Oil Prices Near $80 on Mild Omicron Variant
New rate almost doubles 2021 budget benchmark of $40pb
Emmanuel Addeh in Abuja Oil prices rose over three per cent yesterday on hopes that the Omicron COVID-19 variant would have limited impact on
global demand in 2022, even as surging cases caused flight cancellations in some countries. Global benchmark Brent crude rose $2.59, or 3.40 per cent, to $78.73 a barrel yesterday, while the United
States West Texas Intermediate (WTI) crude rose $2.01, or 2.7 per cent, to $75.80 a barrel. Prices of oil which had plunged by more than 10 per cent on November 26, when reports of
a new variant first appeared, started to gain last week after early data suggested that Omicron could cause a milder level of illness. Although the variant had been spreading faster than any
COVID-19 variant yet, there’s been some relatively relieving news that most people infected with Omicron showed mild symptoms so far. However, more than 1,300 flights were cancelled by US airlines on
Sunday as COVID-19 reduced the number of available crews while several cruise ships had to cancel stops. Continued on page 10
Jonathan Left $28.6bn External Reserves, Says Aide ... Page 6 Tuesday 28 December, 2021 Vol 26. No 9759. Price: N250
www.thisdaylive.com TR
UT H
& RE A S O
N
Omicron: Travel Nightmare as over 2,800 Flights Cancelled US CDC shortens recommended COVID-19 isolation, quarantine time More than 2,800 flights were cancelled yesterday as COVID-19 cases surged across the globe. This was just as the US Centers for Disease Control and Preven-
tion yesterday shortened the recommended times that people should isolate when they've tested positive for COVID-19 from 10 days to five days if they don't have
symptoms - and if they wear a mask around others for at least five more days. However, of the more than 2,800 cancelled flights, around 1,000 were
within, into or out of the United States, according to FlightAware. Almost 11,000 flights are delayed. "The nationwide spike in Omicron cases this week has
had a direct impact on our flight crews and the people who run our operation," a United memo obtained by CNN disclosed. According to the CNN, globally,
airlines cancelled more than 6,000 flights on Christmas Eve, Christmas and the day after Christmas. In Continued on page 10
Shell, ExxonMobil Face Huge Remediation Costs over Abandoned Onshore Assets Aiteo considers options against multinational oil company over Nembe spill Sector not ripe for full-blown deactivation processes, says industry regulator Stakeholders want enforcement of rules Emmanuel Addeh in Abuja Shell Petroleum Development Company of Nigeria and ExxonMobil are presently faced with huge remediation costs over their failure to properly decommission and cap oil and gas assets across the Niger Delta, especially the ones sold to Nigerians in recent divesture programmes. A situation that creates severe environmental risks and pollution to host communities in the oil-rich Niger Delta. THISDAY gathered from stakeholders that the recent case of Aiteo’s Nembe wellhead blowout, brought to the fore the need to enforce the relevant laws and to ensure that the multinationals that sold the assets to the Nigerian companies pay remediation charges. While Aiteo is presently engaged in a legal tussle with Shell, seeking the sum of over $2.5 billion compensation over the sale of Oil Mining Licence 29, THISDAY gathered that the Nigerian oil and gas company is also considering fresh legal action Continued on page 10
UWAIS’ DAUGHTER WALKS DOWN THE AISLE...
L-R: Former Senate President, Dr. Bukola Saraki; his wife, Toyin; Oyo State Governor, Mr. 'Seyi Makinde; Mrs. Mariam Uwais, former Ogun State Governor, Senator Ibikunle Amosun and Uwais' sister, Mrs. Fatima Abdulrahman, during the wedding of Uwais' daughter in Ilorin, Kwara State...yesterday
JOHESU Endorses New Hazard Allowance Approved by FG... Page 5