October 10, 2022                                                       
 ISSUE 243


FG shortlists 11 banks to disburse $350m Cabotage vessel fund
By: Ships & Ports

The Federal Government has shortlisted 11 banks to disburse $350million Cabotage Vessel Financing Fund (CVFF).

The Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Bashir Jamoh, who disclosed this during a press briefing at the Presidential Villa, Abuja, on Thursday, said a committee would be inaugurated by the Minister of Transportation, Mu’azu Sambo next week for the purpose of disbursing the fund.

He said the CVFF was derived from the two per cent contribution by indigenous ship owners from every contract executed in the nation’s waters.

The NIMASA DG explained that the disbursement of the CVFF is backed by the provisions of Section 42(1)-(2) of the Cabotage Act 2003, enacted to promote the development of indigenous ship acquisition capacity by providing financial assistance to Nigerian operators in domestic coastal shipping.



NMDPRA Resumes Consultations on PIA Regulations, Proposes $2m Penalty for Tampering with Oil Meters
By: This Day

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday continued its stakeholders’ consultations on various regulations in its areas of operation in the oil and gas sector.

At a three-day event that kicked off in Abuja, the Authority stated that it was in continuation of efforts to streamline its regulations which came as a fallout of the new Petroleum Industry Act (PIA).

According to the NMDPRA, the latest set of regulations would deal with health and safety in the sector as well as the accuracy of measurement devices to ensure that no party is cheated.

It came about two months after the agency concluded the new rules on gas pricing domestic demand and delivery regulation as well as the petroleum transportation and shipment regulation.



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Hope Rises for Oil Production as NNPC Winds Up Repair of 180,000 bpd TNP Line in N’Delta
By: ThisDay

The Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Mr. Bala Wunti, at the weekend announced that the Nigerian National Petroleum Company Limited (NNPC) had concluded the clamping of the damaged Trans Niger Pipeline (TNP) in the Niger Delta.

It is believed that with the fixing of the pipeline which hitherto had up to 90 percent of crude oil pumped into it stolen or spilt, Nigeria’s production will be substantially ramped up.

Recently, while leading a nationwide protest over the magnitude of vandalism and oil theft in the country, President of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, lamented that just between 5–10 percent of crude oil metered from the operators gets to the terminal.


Poser for Nigerian Navy, as NNPC uncovers 4km pipeline used to steal crude for 9yrs
By: Ripples Nigeria

The Nigerian National Petroleum Company (NNPC) Limited has uncovered an illegal four-kilometer pipeline from Forcados in Delta State to the sea and a loading port that was part of an elaborate crude oil theft operation for the last nine years.

Mele Kyari, group chief executive officer, NNPC made this known on Wednesday when he appeared before a joint Senate committee on Upstream, Downstream and Gas, lamenting that though oil theft in Nigeria has been on for over 22 years, the rate it has assumed in recent time is unprecedented.

In addition, Kyari revealed that three operational facilities of Forcados, Bonny and Brass oil terminals have all been shut down as a result of the high rate of crude oil theft, leading to the loss of about 600,000 barrels per day (bpd).


UNCTAD Headquarters

Maritime trade facing historic moment, UNCTAD alerts
By: Adaku Onyenucheya

The United Nations Conference on Trade and Development (UNCTAD) has alerted that maritime trade is facing a ‘historic moment of crisis due to Ukraine versus Russia war, which has disrupted major shipping routes.

The Secretary-General, UNCTAD, Ms. Rebeca Grynspan, who disclosed this at the Global Maritime Forum’s yearly summit in New York, said the world needs the shipping industry to brave the rough seas of crises.

She said the war in Ukraine has not only disrupted major shipping routes and supply chains but has also triggered global food, energy and finance crises that have sparked record prices and could push tens of millions more people across the world into hunger and poverty this year.

Grynspan said maritime transport has a key role to play in cushioning the blow, since ships carry over 80 per cent of the goods the world trades, including most of the food, energy and fertilizers people desperately need right now.



Libya agreed to transport Nigeria gas to Europe
By: Middle East Monitor
The Libyan Government of National Unity has agreed to transport Nigerian gas to Europe through its territory.
According to Libyan Oil and Gas Minister Mohammed Aoun explained that the distance between Nigeria’s gas wells and European markets is at least 1,000 kilometres shorter than the two gas pipeline projects passing through Algeria and Morocco, thus reducing the cost of transport and therefore the gas prices.
However, Libya faces many challenges to achieve this project; security, financial, technological and market aspects. It is also working against the clock as Europe aims for carbon neutrality by 2050.


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