- Oando, Aramco CEOs Discuss Oil Future at OPEC Confab
The Group Chief Executive of Nigeria’s indigenous integrated oil firm, Oando PLC, Wale Tinubu, will join the CEO of Saudi Aramco, Amin Nasser and other international oil majors to deliberate on the future of oil.
A statement by Oando PLC, said Tinubu will join other CEOs in reinforcing the growth and strength of oil independents at the ongoing Organisation of Petroleum Exporting Countries (OPEC) international seminar, in Vienna, Austria.
To discuss the theme of the summit — “Petroleum – Cooperation for a Sustainable Future” — with Tinubu are Andrew Gould, former CEO, Schlumberger; Jay Pryor, Vice-President Business Development, Chevron; John Hess, CEO, Hess Corporation and Daniel Yergin, Vice-chairman, HIS Markitt.
The panel, which will particularly focus on “Global Oil Future Challenges”, will be moderated by CNN’s John Defterios.
Oando said Tinubu “aims to build on the success of previous editions over the last two decades, it will underpin OPEC’s longstanding commitment to strive for a secure and stable international oil market by promoting cooperation and dialogue with stakeholders around the world”.
Oando joined the list of International Oil Companies (IOCs) with its ambitious acquisition of ConocoPhillips Nigeria assets in 2014 which saw the company move from producing 4,500boepd to an average of 50,000boepd.
Since then the indigenous company has been representing indigenous players both locally and internationally; showcasing the role of independents in growing the sector locally and positively impacting perceptions internationally.
The company, which is a gold sponsor at the OPEC seminar, has represented Nigerian independents at the World Economic Forum (WEF) in Davos; International Petroleum (IP) Week, CERA in Houston; and the Africa CEO Forum in Cote d’ívoire.
Speaking earlier at the summit, Faraj Al Mazroui, the UAE Minister of Energy and Industry, Suhail Mohammad, said: “The Seminar offers an opportunity for experts from around the globe to engage on important topics that support the sustainability of our industry”.
More than 800 key players and decision makers will be on hand at this year’s Seminar; including Khalid A. Al-Falih, president of the OPEC conference and minister of energy, industry and mineral resources, Saudi Arabia; Ibe Kachikwu, Nigeria’s minister of state for petroleum resources; Sanusi Barkindo, OPEC secretary general, Bob Dudley, BP’s group chief executive; Patrick Pouyanne, Total CEO.
Oil Prices Slide as U.S. Crude Stockpiles Surge, Heightening Demand Concerns
Oil prices declined on Thursday as concerns over demand intensified due to a larger-than-anticipated build in U.S. crude stockpiles.
Brent crude oil, against which Nigerian oil is priced, dropped by 0.5% to $83.25 a barrel while U.S. West Texas Intermediate crude oil fell by 0.3% to $78.28 a barrel.
The Energy Information Administration’s report revealed a substantial increase in U.S. crude oil stockpiles by 4.2 million barrels to 447.2 million barrels for the week ending February 23rd.
This surge surpassed analysts’ expectations and marked the fifth consecutive week of rising inventories.
While gasoline and distillate inventories witnessed a decline, concerns regarding a sluggish economy and reduced oil demand in the U.S. were amplified.
Satoru Yoshida, a commodity analyst with Rakuten Securities, highlighted that the significant stockpiles have heightened investor worries.
Moreover, the anticipation of delayed U.S. interest rate cuts further weighed on market sentiment, potentially undermining oil demand.
Traders have adjusted their expectations for rate cuts, with an easing cycle predicted to commence in June rather than March as previously anticipated.
Market participants await the U.S. personal consumption expenditures price index for insights into inflation trends, while the possibility of an extension of voluntary oil output cuts from OPEC+ looms over price dynamics, amid lingering uncertainty in the demand outlook and geopolitical tensions in the Middle East.
Crude Oil Shortage Threatens Dangote, Government Refineries, Minister Raises Alarm
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has sounded a clarion call over a looming crude oil shortage that threatens the operations of the newly inaugurated Dangote Petrochemical Refinery and government-owned refineries in Nigeria.
Addressing stakeholders at the seventh edition of the Nigeria International Energy Summit in Abuja, Minister Lokpobiri expressed concerns that unless deliberate efforts are made to increase investments and crude oil production, these refineries may struggle to obtain enough feedstock for petroleum product manufacturing.
The Dangote refinery, a colossal project spearheaded by Dangote Industries Limited, has a daily requirement of up to 650,000 barrels of crude oil, while government-owned refineries could need approximately 400,000 barrels.
However, the current pace of crude oil production and investment in Nigeria falls short of meeting these demands.
Minister Lokpobiri highlighted the need to ramp up production and attract investments in the upstream sector to ensure adequate feedstock supply for the refineries.
He emphasized the importance of efficiently utilizing Nigeria’s abundant oil and gas reserves to enhance domestic energy security and economic prosperity.
Furthermore, the minister underscored the significance of investing in energy infrastructure and transitioning towards more environmentally friendly practices to address Nigeria’s energy needs effectively.
The alarm raised by Minister Lokpobiri underscores the urgency for strategic interventions and collaborative efforts to mitigate the impending crude oil shortage and secure the future of Nigeria’s refining industry amidst evolving global energy dynamics.
NNPCL Pledges End to Nigeria’s Energy Scarcity Within a Decade
The Nigerian National Petroleum Company Limited (NNPCL) has announced a bold initiative aimed at ending Nigeria’s persistent energy scarcity within the next decade.
Mele Kyari, the Group Chief Executive Officer of NNPCL, revealed this ambitious plan during the opening ceremony of the seventh Nigerian International Energy Summit in Abuja.
Kyari’s announcement comes as a beacon of hope for millions of Nigerians grappling with chronic power shortages and energy deficiencies.
In his statement, Kyari expressed confidence that all issues related to energy scarcity in the country would be resolved within the next 10 years.
Assuring stakeholders of NNPCL’s unwavering commitment, Kyari emphasized the company’s dedication to collaborating with partners to bridge the energy deficit gap and foster prosperity for all Nigerians.
He highlighted NNPCL’s pivotal role as a key partner to oil-producing companies in Nigeria, facilitating the divestment of international oil companies from onshore and shallow water assets in the country.
Furthermore, Kyari underscored NNPCL’s statutory mandate as the enabler of national energy security, emphasizing the importance of sustainable production from divested assets to ensure energy security for Nigerians.
In addition to addressing domestic energy challenges, NNPCL is also exploring avenues for sustainable energy investment across Africa.
Kyari revealed the company’s intention to invest in the proposed African Energy Bank, aiming to secure funding for energy projects on the continent and guarantee regional energy security.
The event, attended by prominent stakeholders including government officials and representatives from international organizations, marks a significant step towards reshaping Nigeria’s energy landscape and fostering economic development through improved energy access.
As NNPCL charts its course towards energy abundance, Nigerians remain cautiously optimistic about the prospects of a brighter energy future.
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