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6,000 Delegates to Attend Nigeria’s Oil and Gas Conference

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  • 6,000 Delegates to Attend Nigeria’s Oil and Gas Conference

The Nigeria National Petroleum Corporation has said that more than 6,000 delegates, 250 exhibitors and over 20 countries would participate in the 2017 Nigeria’s Oil and Gas Conference slated for Abuja.

The event, which is majorly sponsored by the Ministry of Petroleum Resources, will begin on February 27 and ends on March 2.

The NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, told a news conference that Nigeria’s Dr Mohammad Barkindo, OPEC Secretary-General, would be in attendance and would elucidate how he was able to shore up oil prices.

He said, “This year’s event will be unique in several respects. We are expecting about 6,000 conference delegates, 250 exhibitors, over 20 countries will be participating and these countries cut across all continents.

“Many oil and gas experts, thousands of media colleagues and hundreds of government representatives from different countries will also be in attendance.

“NNPC is a major sponsor and we have ensured that adequate preparation is on ground for the conference.”

He also said that over 48 speakers would deliver papers at the event.

“The Minister of State Petroleum Resources will give a keynote address on `Repositioning the Oil and Gas Sector’ while the Group General Manager will speak on `Commercialising the NNPC’.

“The climax of the event is the participation by the OPEC Secretary-General. He will be visiting President Muhammadu Buhari, Dr Ibe Kachikwu and other OPEC stakeholders’ resident in Nigeria.

“His visit is also unique because he will inform the World how OPEC members’ have complied with the outcome of the last conference.

“As you can see, prices have been rising since the last OPEC conference and the bulk of the credit goes to OPEC Secretary-General.

“He will speak on the oil and gas market outlook With his effort, the market trend has been moving toward equilibrium with lower stock and that is why prices have soared and that will be a climax of the NOG meeting.’’

The Barkindo’s 10-man delegation would present OPEC Long and Short term views of the market at the conference.

The NOG is an annual event for Nigeria’s oil and gas industry stakeholders to convene and hear announcements on policy, discuss business opportunities and form partnerships.

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

Crude Oil Dips Slightly on Friday Amid Demand Concerns

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On Friday, global crude oil prices experienced a slight dip, primarily attributed to mounting concerns surrounding demand despite signs of a tightening market.

Brent crude prices edged lower, nearing $83 per barrel, following a recent uptick of 1.6% over two consecutive sessions.

Similarly, West Texas Intermediate (WTI) crude hovered around $78 per barrel. Despite the dip, market indicators suggest a relatively robust market, with US crude inventories expanding less than anticipated in the previous week.

The oil market finds itself amidst a complex dynamic, balancing optimistic signals such as reduced OPEC+ output and heightened tensions in the Middle East against persistent worries about Chinese demand, particularly as the nation grapples with economic challenges.

This delicate equilibrium has led oil futures to mirror the oscillations of broader stock markets, underscoring the interconnectedness of global economic factors.

Analysts, including Michael Tran from RBC Capital Markets LLC, highlight the recurring theme of robust oil demand juxtaposed with concerning Chinese macroeconomic data, contributing to market volatility.

Also, recent attacks on commercial shipping in the Red Sea by Houthi militants have added a risk premium to oil futures, reflecting geopolitical uncertainties beyond immediate demand-supply dynamics.

While US crude inventories saw a slight rise, they remain below seasonal averages, indicating some resilience in the market despite prevailing uncertainties.

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Nigeria’s Petrol Imports Decrease by 1 Billion Litres Following Subsidy Removal

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Nigeria’s monthly petrol imports declined by approximately 1 billion litres following the fuel subsidy removal by President Bola Ahmed Tinubu, the National Bureau of Statistics (NBS) reported.

The NBS findings illuminate the tangible effects of this policy shift on the country’s petroleum importation dynamics.

Prior to the subsidy removal, the NBS report delineated a consistent pattern of petrol imports with quantities ranging between 1.91 billion and 2.29 billion litres from March to May 2023.

However, in the aftermath of Tinubu’s decision, the nation witnessed a notable downturn in petrol imports, with figures plummeting to 1.64 billion litres in June, the first post-subsidy month.

This downward trend persisted in subsequent months, with July recording a further reduction to 1.45 billion litres and August witnessing a significant decline to 1.09 billion litres.

August’s import figures represented a decrease of over 1 billion litres compared to the corresponding period in 2022.

The NBS report underscores the pivotal role of the subsidy removal in reshaping Nigeria’s petrol import landscape with the Nigerian National Petroleum Company emerging as the sole importer of fuel in the current scenario.

Despite higher petrol imports in the first half of 2023 compared to the previous year, the decline in June, July, and August underscores the profound impact of subsidy removal on import dynamics, affirming the NBS’s latest findings.

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Nigeria’s Oil Rig Count Soars From 11 to 30, Says NUPRC CEO

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The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has announced a surge in the country’s oil rig count.

Komolafe disclosed that Nigeria’s oil rigs have escalated from 11 to 30, a substantial increase since 2011.

Attributing this surge to concerted efforts by NUPRC and other governmental stakeholders, Komolafe highlighted the importance of instilling confidence, certainty, and predictability in the oil and gas industry.

He explained the pivotal role of the recently implemented Petroleum Industry Act (PIA), which has spurred significant capital expenditure amounting to billions of dollars over the past two and a half years.

Speaking in Lagos after receiving The Sun Award, Komolafe underscored the effective discharge of NUPRC’s statutory mandate, which has contributed to the success stories witnessed in the sector.

The surge in Nigeria’s oil rig count signifies a tangible measure of vibrant activities within the upstream oil and gas sector, reflecting increased drilling activity and heightened industry dynamism.

Also, Komolafe noted that NUPRC has issued over 17 regulations aimed at enhancing certainty and predictability in industry operations, aligning with the objectives outlined in the PIA.

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