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Oil prices crash

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… OPEC raises production target from July

Crude oil prices fell yesterday after the decision by the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members to raise crude supplies to about one million barrels by starting from July 1.

The move was aimed at compensating producers for production loss at a time of rising global consumption.

What this means is that any country with spare capacity will be able to boost production.

Nigeria was originally exempted from the initial output capping due to the volatility in the Niger-Delta, which brought the country’s crude oil down to less than one million barrel per day.

OPEC and non-OPEC removed about 1.8 million (bpd) from the market to boost crude oil prices.

Though crude oil prices witnessed a little increase on Friday while the OPEC meeting was going on, but international benchmark for oil prices – Brent crude crashed from $75.32 a barrel to $74.44 per barrel.

But West Texas Intermediate (WTI) went down by 0.3 per cent to settle at $68.40 a barrel.

Nigeria’s Bonny Light crude oil also increased from $73.04 a barrel to $74.60 per barrel during the trading hours on Monday.

OPEC ministers at the 4th OPEC and non-OPEC Ministerial Meeting held in Vienna, Austria at the weekend, decided that countries will strive to adhere to the overall conformity level, voluntarily adjusted to 100 per cent, as of 1 July 2018 for the remaining duration of the ‘Declaration of Cooperation’ (DOC) and for the JMMC to monitor the overall conformity level and report back to the OPEC and non-OPEC Ministerial Meeting.

Commenting on the crude oil market, the Executive Chairman, Arrowville Energy Limited, Abiola Sowole, said that crude oil prices are determined by supply and demand.

According to her, if there is any unplanned disruption in the supply chain, due to geo-politics or other factors, the price will rise rapidly. “Nobody can tell how sustainable high prices are. There are several forecasts, however, of continuous rise in prices.

“One prediction is that they will rise to $75 a barrel this year, reaching $80-$85 next year and hitting $100 or higher by 2020, if the International Monetary Fund’s projection of a growing robust economy materializes and if there is a fast-growing global demand for oil. Another prediction is that oil prices will jump to $140 a barrel, due to U.S. sanctions against Iran and Venezuela, unless OPEC and Russia agree to reverse the oil production cuts they agreed to in 2016,” she added.

Speaking on the decision by OPEC, the United Arab Emirates (UAE) Minister of Energy and Industry, Suhail Mohamed Al Mazrouei, stated: “As we all know, in an increasingly interdependent world, with the oil industry a central element of this, the challenges we face can be complex.  They need to be monitored on a regular basis, so that swift and informed decisions can be taken.

“It once again reinforces the importance of working in unison. It is vital that our hard-earned improvements are not compromised or lost.

“We need to keep in mind that it took all of us together to bring the oil market out of the wilderness, and we need to take these lessons into the future.”

He noted that the market has also continued to see the firm and unwavering resolve from OPEC and non-OPEC participants in the ‘Declaration of Cooperation’.

This, he said, is reflected in the unprecedented overall conformity levels that member countries have seen from participating countries.

OPEC Secretary General, Mohammad Sanusi Barkindo, said ‘Declaration of Cooperation’ literally rescued the oil industry from its worst ever downturn and now constitutes a fundamental and essential feature of the ‘new world of energy’.

According to him, over the last 18 months, this cooperation has helped return more balance to the oil market, more optimism to the industry and has had a positive impact on the global economy and trade worldwide.

He noted that it has enabled industry investment to gradually pick up, albeit not yet to pre-2014/15 levels, and has resulted in many jobs returning and unemployment easing.

Barkindo said that the importance of the Declaration has also received backing from other producers, as well as from consuming nations.

The Organisation has ably demonstrated its credentials as a body committed to international cooperation, working with other producers, honouring its commitments and promoting mutual respect among all nations.

He stated: “The Declaration underscores what can be accomplished through a constructive, continuous and fully committed approach to helping achieve a sustainable oil market stability.

“However, we appreciate that our work never stops!  We are fully committed to sustaining balance and stability in the market, in the interests of both producers and consumers.

“In the coming months, we will look to institutionalise this long-term framework for continuity with an all-inclusive and broad-based participation, to look at some of the industry’s pertinent challenges, as well as the opportunities.”

Biafra: Court mandates Abaribe, others to produce Nnamdi Kanu today or go to jail

Justice Binta Nyako of the Abuja chapter of the Federal High Court has ordered Senator Enyinaya Abaribe and two others to produce leader of the Indigenous People of Biafra, IPOB, in court on Tuesday, or risk jail terms. *Guardian.ng

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.

Energy

AVEVA Appoints Joanna Mainguy as New Sustainability Accelerator Director

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Joanna AVEVA
Joanna Mainguy, Sustainability Accelerator Director at AVEVA
  • Joanna Mainguy will steer strategies for sustainability innovation across AVEVA’s portfolio and partner ecosystem, furthering ESG targets for 2025 and beyond

AVEVA, a global leader in industrial software, driving digital transformation and sustainability, today announced the appointment of Joanna Mainguy as Sustainability Accelerator Director.

Joanna’s appointment testifies to AVEVA’s dedication to strengthening the company’s sustainability impact in line with advancing global climate commitments. 

As Sustainability Accelerator Director, Joanna Mainguy will focus exclusively on sustainability solutions and strategies to accelerate innovation that will help AVEVA’s customers to achieve their net-zero targets.

She will look at how AVEVA leverages current market and customer analysis to inform its in-house development team, advise on new customer collaborations and on how AVEVA should grow its partnership network and M&A pipeline to reflect its sustainability priorities.

