Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized the necessity of global partnerships, innovation, and a collective effort to tackle energy challenges for a sustainable future.
Speaking at a reception hosted by the Nigerian High Commission in Alberta, Canada, Ekpo highlighted the Global Energy Show as a significant venue for showcasing Nigeria’s potential in the gas sector and inviting Canadian investments. He assured that Nigeria offers a stable and transparent environment conducive to business and investment.
Ekpo praised Nigeria’s vast natural gas reserves, positioning them as a key driver for economic growth and a crucial element in the country’s energy transition strategy. He noted that the Nigerian government has made significant progress in creating a favorable investment climate for the gas sector. He invit international businesses to explore opportunities within Nigeria’s energy landscape.
Meanwhile, a market assessment by Standard Chartered projects a global oil supply deficit starting in 2024, despite potential production hikes from OPEC+ nations. The banking group predicts a shortfall of 1.9 million barrels per day (bpd) by Q3 2024, decreasing slightly to 1.41 million bpd in 2025. Despite a recent OPEC+ production cut announcement causing a temporary drop in oil prices, the forecast anticipates a long-term bearish trend, with Brent crude potentially declining to around $60 per barrel in the coming months.
Source: This Day