While stakeholders in Nigeria’s oil industry have openly supported the total deregulation of the downstream sector, citing the move as a catalyst for growth and optimization of the entire downstream value chain, some of their counterparts, especially owners of petroleum storage facilities and depots do not share similar enthusiasm about the unfolding changes.
The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Dakuku Peterside has listed what he termed game changers that will make ports on the African Continent to be globally competitive.
They include investment in world class infrastructure, strengthen Regulatory Frameworks:, Enhance Institutional Cooperation, implementation of one-stop portals like the National Single Window and adequate investment in human capital.
A new vista has been added to the on-going search for commercial hydrocarbon in the inland sedimentary basins by the Research and Development Division of the Nigerian National Petroleum Corporation (NNPC), following on-going collaboration with the US based Halliburton Corporation to achieve the exact location of viable crude oil deposits.
As over 30 African Countries converge on Abuja for the third Association of African Maritime Administrations (AAMA) annual conference hosted by the Nigerian Maritime Administration and Safety Agency (NIMASA), one thing on the minds of the participants is how African governments and littoral states can leverage on the potential of the seas and oceans around them to improve the fortunes of their citizens and compete favourably among the comity of maritime nations. Chukwunonso Udeh reports.
Parading four refineries with combined refining capacity of 445, 000 barrels a day, it would be readily inferred that Nigeria should be on a path to self-sufficiency. However, realities reveal that we remains one of, if not the largest importer of refined petroleum products. Chukwunonso Udeh reports.
OPEC has reached an agreement to cut its oil output by almost 1.2 million barrels per day and been rewarded with an increase in nearby futures prices of around $5 per barrel.
Saudi Arabia is likely to provide around half of the real cuts, and its Gulf allies most of the rest, with a high degree of expected non-compliance by other OPEC and non-OPEC countries.
Past experience shows Saudi Arabia and its allies have usually done almost all the real cutting while other OPEC and non-OPEC members have been left to produce as much as they can.
IN the next few days, President Muhammadu Buhari, will commission NNS UNITY, the newly acquired Offshore Patrol Craft, OPV, from China.
This is the second China-built OPV to join its sister OPV, NNS CENTENARY earlier commissioned. Both of them are expected to join the fight against all forms of illegalities in the national offshore oil and gas installations.