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Expert to train youths in coal extraction in Enugu

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  • Expert to Train Youths in Coal Extraction in Enugu

A petroleum industry expert, Dr Livinus Nosike, has called for more involvement of youths in the sector.

Dr Nosike was spoke at the 6th Enugu Youth Summit tagged Innovative Technology & Youth Entrepreneurship Summit organised by the office of the S.A. to the Governor of Enugu, Dr Emeka Asogwa, and the State Ministry of Youths and Sports.

While addressing hundreds of young entrepreneurs in the State, the 41-year-old Doctor of Petroleum Geology from Ezeagu Local Government Area of the State hinted that his company, Integrated Elvee Services (IES) Ltd, will be willing to train over 180 youths across Enugu State on petroleum and coal exploration as a way of creating hundreds of jobs within the State.

He said the training was in view of the State government’s ongoing discussions with South African investors to revamp the coal sector in Enugu State.

He said, “IES Oil and Gas Training will be empowering these youths with a token covering only registration fees which is a far cry from the N5,000 000 Naira equivalent or more with which students have to travel abroad to get trained. Coal is a huge goldmine; tons of unconventional hydrocarbon lies underneath our feet in Enugu State.

“It is the next mineral resource that can pay us more than petroleum in the State, unfortunately our Nigerian Universities are not practical about the trainings hence we as our own way of giving back to society want to empower youths of the coal-rich Enugu”.

The University of Nice – Sophia Antipolis, France graduate complained that graduates of petroleum courses in Nigeria have little knowledge about the industry. He emphasised that petrol does not only come from crude oil.

He said, “There is hydrocarbon from shale, from coal and from even plants – biofuel. Technology such as coal liquefaction produce hydrocarbon while polluting gas capture and sequestration help to abate the environmental impact.

“Even when it comes to conventional sources of hydrocarbon, it’s disheartening that many geology students don’t know what a simple rig is. This is because the workings in the oil and gas industry seem mystified. Petroleum geo-science is like agriculture, it is not as complex as people think. It’s simple to get trained in any of the chains in the industry.”

The Lagos-based entrepreneur who told journalists that the coal industry in Enugu will provide over 1,000 jobs noted that it will be sad for Enugu State to fall into the challenge of inexperienced locals working with the coal foreign investors.

“We should not make the mistake of the past,” he said. “When oil and gas exploration started in the Niger Delta, the local thought they will benefit from it because it is in their land. But in a capitalistic economy, he who brings the capital takes the proceeds. They only way to get the proceeds is to get involved early enough. That is the only way to ensure there is no schism between the various parties.”

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.

Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

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Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.

PRICES

  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

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Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

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Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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