⁣President Muhammadu Buhari has moved to find a lasting solution to the disruptions in the supply and distribution of petroleum products with the approval of the constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution management.
The Steering Committee, which will be chaired by Buhari, has the Minister of State for Petroleum Resource Chief Timipre Sylva as the Alternate Chairman.
According to a statement issued by Horatius Egua, the Senior Adviser, Media and Communications, to the Minister of State for Petroleum Resources, this was made known by Sylva, who said the committee would among other things ensure transparent and efficient supply and distribution of petroleum products across the country.
To further ensure sanity in the supply and distribution across the value chain, Sylva directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure strict compliance with the government-approved ex-depot and retail prices for PMS.
The minister also directed the NMDPRA to ensure that NNPC Limited, which is the supplier of last resort meets the domestic supply obligation of PMS and other petroleum products in the country.
He further directed that the interests of the ordinary Nigerian are protected from price exploitation on other deregulated products such as Automative Gas Oil (AGO), Dual Purpose Kerosene (DPK) and Liquified Petroleum Gas (LPG).
he minister said, “The Federal Government will not allow misguided elements to bring untold hardship upon the citizenry and attempt to discredit government’s efforts in consolidating the gains made thus far in the oil and gas sector of the economy.’’
Other terms of reference are to ensure national strategic stock management, visibility on the NNPC Limited refineries rehabilitation programme and ensure end-end tracking of petroleum products, especially PMS to ascertain daily national consumption and eliminate smuggling.

⁣The Norwegian energy firm, Equinor, has indicated an interest in selling off its stake in the offshore Agbami oilfield. Reuters reported that the company has launched the sale of its stake in the offshore asset, joining ExxonMobil

⁣efore that, prices had slumped to the level last seen before the Russian invasion of Ukraine. Mild weather, ample volumes of gas in storage sites, and continued LNG imports have dragged gas prices lower in recent weeks.
Toward the end of the winter heating season, the Freeport LNG export terminal in the United States could return to exporting cargoes after it was shut down following a fire in June.
Freeport LNG on Monday confirmed for Oilprice.com that repairs had been completed at its LNG export facility, and that a request to restart by introducing LNG to the piping system had been filed with regulators.

⁣The benchmark natural gas price for Europe plunged by 11% at the opening in Amsterdam on Tuesday, extending this month’s loss to 20%, as wind generation is expected to recover and the current cold snap to end soon.
The Dutch TTF price traded at below $65 (60 euros) per megawatt hour (MWh) early on Tuesday after forecasts started to show that milder temperatures are coming next week in northwest Europe after the current cold snap. The warmer weather would persist through the first week of February, per forecasts from Maxar Technologies quoted by Bloomberg.
In addition, EU gas inventories are still unusually high for this time of the year – at 77% full across the EU and well above the five-year average for the winter heating season. The high volumes of gas in storage and the constant influx of LNG cargoes are easing supply concerns in the absence of most of the Russian pipeline gas.
Of course, milder weather so far this winter, especially at the end of December and the start of 2023, has helped a lot.

This episode looks at the impact of current international geopolitical issues, crude oil prices, and its impact on the Nigerian Economy.

It also sheds more light on the way forward for Nigeria as it prepares for a new government administration in 2023.
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⁣The Norwegian energy firm, Equinor, has indicated an interest in selling off its stake in the offshore Agbami oilfield.
Reuters reported that the company has launched the sale of its stake in the offshore asset, joining ExxonMobil, Shell and TotalEnergies who have sought to sell off assets in Nigeria.
According to Reuters, Equinor has hired investment bank Standard Chartered to run the sale process, which could raise $1 billion.
Equinor said it has invested over $3.5 billion in its 20.21% stake in the Agbami oil field. Meanwhile, Chevron is the operator with 67.30% interest and Prime 127 holds the remaining 12.49%. Equinor has drilled 10 wells with a 40% discovery rate.
Equinor launched the sale process after signing a deal in 2022 with the Nigerian National Petroleum Company (NNPC) Limited, to extend by two decades the license for offshore block OML 128, which is part of the Agbami field.

⁣One of the biggest oil producers taking part in the most prolific U.S. shale play has decided to stop routine gas flaring in the Permian and plans to push for all other shale well operators to do the same.
In an interview with Reuters, Exxon officials said they would insist on tougher flaring regulations in a bid to achieve a phase-out of the practice.
“It levels the playing field,” the chief environmental scientist of the supermajor, Matt Kolesar, told Reuters. “We need strong regulations so it doesn’t matter who owns the facility.”
Flaring has come into the spotlight of environmental concerns in the past few years as it is associated with the release of significant amounts of methane, which is a more potent but shorter-lived greenhouse compound than carbon dioxide.
What’s more, reducing flaring increases the amount of natural gas an operator produces, and in today’s gas market, this is not a benefit to be overlooked.
According to Exxon, an end to flaring is a worthy goal to pursue—worthier than making oil companies pay for the emissions generated through the use of their products—the so-called Scope 3 emissions. Reducing methane emissions is by far the most cost-effective means of reducing overall emissions in the industry, Kolesar told Reuters.