Oil & Gas Archives - Inside Business Africa

Jul262021 by Joshua OlotuNo Comments

Oil & Gas veteran Robert Onyejekwe joins African Energy Chamber board

Robert Onyejekwe has joined the African Energy Chamber’s (www.EnergyChamber.org) Advisory Board. Robert will be working with other board members and the Johannesburg based team of the African Energy Chamber to reposition Africa in its quest to access affordable and reliable power for millions of people on the continent. Robert’s decades of experience while at oil service major Schlumberger, will also help in supporting the chamber attract investment into the continents fast changing energy industry. “Our continent, just like other regions globally is experiencing rapid change in the way energy is produced and consumed. Services companies like Schlumberger are at the core of such change and are decisive in the development of Africa’s important oil and gas sector. Robert brings on bo...

Jul262021 by Joshua OlotuNo Comments

Offshore Exploration: The Future of Guinea Bissau’s Energy Sector (By Jasser Hammami)

Business, Energy, Oil & Gas

The underlying offshore exploration potential of Guinea-Bissau has long been recognized given the country’s functional hydrocarbon system, good potential reserves, and several drillable prospects in a vast shallow water shelf setting. According to the country’s national oil company Petroguin, Guinea-Bissau authorized international businesses to begin prospecting for hydrocarbons in 11 offshore blocks where oil is likely to exist since October last year. In light of this, Energy Capital & Power will host MSGBC Oil, Gas & Power 2021, which will create a national platform for constructive dialogue on natural resource management, investment and initiatives for enhancing the productivity and sustainability of the current power matrix. Offshore construction platform for production...

Jul222021 by Joshua OlotuNo Comments

Nigeria’s crude wobbles as inventories keep volatility high

Business, Economy, Oil & Gas

Selling above $75 dollar per barrel earlier this week, Nigeria’s Bonny Light crude yesterday, dropped to $68 per barrel on the backdrop of rising inventory by the American Petroleum Institute (API). With a record $7 slide in less than two days, API had reported a build in crude oil inventories of 806,000 barrels for the week ending July 16, bringing the total 2021 crude draw to under 50 million barrels. This follows a recent agreement by the Organisation of Oil Exporting Countries (OPEC) and its alliance to boost production monthly by 400, 000 barrels per day. While Nigeria had set a budget benchmark of $57 per barrel for the 2022 budget, and higher crude oil production at 1.88 million barrels per day (bpd), the latest OPEC decision authorised the nation to produce 1.829 mill...

Jul132021 by Joshua OlotuNo Comments

If you Boycott Africa’s Oil & Gas Sector, Africa will Boycott you

Economy, Oil & Gas

With the international community pushing for a rapid decrease in carbon emissions due to climate change, there has been a significant decline in foreign investment directed towards the African energy sector. The global climate crisis remains a critical point of discussion and should remain at the top of the agenda with regards to energy development, however, as the international community moves to boycott investments in the African energy sector, African people and African development stand to suffer. The role of oil in Africa’s energy and economic future is apparent, and consequently, should be defended as Western elites move to disrupt African progress. Despite oil’s potential to lift millions out of poverty and ensure underdeveloped African nations have a chance at economic growth a...

Jun232021 by Joshua OlotuNo Comments

An Oil and Gas Drive for Cape Town and Multi-Sectoral Growth

Business, Innovation, Oil & Gas

African concerts, sporting events, and even oil and gas events are beginning to take shape in 2021 after a significant period of inactivity due to COVID-19 restrictions. African cities including Cape Town in South Africa and Dakar in Senegal have created amazing hospitality and tourism industries that have brought in millions of visitors each year and fueled millions of dollars in economic output. While most foreign event firms like London based Hyve group/Africa Oil Week have deserted the continent for ‘greener pastures’ elsewhere, Africans and Africa-focused energy events are leading the way and cities like Cape Town stand to benefit. The ongoing coronavirus pandemic, and the subsequent lockdown regulations implemented worldwide, have caused unmitigated impacts on the global econ...

