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OPEC Reports That Angola, Libya Overtake Nigeria in Crude Production

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OPEC

Nigeria’s oil production plunged to 972,000 barrels per day in August 2022, as Angola and Libya overtook Nigeria by producing higher volumes of crude during the review month, the Organisation of Petroleum Exporting Countries has said.

OPEC disclosed this in its September 2022 report, confirming the figures released recently by the Nigeria Upstream Petroleum Regulatory Commission.

The PUNCH had reported last week that Nigeria’s crude oil production slumped below one million barrels per day in August 2022, the lowest ever in several years.

The report revealed that oil production in Nigeria dropped in August 2022, crashing below one million barrels per day to 972,394 bpd, the lowest ever recorded in years.

It stated that figures from the NUPRC indicated that the country’s oil production dropped from 1,083,899 bpd in July to 972,394 bpd in August.

Confirming this in its September 2022 oil sector report released on Tuesday, OPEC stated that the drop in Nigeria’s oil production made Angola and Libya to overtake Nigeria in oil output.

The report stated that Angola was Africa’s highest crude oil producer for the month under review with an average production of 1.187mb/d.

It said Libya’s crude oil production averaged also 1.123mb/d for the month of August.

“According to secondary sources, total OPEC-13 crude oil production averaged 29.65 mb/d in August, higher by 618,000 month-on-month,” it stated.

The report added, “Crude oil output increased mainly in Libya and Saudi Arabia, while production in Nigeria declined.”

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China and Russia Gets Biden warning on Hedges on Seeking Reelection

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September 19, 2022

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US President Joe Biden arrives at Westminster Abbey in London on September 19, 2022, for the State Funeral Service for Britain’s Queen Elizabeth II. – Leaders from around the world will attend the state funeral of Queen Elizabeth II. The country’s longest-serving monarch, who died aged 96 after 70 years on the throne, will be honoured with a state funeral on Monday morning at Westminster Abbey. (Photo by HANNAH MCKAY / POOL / AFP)

President Joe Biden issued forceful warnings to China and Russia on Sunday and expressed optimism over the US economic rebound, but surprised many by hedging on whether he’ll seek reelection.

In a rare, wide-ranging interview with the CBS “60 Minutes” program, Biden went back on repeated assertions by the White House that he is sure to run in 2024.

Biden, who turns 80 in November, told interviewer Scott Pelley that reelection is his “intention.”

“But is it a firm decision that I run again? That remains to be seen,” he said.

“It’s much too early,” Biden said, calling himself “a great respecter of fate.”

Surveying the state of the world’s largest economy, Biden was optimistic.

He declared the Covid-19 pandemic in the United States “over” and predicted that his administration would tame inflation — the main reason for his weak approval ratings and the reason Republicans believe they can take control of Congress in the upcoming November midterms.

“We’re going to get control of inflation,” he said.

– Troops to Taiwan? –
In another surprise moment, Biden once again appeared to challenge decades of US policy on Taiwan with a vow that he would send troops to defend the self-ruled island if China tried to invade.

“Yes,” he said, adding that this would happen if there was “an unprecedented attack” — possibly referring to something beyond the frequent saber rattling conducted by Chinese military forces around Taiwan.

While Washington does arm Taiwan, it has long maintained a policy of “strategic ambiguity” on whether it would intervene militarily if Beijing were to invade. The policy is designed to dissuade both China from invading and Taiwan from formally declaring independence.

The White House said that Biden’s latest remarks did not indicate a change but Beijing condemned the comments on Monday during a daily foreign ministry press briefing.

“The US remarks… severely violate the important commitment the US made not to support Taiwan independence and sends a seriously erroneous signal to Taiwanese separatist independence forces,” spokesperson Mao Ning said.

However, Taiwan’s Ministry of Foreign Affairs expressed its “sincere gratitude” for Biden’s support.

“In the face of China’s military expansion and provocative actions, our government will continue to strengthen self-defence capabilities to firmly resist the expansion and aggression of authoritarianism, and at the same time deepen the close Taiwan-US security partnership,” the ministry said in a statement.