Joanna will lead the implementation of a sustainability solutions plan tailored to meet the most pressing needs of AVEVA’s industrial customers on low-carbon transition, circularity and resilience, via an integrated product, marketing and sales approach. She will work closely with AVEVA’s portfolio, business area and R&D leads to continue to develop new sustainability capabilities and drive collaboration on go-to-market initiatives that support industry with contributing to an accelerated energy transition and shift to a circular economy.

Joanna was formerly Industry Director, EMEA, for Energy & Sustainability at Microsoft, where she led strategic engagements with major energy providers and supported the energy transition with digital solutions. She has worked across the entire energy value chain and has more than 15 years of experience in process industries and the energy sector, including work for major system integrators, software and energy companies.

Lisa Wee, Global Head of Sustainability, AVEVA, said: “We are excited to welcome Joanna to AVEVA. She will bolster our mission to enable faster uptake of existing sustainability solutions across the industrial landscape, while in parallel we continue to invest in product capabilities and partnerships that will push out the frontiers of sustainability innovation for industry. At AVEVA we look to lead by example on sustainability and we achieved a 93% reduction in Scope 1 and 2 emissions last year. We aspire to help our customers better leverage digital solutions to realize their own ambitious sustainability targets early, and Joanna brings a wealth of experience to help support this.”

Commenting on her appointment, Joanna Mainguy, Sustainability Accelerator Director, AVEVA, said: “I am delighted to join AVEVA at such a pivotal time in its sustainability innovation and growth trajectory. I look forward to working with AVEVA teams and customers to continue to grow the sustainability benefits that can be achieved with AVEVA software. I am also keen to work closely with our partners to drive further positive change at scale, since we know addressing the climate crisis will continue to require expanded collaboration”.

AVEVA actively embeds sustainability into its core product strategy with specific capabilities in its software portfolio.

AVEVA’s software enables organizations to connect and contextualize key sustainability data with artificial intelligence and human insight, enhancing their agility, resilience and sustainability in order to help drive responsible use of the world’s resources.

AVEVA’s 2023 Sustainability Progress Report reveals significant progress across all three pillars of the company’s sustainability framework, encompassing product strategy, operations and culture. 

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Energy

Climate Change: NNPC Ltd/Total Energies JV Achieves Zero Gas Flare

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In pursuit of meeting the targets of 20% (unconditional) and 47% (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord signed by the President Bola Ahmed Tinubu administration, the NNPC Ltd/TotalEnergies Joint Venture has achieved zero routine gas flare in all its assets.

According to a statement signed by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., this feat was announced on Thursday during an inspection tour of OML 100 in South-eastern Niger Delta, off Port Harcourt, by a joint NNPC Ltd and TotalEnergies Team to ascertain the success of the OML Flare Reduction Project launched in December 2023.  

The NNPC Ltd/TotalEnergies Joint Venture, which is the concession holder of four leases, had hitherto achieved zero routine flaring across OML 99 (2006), OML 102 (2014), and OML 58 (2016), leaving OML 100 as the only lease with routine flaring going on.

The significance of this achievement is that the last routine flare volume of about 12MMscf/d (twelve million standard cubic feet per day) of gas has now been eliminated giving rise to a greenhouse gas emissions reduction of about 341KtCO₂e/yr.

The achievement is an outcome of a programme introduced by the NNPC Ltd to galvanize action towards achieving the zero routine flare by 2030 across its portfolio of assets.

It is also a testament to NNPC Ltd’s prioritization of sustainability anchored on the ‘first R’ of its 5R Strategy (Reduce, Replace, Renew, Re-plant, Repurpose), as it strives to reduce its carbon footprint.

Work is ongoing across all other assets within NNPC Ltd’s Upstream Directorate to ensure that all assets achieve zero routine flaring by 2030 or earlier.

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Energy

NNPC Celebrates 14,000bpd Production from Akpo West Field

By SANDRA ANI

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In line with President Bola Ahmed Tinubu’s directive to the Nigerian National Petroleum Company Limited (NNPC Ltd) to optimise production from the nation’s oil and gas assets, the Company has announced the successful commencement of oil production from the Akpo West Field.

The milestone, which is the result of meticulous planning, strategic collaboration, and unwavering dedication from all stakeholders involved in the project, will add 14,000 barrels per day condensate to the nation’s production. This will be followed up by the production of about 4million cubic meters of gas per day by 2028.

The development of Akpo West which is on Petroleum Mining Lease (PML) 2 (formerly OML 130) leverages the existing Akpo Floating Production Storage and Offloading (FPSO) facility via a subsea tie-back to keep costs low and minimize greenhouse gas emissions.

The milestone was enabled by the strategic leadership of the Group Chief Executive Officer (GCEO), Mr. Mele Kyari, and the Upstream Directorate of the NNPC Ltd whose support played no small role in propelling the operators to actualise the short- and mid-term hydrocarbon production goal of the President Tinubu administration.

Located 135 kilometres offshore, Akpo West is one of the discoveries on PML 2 with proximity to the Akpo main which started up in 2009 and produced 124,000 barrels of oil equivalent per day in 2023.

PML 2 is operated by TotalEnergies with a 24% interest, in partnership with CNOOC (45%), Sapetro (15%), Prime 130 (16%), and the Nigerian National Petroleum Company Ltd as the concessionaire of the Production Sharing Contract (PSC).

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