Economy
Lebanon Int’l Oil & Gas Summit Returns to Beirut
By Dipo Olowookere
Leading oil and gas industry executives and experts from across the East Mediterranean will gather in Beirut this May, to gain invaluable insight to the newly presented opportunities in Lebanon’s energy sector, the challenges and the road ahead for companies and investors in the field.
Organizers of the Lebanon International Oil & Gas (LIOG) Summit have confirmed that the event will return 9 -10 May 2017 for its third edition, at the prestigious Hilton Beirut Habtoor Grand Hotel, under the high patronage of Cesar Abi Khalil, Lebanon’s minister of energy and water, and in collaboration with the Lebanese Petroleum Administration (LPA).
The summit will highlight the recent progress by Lebanon’s new government to advance its vast oil and gas potential after developing highly advanced world-class regulatory and operational frameworks for this nascent industry.
Launched in 2012 to support Lebanon’s initial findings and to explore the potential of the country’s hydrocarbon resources, LIOG 2017 will build on the success of its previous editions which attracted hundreds of delegates and dozens of high-calibre speakers from over 30 countries representing over 150 local and international companies and organizations, including major international oil companies (IOCs).
Held under the theme ‘Lebanon – Moving Forward’, LIOG 2017 will cover key areas with over 30 Lebanese, regional and international expert speakers who will share their insight on Lebanon’s position as a key hydrocarbons player in the Mediterranean, highlighting recent achievements, showing the new potential of the country and providing delegates with an overview of the legal, financial and technical frameworks.
Also, they will share insight on current and expected market conditions and regional geopolitics, along with their impact on Lebanon. In-depth discussions will cover issues like providing return on investment even with low hydrocarbon prices and drawing on international experiences, particularly in terms of turning such challenges into opportunities for all stakeholders and the many benefits that Lebanon has to offer and how has the country restated itself as an attractive destination for oil and gas investments.
All the above subjects will be presented in a well-structured, rich programme, held over two consecutive days.
In addition to the prequalified companies for Lebanon’s first licensing round, participants will include a wide range of service providers including drilling and well servicing contractors; engineering, procurement and construction (EPC) contractors; banks and insurers; specialized law firms; HSE consultants and suppliers, and more.
Paul Gilbert, Managing Director organising company, Global Events Partners Ltd (GEP), said, “Following the recent approval by Lebanon’s council of ministers of the two crucial decrees and the official launch of the sector, everything is now in place for the Lebanese government to go ahead with the long-awaited first licensing round. We strongly believe that LIOG 2017 Summit has a pivotal role in this exercise, particularly in terms of promoting the country’s potentials and drawing investors.”
Dory Renno, Managing Director of the co-organising company, Planners and Partners S.A.L. added, “We believe in Lebanon and in its business climate, which makes it a great place for the conferences and exhibitions industry, We also strongly believe that successful conferences like LIOG reflect a positive image about Lebanon as an attractive investment arena, and highlight the many achievements by the government in terms of creating the right operational frameworks and promoting transparency in a sustainable manner.”
Renno added; “The Summit will also boast an international exhibition showcasing the latest products and services available by local, regional and international companies and organizations, and provide a unique branding opportunity for exhibitors.”
Lebanon, which is believed to have sizable hydrocarbon resources, has recently announced that five offshore blocks will be on offer in its first licensing round which is expected to take place during 2017.
Over 46 international companies were prequalified in 2013, and a new prequalification round is expected to take place in March 2017.
The 3rd LIOG-2017 Summit is organised by UK-based Global Events Partners Ltd (GEP) and Lebanese partner, Planners and Partners sal. Global Event Partners Ltd is affiliated to the dmg::events network.
By Adedapo Adesanya
A 0.91 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, May 22, after the share prices of four securities ended in green.
According to data, FrieslandCampina Wamco Plc went up by N15.61 to N179.67 per share from N164.06 per share, Newrest Asl Plc grew by N6.11 to N67.26 per unit from N61.15 per unit, Food Concepts Plc appreciated by 17 Kobo to N2.75 per share from N2.58 per share, and Nitrox Industrial Gases Plc added 6 Kobo to sell at N25.50 per unit compared with the previous day’s N25.44 per unit.
At the close of business, the market capitalisation chalked up N23.22 billion to settle at N2.561 trillion versus Thursday’s N2.538 trillion, and the NASD Unlisted Security Index (NSI) increased by 38.81 points to 4,281.28 points from 4,242.47 points.
During the session, the price of Central Securities and Clearing System (CSCS) Plc was down by N3.13 to N71.07 per share from N74.20 per share.
The activity chart showed that the volume of securities transacted by the market participants decreased yesterday by 81.6 per cent to 590,339 units from the 3.2 million units recorded on Thursday, as the number of deals shrank by 28.6 per cent to 30 deals from the 42 deals recorded a day earlier, while the value of securities increased by 0.5 per cent to N95.3 million from the preceding session’s N94.8 million.
