Dear Stakeholders,
The business of oil and gas continues to be challenging, complex and uncertain. However, REXGLOBE has continued to grow, first as a dominant E&P company and now as a diversified energy major with strong presence across the entire value chain. You have been an important partner and stakeholder of this transformative journey. Your faith in us, is what propels and sustains us through the ups and downs and the uncertainties that we face in this constant pursuit of business growth and value-creation while delivering on our role as a global foremost energy player.
2019 is yet again a year of growth for REXGLOBE and its business. Internationally as well, it was a period of steady recovery in the oil and gas sector as crude oil prices stabilised at levels higher than a year ago and E&P sector recorded impressive numbers.
Our new fronties for the Telcoms industry comes paralleled. With our R&D /Business Development Team, we are best positioned to supporting the Telecom industry in meeting their basic needs and bottomline, including but not limited to a steady, available and uninterrupted energy solutions; our QIS (Quick Intrastructure Set-up) and build; as well supply of their telecom infrastructure equipment needs at interestingly competitve rates
That being said, uncertainty, still, remains a key feature of the industry. Crude oil prices swung from a high of USD80 a barrel to around USD50 in a span of few months as markets reacted to, first, the impending impact of US sanctions on Iran and then to record US production and a more conservative outlook on global economic growth due to escalating trade tensions between US and China.
It is worthy to note that REXGLOBE has extended its coast to West Africa with registered offices in Ghana and Nigeria while we continue to look at other opportunities.
While the need to plan for energy transition in the wake of the global consensus and policy actions on the issue of climate change and sustainability does make the current period within the oil and gas community an exciting one as it opens up new opportunity areas, it does bring its own set of challenges with it.
REXGLOBE’s decisions and actions during this period will be of immense consequence to the energy sector’s future energy landscape and I want to assure you that the Company has chalked out a comprehensive roadmap for its future growth factoring in its historical competencies as well as emerging avenues that align with its business objective of ensuring country’s energy security.
We will always keep you abreast as we journey along together with the utmost objective of ensuring REXGLOBE as a partnership of immense value.
Alhaji Aminu Ado Bayero
Executive Chairman