Business
Shell strikes deal with OML25 host communities on oil production
Shell strikes deal with OML25 host communities on oil production
Shell Petroleum Development Commission (SPDC) is set to resume oil production at the Oil Mining Lease (OML)25 in Rivers State.
This is after a crucial meeting on Friday with representatives of the regulators, Rivers State government, host community leaders and other stakeholders in Port Harcourt.
Host communities of Oil Mining Lease (OML) 25 confirmed the development.
Spokesperson for the OML25 communities, Chief Anabs Sara-Igbe, spoke with journalists immediately after the meeting.
He said the delay in reopening Shell’s OML25 facility was not the fault of the communities, rather a result of the company’s failure to meet agreements made over the years.
Sara-Igbe said the host communities were ready for Shell to move in for operations immediately, provided they carry out all the agreed terms, adding, “We will not accept anything less than the community development we have been promised.”
The meeting, which witnessed the presence of representatives from Kula, Ofoin-Ama, Belema and other surrounding communities, focused on the eight-point agreement made with Belemaoil, a local partner, which outlines key development goals, including employment, infrastructure, and healthcare.
Sara-Igbe stressed that despite decades of oil production of over 200,000 barrels per day for more than 60 years, local communities have seen no tangible benefits, including roads, hospitals, electricity, or water.
“The people of Kula and surrounding communities have suffered long enough. Shell has failed to deliver on its promises, and now we are demanding that they sign a Purchase Order (PO) with Belemaoil to ensure our people get the jobs, training, and community services we deserve,” he said.
The communities also called for a firm commitment to an operation and maintenance contract between Shell and Belemaoil, with provisions for local participation in security and community development.
“We are not troublemakers, but we will not allow Shell to continue operating without fulfilling its promises,” Sara-Igbe added.
While the communities have agreed to provide security for the facility, this is contingent on Shell’s compliance with the development agreements. The spokesperson further warned that if these terms are not met, Shell should not return to OML25.
The local stakeholders also made it clear that any new operators entering the region should take responsibility for Shell’s existing liabilities, with Belemaoil given the first right of refusal if Shell decides to divest from the asset.
Sara-Igbe concluded by expressing hope that the ongoing dialogue would lead to the long-awaited development of the region, ensuring that the oil wealth of OML25 benefits the local people and not just the corporate interests involved.
He also said, “The state government has met with Shell and Belema and the community said Shell should sign an agreement with Belema to implement most of those things highlighted. Shell has been dribbling us and today they have assured us that within a short time they would sign Purchase Order (PO) and as soon as they sign that PO, they are free to go and operate.
“We are not happy that 45,000 barrels of crude oil is being tied down for seven years per day. 25,000 barrels per day for seven years amounts to huge resources that the Federal Government is losing, state government is losing, local government is losing and even Shell, NNPCL and the community we are all losing.”
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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