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January 23, 2023                                               
 ISSUE 255

NEWS WITHIN OUR SHORES

Again, petrol price adjusted to N185/litre to appease marketers
By: Guardian Newspaper 

For the second time in about seven months, the Federal Government again acceded to arm-twisting antics of marketers, yesterday, by quietly approving an increment in the pump price of Premium Motor Spirit (PMS), otherwise known as petrol.

According to information circulated to marketers and obtained by The Guardian, a new regime of fuel prices was announced and immediately implemented by marketers.

The decision to adjust prices, according to insiders, is to encourage marketers to open up for business rather than the ongoing phased rationing causing scarcity, long queues and exploitation of Nigerians by independent marketers and black market operators.


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FEC okays NNPC Ltd to invest N1.9trn in 44 federal roads
By: Marine & Petroleum

The Federal Executive Council (FEC) has approved the recommendation for the Nigerian National Petroleum Corporation Limited (NNPC LTD.) to invest 1.9 trillion in the reconstruction of 44 federal roads under the tax credit policy.

The council gave the approval at its meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja.

Osinbajo’s spokesman, Laolu Akande, briefed State House correspondents on behalf of the Minister of Works and Housing.

“The Federal Executive Council approved the recommendation to invest in the reconstruction of selected federal roads under the Federal Government Road Infrastructure Development and Refurbishment Investment Tax Credit Policy phase 2 by the Nigerian National Petroleum Corporation (NNPC) limited and its subsidiaries.


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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.

Lekki port berths first container ship ahead of commissioning
By: Ships & Ports

The Nigerian Ports Authority (NPA) said on Sunday that it has successfully berthed the first commercial vessel with laden containers in the newly built $1.5 billion Lekki Deep Seaport.

The new port, which is billed to be commissioned by President Muhammadu Buhari today, received one of the largest container vessels owned by the CMA-CGM, NPA said on its twitter handle.

“Ahead of the President’s commissioning of Lekki Port for commercial operations tomorrow, one of the largest container vessels, the CMA-CGM, has berthed at the port.


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NUPRC: Seven Deep Offshore Mini-bid Winners to Be Announced in Next Four Months
By: This Day

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday announced that in the next four months, winners of the mini-bid for deep offshore licensing round would be announced to bring the process to an end.

Komolafe explained that the timely approval of the mini-bid exercise by President Muhammadu Buhari, who doubles as the Minister of Petroleum Resources, was a strong commitment to increase the national oil and gas reserves and production for enhanced federation revenue.

He listed the seven deep offshore open blocks as: PPL-300-DO, PPL-301-DO, PPL-302-DO, PPL-303-DO, PPL-304-DO, PPL-305-DO and PPL-306-DO.


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FOREIGN WATCH

US oil, gas rig count see small gains as crude inches higher
By: Sun Newspaper

The total number of total active drilling rigs in the United States rose by three last week, according to new data from Baker Hughes published at the weekend.

The total rig count rose to 775 this week—174 rigs higher than the rig count this time in 2022, and 300 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.

Oil rigs in the United States rose by five last week, to 623. Gas rigs fell by 2, to 150. Miscellaneous rigs stayed the same at two.

The rig count in the Permian Basin rose by three, while rigs in the Eagle Ford rose by two primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells—a more frugal use of finances than drilling new wells—fell for the sixth week in a row for the week ending January 6. The frac spread count is now 250, down eight from the previous week. This is 35 fewer crews than a month ago but six more than this time last year.  

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Denmark launches world’s first digital ship register 
By:  Ships & Ports
Denmark has launched the world’s first digital ship register to increase security related to ship registration and ship trading.

The Danish Maritime Authority (DMA) rolled out a new digital ship register on Monday to ease the workload with faster and more efficient workflows for everyone working with the registration of ships in Denmark.

The Digital Ship Register is expected to contribute to an extra layer of security and control in relation to ship registration.

Concurrently, a new legislation on ship registration came into force in the country. The new legislation includes both amendments to the Maritime Act and new executive orders on ship registration.

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