Business
IMF mission conclude visit to Côte d’Ivoire
ABIDJAN – An International Monetary Fund (IMF) mission visited Abidjan during March 11-26, 2014, to conduct discussions on the fifth review of Côte d’Ivoire’s economic and financial program supported by an arrangement under the Extended Credit Facility (ECF).
At the conclusion of the mission, Mr. Michel Lazare, Assistant Director in the IMF’s African Department, issued the following statement:
“Côte d’Ivoire’s economic and financial program remains on track. Macroeconomic performance continued to be impressive in 2013, with economic activity expanding by an estimated 8.7 percent, close to the government’s objective. Inflation remained subdued at some 2½ percent. Budget execution was better than anticipated in 2013, with the basic primary deficit estimated at CFAF 11.7 billion compared to CFAF 44 billion under the program. All quantitative performance criteria and indicative targets at end 2013 under the ECF arrangement were met, except for the quantitative target on the amount of floating debt.
“The macroeconomic prospects for 2014 remain positive, with a vigorous growth rate and low inflation expected. This outlook is partly dependant on rising private investment as well as adequate external financing to allow public investment to rise to close to 8 percent of GDP, consistent with the level envisaged in the 2012-2015 National Development Plan.
“Clear progress has been made recently in the implementation of structural reforms, especially to improve the business climate as indicated by the improvement in Cote d’Ivoire’s ranking in the World Bank 2014 report on “Doing Business”. Delays however have been encountered in some areas. The mission welcomes the authorities’ commitment to finalize and adopt shortly a medium-term wage bill strategy, a financial sector reform strategy, a public bank restructuring plan and measures to strengthen public financial management.
“Continued strong macroeconomic performance and further progress on the government’s structural reform program is necessary to support GDP growth, improve living standards including of the most vulnerable segments of the population, and allow Côte d’Ivoire to transform itself into an emerging economy.
“Upon approval by the IMF’s management and Executive Board, conclusion of this fifth program review will allow disbursement of SDR 48.78 million (about US$74 million or CFAF 35 billion) under the ECF arrangement. Executive Board consideration is expected at the beginning of June 2014.
“The IMF team thanks the authorities for their hospitality and for the constructive discussions.”
The mission met and had constructive discussions with [H.E. Dr. Alassane Dramane Ouattara, President of the Republic of Côte d’Ivoire]; H.E. Mr. Daniel Kablan Duncan, Prime Minister and Minister of Economy and Finance; H.E. Dr. Albert Toikeusse Mabri, State Minister for Planning and Development; H.E. Ms. Niale Kaba, Minister at the Prime Minister’s Office in charge of Economy and Finance; H.E. Mr. Abdourahmane Cisse, Minister at the Prime Minister’s Office in charge of the Budget; H.E. Mr. Adama Toungara, Minister of Petroleum and Energy; H.E. Mr. Jean-Louis Billon, Minister of Trade, Handicraft and Small and Medium Size Businesses; H.E. Mr. Jean-Claude Brou, Minister of Industry and Mines; Mr. Jean-Baptiste Aman Ayayé, National Director of the Central Bank of West African States; other senior government officials, as well as members of civil society, and representatives of the business and donor communities.
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.
The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.
Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.
According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.
ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months
The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.
Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.
She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.
The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.
The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.
Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.
Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.
The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.
It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.
Business
FHC Orders NUPRC to Comply with PIA
Business
Local Firms Lead Revival of Idle Oil Wells – SPE
Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.
The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.
According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.
“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.
He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.
The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.
“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”
He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.
He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.
“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”
ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products
Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.
According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.
He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.
“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”
Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.
“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”





