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Pursue Careers in Oil Sector, NCDMB Urges Youths

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  • Pursue Careers in Oil Sector, NCDMB Urges Youths

The Nigerian Content Development and Monitoring Board has advised youths from the Niger Delta to take up job opportunities in the oil and gas sector and shun violence and pipeline vandalism.

The NCDMB General Manager, Zonal Coordinator (Board Projects), Dr. Ginah O. Ginah, stated this at the Youth Sensitisation and Enlightenment Workshop held in Akure and Owo, Ondo State.

According to him, the workshop was to enable the youths understand that the business environment in the oil and gas industry had changed from 2010 when the oil and gas industry development act was passed into law.

He said, “In this new environment that was ushered in by that act, there is space for increase of Nigerians’ participation in terms of human resource, services and other sundry issues and activities in the oil and gas industry.

“The act also encourages the involvement of host communities in the activities of oil and gas industry particularly in their domains. The fallout of this incidentally is that the youths don’t have to be violent any longer in getting engaged in the oil and gas industry.

“We are the agency responsible for ensuring that they (youths) get what is due to them in the oil and gas industry.”

Ginah charged the youths to discuss with the NCDMB through its official address if they had any grievance, saying “in the nearest future, we should see cessation of violence and hostilities in the Niger Delta areas”

He noted that the board was to promote the development and utilisation of in-country capabilities for industrialisation of Nigeria through effective implementation of the Nigerian Content Act.

The NCDMB boss added that the board was working on how to ensure that more Nigerians, particularly youths from the Niger Delta region, get engaged in relevant skills that would earn them employment in the oil and gas industry.

To benefit from the oil and gas job opportunities through the NCDMB, he said the youths would register on the portal of the organisation to enable companies in the oil sector to access their details and call them up for opportunities.

A consultant to the NCDMB and former lawmaker in the state, Mr. Oyebo Aladetan, said they had been able to find one of the laws of the country to acquaint the people with the environmental values on how to benefit from what could come out of their environment.

Aladetan, who was a former lawmaker representing Ilaje State Constituency I, also said the NCDMB act would help in reducing the rate of neglect of the people from the Niger Delta.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Gold

Gold Gained Ahead of Joe Biden Inauguration 2021

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Gold

Gold Gained Ahead of Joe Biden Inauguration 2021

Gold price rose from one and a half month low on Tuesday ahead of President-elect Joe Biden’s inauguration on Wednesday.

The precious metal, largely regarded as a haven asset by investors, edged up by 0.2 percent to $1,844.52 per ounce on Tuesday, up from $1,802.61 on Monday.

According to Michael McCarthy, the Chief Market Strategies, CMC Markets, the surged in gold price is a result of the projected drop in dollar value or uncertainty.

He said, “The key factor appears to be the (U.S.) currency.”

As expected, a change in administration comes with the change in economic policies, especially taking into consideration the peculiarities of the present situation. In fact, even though Biden, Janet Yellen and the rest of the new cabinet are expected to go all out on additional stimulus with the support of Democrats controlled Houses, economic uncertainties with rising COVID-19 cases and slow vaccine distribution remained a huge concern.

Also, the effectiveness of the vaccines can not be ascertained until wider rollout.

Still, which policy would be halted or sustained by the incoming administration remained a concern that has forced many investors to once again flee other assets for Gold ahead of tomorrow’s inauguration.

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Crude Oil

Crude Oil Holds Steady Above $55 Per Barrel on Tuesday

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Oil

Crude Oil Holds Steady Above $55 Per Barrel on Tuesday

Brent Crude oil, against which Nigerian crude oil is priced, rose from $54.46 per barrel on Monday to $55.27 per barrel as of 9:03 am Nigerian time on Tuesday.

Last week, Brent crude oil rose to 11 months high of $57.38 per barrel before pulling back on rising COVID-19 cases and lockdowns in key global economies like the United Kingdom, Euro-Area, China, etc.

While OPEC has left 2021 oil demand unchanged and President-elect Joe Biden has announced a $1.9 trillion stimulus package, experts are saying the rising number of new cases of COVID-19 amid poor vaccine distribution could drag on growth and demand for oil in 2021.

On Friday, Dan Yergin, vice-chairman at IHS Markit, said in addition to the stimulus package “There are two other things that are going with it … one is of course, vaccinations — in the sense that eventually this crisis is going to end, and maybe by the spring, lockdowns will be over.”

“The other thing is what Saudi Arabia did. This is the third time Saudi Arabia has made a sudden change in policy in less than a year, and this one was to announce (the) 1 million barrel a day cut — partly because they are worried about the impact of the surge in virus that’s occurring,” he said.

Also, the stimulus being injected into the United States economy could spur huge Shale production and disrupt OPEC and allies’ efforts at balancing the global oil market in 2021.

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Crude Oil

Crude Oil Pulled Back Despite Joe Biden Stimulus

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Crude Oil Pulled Back Despite Joe Biden Stimulus

Crude oil pulled back on Friday despite the $1.9 trillion stimulus package announced by U.S President-elect, Joe Biden.

Brent crude oil, against which Nigeria’s oil is priced, pulled back from $57.38 per barrel on Wednesday to $55.52 per barrel on Friday in spite of the huge stimulus package announced on Thursday.

On Thursday, OPEC, in its latest outlook for the year, said uncertainties remain high in 2021 with the number of COVID-19 new cases on the rise.

OPEC said, “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”

“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.”

Governments across Europe have announced tighter and longer coronavirus lockdowns, with vaccinations not expected to have a significant impact for the next few months.

The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said.

Still, OPEC left its crude oil projections unchanged for the year. The oil cartel expected global oil demand to increase by 5.9 million barrels per day year on year to an average of 95.9 million per day in 2020.

But also OPEC expects a recent rally and stimulus to boost U.S. Shale crude oil production in the year, a projection Investors King experts expect to hurt OPEC strategy in 2021.

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