The importance of the West African International Petroleum Exhibition and Conference (WAIPEC)

The second West African International Petroleum Exhibition and Conference 2018 (WAIPEC) will be held in February at the Eko Convention Centre, Lagos, Nigeria. It's a hugely significant event, not just for our nation's oil and gas industry, but also for our country as a whole. So why is it so important? An unprecedented opportunity for change "WAIPEC this year represents a unique opportunity," says our Chairman, Mr Onajite Okoloko. "It is the largest event for our nation's oil and gas sector, and as such is a fantastic chance for the community to come together and discuss the important issues that we need to address as an industry. But, it is also significant because it is an event that is very much led by the industry itself - and I think that is important because it shows what we are capable of when we join together in this way. The issues facing our industry are too significant, and too large, for one organisation...
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Is increased production the way forward?

Over the last year, Nigerian oil and gas production has finally been on the rise, in the face of a more stable situation in the main oil producing areas of Delta State. The increase has now allowed to us voluntarily join the OPEC-led round of production cuts which were announced in the face of tanking global oil prices, and our country is now limiting our oil output to 1.8 million barrels per day. Overall, the rise in Nigerian production has still had a dampening effect on the global oil price however - despite OPEC's best efforts via production cuts - and this is clearly a big challenge for oil companies looking to make a profit. So is a continued rise in our domestic oil and gas production actually desirable, even if it is now possible given the more stable situation on the ground? A delicate balancing act It's clear that there is an important balance to be struck - one that is fundamentally...
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Why renewables are an opportunity, not a threat

As a nation, Nigeria is blessed with many rich natural resources. Of course we have our huge oil and gas reserves - but we also have our agricultural land, abundant wind, water and solar power, and of course our talented and skilled workforce. So, with this in mind, it makes sense for our government and for private sector operators to ensure that we are not solely focused on just one sector - and this is particularly the case when it comes to energy, and the way that we generate the power that runs our country. The example of other oil-rich countries like Venezuela shows that being over dependent on one resource - either in terms of the power it generates or the revenue it brings into the national finances - is not advisable. Diversification is almost always a positive - and prudent - approach to take. So, here at Midwestern Oil and Gas we're excited by the possibilities and opportunities presented...
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Nigerian oil exports on the up

This year has been an impressive one for the Nigerian economy - and much of that is down to the rude health of our domestic oil and gas sector. Oil prices and production have both increased over the year and the effect has been a positive one on the rest of our nation’s economy, with our country recently recording two consecutive quarters of economic growth for the first time in a couple of years. To put that into perspective, the Nigerian economy has shrunk for the last five quarters in a row - and so this rise is a welcome sign that our nation is beginning to bounce back. A positive outlook So, what is behind the up turn? Well, just as our recession was largely due to a slump in oil and gas prices, so an increase in production and improved oil sales is now driving the wider economy. That increase is reflected in our exports of oil too - in...
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Nigeria’s changing relationship with OPEC

Back in 1960, The Organisation of the Petroleum Exporting Countries (OPEC) had only five members - Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Over the years since it has grown to include many more countries who have rich natural oil and gas resources – Nigeria joined the organisation in 1971. The OPEC countries founded the organisation with the aim of coordinating and unifying petroleum policies among Member Countries. Benefits on all sides The arrangement was designed to bring huge benefits to both consumers and producers of petroleum products by ensuring fair and stable price for both sides. Thanks to OPEC, the producers can be sure that they will get a fair price for their product, while consumers are guaranteed an efficient and regular supply. This stability is also a major draw for investors in the industry, who see OPEC as an important stabilising force and a guarantor of fairness. So what has Nigeria’s relationship with OPEC been over the years? “Nigeria has benefited...
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Supporting our nation’s healthcare system

