

Olumba’s daughter, Ibum, leads another faction.

A video, which is being circulated on WhatsApp groups and Facebook, captured a man in a white cassock yanking off Rowland’s portrait from the wall and smashing it on the floor amid cheers from worshippers.

Advertisement

Rowland’s portrait was hung near Olumba’s, but the angry worshippers did not attack the latter.

“Bring it down!” a woman’s voice could be heard shouting in the background of the video as the man in a white cassock smashed the glass frame on the ground.

“This is who we are worshipping,” a man’s voice could be heard shouting repeatedly as the camera panned and then focused on Olumba’s portrait on the wall.

It is not clear when the incident happened.

Advertisement

Amah Williams, the sect’s spokesperson, said the incident happened in Uyo at the sect’s Nsikak Edouk Avenue branch.

Rowland and Ibum, with hundreds of their followers, are claiming the leadership of the 68-year-old sect after their father’s passing, causing a disastrous split in a once united and strong organisation headquartered in the Biakpan community in Cross River State, Nigeria’s South-south.

‘They are rebels’

Mr Williams, the sect’s spokesperson, told reporters on Saturday in Uyo that those responsible for the incident belong to a breakaway faction called Brotherhood of the Cross and Star New Kingdom Ministry.

Advertisement

He described them as rebels who do not want to accept Rowland’s leadership – he did not call Rowland by name as Olumba’s successor is revered among worshippers as “King of Kings and Lord of Lords, His Holiness Olumba Olumba Obu”.

“They are rebels. They rebelled; they rejected the rulership of the Kingdom of Christ,” Mr Williams told reporters.

“The holy image of our father is what we hold sacred,” he said, apparently referring to the destruction of Rowland’s portrait.

A reporter asked the spokesperson what place Jesus Christ occupies in the Brother of the Cross and Star.

Advertisement

“That same (Jesus) Christ is the one that came with the new name Olumba Olumba Obu,” responded.

“If Olumba were to be a white man, black men would have gone to worship on his feet.”

The over 1 million global members of the Brotherhood of the Cross and Star do not see themselves as a church but as the new Kingdom of God on Earth. They have also refused to admit that their founder had passed away as the sect has yet to announce his passing or publicly conduct his burial.

Advertisement
Continue Reading

News

Tinubu’s reforms struggling to deliver meaningful results – IMF

Published

on

Eighteen months after the implementation of Nigeria’s ongoing economic reforms, the International Monetary Fund (IMF) has observed that the fiscal policies introduced by the President Bola Tinubu administration are struggling to deliver meaningful results.

Catherine Patillo, IMF Deputy Director, while presenting a report at the Lagos Business School (LBS) on Friday, reported a mixed performance of economic reforms across Sub-Saharan Africa, with notable successes in countries such as Côte d’Ivoire, Ghana and Zambia.

Nigeria was conspicuously absent from the list of success stories in the region.

The report stated that sub-Saharan Africa’s average economic growth rate is projected to remain at 3.6 per cent for 2024. It noted that Nigeria’s growth rate, pegged at 3.19 per cent, falls below this average.

Advertisement

Patillo said that while macroeconomic imbalances have reduced in several countries, Nigeria has yet to show such progress.

She stated that more than two-thirds of countries have undertaken fiscal consolidation, stressing that while the median primary balance is expected to narrow by 0.7 percentage points alone in 2024, there are notable improvements in Cote d’Ivoire, Ghana, and Zambia, among others.

The report stated, “In contrast, Nigeria’s inflation rate, which slowed briefly in July and August, resumed its upward trend in September, rising further in October.

“At 33.8 per cent, it significantly exceeds the 21 per cent target set for 2024, with analysts predicting further increases in November and December.”

Advertisement

The report also observed Nigeria’s struggles with exchange rate stability, highlighting it as one of the worst-performing nations in that regard.

According to the report, other countries in the region are experiencing reduced foreign exchange pressures but Nigeria’s local currency depreciation and instability remain a concern.

On debt servicing, the report said Nigeria ranked among countries suffering the heaviest fiscal burden.

The IMF noted that rising debt service obligations are consuming substantial portions of revenue, limiting resources available for development.

Advertisement

It stated that in Angola, Ghana, Nigeria, and Zambia, the increase in interest payments alone absorbed a massive 15 per cent of total revenue.

The IMF grouped Nigeria among resource-intensive countries struggling with social and political challenges that hinder reform implementation.

Political unrest, public dissatisfaction, and tight financing conditions were identified as major impediments.

The report noted that resource-intensive countries continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most and further noted that adjustment fatigue, public resistance, and weak communication strategies are undermining the impact of reforms in Nigeria.

Advertisement

The IMF recommended rethinking reform strategies, urging countries like Nigeria to adopt measures that mobilise public support for deep structural changes.

It pointed out the need for greater attention to communication and engagement strategies, reform design, compensatory measures, and rebuilding trust in public institutions.

Continue Reading

News

NMDPRA seals oil, gas retail outlets in Delta over sharp practices

Published

on

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has sealed petroleum retail outlets and gas plants over sharp practices in Delta.

Their offenses bordered on under-dispensing, operating without valid licenses and other illegalities within the filling stations.

They were sealed by the surveillance team of the regulatory authority at Asaba and Ibusa in the state.

The Delta State Coordinator of NMDPRA, Engr. Victor Ohwodiasa, revealed over the weekend that the authority would not tolerate a situation where people would be shortchanged as a result of under-dispensing and other illegalities.

Advertisement

Ohwodiasa called on petroleum marketers to ensure that their metres are well-calibrated and sell accurately.

According to him, the awkward dealings included but not limited to under-dispensing, product quality, suspected diversion, illegal bunkering activities, illegal discharge of unauthorised petroleum products in unauthorised locations.

“In line with our mandates, we constantly visit petroleum retail outlets to ensure they sell one litre for one litre.

“Agreeably, there are bound to be variations due to mechanical error in their machines but these are subject to limits, when it exceeds, we shutdown the facilities,” he said

Advertisement

“Based on what we have been doing to ensure the consumers are not shortchanged. We have been visiting retail outlets across the local government areas in the state to ensure sanity is brought and maintained within the retail outlets.

“This week, we have sealed four stations within the Asaba and Ibusa axis over offences bordering on under-dispensing, operating without valid licenses and illegal activities within the filling stations.

“We will continue to sustain the tempo in this ember months and beyond to ensure products are made available to consumers and sold at the right prices and quantity,” he said.

Ohwodiasa urged the public to always notify the regulatory authority whenever they notice any awkward transactions in their dealing with the petroleum marketers for immediate actions.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News