NIGERIA IS HUGE
Nigeria's huge offshore oil and gas resources, which remain largely dormant, present opportunities for oil service providers such as Baker Hughes, which says it is poised to remain a major player in big offshore plays in the country.
Speaking at the Baker Hughes Techno Day Conference and Exhibition on Wednesday in Lagos, Ayo Shote, vice president and managing director, Nigeria and Equatorial Guinea at Baker Hughes, said the company's presence in the offshore market in Nigeria was limited prior to 2006, adding that restructuring in the Nigerian oil and gas industry boosted involvement in the offshore space. "We invested, we brought in technology, we invested in people and also we were able to reach some deepwater tendencies and that helped to improve our response."
"Now going forward, offshore continues to be important. There is no way we can take our eyes off that. So we are focused on the offshore market. For us that is one of our biggest growth areas. And we will continue to invest in people, in infrastructure, in equipment and in technology to ensure that we remain a major player in the big offshore plays in Nigeria," he told BusinessDay on the sidelines of the event.
Nigeria's offshore space is bigger than what we have done in the past. We have fields out there that we have not taken advantage of, according to Shote.
|July, 23, 13:55:00|
|July, 23, 13:50:00|
|July, 23, 13:45:00|
|July, 23, 13:40:00|
|July, 23, 13:35:00|
|July, 23, 13:30:00|
IEA - For the third consecutive year, global energy investment declined, to USD 1.8 trillion (United States dollars) in 2017 – a fall of 2% in real terms. The power generation sector accounted for most of this decline, due to fewer additions of coal, hydro and nuclear power capacity, which more than offset increased investment in solar photovoltaics.
EIA - Crude oil production from the major US onshore regions is forecast to increase 143,000 b/d month-over-month in July from 7,327 to 7,470 thousand barrels/day , gas production to increase 1,066 million cubic feet/day from 69,466 to 70,532 million cubic feet/day .
U.S. FRB - Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase. Manufacturing output moved up 0.8 percent in June.
U.S. DT - The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion. Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.