SMACIN GRACEFULL TEAM Shell MD Okunbor, Wins Prestigious Industry Lifetime Award The managing director of the Shell Petroleum Development Company of Nigeria Limited (SPDC) and Country Chair, Shell Companies in Nigeria (SCiN), Mr. Osagie Okunbor, has been named the sole recipient of the H. E. Dr Alirio Parra Lifetime Achievement Award in Nigeria Oil and Gas Industry for 2022. ADVERTISEMENT Named in honour of the late Venezuelan Minister of Petroleum and one of the founding fathers of the Organization of the Petroleum Exporting Countries (OPEC), the award is the most prestigious recognition for an individual or organisation who has made notable contributions to the development of Nigeria’s oil and gas industry. ADVERTISEMENT The award to Okunbor was the climax of the closing events for the 21st edition of the Nigeria Oil and Gas Conference and Exhibition (NOG ’22) h

SMACIN GRACEFULL TEAM Oil Marketers Seek End To Petrol Smuggling The major oil marketers have called on government to tackle petroleum products smuggling across borders within the country. ADVERTISEMENT At the Consumer Protection Regulatory Framework workshop organised by the Federal Competition and Consumer Protection Commission (FCCPC) in collaboration with the Major Oil Marketers Association of Nigeria(MOMAN), the participants observed that streamlining consumption will further help to reduce subsidy payment both in the electricity, oil and gas sectors. ADVERTISEMENT Chairman of MOMAN, Olumide Adeosun, in his remarks, believes that Nigeria needs to gradually reduce the subsidy of Premium Motor Spirit(PMS) also called petrol while investing and perhaps subsidising mass transportation and productive activities in such areas such as agriculture. ADVERTISEMENT

SMACIN GRACEFULL TEAM Oil Demand To Rise By 2mbpd In 2023 Experts have forecasted that global oil markets would increase by at least 2 million barrels a day by next year taking it back above the 2019 level for the first time since the COVID-19 pandemic struck in early 2020. ADVERTISEMENT Consequently, the Organisation of Petroleum Exporting Countries(OPEC) producers will need to pump crude at the fastest pace in five years in 2023, if they are to balance oil supply and demand as capacity constraints suggest they may struggle. ADVERTISEMENT The latest forecasts from the International Energy Agency(IEA), the US Energy Information Administration and the OPEC, all show global oil demand rising strongly again in 2023, despite growing fears over mounting inflation and weakening economic growth. ADVERTISEMENT A lack of investment in new crude production capacity mean