- Petrocam Deploys Solar Solution to Power More Filling Stations
Petrocam Nigeria Limited, a subsidiary of Petrocam Trading (Pty) Limited of South Africa has opened another solar-powered petrol station in Lagos as part of the company’s drive to increase its local presence in the downstream sector of Nigeria’s oil and gas industry.
Before its current drive to penetrate the local market, the company’s major focus was importing refined petroleum products such as petrol, gasoil, kerosene, naphtha, lubricants and greases for the oil marketing companies in Nigeria.
But in a renewed drive to tap into the local market, the company has opened another solar-powered filling station in Lekki area of Lagos, thus bringing to three the company’s filling stations that are solar-powered in Lagos.
Gennex Technologies is the provider of solar solutions for Petrocam Stations.
Speaking to journalists during the opening ceremony of the new station in Lekki area of Lagos, the Executive Director in charge of Engineering at Gennex Technologies, Mr. Tunji Tayo noted that the 112 kilowatt-capacity solar power would guarantee 24 hours of uninterrupted power supply to the station.
He said the capacity could also be increased if the need arose in the future.
Tayo noted that Nigeria is lagging behind in the deployment of solar technology to address the power deficit in the country.
“Nigeria is still very far behind in terms of renewable energy. Apart from Total, which has built one solar-powered filling station in Maryland, the next retail solar-powered station is Petrocam. Petrocam has built three solar powered stations. So, Nigeria is still very far from getting there. But we are supposed to be there because that is where the whole world is going,” he said.
“Solar will appear expensive if you look at the initial capital outlook but I can tell you that you should consider the fact that these solar panels are going to be there in the next 20 to 25 years. So, it is actually an asset.
If you want to build a house, you cannot say that the house is actually expensive because you know that the house probably would outlive you. So, if you look at Solar from this perspective, the manufacturers’ warranty for the solar panels is 25 years. That is not to say that the panels will become useless after 25 years. No! It is just the warranty,” he added.
Apart from Petrocam, Tayo said his company had deployed solar solutions to many residential houses within and outside Lagos.
According to him, the company’s solar power is 100 per cent installed and engineered by Nigerians.
“So, our people can do this thing. The first one we deployed at Petrocam Filling Station in Ajah is one year old and it has no issues,” he added.
Petrocam Trading (Pty) Ltd prides itself as an entity focused on commodity trading in Africa and “has in the last 10 years developed invaluable and competitive experience in operating in developing countries and has cemented its ability to facilitate trade in emerging and developing markets, relating to African import and export flows of commodities”.
OPEC Agrees to Increase Oil Supply by 500,000 Barrels Per Day Ahead of Surge in Demand
OPEC and allies finally agreed to ease their 7.7 million barrels per day production cut by 500,000 barrels per day starting from January 2021.
This will now bring the oil cartel’s total production cuts to 7.2 million barrels per day starting from next year.
Oil prices rose after the news as the market believed the approval of Pfizer COVID-19 in the United Kingdom will kick start a series of approvals and helped restore confidence, increase business activities and demand for the commodity across the globe.
After the outcome of the meeting was made public on Thursday, Brent Crude Oil against which Nigerian oil is priced gained 1.35 percent on Friday after gaining 1.4 percent on Thursday to $49.37 per barrel at 11.35 am Nigerian time on Friday.
The US West Texas Intermediate gained 1.29 percent to $46.23 barrel on Friday.
“500,000 bpd from January is not the nightmare scenario that the market feared, but it is not what was really expected weeks ago,” said Rystad Energy senior oil markets analyst Paola Rodriguez Masiu. “Markets are now reacting positively and prices are recording a small increase as 500,000 of extra supply is not deadly for balances,” she added.
Investors King increased business sentiment in the energy sector to boost investment, increase activity in the sector and most important improve crude oil demand enough to accommodate the 500,000 barrels per day extra that would be hitting the global market starting from January.
Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd
The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.
The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.
The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.
The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.
Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.
The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.
Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins
Oil Prices Recover from 4 Percent Decline as Joe Biden Wins
Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.
This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.
Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.
On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.
“Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.
“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”
The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.
“There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.
“Either you’re crimping energy demand or consumption behavior.”
Nigeria’s Annual Remittance Inflow Estimated at $24 Billion -CBN
Nigerians to Start Receiving Remittance Inflows in Foreign Currency Today
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