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Anxiety as 24th Africa Oil Week Draws Closer

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Africa Oil Week

By Dipo Olowookere

Stakeholders in the oil and gas industry in Africa are eagerly gearing up for the forthcoming 24th Africa Oil Week, which holds in Cape Town, South Africa, from 23-27 October.

At the moment, organisers of leading international oil and gas event have announced highlights of the internationally renowned programme.

The restrained business climate that has reigned over the industry for the past few years demanded that all operators review and adapt their business models and the way they operate. By the same token, the organisers of Africa Oil Week had to radically rethink the content for this year’s edition to meet the needs of delegates in search of solutions for tackling new challenges.

ITE’s Vice President for Africa, Sonika Greyvenstein, says, “We pride ourselves on being recognised as the world’s leading Africa-focused oil and gas event. To retain this title, we really had to think outside the box to design a programme that offers something over and above our renowned networking and deal-making opportunities – we want to give delegates access to revolutionary new ways of working, so they go away with knowledge, tools and methods to help them face a fast-evolving industry”.

The result is a programme strong on skills, solutions and strategies and infused with talks and debates of an ethical, political and motivational nature.

With the aim of providing the most current status of African and international policy, ITE has ramped up the presence of top ranking government officials. Rick Perry, US Energy Secretary, has been invited to speak as guest of honour at a session on global energy policy as well as during his department’s presentation of its LNG Handbook, designed to facilitate LNG projects in Sub-Saharan African nations.

In terms of African oil and gas ministers, participants will be able to engage directly with them on issues crucial to their investment plans and projects at the Ministerial Panel on African government strategies for “Attracting Operators and Investment”.

It includes presentations covering fiscal reforms and investment opportunities from the oil and gas ministers of Egypt, Angola, Equatorial Guinea, Ivory Coast, Republic of Congo and Namibia. South African Minister of Energy, Mmamoloko Kubayi, will open proceedings on Tuesday 24th October with a talk on the right energy mix for meeting environmental and development goals.

The Côte d’Ivoire Roadshow, presided over by Minister Thierry Tanoh, will promote the country’s hydrocarbons code and introduce its energy strategy 2020 along with available blocks coming up for licensing, thereby providing further opportunities for showcasing its investment environment as well as its petroleum code and legal and fiscal framework.

Mali, ranked one of the most dynamic countries in the region by the World Bank’s “Doing Business” report and winner of the AIM “Investment Award” for its incentive-strengthening reforms, is promoting its five oil-rich basins. Mr Hamed Ag Mohamed, Director-General of the Authority for the Promotion of Oil Research, will present the investment framework and its Public-Private Partnership policy.

A not-to-be-missed event is the debate  “Phasing Out Fossil Fuels: The Moral Case”. Alex Epstein, Founder and President of the Center for Industrial Progress and author of the New York Times bestseller, “The Moral Case for Fossil Fuels” will pitch his pro-fossil fuels argument against that of renewable energy development and investment pioneer Charlotte Aubin-Kalaidjian, co-Founder and CEO of GreenWish Partners. Later in the day, Mr Epstein is the guest speaker at the invitation-only VIP & CEO Luncheon, to be held in the Exhibition Ballroom.

Contributing to the cutting edge content is the AAPG Science Seminar, comprising three half-day forums focusing on energising the growing world through knowledge and technology. This is especially important considering that the new wave of exploration is spearheaded by digital technology which, in turn, paves the way for new careers.

This digital aspect of the industry is of special interest to the students and graduates attending the Young Professional Roundtable discussions, during which they will be looking at the capabilities and skills that will secure their future in a constrained job market.

With the evolution of the industry requiring operators and stakeholders to be more resourceful and inventive, Africa Oil Week is bringing out some big guns in terms of analysis, inspiration and motivation. Daniel Silke, South African futurist and leading political economy analyst, kicks off the third day of the conference with a keynote on Africa’s resilience.

Mr Silke is renowned for his insights into issues surrounding global change, volatility and the future of the world. Then there’s Gilan Gork, renowned mentalist and master of influence. As a guest speaker at the SA Rugby Museum Cocktail Reception, Gilan will challenge delegates thinking while intelligently entertaining and motivating them.

Along with these exciting and innovative additions to this year’s Africa Oil Week programme, each session now includes an interactive Q&A, during which delegates can engage on a wide range of issues. In addition, there is an official Africa Oil Week App for IOS & Android devices to give delegates up-to-date information about the event, speakers, programme, networking sessions and venues and enabling them to post questions, participate in polls and contact other delegates.

Delegates who register by 30th September qualify for the £300 Early Bird Discount while companies registering three or more delegates benefit from an additional 10% discount.

All registration fees include access to the 17th Africa Independents Forum and the 24th Africa Upstream Conference and Exhibition but exclude the 80th PetroAfricanus Dinner and 9th Global Women Petroleum & Energy Club Luncheon, which must be booked separately. Companies registering three or more delegates benefit from an additional 10% discount.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Economy

Four Securities Erase N51.17bn from NASD Exchange

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NASD Exchange

By Adedapo Adesanya

Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.

In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.

The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.

During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.

Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.

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Economy

Cautious Trading, Profit-taking Weaken Nigeria’s Stock Exchange by 0.66%

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Nigeria's stock exchange

By Dipo Olowookere

The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.

This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.

Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.

At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.

Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.

The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.

As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.

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Economy

Official FX Market Sees Naira Dip to N1,380.93/$1

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naira official market

By Adedapo Adesanya

The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.

Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.

At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.

Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.

Also, a stronger greenback has generally put significant pressure on emerging-market currencies.

Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).

The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.

If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.

At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.

On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

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