Latest news with #BayoOjulari
Business Insider
13-05-2025
- Business
- Business Insider
NNPC to resume crude oil drilling in northern Nigeria, confirms peace with Dangote refinery
The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to resume crude oil drilling in northern Nigeria. The Nigerian National Petroleum Company Limited (NNPCL) is resuming crude oil drilling in northern Nigeria. The site is estimated to hold over one billion barrels of crude oil and 500 billion cubic feet of natural gas. Collaboration with companies, including the resolution of disputes with Dangote Group, is expected to enhance the project's success and impact. According to the company's new Group Chief Executive Officer, Bayo Ojulari, the Kolmani drilling project, located on the boundary between Bauchi and Gombe states, is expected to deliver significant benefits to Nigerians once completed. ' NNPC will continue oil drilling in the Kolmani field and will continue the work on the AKK gas pipeline from Ajaokuta to Kaduna to Kano. The companies working on the projects will continue, and new ones are also welcome," he said. 'The projects are critical in boosting the economy, and the impact will be felt by all Nigerians. By next month, people will begin to see. We will start work on the AKK gas pipeline and the Kalmoni. ' Oil discovery in the north In 2019, NNPC announced the discovery of hydrocarbon deposits at the Kolmani River II Well, located in the Upper Benue Trough within the Gongola Basin in the country's northeast. This marked the first major oil find in Northern Nigeria and laid the foundation for the Kolmani Integrated Development Project, a strategic initiative to harness the region's hydrocarbon potential. By 2022, the government launched commercial oil drilling in the area. Authorities said the project was expected to attract foreign investment and generate employment for local communities. The site is estimated to hold over one billion barrels of crude oil and 500 billion cubic feet of natural gas, with investment commitments already totalling $3 billion. Dangote, NNPCL resolve feud The relationship between Dangote Group and the Nigerian National Petroleum Company Limited (NNPCL) has been tense in recent years, largely due to disagreements over issues such as the controversial Naira-for-Crude deal, which faced inconsistencies under previous NNPCL leadership. However, according to Mr. Ojulari, the rift has now been resolved. ' We, as Nigerians, must hail Dangote's courageous efforts. Whatever he is investing, he is doing it in Africa. We have addressed the feud between the NNPC and the Dangote Refinery. Very soon, people will start seeing the impact."
Arabian Post
25-04-2025
- Business
- Arabian Post
US-China Trade Confrontation Disrupts Global Shipping Routes
A sharp decline in container traffic from China to the United States has emerged, as the latest round of tariffs imposed by the Trump administration triggers significant shifts in global trade flows. Shipping data and industry reports indicate a substantial drop in U.S. imports from China, with container bookings falling by approximately one-third since early April, according to Hapag-Lloyd, the world's fifth-largest container-ship operator. The downturn follows the White House's implementation of a 145% tariff on Chinese goods, a move that has prompted retaliatory measures from Beijing, including a 125% tariff on U.S. imports. These escalating trade tensions have led to a significant reduction in scheduled vessels from China to the United States, with a reported 33% year-over-year decline for the week ending May 10. Major U.S. ports, particularly Los Angeles and Long Beach, are experiencing notable decreases in import volumes. Port Optimizer, a daily ship tracking system, recorded a 29% decline in freight vessels departing China for Southern California for the week ending May 3. This reduction in maritime traffic is mirrored by a broader contraction in global container shipping volume, projected to fall by 1% due to the current trade policies, marking only the third such drop since 1979. The impact of these tariffs extends beyond shipping, affecting various sectors of the U.S. economy. Retailers and manufacturers, including Walmart, Target, and Home Depot, have warned of potential price increases and product shortages, particularly in industries heavily reliant on Chinese imports such as toys, electronics, clothing, and pharmaceuticals. These companies had previously stockpiled goods in anticipation of the tariffs, but the sustained trade barriers are now leading to supply chain disruptions reminiscent of pandemic-era shortages. See also Bayo Ojulari Appointed as NNPC's New Group CEO In response to the declining demand, container lines are adjusting their operations. The OCEAN Alliance, comprising China COSCO, Evergreen, CMA CGM, and OOCL, has reduced capacity on transpacific services, while THE Alliance, including Hapag-Lloyd, Ocean Network Express, and YangMing, has ended certain services and downsized others. Additionally, the 2M alliance, consisting of Maersk and MSC, has consolidated Asia-East Coast services with Israeli line ZIM to manage the risk associated with the U.S.-China trade war. The trucking industry in the United States is also feeling the effects of the trade slowdown. While there has been a temporary surge in shipments due to businesses stockpiling goods, experts predict flat volume growth and minimal rate hikes through 2025. Transportation stocks have suffered significant declines, and key economic indicators such as U.S. manufacturing and housing permits have weakened, signaling a challenging road ahead for the sector. China, meanwhile, is preparing for a prolonged economic conflict with the United States. Despite President Trump's softened rhetoric on the trade war, Beijing remains resolute, cutting back on U.S. imports and pausing some exports. The Chinese government is mobilizing national unity around a strategy of economic self-reliance and resistance against what it frames as American 'bullying.' China is also leveraging its dominance in rare-earth minerals as a strategic tool, potentially impacting U.S. manufacturing and technology sectors.
BBC News
02-04-2025
- Business
- BBC News
Bayo Ojulari: Nigeria's Bola Tinubu names ex-Shell boss to head NNPC in major overhaul
Nigeria's president has appointed Bayo Ojulari - a former Shell executive - to lead the state-owned oil company, as part of sweeping reforms aimed at cleaning up the sector dogged by allegations of corruption, pollution and decades-long Ojulari was picked in a "crucial" overhaul of the Nigerian National Petroleum Company (NNPC), the presidency said on added that the restructure - which also involved the entire board being replaced - was necessary to drive economic growth in Africa's biggest oil Bola Tinubu's time in power has seen a series of economic shocks, with food and fuel prices rocketing over the past couple of years. In its statement announcing the NNPC restructure, the presidency said Tinubu wishes to boost Nigeria's oil output and refining oil production slowed to less than a million barrels per day in 2023, news agency AFP administration wants to hit two million barrels per day of oil by 2027 and three million barrels per day by with executing this mission, Mr Ojulari replaces former NNPC boss Mele Ojulari joined Shell Nigeria 1991 and during his 24 years there, he held roles within the country as well as Europe and the Middle Ojulari rose to become the Managing Director of Shell, a position he held for six years. He left the company in 2021 to join the investment advisory organisation BAT Advisory and Energy then moved to Renaissance Africa Energy Company last year. More stories on Nigeria's oil industry: Oil clean-up 'scam' warnings ignored by Shell, whistleblower tells BBCWhy Nigerians are praying for the success of a new refineryNigeria's stolen oil, the military and a man named Government Go to for more news from the African us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica
