The role of the oil and gas sector cannot be overemphasized. With the recent slide in the oil price comes the review of the oil market outlook, in particular supply/demand projections for the first, second, third and fourth quarters of 2015, with emphasis on the first half of the year. Considering the forecasts for the world economic outlook that the global economic recovery was continuing, albeit very slowly and unevenly spread, with growth forecast at 3.2% for 2014 and 3.6% for 2015. It is also noted, importantly, that although world oil demand is forecast to increase during the year 2015, this will, yet again, be offset by the projected increase of 1.36 mob/d in non-OPEC supply. Recording its concern over the rapid decline in oil prices in recent months, OPEC agreed that stable oil price – at a level which did not affect global economic growth but which, at the same time, allowed producers to receive a decent income and to invest to meet future demand – were vital for world economic wellbeing.
Nigeria has recorded another honour as Dieziani Alison-Madueke, Minister of Petroleum Resources, was elected the OPEC’s first female president recently. She is rising from glory to glory and the awards and plaudits are coming in for her from all angles.
Since Shell announced its intention to divest the 45% equity held by the JV partners in OML 11, there has been a flurry of activities in Ogoniland as prospective investors have been rushing to make contacts on the bloc. The investors believe that passing through the community chiefs would give them leverage in the acquisition of the bloc.
As at now the political barometer of the nation is high as we are getting into elections in early 2015. In an interview with Chief Chekwas Okorie, he reveals his political mission for the country, Nigeria. We also present to you a veteran journalist, who has impacted the journalism profession profoundly in Nigeria, Tonia Ike-Ejeye, the head of political desk of AIT. She gave insight into the challenges of the job. First Bank is in the business of building businesses, even in the oil and gas industry and the bank’s partnership with Kaztec has really put it in the forefront of project support.
It is always said that health is wealth. In an encounter with Dr. Sowunmi, an oncologist, she said that people with cancer are living in denial. She reveals the realities of cancer and the available cures. As usual we give you info from the auto world, the brand and marketing beat, the capital market and the news beat. Just relax and enjoy.
Gladys Johnson Managing Editor