Page 10 - AfrOil Week 15 2022

AfrOil PERFORMANCE AfrOil

TotalEnergies is one of the IOCs that has resumed work in Libya (Photo: TotalEnergies)
For example, TotalEnergies (France) announced support the claims of Fathi Bashagha, whose
in November of last year that it would inject base of operations is in the eastern city of Tob-
$2bn into Libya’s Waha oilfields in order to boost ruk, to head a Government of National Stability
production by around 100,000 bpd. (GNS), have said they suspended participation
in the JMC because it fails to guarantee disso-
Political obstacles to production lution of the interim GNU, which is headed by
Nevertheless, unrest and clashes between armed Abdulhamid Dbeibah.
factions still poses risks to investors. On March 1, the Libyan House of Represent-
Earlier this week, one of those factions – the atives in Tobruk passed a vote of confidence in
Libyan National Army (LNA), led by Khal- the Bashagha cabinet, which included 29 minis-
ifa Haftar – attempted to head off criticism by ters, six state ministers and three deputy prime
declaring that it had played no role in shutting ministers. But the Tripoli-based High Coun-
down the country’s oilfields, ports and gas cil of State contests the legitimacy of the new
pipelines. LNA made a statement to this effect (GNS) government. Meanwhile, Dbeibah, the
through its spokesman Ahmad al-Mismari. head of the GNU, refuses to step down as prime
It did so in the wake of reports claiming that a minister.
demand had been made by the “5+5” joint mil- Al-Mismari said Bashagha’s government
itary council (JMC) to block the road linking intended to assume office in Tripoli peacefully.
eastern and western Libya and stop any arrange- The move will help restore peace and prevent
ments with the Tripoli-based government. chaos and further divisions in the country, he
The 5+5 JMC consists of representatives of added.
the LNA and the forces of the interim Govern- LNA has accused Dbeibah’s government of
ment of National Unity (GNU), based in Trip- wasting oil revenues and inciting violence that
oli. However, the LNA representatives, who results in the closure of key oilfields. ™

India, Spain, Netherlands top sources of

Nigeria’s oil export revenues in Q4-2021

NIGERIA SHIPMENTS to India accounted for the larg- “India remains one of the largest export
est share of Nigeria’s oil export revenues in the markets for Nigeria and accounted for 15.2%
fourth quarter of 2021, according to data from a of total exports in the quarter, amounting to
new report published by the country’s National NGN874.9bn ($2.1bn),” NBS said.
Bureau of Statistics (NBS). The bureau named Spain as the second-larg-
The report, cited by Vanguard on Tues- est destination for Nigerian oil in terms of rev-
day (April 12), states that Nigeria exported enue, noting delivery of NGN624bn ($1.5bn)
NGN774.5bn ($1.87bn) worth of crude oil to worth of crude in the fourth quarter.
India between October and December of last It put the total value of liquid fuel deliveries
year, along with NGN89.8bn ($216mn) of LNG to Spain during this period at NGN789.2bn
and NGN6.7bn ($16mn) of LPG. ($1.9bn).

P10 www. NEWSBASE .com Week 15 06•April•2022