Oil & Gas – Energy News | Oil and Gas News https://www.energymixreport.com Energy Mix Report Tue, 23 Jul 2019 13:54:10 +0000 en-US hourly 1 https://wordpress.org/?v=5.2.2 https://www.energymixreport.com/wp-content/uploads/2017/05/cropped-fav-32x32.png Oil & Gas – Energy News | Oil and Gas News https://www.energymixreport.com 32 32 Mobil Producing says it paid $665m to renew 3 oil blocks https://www.energymixreport.com/mobil-producing-says-it-paid-665m-to-renew-3-oil-blocks/ https://www.energymixreport.com/mobil-producing-says-it-paid-665m-to-renew-3-oil-blocks/#respond Tue, 23 Jul 2019 13:54:10 +0000 https://www.energymixreport.com/?p=132453 An oil giant, Mobil Producing Nigeria Unlimited (ExxonMobil), has denied an allegation of owing the Federal Government to the tune of $1.8bn for the renewal of three oil blocks’ licences. It said on Monday that it made a total payment of $665m for the renewal of the Oil Mining Leases 67, 68 and 70. In…

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An oil giant, Mobil Producing Nigeria Unlimited (ExxonMobil), has denied an allegation of owing the Federal Government to the tune of $1.8bn for the renewal of three oil blocks’ licences.

It said on Monday that it made a total payment of $665m for the renewal of the Oil Mining Leases 67, 68 and 70.

In a July 15, 2019 letter, which was obtained by The PUNCH on Monday, the company told its accuser, the Special Presidential Investigation Panel for the Recovery of Public Property, that it made full payment for oil blocks’ renewal in 2009.

The alleged indebtedness translates to about N648bn at $1 to N360 exchange rate, while the $665m the company claimed to have paid for the leases translates to N239.4bn.

The PUNCH had exclusively reported that the SPIPRPP led by Mr Okoi Obono-Obla was investigating a petition by human rights lawyer, Mr Femi Falana (SAN), who accused the oil company of only paying about $600m out of the payable renewal fees of $2.5bn (about N900bn) for the three oil blocks.

The PUNCH had obtained the panel’s June 13, 2018 letter addressed to Mobil’s managing director at Mobil House, Lagos, giving the company three weeks to pay the alleged outstanding balance of about $1.9bn to the Federation Account.

ExxonMobil had denied the indebtedness in series of correspondences addressed to the panel including its reply dated July 5, 2018.

Officials of Mobil had also appeared before the panel which insisted that the explanations offered by the company were unsatisfactory.

The SPIRRPP had also called for documents covering the transaction.

Mobil in a July 15, 2019 letter which was signed by the company’s Vice Chairman, Udom Inoyo, forwarded the Department of Petroleum Resources’ and the Nigerian National Petroleum Corporation’s documents in respect of the transactions to the SPIRRPP.

Further denying the alleged indebtedness, the company stated that the $665m it paid for the Oil Mining Leases 67, 68 and 70 was the full payment in line with the agreement reached with the DPR and the NNPC.

The letter titled, ‘Re: OML 67, 68 and 70 — Renewal Fee and Payment’, read in part, “We have again searched our records on this matter and wish to provide some additional information that supports our position that the renewal fees required of the MPN related to the renewal of OMLs 67, 68 and 70 have been paid in full.”

 

Source: Punch

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Exxon calls for MODU suppliers, Total requires fast crew boats https://www.energymixreport.com/exxon-calls-for-modu-suppliers-total-requires-fast-crew-boats/ https://www.energymixreport.com/exxon-calls-for-modu-suppliers-total-requires-fast-crew-boats/#respond Tue, 23 Jul 2019 13:53:33 +0000 https://www.energymixreport.com/?p=132452 US giant ExxonMobil and French major TOTAL have published tenders in local Nigerian newspapers, calling on suppliers of deepwater Mobile Offshore Drilling Unit (MODU) and Fast Crew Boats respectively. Both are looking to deploy the facilities in their deepwater operations. ExxonMobil wants the MODU for a deepwater drilling contract expected to commence in the 4th Quarter…

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US giant ExxonMobil and French major TOTAL have published tenders in local Nigerian newspapers, calling on suppliers of deepwater Mobile Offshore Drilling Unit (MODU) and Fast Crew Boats respectively.

