Akin Odumakinde, CEO DeltaTek Group, talks to TOGY about the company’s role in Equatorial Guinea and his predictions for the future of exports and international trade in the market. DeltaTek Energy is a member of the DeltaTek Group. Incorporated in 2012, they commenced full operations in July 2013 providing EPC services. The company has been present in Equatorial Guinea for five years and has plans to expand into sub-Saharan markets as well.
Do you think the oil market will be more volatile or steady in the coming years?
I think it’s going to be steady. It may never exceed USD 60 per barrel and just hover around USD 50. This means that everyone has to re-think their way of doing business, reduce their costs and come up with different strategies on how to execute projects. Our clients are doing the same now, so service providers need to look for other ways.
We are in a recovery period, and everybody has to adapt. We should not expect a return on investment as projected before. If you were thinking of recovering your investment in five years before, you have to project 10 years now, and then streamline your costs to make it amenable to your client. That’s where the USD 50 price for crude oil will be good. The end users also get to see a good benefit from lower prices. In the USA, everyone is happy at the petrol pump price. It’s a win-win for the producer and the consumers. It would be nice to see USD 70, but I don’t expect to see USD 100. I think that era is over.
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