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OPEC probes shale oil as Nigeria, others hit

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.Nigeria, Angola most hit

OPEC, the oil producer cartel, is shrugging off talk of its weakening influence sparked by booming US shale energy production, according to analysts. But its ministers ended up setting up a committee to examine the impact of shale at their meeting in Vienna.

Oil exports from OPEC members Angola, Nigeria and Venezuela have already been hit by shale because they sell crude to the United States.

All three nations are turning to fast-growing Asian markets, particularly China and India.

Nigeria's Minister of Petroleum, Diezani Allison-Madueke.

Nigeria’s Minister of Petroleum, Diezani Allison-Madueke.

“I don’t think the shale oil or shale gas will affect the OPEC countries’ production or exports,” said Nigerian Oil Minister Diezani Alison-Madueke.

“But it is a great concern for us (Nigeria), even if we do respect the integrity of the US to be self-sustainable in terms of oil and gas.”

But Asia “will still have growing energy needs for quite a while to come,” she added.

“But remember that China itself may be discovering shale gas pretty soon, and oil,” she warned.

“OPEC will be around after shale oil finishes,” secretary-general Abdullah El-Badri said with a smile Friday as the 12-nation Organization of Petroleum Exporting Countries (OPEC) met in Vienna.

An explosion in hard-to-reach energy trapped in shale, or sedimentary rock, has sparked doubts about OPEC’s standing in the global oil market, analysts say.

However, El-Badri played down talk that the so-called shale oil and gas revolution in the United States could diminish the global influence of a group that pumps about 35 percent of global oil.

“I don’t think it’s a big threat,” the Libyan told reporters in Vienna, where the cartel held its daily oil output ceiling at 30 million barrels.

“It is a newcomer, it is a new addition to the energy mix and we welcome it.”

The International Energy Agency said last month that shale was sparking a “supply shock”, creating a brand new energy supply that was reshaping the industry.

But El-Badri also highlighted the relatively high cost of shale energy extraction, and the harsh impact on the environment of controversial methods like hydraulic fracturing, or fracking.

“The ministers would like to know the magnitude of this supply, how long it will last, its possible sustainability, its cost (and) effect on (the) environment,” he said after ministers discussed the issue in their closed-door meeting.

Meanwhile, analysts were split over the impact this new source might have on the energy market.

Analyst Fawad Razaqzada at trading group GFT Markets predicted OPEC would take a hit from shale.

“It is not a question of if, but how severely the booming US shale oil production would diminish the market power of OPEC, and thus cause exports to shrink,” Razaqzada told AFP.

“Along with the United States, production of oil is also booming in Russia and Norway, which makes OPEC’s influence on the price of oil increasingly less significant,” he added.

DNB Bank analyst Torbjorn Kjus agreed.

“OPEC market power will decrease as a consequence of the US shale revolution,” he told AFP.

“So far it is mainly hitting west African producers because their production is light-sweet qualities and the shale oil is almost all light sweet.

“The Persian Gulf barrels are mainly medium-sour qualities and hence cheaper for refiners.”

But over the next five to six years, Kjus predicted falling oil prices as a result of shale expansion.

Other analysts were keen to downplay its impact.

“The truth is that OPEC’s biggest concern in the immediate term is not US shale oil supply, but global oil demand, and the sluggish economic conditions in the eurozone and China,” said analyst Jason Schenker at Prestige Economics.

In a heavy blow last year, the IEA predicted that the US was set to become the world’s largest oil producer by 2017 on the back of shale energy. OPEC kingpin Saudi Arabia is currently the biggest producer.

“We are watching it (shale energy sector) very carefully but we don’t see (it) as a revolution but an evolution,” El-Badri said Friday.

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Posted in Nigeria News. A DisNaija.Com network.

Source: PM News

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Nigeria News

Kano Transfers Over 1,000 Almajiris To Different States Amidst COVID-19 Pandemic

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The Kano State Government on Saturday said it has transferred 1,098 ‘almajiris’ to different states of the country.

The commissioner for local government, Murtala Garo, disclosed this while presenting a report before the state’s task force on COVID-19 at the government house, Kano.

Almajiris are children who are supposed to be learning Islamic studies while living with their Islamic teachers. Majority of them, however, end up begging on the streets of Northern Nigeria. They constitute a large number of Nigeria’s over 10 million out-of-school children.

Mr Garo said the Kano government transported 419 almajiris to Katsina, 524 to Jigawa and 155 to Kaduna. He said all of them tested negative for coronavirus before leaving the Kano State.

Despite the coronavirus test done in Kano for the almajiris, the Jigawa government earlier said it would quarantine for two weeks all the almajiris that recently arrived from Kano.

Mr Garo said another 100 almajiris scheduled to be taken to Bauchi State also tested negative to COVID-19.

In a remark, Governor Abdullahi Ganduje said the COVID-19 situation in Kano was getting worse. He appealed for a collaborative effort to curtail the spread of the virus in the state.

Mr Ganduje, who commended residents for complying with the lockdown imposed in the state, said the decision was taken to halt the spread of the virus.

Kano State, as of Saturday night, has 77 coronavirus cases, according to the Nigeria Centre for Disease Control.

