Oil demand to fall in Western Countries, but not in India, China – OPEC
Busines StaffNovember 5, 2019
Oil demand in highly industrialised countries will shift from slight growth to a decline after 2020, while India and China will ensure that global oil consumption will grow over the next decades, an official said. This is according to an annual market outlook that the Organisation of the Petroleum Exporting Countries (OPEC) presented in Vienna on Tuesday. […]
Nigerian law makers will demand accountability in power sector, says senate president
Businessam Staff, Mudashir TundeNovember 5, 2019
Tola Akinmutimi President of the Senate, Ahmad Lawan, on Monday, said that the Ninth National Assembly would demand accountability and transparency in the nation’s power sector funding, particularly in the application of funds proposed for it in the 2020 budget. The lawmaker made this remark when Joseph Chiedu Ugbo, managing director of Niger Delta […]
We may have to worry about peak oil demand soon
Businessam StaffNovember 4, 2019
By Mudashir Tunde A peak oil demand might continue to result in its rise in value for the next ten years if the world leaders implement low-carbon policies more strictly according to the Head of the Oil Industry & Markets Division at the International Energy Agency (IEA), Neil Atkinson. Speaking to CNBC today, Neil said, “If the world does […]
OPEC October oil output rises on swift Saudi recovery, says survey
Businessam StaffNovember 1, 2019
OPEC oil output has bounced in October from an eight-year low as a rapid recovery in Saudi Arabian production from attacks on oil plants more than offset losses in Ecuador and voluntary curbs under a supply pact, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries (OPEC) has pumped 29.59 million barrels […]
Oando posts N13.1bn profit-after-tax
Omobayo AzeezOctober 31, 2019
By Omobayo Azeez Nigeria’s indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, Oando Plc has grown its year-to-date profit after tax (PAT) N13.1 billion as at September, 26 per cent higher than N10.4 billion posted in the same period in 2018. Its unaudited account financial report of the nine months operations […]
NNPC says data-focused ‘Operation White’ helping Nigeria with budgeting, planning
Samson EchenimOctober 30, 2019
By Samson Echenim State oil company, the Nigerian National Petroleum Corporation (NNPC), says its data-focused programme tagged “Operation White” is helping Nigeria with budgeting and planning, as it provides accurate analytical data that shows the exact energy needs of the country. Speaking with journalists while touring the expo section of the Oil Trading and Logistics (OTL) […]
Nigeria could learn lessons on clean energy, grid sustenance from Egypt’s 390 MW Benban solar plant
Ben EguzozieOctober 30, 2019
…plant contributes to avoiding 350,000 tonnes of CO2 emissions per year Egypt last weekend announced the completion of its 390 MW Benban solar plant near Aswan in Upper Egypt, with all plants now connected to the north African country’s grid and have started commercial operations. The six plants developed as part of the project are […]
OTL Africa 2019 takes on innovation, technology as global downstream oil players converge in Lagos
Samson EchenimOctober 26, 2019
By Samson Echenim Global players in the downstream petroleum industry will converge on Nigeria for the 13th Oil Trading and Logistics (OTL) Africa Downstream Week with focus on the evolving impact of innovation and technology on efficiency and margins in downstream operations. OTL Africa is the continent’s biggest downstream petroleum event that assembles operators in the value chain of oil and gas supply, comprising international traders, refining, shipping, marketing, logistics, storage, retail, professional services, government and civil society. The annual conference, scheduled to take place from Monday 28 to 30 October 2019 at the Lagos Oriental Hotel is themed, “Growth, Innovation and Technology”. “With a digital innovation sweeping through the industry, countless opportunities are opening up and industry operators are increasingly turning their attention to the impact of technology and digitalisation to improve value-chain decision making, enhance safety, as well as focus on margin growth and profitability. However, there is also the need to coordinate integration of technology across the value chain due to its unpredictability and in order to optimize the potentials therein,” said Emeka Akabogu, convener of OTL Africa. He said relevant industry issues up for discussion included automation, digital transformation and retail margins at the last mile; policy, regulation, pricing, markets and the future of downstream petroleum in Nigeria; clean fuels, meters and measures. According to Akabogu, a frontline maritime lawyer, participants will also engage in discussions on issues concerning the impact of the Dangote Refinery on the West African petroleum products market; opportunities and market considerations for LPG trading; and expanding human resource capabilities in downstream oil & gas operations among others. He stated, “The OTL Africa Downstream Week seeks to promote the development of efficient markets in downstream petroleum by facilitating an interface between private sector perspectives and government concerns with the aim of achieving an easier environment for doing business on the continent. In addition, business to business meetings are always a key feature, with the range of service providers in the downstream value chain relishing the opportunity to identify and take advantage of products and services they would otherwise not have readily available.” Operators from more than 20 countries are expected to participate at this year’s event, with delegates already confirmed from Africa, Asia, Europe, America and the Middle East. Many more countries are represented through organisations which will be showcasing products at the exhibition, while the Nigerian government interest will be represented by CEOs of the key regulatory agencies including PPMC, PPPRA, NNPC and the Ministry of Petroleum. With a total of nine sessions over three days, experts and CEOs of the most important international suppliers, local trading and marketing companies and a range of service providers are scheduled to make presentations.
NECA lauds Nigeria’s improvement in doing business rating
Businessam StaffOctober 24, 2019
The Nigeria Employers’ Consultative Association (NECA) has commended recent reforms carried out by the federal government, which reflected improvement in Nigeria’s ranking in the World Bank Doing Business 2020 Report. Timothy Olawale, its director-general, made the commendation on Thursday in Lagos. NECA is the umbrella organisation of employers in the organised private sector of Nigeria. […]
Rosneft, Russian oil giant, ditches dollar for euros as reference currency
Businessam StaffOctober 24, 2019
Global oil market intelligence emerging right now is indicating that Rosneft, the largest oil company in Russia, has completed the switch from using the US dollar to euros as reference currency in the pricing of its export contracts. Reports monitored by businessamlive.com shows Igor Sechin, chief executive officer of Rosneft, as saying on Thursday that the move […]