Capital Spending in West African Oil Industry Expected to Double

Julius Ogor, the founder and CEO of two companies based in Nigeria, has been an entrepreneur for more than a decade. One of the companies he oversees is Forcados Dredging Nigeria Limited, a business operating in the oil and gas industry. Under the leadership of Julius Ogor, the company provides pipeline, marine offshore drilling, and management services.

In recent years, investment in the oil and gas industry in West Africa has significantly dropped from its peak of $48 billion in 2014 to about $17 billion in 2018. Most of these investments were made in operations in Angola and Nigeria, the two largest oil producers in West Africa. Considering oil production in both countries has fallen, it’s not surprising that investor involvement in the region has also been reduced.

While Angola’s oil production continues to decline, production in Nigeria has been recovering since 2017. New deepwater oil projects in the country will likely result in total capital expenditures doubling over the next decade. Marine service companies, drilling contractors, and OSV owners all welcome this news after having dealt with reduced investment and other disruptions to oil production due to the ongoing conflict in the Niger Delta.

Three Considerations When Managing Large Teams

Managing Large Teams
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Successful entrepreneur Julius Ogor founded Forcados Dredging Nigeria Limited over 15 years ago. The CEO of the company, Julius Ogor is responsible for managing teams of more than 200 individuals.

While small teams are often easy to manage, large teams require significant time and effort from leaders. The following considerations can help executives effectively manage large teams:

Build Relationships
Building and maintaining relationships helps leaders become familiar with their team and stay on top of how team members are doing. It also ensures team members feel valued and opens lines of communication between team members and leaders so updates and problems are quickly shared and handled. Leaders can build relationships with their team members in several ways, such as performing rounds daily and talking to each employee.

Delegate Tasks
It’s impossible for leaders to do everything, particularly when they are in charge of a large team. For this reason, it’s essential that they delegate out everything they can. Delegating daily tasks, meetings, and other responsibilities gives leaders more time to connect with their team and be available for any individuals who have a question or problem.

Empower Middle Managers
When leaders make every decision themselves, they prevent managers and other team members from stepping up. This drags down the productivity of the entire team. Instead, leaders should empower middle managers by allowing them to make key decisions about day-to-day operations. Doing so shows managers that the leadership trusts them, thus making them more confident and efficient in their work.

Oil and Gas Exports by Nation – Nigeria

A Nigerian entrepreneur, Julius Ogor established Forcados Dredging Nigeria Limited, a multi-billion dollar company based in Lagos. As chief executive officer of the oil and gas firm, Julius Ogor manages a staff of 250 professionals dedicated to fossil fuel procurement operations.

In the mid-1950s, experts first discovered oil in Nigeria. The find was in a place called Oloibiri, in the country’s Bayelsa State. Since then, Nigeria has grown into the largest African economy thanks in part to its prolific oil production. Nigeria exports nearly 2 million barrels of crude oil per day. Complementing its oil trade, Nigeria also exported over 28 billion cubic meters of natural gas in 2018.

According to the Organization of the Petroleum Exporting Countries (OPEC), Nigeria harbors impressive, proven reserves of oil and natural gas. In terms of oil, the country’s proven reserves reach almost 37 billion barrels; and in terms of gas, the country’s proven reserves exceed 5.5 trillion cubic meters.

Official Nigerian statistics demonstrate the importance of the oil industry to the nation’s economy. The oil and gas sector makes up roughly 10 percent of the nation’s gross domestic product.