Nigeria’s Underperforming In Oil, Gas Sector Due To Insecurity – Lokpobiri
Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said that the challenge of insecurity in the Niger Delta was responsible for the underperformance of the petroleum sector. The Minister, who said this in a meeting with the Abuja Chapter of the Energy Correspondent Association Friday in Abuja, added that it was also affecting Nigeria’s oil production output. While noting that the issue was making it difficult for the country to meet its OPEC production quota, Lokpobiri said the government was working to address the drawback. He was hopeful that by the end of 2023, the country would increase its oil production to about 2 million barrels per day. Due to massive crude oil theft and pipeline vandalisation, Nigeria’s oil production presently hovers between 1.3-1.4 million barrels per day. “My sole agenda is to increase production. Once we increase production we will get more revenue for the country. You know Nigeria is still more dependent on oil. “Though the non-oil sector is also supporting the economy, a substantial part of our forex comes from oil. “The reason why we are underperforming is because of insecurity and we are gradually tackling those problems. “So, my ambition is to see how I can lead the sector to increase production so that we can get more revenue to deal with the fund and strategic rationale projects in the country. “I get the reports from relevant authorities. Today, we are doing about 1.4 million barrels of crude. So, we are steadily increasing but our target is to see how we can get to two million barrels,” he said. Lokpobiri urged the industry players to join hands together to find a permanent solution to the issue. He said the federal government was discussing with International Oil Companies and local producers to find a lasting solution to the insecurity challenge. He said the engagement was already yielding positive results. “We have identified where the problem is, and where we are getting the shortfall and we are already engaging them within the next few weeks, we will be able to give you how far we have gone in that direction. In an earlier remark, President of the association, Mr Victor Nnodim, assured the minister of the association’s readiness to partner with him as he sought to fulfill his agenda of ramping up crude oil production and delivering a better petroleum industry for the country. “We will support you to achieve your mandate,” he said.
World Athletics Championship: Amusan storms to 100m hurdles final
Nigeria’s Tobi Amusan has qualified for the final of the 100m hurdles event at the ongoing 2023 World Athletics Championship in Budapest, Hungary. Amusan, who ran in lane seven, returned in time of 12.56 seconds to finish first in the Heat 2 of the semifinal, to ensure she booked her place in the final. In spite of a slow start, the reigning world champion recovered in time, clocking to finish ahead of Jamaican Achkara Nungent and Dutch Nadine Visser, who finished in time of 12.60s and 12.62s, respectively. Amusan has now qualified for her third consecutive world championship final. Former World Record holder Kendra Harrison won the first semifinal race in 12.33s, while Jasmine Camacho-Quinn took Heat 3 in 12.41s, ahead of Nia Ali in 12.49s. The 26-year-old Amusan had set the world record at the 2022 World Championship in Eugene, U.S. She had her anti-doping suspension provisionally lifted just before the commencement of the championship. The 2023 World Athletics Championship which started on August 19 is expected to end on August 27.
MLS: Messi inspires Inter Miami to Leagues Cup triumph
In a thrilling culmination of the League’s Cup, Inter Miami emerged victorious by triumphing over Nashville SC in a captivating final. The match, which concluded with a 1-1 draw, was eventually settled through a marathon penalty shootout that ended 10-9 in favour of Inter Miami. Adding to the intensity of the occasion was the continuation of Lionel Messi’s impressive winning streak since his arrival at the MLS side. The Argentine maestro’s impact was felt once again as he propelled his team to a seventh consecutive victory. Messi’s influence manifested early in the game, as he masterfully opened the scoring in the 23rd minute. His sensational strike, a fierce shot from a considerable distance, eluded multiple defenders and found its home in the top left corner of the net. This marked his 10th goal in the inaugural tournament. Nashville’s Fafa Picault countered for the home team in the 57th minute, equalizing the score and setting the stage for an exhilarating second half during which both teams came agonizingly close to seizing the lead in a rollercoaster-like fashion. In the climactic shootout, it was Nashville’s goalkeeper, Elliot Panicco, who missed the decisive penalty, paving the way for Inter Miami’s triumph. This victory held special significance as it secured Inter Miami, an MLS franchise established in 2020, their very first trophy. The jubilant scenes that followed were truly captivating, as Messi’s elated teammates hoisted him into the air in celebration. Meanwhile, Miami’s co-owner, David Beckham, could be seen exultantly raising his fists in a display of triumph. Reflecting on the momentous victory, Miami goalkeeper Drake Callender expressed his immense pride: “Contributing to our inaugural win in a final is an immense honor. This team’s dedication and hard work, day in and day out, culminated in this incredible outcome. The resilience and belief displayed are truly remarkable.” Callender’s standout performance earned him the title of man-of-the-match, having saved two crucial penalties during the shootout and confidently converted his own penalty. The transformation within Inter Miami’s gameplay has been palpable since Messi’s arrival, despite the team having a challenging season in the MLS. The infusion of Messi’s talents sparked an offensive surge, resulting in the squad netting an impressive 22 goals over their last seven matches. For Messi, this triumph marked his 44th trophy—an unparalleled achievement. The seven-time Ballon d’Or recipient was rightfully bestowed with the title of player of the tournament, which brings together teams from both MLS and Liga MX. Miami’s head coach, Gerardo “Tata” Martino, reflected on the closely contested game: “It was a closely matched encounter where either team could have clinched victory. The tie seemed just, and the eventual penalty shootout required composure, exceptional goalkeeping, and ultimately led to our victory.”
