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Oil & Gas Summiteer

OPEC+ and the threat of glutted global oil

OPEC,

The Organization of the Petroleum Exporting Countries, OPEC and its non-OPEC allies known as OPEC+ would meet next week at the Vienna, Austria headquarters to review production freeze arrangement in a global oil market that tilts towards a glut.

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The challenges of innovators in global development

It takes a lot to be an inventor. It takes a lot more to manage innovations and innovators. From Nigeria’s bitter and unfortunate civil war, we were only able to keep some of the relics at the Umuahia war museum. Nigeria could not seek to harness the skills and resources of the team that was behind the innovations in the civil war for technological development. The Biafran enclave survived on various petroleum products that were not imported for 30 months before the collapse. For almost 30 years now Nigeria has been surviving on imported petroleum products and now shopping for downstream investors in roadshows across the world. The United States, the United Kingdom, France, Germany, Japan, other G7 members and indeed other Organisation for Economic Cooperation and Development, OECD countries are out of our refining palaver but may be interested in supplying Nigeria petroleum products. We are now left with Russia, China, India, Saudi Arabia and some others in the Organisation for the Petroleum Exporting Countries, OPEC and OPEC+ for refining talks.

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Sochi Diplomatic outreach as oil cold war reverberates

Russia is back into the fray for a second scramble for Africa’s economic soul. The motive is to accelerate the gains of superpower status it inherited from the defunct Union of Soviet Socialist Republics, USSR that dismembered its alliance in 1991. It participated in the 1884/85 partition of Africa 134 years ago, but did not benefit because it barely had a colony. Russia is immensely endowed with natural resources; a country with the largest land mass in the world. Last week, the Russians met with a congregation of 54-member African Union leaders including 43 heads of state, in the southern city of Sochi from 23 to 24 October, 2019. The Russia-Africa Economic Forum was co-hosted by Russian President Putin and Egyptian President Abdel Fattah el-Sisi. The Sochi Summit appears to be very purposeful for the African ‘beautiful brides’ as the Russian leaders showcased concrete guides and plans to find African solutions to various African problems; from armaments, infrastructure, nuclear energy, to oil and gas.

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Kyari, new GMD ,NNPC

Peacemaker in OML 25 dispute closure agreement

A bitter and prolonged disagreement between host communities in the island Kingdom of Kula and Shell Petroleum Development Company, SPDC, operators of the Oil Mining Licence, OML 25 has been amicably resolved  by the Group Managing Director, GMD of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari. The Minister of State for Petroleum Resources, Chief Timipre Sylva and Kyari, in a stakeholders visit to the host communities of OML 25 facilities in Kula Kingdom of Asari-Toru Local Government of Rivers State, assured the communities and their leaders that the Federal Government was keen on attracting investments to the area and also create jobs for the teeming youths. Highlights of the occasion included the commissioning of NNPC/Belema Joint Venture Portable Water Project as well as the groundbreaking of the 85km Kula-Degema-Port Harcourt Expressway that had been approved by President Muhammadu Buhari. The Managing Director of Shell, Osagie Okunbor said Shell had paid over N300 million in to the Joint MOU account to restart community efforts it had not done because of the dispute.

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