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Wranglings stall Qatar Oil talks

By Sonny Atumah The talks for a possible oilfreezeagain ended in a deadlock with infighting between two rival Middle East oil producing giants and adversaries, Saudi Arabia and Iran.The 18 oil producingthat gathered to stabilize output were from OPEC and non-OPEC membersthat contribute three quarters of total world production. The April 17 disagreement in the
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Justice, Ogoniland remediation Et Al

The 26th United States President, Theodore Roosevelt recognised that the vast natural resources of the United States were not limitless so should be managed carefully for the betterment of his people. He acknowledged that American citizens are the most valuable natural resources. To him protection of human health was central and valid for the conservation movement which he developed for the sustainable use and protection of natural resources.

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Buhari’s war against insurgency and WAI

As military Head of Statefrom 1984 to 1985, President Muhammadu Buhari came to power at a time the economy was in tatters even as some second republic politicians alleged Nigerians were yet to eat from the refuse bins.He introduced the War against Indiscipline (WAI) to force Nigerians exhibit correctethical conduct. WAI gained popularity especially the queue culture that took root in Nigerians even after his ouster from office by his comrades-in- arms.

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Aliko Dangote

Dangote: Surveying to be world’s richest

It was Josh Billings that said that “occasions are rare; and those who know how to seize upon them are rarer”. Josh Billings is the pseudonym of the 19th century America humourist (comedian), Henry Wheeler Shaw whose philosophical comments in plain language became popular after the American Civil war. That quote introduces my “guest” who is a rare gem that sees rare opportunity and at the opportune time seizes it. This time he has ventured into the downstream sector of the petroleum industry. Should one resist such a man as Africa’s richest man? Aliko Mohammed Dangote, who I will prefer to address as Mr. Africa makes this edition of the Oil and Gas Summiteer.

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IMF, devaluation and price modulation

The Managing Director of the International Monetary Fund (IMF) Ms. Christine Largarde, a fortnight ago visited Nigeria and held crucial talks with President Muhammadu Buhari and other top echelon of the Nigerian government. She also had interactions with legislators, business leaders, prominent women, and the civil society. Ms. Lagarde prior to the visit looked forward to productive meetings with President Buhari on how his team was addressing the economic challenges occasioned by low oil prices. At the end of the visit, the Bretton Woods Chief advised Nigeria to devalue her currency, increase value added tax, withdraw petroleum subsidy and so forth.

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Sovereign Wealth Funds for critical infrastructure

Nigeria got to a giddy height of low crude oil prices which negatively affected our economy and the currency. Foreign Sovereign Wealth Funds (SWF) are now being sought to upgrade critical mass transit and energy infrastructure worth about N25 billion. Vice President, Professor Yemi Osibajo who oversees President Muhammadu Buhari’s economic policies, late October 2015 said that other SWFs have indicated interest in the fund which would be used to address the nation’s dilapidated roads, rail and power infrastructure.

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Market share control, OPEC relevance

With the Organisation of Petroleum Exporting Countries (OPEC) meeting last week in its Vienna headquarters, members emerged with decision put in escrow for cartel leaders to tidy up agreements on production caps. It means every member (rich or poor) is producing as they can pump into the market to sustain their teetering economies. Most OPEC members seem roiled with incongruous market share control mechanisms espoused, with the rift between high cost producers whose economies are being devastated by low crude oil prices and prosperous producers that stand for market share.

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Environmental determinism, green economy, gas exports

Ellsworth Huntington an American geographer, explorer and associate researcher at Yale University in the early 20th century propounded the theory of environmental determinism. According to himenvironmental determinism is the effect of climate on human heredity and civilization which breeds superiority of peoples of the temperate zone to those of the tropics and intermediate zones.

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Paris climate confab and petro – economies

The annual Conference of Parties (COP) to the United Nations global treaty on climate change starts on Monday, November 30 to December 11, 2015 at Le Bourget in beleaguered Paris in the aftermath of the multiple terror attacks where 129 people were killed a fortnight ago. The COP is the supreme body of the United Nations Framework Convention on Climate Change (UNFCCC) to make nations have a legally binding and universal agreement on climate to keep global warming below 2p C.

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Where is Nigeria’s thinking cap?

Last week screams rent the air at the NNPC Amphitheatre that bids were transparently opened for offshore processing arrangements and crude oil term contracts. Some petroleum resources managers whose overt or covert actions over the years that smirched the NNPC also smiled broadly with smirks. They took prime airtime displacing scheduled programmes on national television networks (some on live broadcasts) for those ceremonies. Opening of envelopes for tender was what we wasted funds to beam on television and radio to the world as our achievements in the industry.

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FG licenses 23 modular refineries

The validity of the licence to establish a refinery or plant shall be for a period of two years after which it shall lapse.The licensing of 18 private refineries by former President Olusegun Obasanjo in 2005 could not achieve any result as they eventually constituted themselves into the Association of Private Petroleum Refinery Owners of Nigeria.

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