Epunchng - Most read newspaper in Nigeria 12th-Oct-2017 - Page 30

energy 30 THURSDAY, OCTOBER 12, 2017 OPEC: Nigeria fails to provide oil output figure Stories: ’Femi Asu N igERiA failed to supply its crude oil production figure for last month to the Organisation of Petroleum Exporting Countries, the group’s latest monthly report released on Wednesday showed. Nigeria regained the Africa’s top oil producer status in May after it lost it to Angola in January as it recorded the biggest increase in output among its peers in the OPEC that month. OPEC uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries. Crude oil production from Nigeria increased to 1.855 million barrels in September from 1.804 million barrels the previous month, according to secondary sources. Based on direct communication, the nation’s output stood at 1.742 million barrels in August but no figure was made available for September’s production, according to the report. OPEC said the group’s total production in September averaged 32.75 million bpd, showing an increase of 88,000 bpd over the previous month. “Crude oil output increased in Libya, Nigeria, iraq and gabon, while production showed declines mainly in Venezuela,” it added. The group said the uplift in the Brent crude benchmark along with elevated price differentials supported light sweet crude basket components from West and North Africa, boosting prices sizably to above $55 per barrel. It said, “Booming refinery profits are helping West African oil producers to sell cargoes at higher values, aided by a shortage in certain types of crude amid the OPEC and non-OPEC producing countries’ voluntary production adjustments and geopolitical disturbances. Nevertheless, sales from storage, spurred on by a flat forward structure in Brent prices, capped West African crude price differentials.” Last month, OPEC endorsed Nigeria’s position that the exemption granted it at the November 2016 ministerial conference and extended in May this year should be sustained until it stabilised its crude oil production. Nigeria had argued that although its production recovery efforts had made some appreciable progress since October last year, it was not yet out of the woods. The Minister of State for Petroleum Resources, Dr. ibe Kachikwu, told the meeting that even though Nigeria hit 1.802 million bpd in August, it was not enough justification for a call by some countries for it to be brought into the fold. According to him, Nigeria will be prepared to cap its crude production when it has stabilised at 1.8 million bpd. Last year, Nigeria saw a resurgence of militant attacks in the Niger Delta that caused the nation’s oil production to plummet to a near 30-year low of 1.4 million barrels per day from about 2.2 million bpd. Cross River, Siemens, others in 750MW power pact T HE Cross River State government has announced the signing of a Memorandum of Understanding with a consortium of energy firms led by Siemens to deliver a 750-megawatts power plant in the state. it said in a statement on Wednesday that the project would be deployed through ship-mounted turbines, with an 18-month timeline. The government stated that 40 megawatts of electricity would be delivered in the next three months through a truck- mounted turbine as an emergency measure. The Lead Consultant and Chief Executive Officer, African Discovery group, Mr. Alan Kessler, was quoted as saying the power would be delivered at no cost to the state. He said, “The system is, of course, free of charge and it will not offer any upfront cost to the people and government of Cross River State. The ship will berth nearby and power can be conducted into the grid. “At the end of the century, Nigeria will have more people than the United States; you need electricity to grow.” Kessler stressed the need to fix the power problem in order to industrialise the country. He said, “We are replacing the hull of the ship (based in Singapore) with turbines from Siemens, and it runs on natural gas, which you have in abundance in your region to power the 42 individual turbines that will generate 750MW and plug into your grid.” The Cross River State governor, Prof. Ben Ayade, who described the partnership as a dream come true, said, “i am happy that this project does not come at any cost to us. i’m happy that one of the key emphases is to provide uninterrupted power supply, and Cross River will soon be listed as the first state with 24/7 power supply in the country.” On the proposed emergency power supply, Ayade appealed to the consortium to make the proposed 40MW truck- mounted turbine power to come on stream in two months so as to complement the 21MW embedded plant, which would soon be inaugurated. •L-R: Managing Director, Mojec International Limited, Ms. Chantelle Abdul; Chief Financial Officer, Ikeja Electric, Mrs. Olubunmi Olukoju; and Chief Technical Coordinator, Ikeja Electric, Mr. Sunday Oyewole, during the signing of a Memorandum of Understanding between the companies for the supply of distribution transformer meters in Lagos... on Wednesday. Photo: Saheed Olugbon Ikeja Electric, Mojec sign MoU for DT meters i KEJA Electric Plc has signed a Memorandum of Understanding with Mojec international Limited for the supply of distribution transformer meters. The Acting Chief Executive Officer, Anthony Youdeowei, ikeja Electric, said at the signing ceremony of the MoU on Wednesday that energy accountability had been the bane of the nation’s energy sector. He said, “it is, therefore, necessary that we continue t o i n ve s t a n d c o m m i t resources to improve our capacity to meter correctly and fairly the consumption patterns of as many consumers as we can. This N570m MoU is a further demonstration of our long- term commitment to invest the required sum to ensure there is a turnaround in the experience of our customers.” Youdeowei, who was represented by the company’s Chief Finance Officer, Olubunmi Olukoju, noted that the company recently spent N150m to totally upgrade its Ogudu injection substation, which improved overall power supply in the axis. 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