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October 24, 2022                                                       
 ISSUE 245

NEWS WITHIN OUR SHORES

Taming oil thieves with App tracker, pipeline surveillance
By: Vanguard Newspaper

If the modest progress recorded in recent weeks against monsters stealing crude oil in the Niger Delta is sustained, Nigeria’s oil production figures and revenue currently less than one million barrels per day may be on its way back to making a rebound.

Observers in the industry who believe oil thieves sabotaging the economic fortunes of the country are human, have consistently canvassed a shift in strategy to address the menace.

To put its action to work, the Nigerian National Petroleum Company Limited (NNPCL) has been engaging stakeholders on the best way possible to halt the national embarrassment.


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We’ve lost our most-valued crude oil customers – FG
By: Punch Newspaper

Nigeria has lost its most valued crude oil customers, while some of its gas buyers now compete with the country in the same market, the Federal Government declared on Thursday.

It also stated that international oil companies were massively shifting focus to alternative fuels, as the threat posed by the push for renewables was seriously gaining momentum.

The government disclosed this through its Nigerian Midstream and Downstream Petroleum Regulatory Authority at the opening ceremony of the Midstream and Downstream Petroleum Industry HSE Managers’ Forum in Abuja.


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OUR VISION

To deliver exemplary transshipment operations, procurement and charter services "on time" and "on budget" according to global safety and quality standards.

Local shipowners lament violation of Cabotage law by foreign shipping firms
By: Sun Newspaper

Indigenous shipowners have called on the Federal Government to clamp down on foreign vessels violating the nation’s Cabotage law by illegally operating in its coastal waters.

The group also warned that  the exclusion of Nigerian shipowners is costing it billions of dollars as Nigerian own vessels are left out to play a role in the lifting of crude, with saying foreign vessels remaining key players in the conveyance of the product. 

Chairman of the Board of Trustees of Nigeria Shipowners Association (NISA), Chief Issac Jolapamo, stated this at the weekend while inaugurating a 6-man Reconciliation Committee, on the crisis rocking the first local Shipowners’ Association in Nigeria.


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Buhari commissions Pinnacle Oil & Gas terminal in Lagos
By: Sun Newspaper

President Muhammadu Buhari yesterday officially opened the Pinnacle Oil and Gas FZE Terminal in Lekki, Lagos, stating that the facility’s activities had lowered costs and improved the distribution of petroleum products to many areas in the country while also easing traffic in the Apapa area of the state.

The president who did the commissioning virtually, in a video message at the inauguration of the facility, congratulated the Chief Executive Officer of Pinnacle Oil and Gas Limited, Peter Mbah, for establishing the massive terminal facility thereby providing hundreds of jobs to Nigerians.

Buhari noted that the investment is proof that his administration’s plan to rebuild the country’s economy is working.

He also said that the government anticipates making numerous further investments of similar areas.


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FOREIGN WATCH

US wields crude stockpile as weapon in global oil price battle
By: Myles McCormic

The US government has signalled a “new era” of activist intervention in international oil markets, experts said, with the White House increasingly willing to use its strategic stockpiles of crude to manage global prices.

President Joe Biden this week authorised the final instalment of a record 180mn barrel drawdown from the US Strategic Petroleum Reserve and told his officials to prepare for further releases as the White House looks to keep a lid on prices ahead of midterm elections next month.

Market participants said further drawdowns were likely this winter to counter a rise in prices driven by a clampdown on Russian exports.


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A sign in Chongoleani warns against trespassing on land set aside for the oil pipeline project

Cop 27: Uganda-Tanzania oil pipeline sparks climate row
By: Dickens Olewe
Uganda and Tanzania are set to begin work on a massive crude oil pipeline a year after the International Energy Agency warned that the world risked not meeting its climate goals if new fossil fuel projects were not stopped. The two East African countries say their priority is economic development.
Juma Hamisi, not his real name, keeps his distance, careful not to trespass, as he points to mounds of rubble spread across an open field. They are signs that a thriving community once lived here in a mix of concrete and grass-thatched mud houses.

At this time of year, the surrounding fertile land would normally be covered with a variety of sprouting crops - enough to feed the village, along with a surplus to sell at local markets. But it too lies bare.

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