By Udeme Akpan & Michael Eboh
THE Organisation of Petroleum Exporting Countries, OPEC, has renewed the term of office of Mr. Mohammad Barkindo as Secretary General for a further period of three years, in line with Article 28A of the OPEC Statute, with effect from 1 August 2019.
This was one of the outcome of the 176th Meeting of the Conference of OPEC, under the Chairmanship of its President, Manuel Salvador Quevedo Fernandez, People’s Minister of Petroleum of the Bolivarian Republic of Venezuela and Head of its delegation, which ended, yesterday, in Vienna, Austria.
Similarly, the conference welcomed new ministers: Mohamed Arkab, Algeria’s Minister of Energy; Noël Mboumba, Gabon’s Minister of Oil, Gas and Hydrocarbons; and Dr. Khaled Ali Al-Fadhel, Kuwait’s Minister of Oil, Minister of Electricity & Water, Chairman of the Board – Kuwait Petroleum Corporation (KPC).
In a statement sent to Vanguard, OPEC stated: “The conference also thanked their predecessors in office: Mustapha Guitouni from Algeria; Pascal Houangni Ambouroue from Gabon; and Bakheet S. Al-Rashidi from Kuwait.
Aiteo to invest $5bn to irease production to 250,000b/d
Meanwhile, Nigeria’s energy giant, Aiteo Eastern Exploration and Production Company, yesterday, announced plans to inject over $5 billion investments in its operations to boost its production to 250,000 barrels per day.
Speaking at the ongoing Nigerian Oil and Gas Conference and Exhibition in Abuja, Chief Executive Officer, Aiteo, Victor Okoronkwo, said the development would also spur increase of the country’s gas supply to 300 million scuf per day.
He stated that massive investment was needed to growing the petroleum industry, adding that his company was at the fore of supporting the sector’s development.
He said: “Aiteo was one of the biggest single investment decision makers when we have invested over $2 billion in acquiring the Oil Mining Lease, OML, 29 asset.”