AfroBasket: D’Tigress bounce off Mozambique, advance to semi-finals
Nigeria’s D’Tigress on Wednesday in Kigali, Rwanda extended their winning streak in Africa to 22 straight wins by over-running Mozambique 59-52 to advance to the 2023 FIBA Women’s AfroBasket semi-finals. The hard-earned win means the Nigerian senior women’s national basketball team will now meet hosts Rwanda in Thursday’s semifinal. Mozambique led at the break, after 18-16 and 15-13 wins in the first and second quarters, but Nigeria overcame their lethargy to eventually turn the tables around. They outscored Mozambique 18-10 in the third quarter to set the tone for claiming the win, before a close 12-9 win in the fourth and final quarter. With Nigeria trailing by four points at half-time, they had to rally and find a way to get back into the game. When the opportunity occurred, Elizabeth Balogun seized the moment to help Nigeria tie the contest at 40-40. Amy Okonkwo then gave the reigning champions a short but solid advantage, before Ifunaya Okoro scored from behind the arc to give Nigeria the lead definitely. Mozambique tried to fight back, but they met a resilient and combative Nigeria. Okonkwo chipped in 17 points, Balogun contributed 12 points, and Sarah Ogoke finished just one point shy from a double-digit. Nearly every Nigerian ended the game with at least two points to their credit. However, what saved Nigeria was the depth of their bench, which produced 22 of the 59 points Nigeria needed to see off Mozambique. Nigeria also made the difference on free throws ratio, having 14 for 18 free throws which gave them the edge over Mozambique who had 16 from 24 attempts. The D’Tigresses also out-rebounded Mozambique 51-43, by being more active on the defensive side with 38 boards. But ironically, the game’s best rebounder was Mozambique’s Tamara Seda. With this win, Nigeria have also sent a message to hosts Rwanda that they will be tough nuts to crack, ready and focused on getting a fourth title in a row. Speaking after the game, Nigeria guard Sarah Ogoke said while their opponents were good her team was better and deserved their win. “Mozambique are a great team, and credit to them for putting up such a game. But we stayed together and we made it through,” she said. Looking ahead to their semi-final fixture, Obote said: “We’re going to be playing against the stadium, against the fans, against the entire country. “So it’s going to be very difficult. We will try to get us to Saturday’s final and to the 2024 Women’s Olympic Qualifying Tournament (WOQT). “We definitely have what it takes to make it four titles in a row and we have a way of making things happen. And we’ll find a way.”
Seplat grows 2023 H1 revenue by 3.8% to N278.3bn
*Gross profit hits N140.6bn A leading Nigerian independent energy company, Seplat Energy Plc, has recorded a rise in revenue by 3.8 percent to N278.3 billion from N219.2bn year-on-year in its unaudited results for the six months ended 30 June 2023. Seplat, which is listed on both the Nigerian Exchange Limited and the London Stock Exchange, also grew its 2023 H1 gross profit to N140.6bn from N114.1bn year-on-year. The Company, in its announcement, described the operating performance for the period as solid, given a 2 per cent increase in production, helped by reduced losses on its Western Asset, which is benefitting from the availability of the Amukpe-Escravos Pipeline and increased output from OML40. The company extended the Share Sale and Purchase Agreement (SSPA) for the acquisition of ExxonMobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU) to preserve the transaction, pending the resolution of certain legal proceedings and receipt of applicable regulatory approvals; and will continue to work with all parties to achieve a successful outcome. The full-year production guidance was retained at 45-55 kboepd whilst Capex guidance ranges at $160 – $190 million (previously $160 m) to support the Group’s objectives for the year. Following the Company’s previously announced Board succession plan (25 April 2023), it announced that Eleanor Adaralegbe, currently Vice-President Finance, has been appointed CFO-designate and will succeed Emeka Onwuka as CFO in 2024. Commenting on the impressive results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy said: “Seplat Energy’s continuing strong performance puts us on track for an excellent year that will support the increased quarterly dividends we announced in April, and our balance sheet remains strong despite the impact of the recent Naira devaluation. “We are benefiting greatly from use of the new Amukpe-Escravos Pipeline, which has supported our robust cash generation this year, and remain focused on improving operations, reducing costs where possible and further de-risking the business. “We continue to strengthen our Company in the knowledge that our efforts to improve governance and sustainability are widely supported by Nigerian and international investors. “The distraction of frivolous legal actions is receding, and we are focused on developing our assets and launching our joint venture ANOH Gas Processing Plant, which will significantly boost our cash generation in the coming years. We expect that this will enable us to fund additional investment in Nigeria’s energy infrastructure and return higher dividends to shareholders. “We remain confident that our proposed and transformational acquisition of MPNU will be approved, enabling us to scale into a significant energy supplier with diverse and productive assets that have potential to generate substantial benefits for Nigeria. We wholly align and support the recent government efforts to make Nigeria a more attractive place to invest and continue to focus on delivering affordable and reliable energy for Nigeria’s young, entrepreneurial and rapidly growing population.”