Jun172021 by Joshua OlotuNo Comments

Nigeria eyes $70m profit from crude supply to Indonesia

Business, Economy, Oil & Gas

The Nigerian National Petroleum Corporation (NNPC) through its subsidiary, Duke Oil, has sealed a pact to supply 30,000 barrels per day crude oil supply to Indonesia’s state oil corporation, Pertamina and Indian Oil Corporation. The development, which will strengthen the nation’s revenue outlook, is coming at a time when the oil industry is challenged by volatility and uncertainty. The move, which also signals the nation’s attempt to capture some market share in Asian countries, may push the profit of the entity to about $70 million in the 2021 trading year. The Managing Director of NNPC Trading Company Limited, Lawal Sade, who disclosed this in the latest edition of NNPC Quarterly Magazine revealed that its oil trading entity, Duke Oil, has diversified its trading portfolio ...

Jun72021 by Joshua OlotuNo Comments

‘How ICT can revolutionise oil, gas sector’

Business, Economy, Oil & Gas

Amid daunting challenges plaguing Nigeria’s oil and gas sector, an industry expert and former Technical Adviser to the Ministry of Petroleum Resources, Engr. Rabiu Suleiman, has called for higher investments in Information Communications Technology (ICT) to fully harness the huge economic potential that the petroleum sector holds. According to the veteran, “the major challenge today is that of insecurity. Other challenges include; general economic recession, the recent COVID-19 pandemic that almost grounded the entire world economy. Many countries passed through a recession, there was the lowering of oil reserves because production was halted in some countries and therefore, production became low and of course, there are other challenges related to high production cost. If you narr...

May242021 by Joshua OlotuNo Comments

Mining Indaba launches the Extractives General Counsel Forum in partnership with Africa Oil Week and Africa Legal

Business, Economy, Oil & Gas

Investing in African Mining Indaba (Mining Indaba) (MiningIndaba.com), organised by Hyve Group Plc is pleased to announce the launch of the Extractives General Counsel Forum Virtual. Held in partnership with Africa Legal and Africa Oil Week, it will take place throughout 29-30 June 2021. The Extractive General Counsel Forum will bring together leading in-house legal and compliance professionals from mining, oil and gas as well as the energy and renewables sector. It will navigate the complex and multi-layered regimes, drilling down into the complex world of the extractives legal sector. “The conversation will be an opportunity to hear from experts in the extractives sector and start a conversation, better yet move to potential to collaborate on cutting legal and societal issues.”&nb...

May172021 by Joshua OlotuNo Comments

N120b petrol subsidy to double as CBN adjusts exchange rate

Oil & Gas

As the Central Bank of Nigeria (CBN) signals a subtle harmonisation of exchange rates with the removal of N379/$1 official rate from its website, all is set for labour unions to lock horns with the Federal Government on petrol subsidy removal. The return of subsidy have posed new challenges for the country in terms of discrepancies in the volume of daily consumed fuel about to be worsened by the apex bank’s adoption of the Investors and Exporters (I&E) window rate, pushing subsidy claims above N120 billion every month. While the Presidential Economic Advisory Council had last week asked President Muhammadu Buhari to remove subsidy on petrol and adopt a pricing regime that reflects the cost of the commodity, the Nigeria Labour Congress (NLC), in a swift reaction at the weeken...

May132021 by Joshua OlotuNo Comments

Nigeria’s oil output nears 1.6mbpd as cartel anticipates rising demand

Oil & Gas

Though the Organisation of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) confirmed at the last meeting that they intend to proceed with the implementation of the agreement to gradually increase oil production over the next three months, anticipating that rise in global oil demand may push up output.While OPEC’s April data showed that Nigeria pumped 1.548mbpd in April, the latest S&P Global Platts survey puts the country’s production at 1.6mbpd, above its 1.51mbpd quota under the production cuts agreement. Iran pumped its largest volume of crude in almost two years in April, while non-compliance Russia also boosted its output yet again, bringing total production of OPEC+ to a three-month high, according to the latest S&P Global Platts survey.The cartel is h...