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NNPC Increases Crude Exploration in Gongola, Others

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NNPC - Investors King
  • NNPC Increases Crude Exploration in Gongola

The Nigerian National Petroleum Corporation has embarked on a more rigorous exploration of the Gongola and other frontier inland basins as part of efforts to shore up the oil and gas reserve base across the country.

The Group Managing Director, NNPC, Dr. Maikanti Baru, made this disclosure when he paid separate visits to the Governors of Bauchi, Mr. Mohammad Abubakar; and Gombe State, Mr. Ibrahim Dankwambo, as well as the Emir of Bauchi, Alhaji Rilwanu Adamu, and the Emir of Gombe, Alhaji Abubakar Shehu Abubakar III.

A statement from the corporation on Friday quoted Baru to have said, “In strict compliance with President Muhammadu Buhari’s mandate, the NNPC has, therefore, commenced activities in the Gongola Basin by awarding the contract for seismic data acquisition of over 500 square kilometres of 3D seismic data in the first instance.

“The NNPC is deploying state of the art technology in the present data acquisition and we are confident that these efforts will lead to clearer definition of the prospective of the basin.”

He added that the contractors awarded the contract for the seismic data acquisition in the Gongola Basin, Integrated Data Service Limited, a subsidiary of the NNPC, and the Bureau for Geophysical Prospecting, were mobilising to commence the project.

The GMD stated that the seismic data acquisition activities and exploration well drillings would bring about employment opportunities for youths, adding that when successful, the multiplier effects would contribute to the economic empowerment of the surrounding communities and the nation at large.

Baru said as part of its corporate social responsibility, the corporation was in the process of awarding the environmental baseline studies and Environmental Impact Assessment to the Abubakar Tafawa Balewa University, as well as to Bauchi and Modibbo Adama University of Technology, Yola.

Both governors applauded the President for the move to commence exploratory activities in the Gongola Basin and other frontier inland basins, stressing that the move would further grow the nation’s oil and gas reserves.

“I want to assure you of the unflinching support of Bauchi State and its good people towards this project.  We are ready to provide offices and accommodation for all NNPC staff that will work on this project,” Abubakar said.

Dankwambo stated, “Already, we have assigned two ministries that will work with your team on this laudable project. I will work with my colleague governors in the North-East to galvanise support from our people for this project.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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