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McGrath: ExxonMobil Adds 600,000bpd to Nigeria’s Output

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exxonmobil
  • McGrath: ExxonMobil Adds 600,000bpd to Nigeria’s Output

The Chairman/Managing Director, ExxonMobil Nigeria Unlimited, Mr. Paul McGrath, has reiterated commitment to local content development, saying the firm contributes 600,000 barrels per day (bpd) of oil to Nigeria’s daily output that currently hovers around 2.2 million bpd.

McGrath gave the assurance during a spotlight session at the 7th Practical Nigerian Content Conference organised by the Nigerian Content Development and Monitoring Board (NCDMB) in Uyo, Akwa-Ibom State, adding that the firm was passionate about local content development.

He said: “I am very passionate about local content development in Nigeria and standing here before you today is an example of local content. Local content development is so important to me and also ExxonMobil and we are concerned about deepening Nigerian content in our industry.

“ExxonMobil gives first consideration to local companies in Nigeria. We have been at the forefront of local content development in Nigeria. Nigeria local content is a moral obligation and is good for business because in Nigeria we have highly and semiskilled workforce, which we give total support to all categories.

“When we talk about practical Nigeria content and implementation of local content, ExxonMobil has been at the vanguard.”

McGrath said the company was one of the country’s highest producers of crude oil, accounting for almost 600,000 barrels per day of crude, condensate and natural gas liquids from its Qua Iboe terminal in Akwa Ibom State.

He said ExxonMobil had been in Nigeria for over 40 years with track records and operates a world class facility in the country and also looks forward to boost its crude oil production.

The ExxonMobil Nigeria boss said the company was committed to growing its production in Nigeria safely and with much integrity, adding that the company had made tremendous impact on the nation’s economy in the past 54 years of operation and would continue to invest for many more years to come.

He said the company had invested massively in human development, which was very significant in bringing about competition for national growth. According to him, the company has invested massively on host community and other communities outside its operations.

He added that ExxonMobil had also invested on community development in area of education and infrastructure development, while ensuring sustainability on the long time benefit. “ExxonMobil has helped to facilitate access to funding to numbers of local companies in Nigeria and there are number of Nigeria banks that work with us.

“Over 113 million dollars has been accessed so far out of 975 million dollars available under the ExxonMobil Nigeria Contractor Finance Scheme (EMNCFS), in partnership with some Nigerian banks. Also, that offers competitive financing options to local company’s business partners in Nigeria.

“The EMNCFS is targeted at Nigerian vendors seeking access to better funding options to fulfill ExxonMobil awarded contracts and procurement orders. Loan processing times will also be significantly reduced due to upfront definition of eligibility criteria by the banks because if the funding was not available to Nigerian contractor they will not be in business,’’ McGrath added.

He said over 700 graduates had benefited from the company’s skilled training, which majority of them has been employed by various oil and gas companies in Nigeria, adding that the company had a world class technical training centre in Akwa-Ibom which was established in 1995, which conforms to international best practice standard.

He stated that the company has also developed potentials in world class engineering, adding that it has partnered with local engineering companies in Nigeria like Delta Afrik to develop and nurture quality engineering work.

He said the ExxonMobil is also geared towards ensuring the developing sustainable plans with local companies in Nigeria, adding that quality engineering in Nigeria had increased by 90 per cent in the last four years.

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

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

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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.

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Energy

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

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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.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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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.

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