Finance
Nigeria Records Increase in 2018 Crude Oil Production
A Massive 9% Crude Oil Production Increment, Compared to 2017 – By NNPC Director
On Crude Oil Production Increment – Nigeria’s crude oil daily production recorded an upward swing of about 2.09 million bbls in outgone 2018, translating to a 9% increment, compared with the 2017 average daily production of 1.86 million bbls.
BREAKING NEWS
Dr. Maikanti Baru – NNPC Group
Pitched against the low-level daily crude oil production in 2016 and what obtains now, Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Dr. Maikanti Baru, said the nation had maintained a line of consistent year-on-year improvement.
For the crude oil increment and other milestones recorded by NNPC in the outgone 2018, Dr. Baru, who made the submission in a comprehensive end of year message to staff of the corporation, touted the new business models his team has emplaced in the national oil company’s old and new business entitles as raison d’être for the giant strides.
A release in Abuja by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said the Nigerian Petroleum Development Company (NPDC), Nigerian Gas Company (NGC), Petroleum Products Marketing Company (PPMC), Duke Oil, NIDAS and Integrated Data Services Limited (IDSL), were among the re-engineered companies listed by the NNPC GMD in his statement.
READ ON CRUDE OIL PRODUCTION INCREMENT BY 9%
Ughamadu said Dr. Baru singled out NPDC, the corporation’s upstream flagship company, as the major contributor to the industry’s success story in 2018, expressing enthusiasm on the 52% daily crude oil production growth by the company vis-à-vis its 2017 performance.
Dr. Baru in the end-of-year statement explained that the average production from NPDC’s operated assets alone grew from an average of 108 000 bpd of oil in 2017 to 165 000 bpd in 2018, describing the feat as the strongest production growth within the oil industry in recent times.
The GMD said NPDC’s equity production share which stands at 172 000 bpd, representing about 8% of national daily production, was no less impressive, saying the desired results are outcomes of initiatives his Management team emplaced, among which, he noted, are the asset management tea (AMT) structure, strategic financing, units autonomy and security architecture framework.
Of the industry milestones in 2018, Dr. Baru described the 200 000 bpd addition which the Egina Floating Production Storage and Offloading (FPSO) – completed and sailed away to location in August last year – added to nation’s daily production, even as he disclosed that the project achieved first oil on 29 December 2018.
In the midstream, the NNPC GMD stated that in 2018, Nigeria achieved an average national daily gas production of 7.90 billion ft3, equating to 3% above the 2017 average daily gas production of 7.67 billion ft3.
He said out of the 7.90 billion ft3 produced in 2018, an average of 3.32 billion ft3/d (42%) was supplied to the export market, 2.5 billion ft3/d (32%) for reinjection/fuel gas, 1.3 billion ft3/d (16%) was supplied to the domestic market and about 783 million ft3/d (10%) was flared.
The GMD stated that out of the 1.3 billion ft3/d supplied to the domestic market, an average of 71 million ft3/d went to the power sector, while 470 million ft3/d was supplied to the industries and the balance of 69 million ft3 delivered to the West African market through the West African Gas Pipeline (WAGP).
Dr. Baru said all existing power plants in the country now had a permanent gas supply pipeline infrastructure, even as he stressed that the corporation would continue to expand and integrate its gas pipeline network system to meet increasing domestic gas demand.
He listed key gas pipeline infrastructure projects on which, he noted, significant progress had been made in their execution to include: Escravos-Lagos Pipeline System (ELPS II), Obiafu/Obrikom-Oben (OB3), Odidi-Warri Expansion Pipeline (OWEP), Trans Nigeria Pipeline Project (TNGP) – Ajaokuta-Kaduan-Kano (AKK) Pipeline, Trans Nigeria Pipeline Project (TNGP) and Nigeria-Morocco Gas Pipeline (NGMP) Project.
In the midstream refinery sub-sector, Dr. Baru regretted that the nation’s three refineries had not undergone turn around maintenance (TAM) for an aggregate of 42 years combined. Despite the challenge, he explained that major rehabilitation works were carried out in all the three refineries.
He noted that efforts were afoot to get the original builders of the refineries to carry out TAM on them after securing favourable private funding for the exercise.
“We are currently planning for a better performance and achievement in 2019 especially with the continuous innovations and creativity in the downstream sector and the performance bond signed by all the relevant heads of our operating units. Continuous improvement as one of the principles of world class organisations is going to remain our key word in 2019. 2018 was empirically better than 2017, we believe, plan and strive to achieve a better performance come 2019″, Dr. Baru concluded in his end-of-year statement.
Author: Titus Omajali
The Nigeria Customs Service (NCS) announced on Thursday, 12 September 2024, that it will partner with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to boost trade, encourage local production and ease Cross-border trade.
The Comptroller-General of Customs (CGC), Adewale Adeniyi, made this known when he received the Director-General (DG) and Chief Executive Officer (CEO) of SMEDAN, Charles Oidi, and his team at the NCS Headquarters in Abuja.
The CGC stated that a dedicated SMEDAN team will be established at the NCS office to provide specialized assistance and facilitate seamless processes for small and medium-sized businesses engaged in cross-border trade. “The population of SMEs cannot be ignored. Whatever you do with them, you do it to strengthen the economy of the nation,” he said
Responding, the DG/CEO of SMEDAN, Charles Oidi, commended the CGC for his commitment to SME development and pledged to continue facilitating productive interactions between government agencies and the SME ecosystem. “SMEDAN remains dedicated to identifying bottlenecks, designing inclusive solutions, and implementing effective strategies to support the growth of SMEs in Nigeria,” he stated.
…As Comptroller Awe Reaffirms CGC’s Dedication to Recognition
Author: Abass Quadri
Comptroller Michael Awe, in charge of the Murtala Muhammed International Airport Cargo (MMIAC) Command, has recognised four officers for their excellent performance in executing their duties.
The officers were honoured during a parade at the Command on Wednesday, 11 September 2024.
Addressing the Officers and men of the Command, the CAC stated that the recognition, which will be done monthly or quarterly, is part of the CGC’s commitment to rewarding hardworking officers.
“There are four officers here, each representing one month from May to August 2024, who will be given letters of recognition today. The letters have reached the Office of the Zonal Coordinator, and he will send them to headquarters,” the CAC said.
Regarding the Command’s revenue generation efforts, Comptroller Awe noted that more than N16 billion has been collected so far. He appreciated the senior officers for their support, acknowledging that this success could not have been achieved alone.
The recognised officers include CSC Itinu Jimoh, CSC Moses Aboki, SC Jidda Aliyu, and IC Sanni Mohammed.
The officers expressed their excitement and gratitude to the CAC for recognising their efforts.
According to CSC Aboki, “The CAC has assured us that we do not need to harbour any fears. Henceforth, we will conduct more thorough examinations, as it is through this that we can detect illicit or underpaid items.”
The parade concluded with a free eye test provided by Poise Eye Care Limited.
…Highlights Government Efforts to Ease Nigeria’s Cost of Living
Author: uhammad Bashir.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Tuesday, 10 September 2024, presided over the 60th regular board meeting of the Nigeria Customs Service.
The meeting, which he held at the newly built NCS headquarters in Maitama, Abuja, was said to be the first of its kind since the commissioning of the edifice by former President Muhammadu Buhari in 2023.
The Minister expressed his satisfaction with the board’s adherence to the decision to meet quarterly, describing it as an essential aspect of corporate governance.
He stressed that regular meetings and updates on financial performance were crucial for any government agency seeking to meet its objectives that impact positively on the citizens.
He highlighted further, “I think that board meetings serve as an important part of corporate governance and corporate governance is key to running an organisation efficiently as well as provide the necessary direction and management to keep government policies on track.”
The Minister also applauded the integrity and transparency of CGC Adeniyi, noting that the principles guiding the board’s operations were exemplary with a commitment to achieve laudable objectives and tenets to run an organisation like the NCS.
The Minister, who stressed the importance of collaboration between various ministries and the private sector, said the Nigeria Customs Service Board includes representatives from the ministries of Trade and Investment, Foreign Affairs, and Finance, as well as members of the organised private sector.
This congregation, according to Edun, “Ensures that critical national issues are thoroughly discussed and implemented in a timely manner”.
While filing questions about his feelings, he was the first Minister and NCSB Chairman to have chaired a meeting at the newly built NCS Corporate Headquarters, the Hon. Minister took the opportunity to commend the Customs Service on the achievement.
He said, “I congratulate the Nigeria Customs Service on this achievement of not just building a new edifice, but actually moving into it, making use of it, and keeping it very neat and tidy, and I pray for the success of all those who work at the new facility.
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