Great Nigeria Insurance (GNI) Plc closed the day as the most active stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units traded for N4.1 billion.
The most active stock by volume on a year-to-date basis was GNI Plc, with the sale of 3.4 billion units for N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange witnessed a decline in transactions on Friday despite closing higher by 0.22 per cent on the back of sustained bargain-hunting.
During the last trading session of the week, investors transacted 711.9 million equities valued at N29.1 billion in 62,386 deals compared with the 1.1 billion equities worth N31.0 billion traded in 62,448 deals in the previous day, indicating a decline in the trading volume, value, and number of deals by 35.28 per cent, 6.13 per cent, and 0.10 per cent, respectively.
Fidelity Bank closed the day as the most active stock with the sale of 198.1 million units for N4.6 billion, Access Holdings traded 69.7 million units worth N1.8 billion, Mutual Benefits exchanged 42.7 million units valued at N197.4 million, Japaul transacted 33.9 million units worth N134.4 million, and Zenith Bank sold 24.4 million units valued at N3.2 billion.
Yesterday, the industrial goods index rose by 0.53 per cent, the consumer goods sector jumped 0.28 per cent, the banking industry improved by 0.25 per cent, and the energy counter soared by 0.18 per cent, while the insurance space shed 0.18 per cent.
At the close of business, the All-Share Index (ASI) gained 536.98 points to finish at 249,712.37 points compared with the previous day’s 249,175.39 points, and the market capitalisation grew by N344 billion to N160.077 trillion from N159.733 trillion.
Aluminium Extrusion and DAAR Communications expanded by 10.00 per cent each to sell for N9.90 and N2.09, respectively, RT Briscoe surged by 9.93 per cent to N14.06, Learn Africa increased by 9.79 per cent to N12.90, and Red Star Express advanced by 9.56 per cent to N34.95.
On the flip side, Trans-Nationwide Express depreciated by 9.92 per cent to N5.72, Livestock Feeds dipped by 9.64 per cent to N8.90, The Initiates crashed by 8.65 per cent to N33.80, Ellah Lakes drowned by 8.64 per cent to N10.05, and Neimeth lost 6.36 per cent to trade at N10.30.
By Adedapo Adesanya
The Naira weakened against the United States Dollar by N3.15 or 0.23 per cent to N1,375.46/$1 from N1,372.31/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, May 22.
It was also a similar situation for the domestic currency against the Pound Sterling in the official market yesterday, as it lost N9.46 to sell for N1,849.72/£1 compared with the preceding session’s N1,840.26/£1, and against the Euro, it depreciated by N6.26 to close at N1,597.04/€1, in contrast to Thursday’s exchange rate of N1,590.78/€1.
At the GTBank FX desk, the Nigerian Naira tumbled against the Dollar during the session by N2 to trade at N1,381/$1 versus the previous day’s N1,379/$1, and at the parallel market, it remained unchanged at N1,390/$1.
Analysts at Cowry Asset Management Limited, in their weekly financial outlook, have projected the Naira will remain under soft pressure in near term due to continuous FX demand.
“Looking ahead, the Naira may remain under mild pressure in the near term due to persistent FX demand, though rising external reserves could help cushion volatility,” they noted.
Meanwhile, the Central Bank of Nigeria (CBN) this week reiterated that it would continue with its current policy direction to sustain the fight against inflation and stabilise the exchange rate.
This comes as the FX market has changed significantly under the ongoing reforms introduced by the apex bank, with increased market liquidity reducing the need for heavy intervention by the CBN. Its intervention currently accounts for only about 1.2 to 1.3 per cent of total market turnover in 2025, a development he said reflects the growing strength of the market.
Turnover has risen sharply from about $100 million in 2023 to roughly $550 million presently, with transactions occasionally climbing to as high as $1 billion in a single day.
A look at the cryptocurrency market showed that it was down on Friday as Mr Kevin Warsh was sworn in by President Donald Trump as the chairman of the US Federal Reserve, replacing Mr Jerome Powell, who will continue as a governor in the US central bank.
The appointment was made in the hope that he would lead the central bank to cut interest rates, but the Iran war has sent oil prices soaring and re-ignited what had been cooling inflation.
Ethereum (ETH) depreciated by 5.5 per cent to $2,010.90, Dogecoin (DOGE) lost 5.2 per cent to trade at $0.1001, Cardano (ADA) fell by 5.0 per cent to $0.2389, Solana (SOL) slipped by 4.9 per cent to $82.69, and Bitcoin (BTC) slid by 3.3 per cent to $74,950.02.
Further, Ripple (XRP) went down by 2.9 per cent to $1.32, Binance Coin (BNB) declined by 2.6 per cent to $641.61, and TRON (TRX) shrank by 1.2 per cent to $0.3606, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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