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FEBRUARY 2021 VOL. 4 NO. 02 C ONTENTS 28 COVER STORY PIB 2020 and the Need for Downstream Gas Infrastructure Fund INDUSTRY INTERVIEW 5 Nigeria Suffers Production Decline as 32 “PIB, Opportunity to Reposition NNPC” — Nwakwue Rig Count Dips to Six 6 Why Nigeria’s Energy Investment is TRIBUTE Gaining Momentum 34 Ahmed Zaki Yamani, Saudi Arabia’s 8 How Oil States Underutilize 13% Distingushed Oil Minister: 1930-2021 Derivation Funds —Report GUEST COLUMN 10 BOOK PRESENTATION: Buhari Hails 36 PIB 2020: Perspectives on the NNPC Kachikwu’s Quadruple Masterpiece! Limited Provisions 14 NOCs’ Projects at the Mercy of Paris COLUMN: WOMEN’S CORNER Climate Agreement — Report 39 Profi table Ways to Manage Your Finances 16 NCDMB Launches 2nd Phase of Project100 ENTERTAINMENT 18 Consumers, Marketers Groan as LPG 42 10 Nigerian TikTok Producers to Watch in 2021 Prices Skyrocket COLUMN: HEALTH RENDEZVOUS 21 Barkindo Blames COVID-19 for 30% 44 15 Simple Ways of Managing Stress and Anxiety investment Decline in the Oil & Gas Sector MOTORING 46 Hyundai Breaks World Record with new 40 FEBRUARY SHORT TAKES Electric Car AVIATION 48 High Hopes over FG’s Plan to Unveil New 23 Carrier, Airport Terminals Star of the Industry PROPERTY 50 States Hindering Affordable Housing Delivery — Survey SPORTS 53 Australian Open Fallout: Serena in Tears Auwalu Ahmed Ilu after Losing to Osaka Chief Executive Offi cer, Ultimate Gas ne interesting issue than ever before requires dominating pub- all hands on deck by all Olic discourse to- the relevant stakeholders day in the country, is the in making this exercise - long-awaited Petroleum the passage of the bill - a Industry Bill (PIB), now success. receiving attention in the It is in consideration National Assembly, for fi - of that that ‘PIB and the nal passage. Need for Downstream The PIB, is being priori- Gas Infrastructure’, is leading our cover for this tized by the federal gov- edition. It examines the ernment because it is the need for the legislators to only a recipe that will un- make provision for Down- lock the hurdles in Nige- stream Gas Infrastructure rian petroleum industry Fund, considering the cur- which for some time now Publisher/Editor-in-Chief rent ongoing gas revolu- Musa Bashir Usman has denied the country tion in the country. billions of dollars of in- Associate Editor This edition is specially Eddy Ochigbo vestment due to the un- packaged with Exclusive Deputy Editor reports, Book Reviews, certainty in the sector’s Fred Ojiegbe investment climate. Global Oil Trends, Avia- Contributors tion, Juicy Columns and Also, the PIB is the le- Gideon Osaka gal backing needed to Favour C. Nrabalu Sports. Yohanna Limlong strengthen the institu- As you settled down to Graphic Consultant digest your monthly oil tions governing petroleum Theresa Ogbonna industry in the country and gas tonic, I wish you Business Dev. Executives a pleasant reading experi- that would make it more Adeniyi Onifade (South) effi cient and profi table as Abdulkarim Sani (North) ence. Thank you for keeping a the case may be. At a time Circulation Manager like this when the coun- Danlami Nasir Isah date with us. try is doing everything Online Editor possible to divest from Saidu Abubakar M.B. Usman Photo Editor the current oil-dependent NB. Feel free to send in your views Bashir Bello Dollars and have your say @ economy to a gas-driven [email protected] Legal Adviser economy, Nigeria, more Lamir Kasim Idris (Esq.) Head Offi ce: Abuja Liaison Offi ce: 1-2 Abu-Rayyan Street, New NDC Layout, Kaduna. SF 3, Rhema Mall, Ahmadu Bello Email: [email protected] Way, Opp. NAF Conference & Contact: 08032324370, 09071492222 Suites, Abuja. [email protected] @thevaluechainng.com thevaluechainng.com 4 Industry 02:21 Nigeria Suffers Production Decline as Rig Count Dips to Six –By Fred Ojiegbe igeria’s rig count dipped to icent rig count of 65, as it recorded show a drop of around 5.7 mb/d. six in January, as against 156, as against 91 recorded the In the non-OECD, the demand de- Nseven in December 2020, previous month. cline was revised lower, m-o-m, raising fears of potential oil pro- by more than 0.1 mb/d leading to duction decline within the period, Balance of supply and demand in an estimated drop of around 4.1 latest data from the Organisation 2021 mb/d. For 2021, positive develop- of Petroleum Exporting Countries, The OPEC data also stated that ments were evident across major OPEC showed. demand for OPEC crude in 2021 economies, specifically in the US, The OPEC data also showed has been revised up by 0.3 mil- supporting demand for petroleum that rig count of OPEC members lion barrels daily, mb/d from the products, particularly