Both are looking to deploy the facilities in their deepwater operations.

ExxonMobil wants the MODU for a deepwater drilling contract expected to commence in the 4th Quarter 2020.  The operations will be on any or all of Oil Mining Leases 133 and 139 and Oil Prospecting Lease (OPL) 223.

TOTAL requires the Fast Crew Boat for services within OML 130 PERMIT AREA including AKPO, EGINA and PREOWEI fields for a duration of two (2) firm years.

TOTAL doesn’t disclose, in the advertisement, when the services for which it requires the boats are expected to start, but it fixes the deadline for the submission of application at August 1, 2019.

ExxonMobil, meanwhile, will close the tender opportunity by 16.00hours on Wednesday August 7, 2019. Anticipated total contract term is one (1} year term with a four optional (1) year extensions (1 + 1 + 1 + 1 + 1 years).

Below are fuller details of these two tender opportunities.

  1. Esso Exploration & Production Nigeria Limited (EEPNL)-An ExxonMobil Subsidiary

Contractor of OML 133/139/223 Deepwater Development Projects

  1. INTRODUCTION

Esso Exploration & Production Nigeria Limited (EEPNL) plans to engage the services of a deepwater Mobile Offshore Drilling Unit (MODU) to drill at its deepwater locations within the NNPC/EEPNL Production Sharing Contract (PSC) acreage for an anticipated total contract term of one (1} year term with a four optional (1) year extensions (1 + 1 + 1 + 1 + 1 years). Contract is expected to commence in 4Q 2020.

  1. SCOPE OF WORK
  • Tenderer’s will be required to support the scope of work listed below including, but not limited to:
  • The provision of a Deep Water Mobile Offshore Drilling Unit (MODU) to conduct drilling, completion, testing, temporary abandonment and workover activities in water depth range from 1000m -1800m below
  • Provision of equipment and qualified personnel to supervise the operation, service and maintenance of the Deep Water MODU
  • Provision of an adequate operating base in Nigeria to support a Deep Water Drilling Operation

Interested companies must be able to provide the following:

  1. Demonstrate capacity to provide required equipment and or service for the relevant service in a deepwater environment
  2. Demonstrate clear understanding of the product and capacity to deplore service in the deepwater environment
  3. Document and provide relevant licenses and certification to support capability to provide relevant service or equipment
  4. Document and provide equipment specification relevant to providing relevant service in the Deep water environment.
  5. Demonstrate in country capacity to support deep water operation for relevant service in Nigeria
  6. Meets and or exceed other Technical requirements for service in the bid documents
  1. Mandatory Requirements

 To be eligible for this tender exercise, interested contractors are required to be prequalified in the 3.04.01 service category in NipeX Joint Qualification Scheme (NJQS) database. All successfully prequalified suppliers in each category will receive Invitation to Technical Tender (ITT).

  1. To determine if you are prequalified and view the product/service category you are listed for, open http://vendorsjqs.com and access NJQS with your log-in details, click on continue Joint Qualification Scheme tool, click check my supplier status and then click supplier product group.
  2. If you are not listed in a product/service category you are registered with DPR to do business, contact NipeX office at 8, Bayo Kuku Street, Ikoyi, Lagos with your DPR certificate as evidence for necessary update.
  3. To initiate the JQS prequalification process, access www.nipex-ng.com to download an application form, make necessary payments and contact NipeX office for further action.
  4. To be eligible, all tenders must comply with the Nigerian Content requirements in the Nipex System.
  1. Total Upstream Nigeria Limited (TUPNI)

A subsidiary of TOTAL

(NipeX TENDER Reference No: 1000003687

  1. Introduction

Total Upstream Nigeria Limited (TUPNI) invites interested and reputable indigenous suppliers with suitable vessels, personnel, equipment and relevant experience for consideration for inclusion for inclusion in the tenderer’s list for subject tender opportunity.

