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October 31, 2022                                                       
 ISSUE 246

NEWS WITHIN OUR SHORES

More setbacks for Nigeria’s oil production as Addax workers resume strike
By: Guardian Newspaper

Nigeria’s oil production might again suffer further a decline of about 22,000 barrels per day, as workers of Addax Petroleum Development Nigeria have resumed their strike over alleged anti-labour practices.

The 324 Nigerian employees of the oil firm cited the inability of the Federal Government and management of the company to address their grievances and payment of their exit packages, especially as Addax has commenced plans to exit Nigeria, as part of their reasons for resuming the strike.

The striking workers, who are members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), alleged that since the government withdrew the operating licences from Addax in March 2021 due to the company’s refusal to fully develop the oil wells allocated to it, the Nigerian National Petroleum Corporation (NNPC) Limited has taken over the assets and has resumed lifting oil products since June 2022.


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Pipelines vandalism won’t stop in Niger Delta if…, says Preye
By: Vanguard Newspaper

President, Host Communities Network, Barbs Preye Pawuru, yesterday, said, the vandalization of pipelines in the Niger Delta oil rich producing region will not stop unless the federal government address the issue of underdevelopment besetting the areas.

He disclosed this in a one day electoral dialogue on gas flared penalties, LPG utilization, GHG emissions and Nigeria’s nationally determined contributions (NDCs) commitment in Benin, organized by the Environmental Rights Action/Friends of the Earth Nigeria, ERA/FoEN.

Preye who lauded the federal government for assigning Tompolo to help in protecting the pipelines in the region, said much are needed to be done in reducing the high level of underdevelopment in the oil producing states.


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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.

FG Plans to Auction Seven Deep Offshore Oil Blocks in November
By: Guardian Newspaper

The federal government plans to auction deep offshore oil and gas licences for the first time in 15 years, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has said.

This is coming as the Minister of State for Petroleum Resources, Mr. Timipre Sylva, yesterday said the federal government was making concerted efforts aimed at curtailing crude oil theft in the country.

The last time the federal government issued dozens of such permits was between 1993 and 2007, and it was meant to open up the ocean floor to oil and gas production.

According to Komolafe, the blocks available are at depths of between about 1,200 meters (3,936 feet) and 3,100 metres.


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NNPC ltd, DAEWOO Group sign MoU for rehabilitation of Kaduna refinery
By: Marine & Petroleum

President Muhammadu Buhari has expressed delight as he witnessed signing of the Memorandum of Understanding (MoU) between Nigerian National Petroleum Company Ltd and Daewoo Group for the rehabilitation of the Kaduna refinery.

Mr Femi Adesina, the President’s Special Adviser on Media and Publicity, confirmed this development in a statement on Thursday in Abuja.

Adesina said the president was particularly excited as the signing came against the back of ongoing rehabilitation works at Warri refinery by same Daewoo Group of South.

According to the presidential aide, the Warri refinery rehabilitation works, when completed, will at the first instance, deliver fuels production before the first half of 2023.


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FOREIGN WATCH

Sanctions are about to slam Russia’s still-booming oil export trade
By:  Freight Waves by Greg Miller

The Putin regime has been enriching itself through oil exports ever since Russia invaded Ukraine. It still is. Russian oil sales continue to boom as of late October.

Russian seaborne crude exports are averaging 3.4 million barrels a day this month, up 2.5% year on year, according to data from Kpler. In the eight months since the invasion, Russia’s average crude exports jumped 12% compared to the eight months prior to the invasion.

The good news for those seeking to punish Russian President Vladimir Putin is that Russia’s oil gains face a serious threat in the very near future from a lack of available tankers.

The bad news is that time is running out — it may have already run out — for the G7 price cap designed to keep Russia’s export volumes steady while simultaneously squeezing Russia’s profits.


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An aerial view shows tugboats helping a crude oil tanker to berth at an oil terminal, off Waidiao Island in Zhoushan, Zhejiang province, China July 18, 2022. cnsphoto via REUTERS

Oil declines over $1 on China COVID curbs, weak factory activity data
By: Emily Chow
Oil prices fell over $1 on Monday following weaker-than-expected factory activity data out of China and on concerns its widening COVID-19 curbs will curtail demand.
Brent crude futures dropped $1.10, or 1.2%, to $94.67 a barrel by 0710 GMT, after slipping 1.2% on Friday.
U.S. West Texas Intermediate (WTI) crude was at $86.83 a barrel, down $1.07, or 1.2%, after settling down 1.3% on Friday.
Brent and WTI, however, are on track for their first monthly gains since May, up 7.7% and 9.3% respectively, so far.

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