Supporting our nation’s healthcare system

It is critical that people in this country have access to an outstanding healthcare system, so they can take advantage of the services needed to enjoy a high quality of life. Led by our Chairman, Onajite Okoloko, we have invested in healthcare programmes in the communities where we work, helping make this a reality for citizens in every corner of Nigeria. Society’s foundation A strong healthcare system serves as the foundation of any prosperous society. We need medical services, ranging from over-the-counter prescriptions to surgeries, throughout our lives. It is also essential to consider that a robust healthcare infrastructure can improve quality of life, by providing treatments people need to deal with illness. Weighing in on the importance of healthcare, Mr Okoloko noted: “The citizens of this nation rely on our healthcare system every single day, to ensure that they and their loved ones remain healthy and can enjoy happy lives. We highly value the people who form part of the local...
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Midwestern Oil & Gas’ to Enable Food Security in Nigeria

Food shortages have hit Nigeria, due to an unprecedented increase in demand, negatively impacting quality of life for our people. Led by our Chairman Onajite Okoloko, along with Midwestern Oil & Gas’ sister firm Notore, we are working to combat these food scarcity issues. Tackling food shortages Our people need regular and sustainable access to food, to lead healthy, prosperous lives and yet food scarcity impacts millions of us. The federal authorities are now tackling the underlying issues behind this situation, for example, by making Nigeria a self-sufficient rice producer by 2018, reducing our reliance on expensive imports, to make food more affordable. Commenting, Mr Okoloko said: “We are dedicated to helping our government bring greater food security to the nation, so citizens can realise brighter futures. Through our Corporate Social Responsibility programme, we invest in areas such as education and job creation, so our people can enable food security for themselves. Meanwhile our sister company Notore provides this land’s farmers with...
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Nigeria targets 15 million new jobs by 2020

Our nation’s Minister of Budget and National Planning, Senator Udoma Udo Udoma, recently announced that our government will aim to reduce national unemployment by creating 15 million jobs by 2020. Under the leadership of our Chairman, Onajite Okoloko, we will assist our authorities in reaching this ambitious target, by creating new job opportunities. Addressing unemployment Unemployment in our country reached 11.19 million in September 2016. At a press conference, Udoma announced that our authorities will address this by facilitating 15 million new jobs in our country by 2020. Most notably our authorities will create new positions in the energy sector which will bring the country’s electricity generation operational capacity up to a minimum of 10 gigawatts by 2020, helping to solve power shortages. Commenting on this announcement, Mr Okoloko said: “We applaud the government’s ambitious goal of creating 15 million new jobs by 2020, as it will ensure that our people can access the opportunities needed to support themselves financially, and raise...
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Onajite Okoloko speaks on the revival of Nigerian economy

Our President, Muhammadu Buhari, recently stated that our country’s economy is bouncing back, following months of recession. Onajite Okoloko, the Chairman of Midwestern Oil & Gas touches on this development, explaining how Midwestern is working to provide a brighter future for people across Nigeria. Economy’s bouncing back Our country’s economy slipped into recession during the second quarter of 2016, when according to Premium Times, a national news source, our gross domestic product contracted by 2.06%, year-on-year. The rate of contraction rose in the third quarter, reaching 2.24% of GDP but dipped in the last quarter of the year, when our GDP shrank by 1.3% writes Punch, a national news outlet. The declining rate of GDP contraction indicated that by the end of 2016, our country was gradually moving out of recession. It became even clearer that our nation is now leaving the recession behind in March, when World Economics’ latest Sales Managers Index (SMI) –  which assesses how confident managers feel about the...
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Why are water and electricity such precious resources?

At Midwestern Oil and Gas, we recognise that water and electricity are important resources. Thus, we are fiercely committed to promoting sustainable water projects and electricity generation initiatives across our nation, ensuring that our people benefit from these valuable commodities. Vital resources    Water has been the lifeblood of society since the dawn of civilisation, as human beings need water to survive; our bodies are approximately 60% water, according to Healthy Eating, a wellness blog. We need to replace 2.4 litres of water in our bodies per day, making access to drinking water essential. Water also provides a massive range of additional benefits to society. We use water to clean, operate our sanitation systems, heat our homes, and for recreational purposes, among many other things. Water also has a vast array of industrial uses, such as for chemical development, agricultural irrigation and manufacturing purposes, so businesses also need secure water supplies. In the 20th Century, electricity emerged as another crucial resource. Today energy touches...
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