Connect with us

Markets

Illegal Refiners, Others for Training, Integration

Published

on

Emmanuel Ibe Kachikwu
  • Illegal Refiners, Others for Training, Integration

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has directed some institutions to develop training plans that will give requisite skills to illegal refiners, pipeline vandals and others to make them productive.

The institutions are the Nigerian Content Development and Monitoring Board (NCDMB), the Petroleum Technology Development Fund (PTDF) and the Petroleum Training Institute (PTI).

He gave the directive at the just-concluded Nigerian Content Workshop, organised by New Planets Projects with the Senate Committee on Petroleum Resources Upstream, in Owerri, Imo State.

Kachikwu said NCDMB, PTDF and PTI should develop a plan for training youths, that are involved in pipeline vandalism, illegal refining and other illicit activities in the oil and gas industry.

The training will focus on improving their skillsets and getting them to embrace productive activities to further boost oil and gas industry’s capacity building initiatives.

He said: “We need to find a middle-level specialised system of training people in the oil industry, a system that is not necessarily tied to degrees. We need to capture a lot of those in the hinterlands who have finished WAEC or their first diploma and don’t know where to go to, but have some unique skillsets. We need to bring them to finishing schools.”

Kachikwu also directed the institutions to use existing facilities in Port Harcourt and Kaduna to carry out the planned training and other capacity building programmes for industry stakeholders.

“We have to provide local competency trainings, relying on support from oil companies in terms of investment and overseas faculty.”

The Minister also directed the NCDMB to ensure that the oil and gas industry is able to produce its needs by year 2027. He said the Federal Government expected that over the next 10 years, the oil and gas industry, in collaboration with foreign investors, would have developed in-country capacities and capabilities to produce all its offshore platforms locally.

“I would like to see the Japanese coming; I would like to see the Koreans come here; I would like to see collaborative efforts that will make our oil industry produce everything that we need,” he said.

Kachikwu acknowledged the strides made by the Board in seven years, commending the excellent achievements of the Executive Secretary, Simbi Wabote, whom he credited for working with energy and passion and meeting several targets set for the Board in the past one year.

Kachikwu noted that Nigerian Content achievement in engineering services had hit 80 per cent, but said performance in offshore aspects of the industry was still substantially low, and charged international and local oil companies to collaborate with the NCDMB to achieve the new target.

“It doesn’t matter how much money we make, how much gas we produce or alternative fossils we produce; if we do not ensure that a lot of that is captured locally in terms of benefits, we have no stake,” the minister added.

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.

Continue Reading
Comments

Crude Oil

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

Published

on

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.

Continue Reading

Energy

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

Published

on

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.

Continue Reading

Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

Published

on

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.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending