Connect with us

News

OPEC Pegs Nigeria’s Crude Oil Production at 1.5 Million Barrels Per Day, As Petroleum Ministry’s Perm Sec, Amb. Aduda, Emerges Alternate Chair of Organisation’s Board of Governors

Published

on

OPEC Pegs Nigeria’s Crude Oil Production at 1.5 Million Barrels Per Day, As Petroleum Ministry’s Perm Sec, Amb. Aduda, Emerges Alternate Chair of Organisation’s Board of Governors

By: Michael Mike

Nigeria’s crude oil production for 2024 has been pegged at 1.5 Million Barrels Per Day.

The above is one of the major outcomes of the 36th OPEC and Non-OPEC Ministerial Meeting, which ended in Austria, Vienna, on Thursday.

Oluwakemi Ogunmakinwa, Deputy Director and Head of the Press and Public Relations Unit in the Ministry of Petroleum Resources, reports that during the meeting,which had in attendance the Ministry’s Permanent Secretary,Amb.Gabriel Aduda,significant strides were made towards maintaining a stable and balanced oil market by member States of the Organisation.

According to information made available to the public by the Ministry,participating countries at the meeting emphasized commitment to the Declaration of Co-operation and reaffirmed their dedication to the framework established since the inception of the Declaration of Co-operation on December 10,2016.

This commitment, which the participating countries have consistently endorsed in several meetings, including the 35th OPEC and Non-OPEC Ministerial Meeting held on June 4 earlier in the year,has been further strengthened through the Charter of Co-operation the countries ratified on July 2,2019.

Going further, the release also revealed that the 36th OPEC and Non-OPEC Ministerial Meeting also addressed crucial aspects of the Organisation’s operational mandate, including the completion of assessments by independent sources on the 2024 projected production levels for Angola, Congo as well as Nigeria.

The assessments, the release emphasized, concluded production estimates for Angola at 1.11 Million Barrels Per Day;277 Thousand Barrels Per Day for Congo and 1.5 Million Barrels Per Day for Nigeria. These figures the release noted were in alignment with prior decisions set forth at the 35th OPEC and Non-OPEC Ministerial Meeting earlier held in June.

Part of the highlights of the 36th OPEC and Non-OPEC Ministerial Meeting was the warm reception accorded the Brazilian Minister of Mines and Energy, Alexandre Silveira de Oliveira. Brazil had earlier announced its forthcoming inclusion in the OPEC+ Charter of Co-operation with effect from January 2024.

The 37th OPEC and Non-OPEC Ministerial Meeting, the release also informed,has been scheduled for Vienna, Austria on June 1,2024.

Meanwhile, in a related development, OPEC Governor of Nigeria and Permanent Secretary in the Ministry of Petroleum Resources, Amb. Gabriel Aduda has emerged the Alternate Chairman of OPEC Board of Governors for the year 2024.This was a major decision of the 187th meeting of the Conference of OPEC members during which Libya’s Mohammed Oun was also announced Chairman of the Board for the incoming year.

The release also stated that the gathering used the opportunity to dispell all speculations of discord among OPEC countries with regard to the acceptance or otherwise of the 2024 crude oil production quotas aimed at fortifying market dynamics, fostering stability as well as sustainable growth within the industry.

OPEC Pegs Nigeria’s Crude Oil Production at 1.5 Million Barrels Per Day, As Petroleum Ministry’s Perm Sec, Amb. Aduda, Emerges Alternate Chair of Organisation’s Board of Governors

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Troops repel attack by gunmen in Plateau – Army

Published

on

Troops repel attack by gunmen in Plateau – Army

By: Zagazola Makama

Troops of Sector 6, Operation Enduring peace, have repelled an attack by unidentified gunmen in Riyom Local Government Area of Plateau State.

Sources said the incident occurred at about 8:00 p.m. on May 5 at Rim general area.

According to the source, troops deployed at the location came under sporadic gunfire from unknown assailants.

He said the troops swiftly responded and engaged the attackers, forcing them to withdraw from the area.

“Troops successfully repelled the attack, and the criminals fled,” the source said.

The source added that follow-up patrols had been intensified to track the fleeing attackers and prevent further security breaches in the area.

