VenturesNow

Shell investigates smoke at Gbaran oil plant in Nigeria

Published

7 months ago

May 15, 2024

Shell is investigating allegations of smoke near its Gbaran Ubie oil and gas complex in Nigeria’s coastal Bayelsa state. Residents reported hearing booms and seeing smoke in the region.

The Shell official stated that the event would not result in an immediate operational shutdown. Residents in the adjoining village reported a fire about 0600 GMT, claiming to have heard booms where pipeline repair work was underway.

The Gbaran facility, which started operations in 2010, is by far Nigeria’s most important LNG gas feedstock project, processing about 2 billion standard cubic feet of gas daily.

“We are actively monitoring reports of smoke detected near our Gbaran Central Processing Facility in Bayelsa State. While the source appears to be external to our facility, we are in close communication with regulatory authorities to look into the incident and ensure the safety of the surrounding communities,” a Shell spokesperson said in an emailed statement.

Shell did not immediately reply to reports from local people. Resident Ovie Ogbuku told journalists: “At about 7 a.m. I heard the sound so deafeningly and it shook the foundation of the earth and we ran for our dear lives. The result is the thick smoke you are seeing now.”

Another resident Uche Ede said; “We have no idea of the cause of the explosion but we are grateful no life was lost because it was far away from homes.”

Land operations in Nigeria’s oil-rich Niger Delta are vulnerable to sabotage, theft, and pipeline damage, leading oil companies to abandon such areas in favor of deepwater exploration.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”