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Oil & Gas Summiteer

The OTC 50 celebrations and upstream investments

The year long celebration of the Offshore Technology Conference, OTC at 50 ended last Thursday at the New Radiancy Group, NRG Park in Houston, Texas. The celebration of 50 years began at the 2018 edition, culminating in 2019, from May 6- 9.  Founded in 1969, by 12 engineering and scientific organizations, it was a response to the growing technological needs of the global ocean extraction and environmental protection industries.

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The US shale revolution waves

Oil prices slightly went up during the week with the WTI benchmark settling at US$56.87 while the Brent benchmark traded at US$66.65 on Tuesday. The slowdown in demand for petroleum, together with renewed oil stockpiling in the US and the issuing of waivers to eight countries to buy Iranian oil after imposed sanctions, pushed the price of Brent down from US$80 per barrel in October 2018 to US$66.65 on Tuesday.

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Saudi vision 2030 and rev up in oil refining

When Crown Prince Mohammed bin Salman, also known as MBS presented the Saudi vision 2030, on April 15, 2016, few gave the 33-year-old the benefit of the doubt. The Saudi vision statement of not depending solely on oil for future energy needs recognized the fact that real wealth lies in the ambition of its people and the potential of the younger generation. To him, all success stories start with a vision. Was the crown prince certain he would be able to fulfill his dream for a nation that had for long been the largest exporter of global crude? His wish was to pep up the revolution on the need to increase refining capacity as oil transition bells tolled.

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Refineries: No more go-slow in Buhari’s comeback

President Muhammadu Buhari won the 23rd February 2019 election that appeared predictable. As the Chairman of the Independent National Electoral Commission, INEC, Professor Mahmood Yakubu presented the certificate of return last Wednesday, the winner; Buhari condemned the primitive acquisition of wealth which he hoped to tackle as he prepared for his second term in office. Like President Olusegun Obasanjo, President Buhari is one of the mortals that would rule Nigeria three times.

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