Economy
Siemens Predicts Bright Future for Ugandan Oil & Gas Sector
By Dipo Olowookere
One of the leading firms in the world, Siemens, has said the Ugandan oil and gas industry has the tendency to boost its economy in the nearest future.
Recently, the International Monetary Fund (IMF) stated that the oil reserves in Uganda may account for around 4 percent of the country’s economy annually in the next few years if managed well and these sentiments were echoed by speakers and delegates attending the Uganda International Oil & Gas Summit in Kampala Uganda.
Addressing government officials and delegates, Patrice Laporte, Vice President of Siemens North American Oil & Gas Division, presented a keynote titled ‘Digitalization in the Oil and Gas Sector.’
“As more and more technology per barrel is required, oil and gas projects are becoming increasingly complex and the need for an integrated solution is important,” said Laporte. “The anticipated positive economic impact in Uganda from the oil and gas sector is indeed promising but the full effect of this will only benefit the country and its citizens through judicious planning and implementation of the proposed pipeline.”
Uganda is a new entrant into the oil and gas market. The proposed oil pipeline stretching from Uganda oil fields to the Tanzanian port of Tanga will be the world’s longest electrically heated crude oil pipeline.
It is estimated to be one of the most expensive projects to develop upstream, midstream and downstream infrastructure and the country is looking to capitalize on lessons learned in other developing oil & gas markets, as well as from established producers.
“With an estimated 6.5 billion barrels of oil and close to 500 billion cubic feet of gas, Uganda is a promising site for exploration. Siemens has a proven track record of delivering fit-for-purpose technical solutions on a large scale in remote locations. This expertise and knowledge can play a decisive role in ensuring the performance and on-time delivery of a key infrastructure project of this magnitude,” added Laporte.
Siemens is considered one of the technology leaders in the industry because of its full spectrum solutions, products and services. “For many years Siemens have been supplying industrial automation, power generation and power distribution strengths and experience to the oil and gas industry.”
“What makes this special is that our expertise and technology is not only of benefit at the inception of a project but along the full value chain and throughout the entire lifecycle of an investment. Our innovative technical solutions ensure the sustainability of projects with a key focus on reliability, performance and economic efficiency.”
Siemens involvement in the third Uganda International Oil & Gas Summit follows on the back of its participation at Future Energy Uganda earlier this month as well as the signing of the Memorandum of Understanding (MoU) in May this year at the World Economic Forum in South Africa.
The company is collaborating with Uganda on a number of fronts related to the country’s immediate and long-term energy and infrastructure ambitions as well as actively investigating the best option to establish a local presence based on business sustainability.
Sabine Dall’Omo, Siemens CEO for Southern and Eastern Africa recently commented while in Uganda, “Siemens is a company that invests for the long term and is optimistic about the long-term fundamentals of the Ugandan market.
“We want to support sustainable development – with solutions and projects in Africa, for Africa and are actively reviewing the requirements for the organization to open an office in Uganda taking into consideration business sustainability.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited came under pressure on Friday, staggering by 0.21 per cent at the close of trading activities.
Investors embarked on profit-taking yesterday, particularly in the energy and industrial goods sectors, which closed lower by 0.43 per cent and 0.06 per cent, respectively.
The gains reported by the others could not extend the stay of Customs Street in the positive territory yesterday.
Data showed that the insurance counter closed higher by 2.07 per cent, and the banking space improved by 0.55 per cent, while the consumer goods and commodity indices closed flat.
When the closing gong was struck by 2:30 pm, the All-Share Index (ASI) was down by 224.91 points to 104,563.34 points from 104,788.25 points and the market capitalisation contracted by N141 billion to N65.707 trillion from N65.848 trillion.
Deap Capital lost 9.71 per cent to trade at 93 Kobo, Royal Exchange crumbled by 9.09 per cent to 80 Kobo, Sovereign Trust Insurance fell by 7.61 per cent to 85 Kobo, Guinea Insurance depreciated by 7.35 per cent to 63 Kobo, and Oando dwindled by 5.57 per cent to N39.00.