  1. Brief description of work scope and specifications.

Scope of services include the provision of Fast Crew Boat (FOB) services within OML 130 PERMIT AREA including AKPO, EGINA and PREOWEI fields for a duration of two (2) firm years plus optional one (1) year extension. Provided vessels shall assist;

✓ The drilling rigs and/or platforms in case of evacuation

✓ With firefighting, oil spill clean-up duties within her capabilities and rescue operations (man overboard) as may be required

✓ In tanker berthing operations (hose handling)

✓ With close stand-by duties in case of helicopter operations

Mandatory Requirement – Tender

✓ Tenderer shall as per the latest monthly Marine Vessel / Vendor Categorisation Report published by NCDMB on the Advert closing date;

  • Have Class “AAA” status for the nominated vessel (Crew Boat) under “ Category 1″ or
  • Be a Category A (A &AA) vendor and own the nominated vessel (Crew Boat) which shall be categorized “Nigerian owned” in the NCDMB NOGIC JQS marine vessel categorization report, or •
  • Be a Category A (A & AA) vendor providing a binding MOA (Memorandum of Association) with another category “A/AA” vendor owning the nominated Nigerian vessel (FCB), thus far the category “A/AA” vessel owner is not participating in the tender.

Mandatory Requirement – VESSEL

  • Vessel’s age should not be more than 10 years (during the tenure of the firm period) from the manufactured year i.e. not older than 2009
  • Vessel speed should not be less than 20 knots
  • Vessel shall meet the class requirements as per IACS and be manned by competent crews with valid STWC certificate, etc.
  • Vessel shall be supported by experienced onshore technical management and support organization with proven track record.
  1. Mandatory Requirements
  • To be eligible for this tender exercise, interested suppliers are required to be prequalified in the Tugs ROV Support Diving Support Vessel (3.08.01) category of the NipeX Joint Qualification Scheme (NJQS)
  • To determine if you are pre-qualified and view the product/services category you are listed for: Open http://vendors.nipexjqs.com and access NJQS with your log in details. Click on Products/Services Status tab to view your status and product codes.
  • If you are not listed in the product/service category but you have registered with the Department of Petroleum Resources (DPR) to do business in the Nigerian Oil & Gas Industry, contact the NipeX administration office at 8 Bayo Kuku Street, Ikoyi with your DPR Certificate as evidence for verification and necessary Update

 

Source: Africa Oil & Gas Report

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Greenville to support Nigeria’s economic growth with LNG for industries https://www.energymixreport.com/greenville-to-support-nigerias-economic-growth-with-lng-for-industries/ https://www.energymixreport.com/greenville-to-support-nigerias-economic-growth-with-lng-for-industries/#respond Tue, 23 Jul 2019 13:50:32 +0000 https://www.energymixreport.com/?p=132447 The Managing Director of Greenville LNG Limited, Ritu Sahajwalia, has declared that the company was set to be a catalyst to Nigeria’s economic growth, by making liquefied natural gas available to all in the country. Speaking at the inauguration of Greenville LNG Customer Location at Dufil Prima Foods Plc, Port Harcourt, Sahajwalia said the company…

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The Managing Director of Greenville LNG Limited, Ritu Sahajwalia, has declared that the company was set to be a catalyst to Nigeria’s economic growth, by making liquefied natural gas available to all in the country.

Speaking at the inauguration of Greenville LNG Customer Location at Dufil Prima Foods Plc, Port Harcourt, Sahajwalia said the company was also set to supply LNG to fire the Kaduna Power Plant in the northern part of the country.

She said: “We brought this LNG concept in 2014 and now it has materialised. We have 2,250 tonnes of LNG. That is our capacity and with the view to expand more. We will be supplying energy to Kaduna Power Plant in the North. Up till now, it is not connected with the grid.
“There are other requests from the north. Industries are growing and they need LNG. It is better to supply to power plant than individuals in the north.