industrial increased by five as it showed a previous month to stand at 27.5 fuels. The majority of this positive figure of 323 in January, as against mb/d. This is 5.0 mb/d higher than economic impact is assumed to 318 last December, while world in 2020. Demand for OPEC crude gain traction during 2H21. rig count showed an impressive in first quarter, 1Q21 has been However, this positive outlook plus 110, having posted a figure revised down by 1.1 mb/d, while was counterbalanced by expec- of 1,325 in January as against second quarter, 2Q21 has been tations for a weaker recovery in 1,215, the month before. Among revised up by 0.4 mb/d from the transportation fuels in the first the 13 OPEC members, Saudi Ara- previous month. For third quarter, half, 1H21. COVID-19 infection cas- bia led the pack of gainers with an 3Q21 and fourth quarter, 4Q21, es remain high in regions such as increase of three, having recorded demand for OPEC crude has been the US, Europe and Latin America, 62 in January as against 59 re- revised up by 1.1 mb/d and 1.0 which has led to governments im- corded last December. It was fol- mb/d, respectively, from the pre- posing new lockdown measures, lowed by Iraq which had plus two, vious monthly assessment. When or deepening existing ones, to help having recorded 32 as against 30 compared to the same quarters in control the spread of the virus. Ad- recorded within the period under 2020, demand for OPEC crude in ditionally, a slower rollout of vacci- review. The United Arab Emirate 1Q21 and 2Q21 is forecast to be nations is assumed to further de- (UAE) also had an increase of two, 4.5 mb/d and 11.2 mb/d higher, re- lay herd immunity targets in some having recorded 42, as against 40 spectively. The 3Q21 is projected countries and regions, and the ap- recorded within the period under to show an increase of 3.4 mb/d, pearance of new variants in many review. Angola had plus one, as year-on-year, y-o-y and the 4Q21 is countries has also added to the un- it recorded four, as against three expected to be higher by 1.0 mb/d certainties. Nevertheless, stronger recorded within the period under y-o-y. growth is anticipated from trans- review. Kuwait also had an in- portation fuels in the second half, crease of one, having recorded 29 World oil demand 2H21, based on the assumption as against 28 recorded within the The OPEC report also showed that vaccination programmes will period under review. Algeria led that the contraction in global oil help stem the spread of COVID-19 the loser’s group as its rig count demand for 2020 was revised and that the announced massive declined by three having posted a marginally down by 0.03 mb/d, as stimulus programmes will have a figure of 19 in January, as against better-than expected oil demand positive impact. As a result, OECD 22 posted the previous month. Six data from India in 4Q20 largely oil demand is forecast to grow by OPEC members had their rig count offset weaker-than-expected con- 2.5 mb/d in 2021. In the non-OECD unchanged within the period under sumption in Organisation for Eco- region, oil demand for the year is review. Congo, Equatorial Guinea, nomic Co-operation and Develop- estimated to increase by 3.3 mb/d Gabon, Iran, Libya and Venezue- ment, OECD Americas. Oil demand y-o-y, supported by a rebound in la recorded 0, 1, 0, 117, 11 and 0, is estimated to have declined by economic activities in the main respectively. The United States 9.7 mb/d y-o-y in 2020, to average economies, particularly China, In- had an impressive rig count of 33, 90.3 mb/d. In the OECD, demand dia and Other Asia. Consequently, having recorded 374 in January, as contraction in 2020 was revised world oil demand growth in 2021 against 341 recorded the previous up by more than 0.1 mb/d com- is revised lower by 0.1 mb/d to 5.8 month. Canada also had a magnif- pared to last month’s projection, to mb/d year-on-year. 5 Industry 02:21 Why Nigeria’s Energy Investment is Gaining Momentum The Hon. Minister of State for Petroleum Resources, Chief Timipreye Silva and Director DPR, Engr Auwalu Sarki after unveiling the Project Commencement Plaque for the New DPR Headquarters Building in Abuja –By Gideon Osaka s calls intensify for di- gising a New Tomorrow,’ added ed to Europe and Asia. versification of Nigeria’s that the positive outlook for natu- Indeed, projections on natu- Aeconomy from oil to other ral gas, which is often termed the ral gas demand in Africa show a sources of revenue, the country’s renewable bridging fuel due to its gradual increase over the next 20 energy investment is also gather- lower carbon footprint, will see years with global peak gas-only ing huge momentum.
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