– ‘Consequential’ nuclear response –
In another tough message to the United States’ biggest economic and geopolitical rival, Biden said he had warned President Xi Jinping not to support Russia militarily in its invasion of Ukraine.

He said he told Xi that US and other foreign investments in China would be disrupted and to think otherwise would be “a gigantic mistake.”

He also said that if Russian President Vladimir Putin uses nuclear or other non-conventional weapons against Ukraine the US response will be “consequential.”

When asked what he would tell Putin if the Russian leader was mulling such a move, he said: “Don’t. Don’t. Don’t.”

Biden praised the Ukrainians for their gritty fight against the huge Russian invasion and said “they’re defeating Russia.”

Asked how to define victory for Kyiv, he said “winning the war in Ukraine is to get Russia out of Ukraine completely.”

– ‘More to give’ –
Despite his poor ratings and polls showing Democrats likely to lose control of at least one chamber of Congress, Biden said he is upbeat.

Noting that employment is booming and the economy is strong, Biden said “we hope we can have, as they say, a soft landing.”

On whether at his age he is physically and mentally able to continue in the gruelling job, Biden said: “watch me.”

“It’s a matter of, you know, that old expression — ‘the proof of the pudding is in the eating.’”

When asked his source of inspiration when times get tough, Biden mentioned his son Beau who died in 2015 but also his parents’ exhortation to “just get up.”

Biden said he had “a lot more to give.”

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Banks Deposits Rise by 24% to N42tn

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September 15, 2022

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CBN headquarters, Abuja

Total deposits in the banks rose by 24.17 per cent from N33.85tn as of the end of June 2021 to N42.03tn in the corresponding period of 2022.

The Deputy Governor, Financial Systems Stability Directorate, Aishah Ahmad, disclosed this in her personal statement at the last MPC meeting.

She said, “Key industry aggregates also continued their year-on-year upward trajectory with total assets rising to N65.48tn in June 2022 from N53.64tn in June 2021, while total deposits rose to N42.03tn from N33.85tn over the same period.

“Gross credit has maintained an upward trajectory since 2019, rising by N5.02tn between June 2021 and June 2022 with significant growth in credit to manufacturing, general commerce and oil & gas sectors.

“This notable increase was achieved amidst continued decline in non-performing loans ratio from 5.3 per cent in April 2022 to 5.0 per cent in June 2022.”

She also said results of stress tests showed resilience of banks’ solvency and liquidity ratios in response to potential severe macroeconomic shocks.

“The Bank must remain vigilant to proactively manage probable macro risks to the financial system such as lingering spillover effects of the pandemic, winding down industry forbearance portfolio, and other risks to financial stability such as exchange rate, operational and cyber security risks,” she added.

A member of the MPC, Folashodun Shonubi, said the financial sector recorded some significant growth during the period including deposits in the bank .

He said, “Prudential indicators in the banking sector remained within acceptable levels, highlighting resilience of the sector.

“Even as total asset, deposit and credit maintained their upward trend, the non-performing loans ratio improved further to 4.95 per cent, below the prudential maximum of 5.0 per cent.

“Industry capital adequacy and liquidity ratio were maintained within regulatory thresholds, though returns on equity and investment recorded muted improvement, reflecting the high operational cost and tight operating environment.”

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Unpaid Debt: Judge Directs SEPLAT Petroleum To Pay ABM Global Resources $2,112,500.00

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September 14, 2022

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Justice O. A Dabiri of the Lagos State High Court sitting in Ikeja has ordered SEPLAT Petroleum Development Company Plc to pay its outstanding indebtedness of a sum to the tune of $2,112,500.00 (N1,499,875,000.00) to an oil servicing company, ABM Global Resources Limited.

The court took the decision while handing down her judgment in a debt recovery suit instituted by ABM Global Resources Limited against SEPLAT Petroleum Development Company Plc in a suit designated LD/2457GCMW/2016.