Troops repel attack by gunmen in Plateau – Army

Continue Reading

News

Zulum meets NPA’s mgt in Lagos, wants Borno’s export capabilities scaled up

Published

on

Zulum meets NPA’s mgt in Lagos, wants Borno’s export capabilities scaled up

By: Michael Mike

Borno State Governor, Professor Babagana Zulum, met with the management of the Nigerian Ports Authority (NPA) in Lagos on Tuesday during which he discussed opportunities for his state’s local creators to link into the value chain.

Zulum’s administration, since 2019, has pushed to diversify Borno’s economy while also creating a conducive environment for business and investment.

The governor, who was received by the Managing Director/Chief Executive Officer of the NPA, Dr Abubakar Dantsoho, alongside Executive Director, Engr. Ibrahim Abba Umar, had paid a similar high-level visit to the Nigerian Shippers’ Council (NSC) last year.

At the NSC meeting, Zulum had pushed for the fast-tracking of the Maiduguri Dry Inland Port; a landmark project designed to bring port services closer to the northeast. 

Once operational, the dry port will create thousands of jobs, generate significant internal revenue and boost Borno’s overall economic activity by reducing logistics costs and decongesting coastal ports.

In a related development, Zulum’s administration is also working to fully establish the African Continental Free Trade Area (AfCFTA) in Banki, a border town neighbouring the Republic of Cameroon, with the process already at an advanced stage.

By simultaneously advancing the Dry Inland Port in Maiduguri and the Free Trade Zone in Banki, Zulum is putting in place a coherent strategy to industrialise Borno, create jobs, generate revenue and permanently shift the state’s economy away from over-reliance on monthly federal allocations.

Zulum meets NPA’s mgt in Lagos, wants Borno’s export capabilities scaled up

Continue Reading

News

APC Backs Tegbe for Power Reforms, Cites Proven Expertise, Strategic Leadership

Published

on

APC Backs Tegbe for Power Reforms, Cites Proven Expertise, Strategic Leadership

By: Michael Mike

The All Progressives Congress (APC) in Oyo State has hailed the nomination of Chief Joseph Olasunkanmi Tegbe as Nigeria’s Minister of Power, describing it as a timely move amid the country’s persistent electricity challenges.

In a statement issued in Ibadan, the party’s state leadership said Tegbe’s selection reflects both merit and the urgent need for competent leadership in the nation’s power sector.

The statement, jointly signed by State Chairman Chief Moses Adeyemo Alake and State Secretary Hon. Fatai Adesina, expressed strong confidence in Tegbe’s ability to drive meaningful reforms, citing his extensive professional background and policy experience.

Tegbe, an engineer and seasoned policy strategist, brings over three decades of experience spanning engineering, consulting, and public sector advisory.

He previously served as Director-General of the Nigeria–China Strategic Partnership, where he coordinated bilateral development initiatives and investment engagements between both countries.

He also chaired the National Tax Policy Implementation Committee, playing a key role in advancing Nigeria’s fiscal reform agenda and strengthening revenue frameworks.

Before transitioning fully into public service, Tegbe built a distinguished career at KPMG, rising to become Senior Partner and Head of Advisory Services in Africa. In that role, he led major engagements on governance reforms, economic policy, institutional transformation, and investment strategy across both public and private sectors.

Earlier in his career, he worked with Shell Petroleum Development Company, gaining experience in corporate operations and resource management.

Academically, Tegbe holds a first-class degree in Civil Engineering from Obafemi Awolowo University and has attended executive programmes at globally renowned institutions including Harvard and INSEAD, further reinforcing his technical and leadership credentials.

The APC noted that this blend of technical expertise and policy leadership positions him to tackle longstanding challenges in power generation, transmission, and distribution.

“The APC in Oyo State is confident that Chief Tegbe will bring innovation, efficiency, and sustainable solutions to Nigeria’s power sector. His history of performance and commitment to service positions him to make meaningful contributions to national development,” the statement read.

The party emphasized that Nigeria is at a critical stage where strategic direction is essential to unlock sustainable energy solutions, noting that Tegbe’s leadership could help reposition the sector for improved performance.

It added that the APC in Oyo would offer its full support while maintaining constructive engagement with the minister-designate and other stakeholders to ensure progress.

The statement also acknowledged Tegbe’s longstanding contributions to the growth of the party in the state, expressing optimism that his new role would further deepen his commitment to national development.

The APC wished him a successful tenure, expressing hope that his leadership would mark a significant shift toward stable and reliable electricity supply across the country.

APC Backs Tegbe for Power Reforms, Cites Proven Expertise, Strategic Leadership

Continue Reading

Trending

Verified by MonsterInsights