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Global oil rally and Nigeria’s price modulation

The Organisation of the Petroleum Exporting Countries, OPEC and non-OPEC agreed to cut world supply by 1.8 million barrels of oil per day, bopd in November 2016; with the cuts extended to last through 2018. OPEC’s intent was to limit output to 32.5 million bopd to shore up prices. Expectedly many forecasted oil price rallies this year while others are despondent about the alliance and believe that oil price may have a downward slide in 2018. Proponents of a downward price regime believe that the fundamentals favour a reversal.

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Oil

Crude oil rebalancing and global forecasts 2018 – Sonny Atumah

A new year has come with the crude oil market expectedly teetering along uncertainty and volatility. Many crystal gazers are starring into crystal balls for a pleasant prospect in 2018. Some believe that the fortune tellers’ globe may have been infiltrated and manipulated by two groups of petroleum marketeers. The two groups are relishing in diametrically opposite geopolitical zones to convince global citizens of what to expect in 12 calendar months. Experts say the long-term equilibrium of the market is expected to reflect prices that result in a reasonable supply-demand balance in a price range that would be neither high nor low.

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Petrol subsidy claims and Senate’s oversight – Sonny Atumah

Nigeria’s petrol subsidy is akin to the symbolic poetry in the spirit child Abiku that is a wanderer who dies and returns again and again to plague the people. The groundswell of public opinion has again started in Nigeria on subsidy for imported petroleum products. It has a steady drumbeat of accusations that would never go away because it appears to be resident in a realm that may not be understood. Judging from the trade blames and tirades among the Nigerian National Petroleum Corporation, NNPC as operators, DAPPMAN and MOMAN as marketers it was obvious something was again amiss which Nigerians could not fathom.

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42 firms in contest for rehabilitation of ITD centers

No fewer than 42 firms have bided for the rehabilitation of the Nigerian National Petroleum Corporation (NNPC) Information Technology Division (ITD) Centres
The Group General Manager, Information Technology Division of the NNPC, Mr. DanladiInuwa made this disclosure during the bid opening at the NNPC Towers in Abuja .
Represented by the General Manager, Core IT Infrastructure of the Corporation, Mr. MuhammaduUsman, Mr. Inuwa said the eventual winners would rehabilitate the Corporation’s IT Centers in Abuja, Benin, Port Harcourt, Lagos, Kaduna and Warri.
Mr. Inuwa stated that the NNPC was desirous of engaging reputable and competent IT firms that could rehabilitate its critical assets in order to provide a conducive IT working condition for its various stakeholders and members of staff to ensure unimpeded operations and efficient service delivery.
The GGM noted that the bid opening was conducted openly in the full glare of representatives of the bidding companies to demonstrate NNPC’s commitment to transparency and due process in all its operations.
Speaking in similar vein, the Group General Manager, Supply Chain Management, Mr. ShehuLiman, represented by Manager, Strategic Sourcing and Contract Management, Engr. Sandy Heman, said the bid opening process was in compliance with the Bureau of Public Procurement Act.
He assured the bidders of a level playing ground that would guarantee the emergence of the best companies among them.
Some of the bidding companies who witnessed the public bid opening expressed their satisfaction with the conduct of the exercise, describing the corporation as a transparent company that operates according to the dictates of best global standards. The public bid opening is part of the Corporation’s commitment to transparency as a Focused, Accountable, Competitive and Transparent organization, conducting its business with Integrity (FACTI) principle.

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Politics, technology marketing, in One Planet Summit

The Eiffel Tower was illuminated in blue and green to greet the One Planet Summit in Paris, France, last Tuesday as the world’s political leaders and representatives of key international organizations met to discuss global climate change. When the G20 met in last June in Hamburg, Germany, French President, Emmanuel Macron offered to host the summit on climate change on December 12, 2017.

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Government policy and fuel refining challenges

It is yet another Yuletide and petroleum products scarcity resurfaced in parts of the country during the week.  Was it really a supply gap rectified by the Nigerian National Petroleum Corporation, NNPC. It is always harrowing and horrifying the sight of fuel queues and motorists on vigil; like the eve of some festivals and holy days, spent in prayer.  The management of the corporation promptly responded; it did not degenerate to similar situations previously where community search parties were conducted by petrol consumers to find benevolent marketers that may sell the elusive commodity.

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American intervention in the Gulf rift – Sonny Atumah

A frosty relationship is tearing bond friendly nations in the Arabian Peninsula apart. The Gulf Cooperation Council, GCC; a political, economic and security alliance is facing a crisis of confidence, with treats of dissolution. Who stokes the fire is a rhetorical question that may not be answered in the near future. It is clear that a factionalised GCC is emerging and would not create a welcoming ambience for peace in the Middle East. The GCC is comprised of the monarchies of Saudi Arabia, Qatar, Bahrain, the United Arab Emirates, UAE, Kuwait and Oman.

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The Iran nuclear deal collapse – Sonny Atumah

The United States President Donald Trump a fortnight ago decertified the Iranian Nuclear Accord entered into in Vienna, Austria in July 2015. The deal limited Iran’s capacity to civilian nuclear programme for power and medical purposes. The United States was empowered to watch over Iran with the US President required to certify that Iran complied with the agreement every 90 days. It was to be subjected to regular checks by international inspectors to ensure no perverse activities took place.

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