The decision to transfer the Kano almajiris is part of the agreement reached between Northern governors that almajiris in each state be transferred to their states of origin.

However, even before the latest agreement by the governors, the Kano government had been transferring almajiris to other states and neighbouring countries after it banned street begging in the state, most populous in Northern Nigeria.

Despite the transfers, however, no concrete step has been taken to ensure such children do not return to Kano streets as there is freedom of movement across Nigeria although interstate travel was recently banned to check the spread of the coronavirus.

 

Sourced From: Premium Times Nigeria

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COVID-19: ‘Bakassi Boys’ Foil Attempt To Smuggle 24 Women Into Abia In Container

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By Ugochukwu Alaribe

Operatives of the Abia State Vigilante Service, AVS, popularly known as ‘Bakassi Boys’ have arrested 24 market women hidden in a container truck, at Ekwereazu Ngwa, the boundary community between Abia and Akwa Ibom states.

The market women, said to be  from Akwa Ibom State, were on their way to Aba, when they were arrested with the truck driver and two of his conductors for violating the lockdown order by the state government.

Driver of the truck, Moses Asuquo, claimed he was going to Aba to purchase stock fish, but decided to assist the market women, because they were stranded.

A vigilante source told Sunday Vanguard that the vehicle was impounded while the market women were sent back to Akwa Ibom State.

Commissioner for Home Land Security, Prince Dan Okoli, who confirmed the incident, said that  smuggling of people into the state poses great threat to the state government’s efforts to contain the spread of COVID- 19.

 

Sourced From: Vanguard News

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Woman Kills Her Maid Over Salary Request

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Operatives of the State Criminal Investigation and Intelligence Department (SCIID), Yaba of the Lagos State police command have arrested one Mrs Nene Steve for allegedly killing her maid, Joy Adole

The maid was allegedly beaten to death by Nene for requesting for her salary at their residence located at 18, Ogundola Street, Bariga area in Lagos.

Narrating the incident, Philips Ejeh, an elder brother to the deceased said that he was sad when they informed him that his sister was beaten to death.

He explained that the deceased was an indigene of Benue State brought to Lagos through an agent and started working with her as a maid  in January 2020.

‘’She reported that her boss refused to pay her and anytime she asked for her salary she will start beating her.

She was making an attempt to leave the place but due to the total lockdown she remained there until Sunday when her boss said she caught her stealing noodles and this led to her serious beating and death,’’ Ejeh said.

He called on Lagos State Government and well- meaning people in the country to help them in getting justice for the victim.

The police spokesman, Bala Elkana, stated that the woman and her husband came to Bariga Police  Station to a report that their house girl had committed suicide.

Detectives were said to have visited the house and suspected foul play with the position of the rope and bruises all over the body which confirmed that the girl had been tortured to death and the boss decided to hang up the girl to make it look like suicide.

He said: “The police moved on with their investigation and found a lot of sign of violence on her body that she has been tortured before a rope was put on her neck.’’

He added that the police removed the corpse and deposited it in the mortuary for autopsy to further ascertain the cause of the death.

Elkana said the matter has been transferred from Bariga police station to Panti for further investigation while the couple have been arrested and will be charged to court.

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Boko Haram Attacks: Buhari Summons Urgent Meeting Of Service Chiefs

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President Buhari and the Service Chiefs in a meeting. (File photo)

Ostensibly alarmed by the latest killings of dozens of soldiers by Boko Haram insurgents, President Muhammadu Buhari has summoned an urgent meeting of Service Chiefs to find ways to stop the trend. 

He has also dispatched the Minister of Defence, Mansur Dan Ali, to the neighbouring Republic of Chad for an urgent meeting with President Idris Deby and his defence counterpart. 

Knowledgeable sources said in Abuja on Friday that the president is worried by on the deterioration of security situation on the Nigeria – Chad Border that has led to the recently increased Boko Haram terrorism in the area.

The sources which did not want to be named in Abuja said: “Nigeria has a Chad  problem in the Multi-National Joint Task Force (MNJTF) put together to secure the Lake Chad basin areas and repeal the Boko Haram terrorist attacks against all the countries neighbouring the Lake.”

The sources noted that Chad is believed to be having their own internal security challenges and this has reportedly led to their pulling away their own troops manning their own border around Lake Chad,  saying: “That lacuna is being exploited by the Boko Haram terrorists, who go in and out of Nigeria, Niger and Cameroon to launch terrorist acts.  This is a clear illustration of the fact that terrorism is beyond national borders.”

When contacted, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, confirmed that the Defence Minister is going to Chad but said he is unaware of the purpose. 

Meanwhile, the military authorities are said to be in the process of identifying the families of the latest victims with a view to making contact with them. 

Credible sources revealed that it is the reason the president is yet to make any pronouncement on the matter. 

“The President has called an urgent meeting with the Service Chiefs, as well as the fact that families of the latest victims of the Boko Haram are being identified and contacts made before a government pronouncement on the tragic attacks. This, it is understood, is the reason for the silence of the government over the incident,” the source said. 

 

Sourced From: Tribune

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