Nigeria: Ekpo Woos Canadian Businesses, Investors to Nigeria's Gas Sector

2024-06-19 13:23:02

allAfrica

Abuja -- The Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo has said the path to a sustainable energy future requires partnership, innovation, and a shared commitment to addressing global energy challenges.

He stated this at a welcome reception hosted by the Nigerian High Commission in Alberta, Calgary, Canada, where he attended the Global Energy Show, a statement by his spokesman, Louis Ibah, said.

The minister described the global energy show as a platform where the brightest minds and most influential leaders in the energy sector converge, saying the gathering offered an opportunity to showcase Nigeria's immense potential in the global energy landscape, particularly in the gas sector.

"We welcome Canadian businesses and investors to explore Nigeria's vast opportunities. Our government is dedicated to ensuring a stable and conducive environment for investments, with a focus on transparency, efficiency, and mutual benefit," Ekpo said.

The gas minister said Nigeria is blessed with one of the largest natural gas reserves in the world, and is committed to harnessing the resource not only as a catalyst for economic growth, but also as a vital component of its energy transition strategy.

According to Ekpo, in the past few years, the Nigerian government has made substantial strides in creating an enabling environment for investment in the gas sector.

Report: Global Oil Market Likely to Face Large Supply Deficits Soon

A global oil market supply deficit is likely to appear as 2024 progresses, and continue into 2025, despite possible production increases coming from the Organisation of Petroleum Exporting Countries (OPEC) nations, according to a just-released market assessment.

A research note published by the international banking group, Standard Chartered, forecast a sizeable 1.9 million barrels per day shortfall by the third quarter of 2024. This will then fall a little to 1.41 million bpd during 2025, it said.

The group argued that global oil markets will easily be able to absorb any increase coming from OPEC+ members as they consider rolling back voluntary production cuts of 2.2 million bpd.

The OPEC+ announcement earlier in June prompted something of a sell off, with front-month Brent falling below $77 per barrel (bbl), more than $15/bbl below April's high. Prices recovered soon after, with Brent for July delivery surpassing $82/bbl.

The banking group said the price falls were based on a combination of factors, most notably macroeconomic pessimism and speculative shorts, Offshore Technology reported.

The group forecasts a decline to around $60/bbl for Brent crude over the next few months, with the long-term trend remaining bearish.

2024-06-19 News