It would be recalled that ABM Global Resources Limited had in a bid to recover the money owed by SEPLAT Petroleum Development Company Plc for materials supplied to the oil prospecting company in 2016 through her lawyer, Ade Oyebanji, SAN, instituted a debt recovery suit before the court.

According to the amended statement of claim dated November 23, 2020, and filed by Oyebanji, SAN, on behalf of ABM Global Resources Limited, the claimant posited that sometimes between 2012 and 2014, SEPLAT Petroleum Development Company Plc secured her service to supply 9-5/8 N80 VAM Top Casing Pipes and 2-7/8 N80 HCS Tubing within the space of 3 years.

While adding that it supplied the defendant (SEPLAT) with all the numbers of 2-7/8 N80 HCS Tubing Pipes which were received by the defendant, ABM Global Resources Limited maintained that in fulfilment of the terms of the contract for the supply of the materials and adherence to the purchase order of the defendant, it made several supplies.

The plaintiff (ABM Global Resources Limited) further revealed that in fulfilling part of its obligations following the contract term, SEPLAT made an upfront payment of $3,640,000.00, being 80% of the total cost of the 50,000 feet of 9-5/8 N80 VAM Top Casing Pipes supplied, leaving a balance sum to the tune of $910,000.00 and $227,500.00 as Value Added Tax totalling $1,137,500.00.

ABM Global Resources Limited explained that it supplied the products requested by the defendant (SEPLAT) satisfactorily through its PO number 013537 and the defendant issued a Work Completion Certificate for the job.

The plaintiff equally stated that it issued invoice number ABM/MD/ SEPLAT/14/Vol.4/892, dated November 17, 2014, to the defendant in respect of the balance sum of $1,137,500.00 due on the supply, but the defendant has refused to settle the outstanding invoice.

It was equally the contention of the plaintiff that the defendant also requested the supply of 120,000 feet of 2-7/8 N80 HCS pipes and made an upfront payment of $3,120,000.00 being 80% of the total cost of the 120,000 feet of 2-7/8 N80 HCS Pipe in accordance with the terms of contract, leaving a balance sum of $780,000.00 and $195,000.00 (Value Added Tax), totalling $975,000.

ABM Global Resources Limited insisted that all the goods were supplied, with SEPLAT issuing a Work Completion Certificate, but that the defendant has refused to settle the outstanding debt despite repeated demands, hence the resort to litigation.

As a result, ABM Global Resources Limited is claiming from the defendant a sum to the tune of $1,137,500.00 and another $975,000.00 being the cost of the unpaid materials supplied to the defendant.

However, while the trial lasted, both parties called one witness each and tendered documentary evidence in support of their case.

While the claimant called its only witness, Chioma Kelechukwu, a Business Development Officer in the claimant company who came to identify her statement on Oath and was later cross-examined by the defence counsel, the defendant also called its lone witness, Igbi Oghenerume, the Lead Inventory Manager in the defendants’ company who also identified his statement on Oath and was cross-examined by the plaintiff counsel, Oyebanji, SAN.

Evaluating the documentary evidence before the court and counsels’ submissions, Justice Dabiri held that by the defence’s documents and oral testimony, there were no disputes that the defendant issued a Work Completion Certificate to the claimant after delivery of materials, which pre-supposes the satisfactory completion of certain job or activities.

The judge declared that the sanctity of a contract or agreement is to ensure that a party who voluntarily entered into a contract is bound by it, no matter how unfavourable it may turn out to be, as long as he entered into the contract fully conscious of what he was doing and had willingly signed same and the subject of the contract is lawful.

Justice Dabiri, on the issue of the shortfall of 17,842.02 feet of pipes as alleged by the defendant, declared that the defendant conducted an in-house reconciliation exercise and came up with a shortfall in the specifications of the items supplied to it by the claimant in 2012.

The judge then concluded that, to say the least, there were no sufficient materials placed before the court to prove that there was any shortfall in the supply, with the addition that the court was not furnished with any official report detailing the shortage, rather an internal memo was tendered before the court, a communication between departments within the same organisation.

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