September 19, 2022                                                       
 ISSUE 240


New Deepwater Projects to buoy Nigeria’s crude capacity By 2.3b Barrels
By: Guardian Newspaper

New deepwater projects, which are expected to come on stream between 2025 and 2030, will have the capacity to add at least 2.3 billion barrels of crude oil to Nigeria’s existing reserves.

A number of oil companies have recently begun to exit Nigeria’s shallow waters as well as divesting their onshore assets for the deep waters as a result of frequent attacks on their facilities in the Niger Delta.

According to the report, some of the deepwater projects on legacy terms upon conversion will see their combined Net Present Value (NPV) increase by as much as 89 per cent.

The firm said this is positive news for the projects and their operators, as it has spurred some of them and other joint venture (JV) partners to release news that the changes in the fiscals have stimulated progression towards a possible Final Investment Decision (FID).



Odu’a to produce first oil Jan 2023
By: Sun Newspaper

Nigeria’s oil production figure now on a downward trend over the past few months may witness a spike as Odu’a Investment Company Limited (OICL) hinted it would produce its first oil in January 2023.

Group Managing Director (GMD) of OICL, Mr. Adewale Raji, disclosed this when he featured as a special guest on Splash FM, Radio Show, Parrot Xtra/Ayekooto at the weekend.

In 2020, OICL floated an oil and gas exploration with a production subsidiary, BITA Exploration and Production Limited.

The new firm emerged successful at the 2020 marginal field bid round where it was awarded a 40-million-barrel marginal field located in Ondo State alongside an operating partner.



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Shell plans turnaround maintenance for Bonga
By: Sun Newspaper

Shell Nigeria Exploration and production Company Limited (SNEPCo), says a scheduled turnaround maintenance of its offshore Bonga asset would be defined by safety as top priority.

SNEPCo’s Managing Director, Elohor Aiboni, gave this charge recently at a session with the chief executive officers of contractor companies participating in the Bonga TAM scheduled for October.

“The Bonga TAM is important to revitalise this important critical national asset. But more important is carrying out the turnaround safely. That is what keeps me awake at night. It is our top priority as a company and we promote this by encouraging our staff and contractors to speak up and work only if it is safe,” Aiboni said. She challenged the CEOs to embrace the culture of encouraging their staff to speak up and stop work if safety is being compromised. “It is the only way your organisations can thrive as they work to ensure the safe delivery of services for Bonga’s rebirth.”


Nigeria-Morocco pipeline approaches ability to provide gas to Europe
By: World Oil

Nigeria and Morocco signed an agreement that inches a long-standing proposal for a gas pipeline between the two countries closer to reality, raising the possibility of a new energy-supply route for West Africa and Europe.

The Nigerian National Petroleum Co. and Morocco’s National Office of Hydrocarbons and Mines signed a memorandum of understanding in Rabat on Thursday, Nigeria’s state oil company said in a statement. While the project could take decades to complete and cost billions of dollars if it goes ahead, the ceremony comes with European nations increasingly hungry for new sources of gas following Russia’s invasion of Ukraine.

The 5,600-kilometer (3,840-mile) conduit along West Africa’s coast would provide gas to the 15-country Economic Community of the West African States, which also signed the agreement, and permit fuel to be shipped to Spain and the rest of Europe.



Fears Of Economic Slowdown Cap Crude Prices
By: Tsvetana Paraskova 

  • The oil market is currently very much focused on the bearish signals, with prices reflecting fears of slowdown in China, a slowdown or recession in the U.S., and a recession in Europe
  • Global maritime trade is slowing down and freight rates are returning to more normal levels. 
  • Fitch: The Eurozone and UK are now expected to enter recession later this year, while the U.S. will suffer a mild recession in mid-2023.
Oil prices have declined by around $30 a barrel since the recent peak in early June before the Fed and other central banks started aggressive interest rate hikes to fight runaway inflation.   The tightening monetary policy is expected to slow economic growth, while several financial market indicators suggest that the markets expect recessions, which could slow global oil demand growth. 

The most closely watched major forecasters – OPEC, EIA, and the International Energy Agency (IEA) – continue to expect growth in global oil demand both this year and next, with demand outpacing pre-COVID levels in 2023.



Crew of Chinese cargo ship kill two Nigerian stowaways, throw 12 others overboard off Liberia
By: Ships & Ports

Two Nigerian stowaways have drowned while 12 others have been rescued by fishermen after they were dumped at sea off the coast of Liberia by a Chinese cargo ship named OPHELIA PANAMA. Following their rescue by the Liberian fishermen in the waters of Grandcess, Grand Kru county, the 12 Nigerians admitted to being stowaways who illegally boarded the Chinese vessel in an attempt to seek greener pastures in Japan.

According to them, they illegally boarded the vessel at Delta Port, Warri on September 7, 2022 with the aim of escaping to Japan in search of greener pastures. The 12 Nigerians attributed their grim voyage to harsh economic situation they faced in their country. Among those rescued were Emmanuel Beal, Mike Wilson, Precious Uwalogho, Igiebo Stephen, Soumo Yoel, and Temeta Adebiyi Adewale among others.

The group spokesperson Emmanuel Beal, said they were 14 in number that embarked on the vessel from Nigeria to Japan, but due to maltreatment by the crew onboard, two of their colleagues drowned while attempting to escape.


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