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Nigeria’s Crude Oil Production Can Hit 1.5m BPD In 2024 — OPEC

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The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria can achieve an oil production quota of 1.5 million barrels of crude oil per day (bpd) in 2024

OPEC made this known at the 36th OPEC and non-OPEC ministerial meeting, held on Thursday.

As part of the resolutions at its last meeting, Nigeria’s production level was reduced to 1.38 million bpd, from the current 1.74 million bpd, effective from January 2024.

“The required production level for Congo and Nigeria may be updated to equal the average production that can be achieved in 2024, as assessed by the three independent sources (IHS, Wood Mackenzie, and Rystad Energy) specialised in oil upstream by the next ONOMM to be held by the end of 2023,” OPEC had said in June.

Reiterating its position at the meeting held on Thursday, OPEC said Nigeria can reach a production level of 1.5 million bpd by 2024.

“Noted that, by the decision of the 35th OPEC and non-OPEC ministerial meeting, the completion of the assessment by the three independent sources (IHS, Wood Mackenzie and Rystad Energy) for production level that can be achieved in 2024 by Angola, Congo and Nigeria as follows: Angola at 1,110 t/bd, Congo at 277 t/bd and Nigeria at 1,500 t/bd,” the oil cartel said.

  • OPEC+ Members Agree To Additional Cuts Of Over 2.2M BPD

At its last meeting in June, OPEC+ decided to extend its voluntary cuts until the end of 2024.

On Wednesday, OPEC+ countries also announced additional voluntary cuts of 2.2 million bpd, aimed at supporting the stability and balance of oil markets.

The voluntary cuts are calculated from the 2024 required production level as per its previous meeting held on June 4, 2023, and are in addition to the voluntary cuts previously announced in April 2023 extended until the end of 2024.

Representing the largest cut, Saudi Arabia said it will extend its voluntary cut for the first quarter of 2024.

“These additional voluntary cuts are announced by the following OPEC+ countries: Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates 1(163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024. Afterwards, itosupport market stability, these voluntary cuts will be returned gradually subject to market conditions,” OPEC said.

The oil cartel said the cuts will be in addition to the announced 500,000 bpd voluntary cut by Russia for the same period, starting January 1 2023, until the end of March 2024,

OPEC said it will be “made from the average export levels of the months of May and June of 2023 and will consist of 300 thousand barrels a day of crude oil and 200 thousand barrels per day of refined products”.

The global oil charter scheduled its next meeting, to be held in Vienna, to June 1, 2024.

Also, at the meeting, the oil alliance agreed to admit Brazil into the charter.

The meeting welcomed Alexandre Silveira de Oliveira, minister of mines and energy of Brazil, who will join the OPEC+ charter of cooperation in January 2024.

BIG STORY

JUST IN: Explosion Rocks Rivers APC Secretariat As Local Government Poll Holds

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An explosion occurred at the Tony Okocha-led secretariat of the All Progressives Congress (APC) in Rivers State, located along Aba Road, Port Harcourt, on Saturday, October 5, 2024, during the local government election.

The explosion damaged the gate and doors of the secretariat, along with other property. According to Tony Okocha, Chairman of the APC faction in Rivers State, “About 3:20am some gun-trotting young men with their explosives and all that, came here and dropped the first explosive,” but when it did not detonate, “they came back the second time to burn the structure – look at the security house is gone.”

Okocha alleged that the attack was politically motivated, accusing Governor Siminalayi Fubara of responsibility. He stated, “It was deliberate to see how they can annihilate us, it is deliberate to see how they can embarrass us, it is deliberate to see how they can decimate us.”

Despite the incident, accreditation and voting have commenced in several polling centres around Port Harcourt City.

More to come…

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BIG STORY

Osun State Vs Segilola: Ministry Of Solid Minerals Development Probe Claims, Cautions Against Divestment

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The Ministry of Solid Minerals Development is probing the claims and counter-claims of Osun State Government and Thor Explorations Limited, owners of the Segilola Resources Operating Limited over taxation and operational matters.

The Minister of Solid Minerals Development, Dr. Dele Alake announced today that a fact-finding team has been set up to engage both parties towards resolving the dispute and restoring industrial harmony.

Led by Dr. Mary Ogbe, the Permanent Secretary, Ministry of Solid Minerals Development (MSMD), the committee will include representatives of the Federal Inland Revenue Service (FIRS), Ministry of Labour and Employment and the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

The Minister observed that the Federal Government has been marketing opportunities for investments in the solid minerals sector across the world and cautioned that closure of mining operations by subnationals could abort efforts to attract Foreign Direct Investments (FDI) and provoke divestment.

“ Indiscriminate closures of mining operations by subnationals raises the risk of discouraging foreign direct investments and even worse, possible divestment by existing companies. Mining is on the exclusive legislative list. The Ministry of Solid Minerals should be consulted before such disruptive actions are taken.” Dr. Alake asserted.

The Minister reiterated the Federal Government’s interest in raising the tempo of productive activities nationwide to boost economic growth, increase employment and community development.

Dr. Alake stressed that any cessation of industrial production will undermine the goals of economic prosperity, deny workers the opportunity to earn income, and further contribute to adversity.

Alake called on both parties to co-operate with the fact-finding team and allow production to continue while the issues are resolved.

“ I hereby call on His Excellency, the Governor of Osun State, Sen. Ademola Adeleke and the management of Thor Exploration Limited to sue for peace and industrial harmony in the interest of the workers and their dependents who may be adversely affected by closure of operations at the factory.” he added.

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BIG STORY

Lagos To Ban Single-Use Plastics, Sachet Water From January 2025

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The Lagos State Government has announced plans to ban the use of single-use plastics and sachet water starting from January 2025.

Confirming the ban during a stakeholders’ workshop on the implementation of the ban on Styrofoam and SUPs for packaging in Lagos, the Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that the ban, set to begin in January 2025, is part of the government’s efforts to establish policy guidelines for plastic use, ensuring “sustainable management of plastic waste” and promoting a healthy and safe environment.

It was reported that in January 2024, the state government banned the use of Styrofoam in all government establishments and across Lagos due to the increasing levels of plastic waste and its adverse environmental effects.

However, industry stakeholders have urged the government to implement the ban in phases rather than enforcing it outright to ensure effective compliance and consider the current economic challenges.

Speaking on behalf of the industry, the Lagos chairperson of the Association for Table Water Producers of Nigeria (ATWAP), Mosaku Ololade, said, “We have been engaging Lagos State Government on the way forward and we have been sensitising our members on the planned ban.

“We want the government to continue to engage us. We are a responsible association. We are ready to work with the government.

“We have over 2,000 members in Lagos alone with over 10,000 workers. We hereby implore the government to implement the ban in phases to allow our members ample opportunity for compliance.

“There are a lot of things to be put in place before coming up with total enforcement,” Ololade said.

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