Conversely, Caverton jumped by 9.96 per cent to N2.54, VFD Group surged by 9.90 per cent to N87.70, Abbey Mortgage Bank gained 9.86 per cent to close at N6.13, FTN Cocoa advanced by 9.83 per cent to N1.90, and Regency Alliance rose by 9.43 per cent to 58 Kobo.
On Friday, investors traded 380.0 million equities worth N10.1 billion in 10,791 deals versus the 432.6 million equities valued at N9.7 billion transacted in 12,027 deals in the previous trading session, indicating an uptick in the value of transactions by 4.12 per cent and contractions in the volume of trades and the number of deals by 12.16 per cent and 10.28 per cent apiece.
Access Holdings retained its position as the most active equity with 73.2 million units sold for N1.5 billion, Zenith Bank exchanged 33.4 million units worth N1.7 billion, Cutix transacted 29.7 million units valued at N63.0 million, GTCO traded 25.7 million units worth N1.7 billion, and Fidelity Bank transacted 19.7 million units valued at N374.2 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange went down by 0.31 per cent on Friday, April 10, with the Unlisted Security Index (NSI) depreciating by 1038 points to 3,277.57 points from the previous session’s 3,287.85 points.
Similarly, the market capitalisation of the bourse depleted by N6.02 billion to close at N1.919 trillion from the N1.925 trillion it ended on Thursday.
FrieslandCampina Wamco Nigeria Plc gave away N2.95 to close at N35.55 per unit versus the previous day’s N38.50 per unit and Acorn Petroleum Plc lost 13 Kobo to end at N1.17 per share from the previous closing value of N1.30 per share.
During the session, there was a 750.8 per cent surge in the volume of securities transacted to 152.3 million units from the 18.1 million units transacted in the previous trading day, the value of transactions grew by 2,268.9 per cent to N4.6 billion from N192.9 million, and the number of deals went down by 20 per cent to 16 deals from 20 deals.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, followed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
However, Okitipupa Plc became the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 14.6 million units worth N562.7 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.
By Adedapo Adesanya
The Naira closed the last trading session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on a positive note on Friday, April 11 with a gain of 1.2 per cent or N18.86 against the United States Dollar.
During the trading day, it was exchanged at the official forex market at N1,611.08/$1, in contrast to the N1,629.94/1 it was traded a day earlier.
The local currency strengthened yesterday at the currency market after the Dollar weakened in the international scene, making currencies like the Naira have a sigh of relief.
Also supporting this is efforts by the Central Bank of Nigeria (CBN) to prop the market with the necessary liquidity.
However, the domestic currency depreciated against the British Pound Sterling at the spot market during the session by N5.57 to settle at N2,090.58/£1 compared with Thursday’s closing price of N2,085.01/£1 and lost N10.18 against the Euro to sell for N1,815.82/€1, in contrast to the preceding day’s N1,805.64/€1.
At the parallel market, the Nigerian Naira traded flat against the greenback on Friday, remaining unchanged at N1,620/$1.
As for the cryptocurrency market, it was bullish after the US Dollar fell to a 3-year low and Producer Price Index (PPI) inflation dropped sharply.
The drop in the greenback made it possible for investors and traders to buy more while the index came in at 2.7 per cent versus the anticipated 3.3 per cent while the core PPI print also surprised to the downside.
Solana (SOL) appreciated by 5.4 per cent to $123.31, Dogecoin (DOGE) rose by 4.3 per cent to $0.1638, Bitcoin (BTC) increased by 3.2 per cent to $83,697.39, and (XRP) added 2.4 per cent to quote at $2.04, and Binance Coin (BNB) soared by 1.4 per cent to $587.41.
In addition, Ethereum (ETH) improved by 1.2 per cent to $1,573.75, Cardano grew by 0.3 per cent to $0.6234, Litecoin (LTC) also went up by 0.3 per cent to $76.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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