“LNG is catalyst to the growth of the country. Nigeria’s economy is very resilient. At this time, Nigeria needs to go more into industrialisation.

“Nigeria has so much potential in terms of the people and resources to reach the next level and my belief is that Nigeria can reach that level in no time. What we need is more industrialisation, more jobs and more skills.

“LNG is like mobile phones because it can be taken to every nook and cranny there is a requirement for power. Power will not be the issue to start a company because one truck can produce 5 mw of power.”
A Director at Greenville LNG, Oyadoyin Joseph, also corroborated Sahajwalia’s claims on the impact of the plant.

He said, “When you look at it, we are undergoing a silent revolution. Your generator that is using fuel, by the time you introduce LNG, it is going to reduce the cost of running and maintenance which will increase your gross profit.”
He also said the company supplies cooking gas to people on demand.

Also, the Hydro Corporation Manager of all Choba Factories of DufilPrima Foods Plc, partners of Greenville LNG, Mr. Virender Pathania, said LNG has less pollution and was cost effective.

“If you look at this project, this is green energy. Carbon emission will be very less, it is cost effective, easy to store, easy to transport. It is the cost effective solution to fuel because you need fuel to run your industry and this is the best solution for your utilities,” he said.

The Permanent Secretary of the Rivers State Ministry of Energy and Natural Resources, Richard Hart, also commended the company for breaking new grounds.

Hart, who was represented by the Legal Officer in the Ministry, Mrs. Adieneye Okonny, said the state government was prepared to provide the necessary infrastructure and encouragement for companies that invest in the state.

 

Source: This Day

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NNPC secures $3.15bn from Sterling Oil to develop OML 13 https://www.energymixreport.com/nnpc-secures-3-15bn-from-sterling-oil-to-develop-oml-13/ https://www.energymixreport.com/nnpc-secures-3-15bn-from-sterling-oil-to-develop-oml-13/#respond Tue, 23 Jul 2019 13:44:10 +0000 https://www.energymixreport.com/?p=132446 Nigeria’s state oil company has secured $3.15 billion from Sterling Oil Exploration and Energy Production Company Limited to develop oil mining licence 13, it said in a statement on Twitter on Tuesday. OML 13 is a wholly owned asset of NPDC, the upstream subsidiary of Nigerian National Petroleum Corporation.   Source: Reuters

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Nigeria’s state oil company has secured $3.15 billion from Sterling Oil Exploration and Energy Production Company Limited to develop oil mining licence 13, it said in a statement on Twitter on Tuesday.

OML 13 is a wholly owned asset of NPDC, the upstream subsidiary of Nigerian National Petroleum Corporation.

 

Source: Reuters

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Sales of Nigeria’s equity oil share 98% automated – NNPC https://www.energymixreport.com/sales-of-nigerias-equity-oil-share-98-automated-nnpc/ https://www.energymixreport.com/sales-of-nigerias-equity-oil-share-98-automated-nnpc/#respond Tue, 23 Jul 2019 13:40:36 +0000 https://www.energymixreport.com/?p=132444 The Nigerian National Petroleum Corporation (NNPC) has disclosed that its management of transactions involving Nigeria’s equity share of crude oil produced in the country has been automated to up to 98 per cent. It said with the development, information on how much of Nigeria’s crude oil share was sold, the price, who bought it and…

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The Nigerian National Petroleum Corporation (NNPC) has disclosed that its management of transactions involving Nigeria’s equity share of crude oil produced in the country has been automated to up to 98 per cent.

It said with the development, information on how much of Nigeria’s crude oil share was sold, the price, who bought it and where it went, could be accessed at a click of a button by its Crude Oil Marketing Department (COMD).

The corporation also disclosed it would work with Economic and Financial Crimes Commission (EFCC) to checkmate possibilities of sleaze in its operations.

Its Group Managing Director, Mallam Mele Kyari, stated this recently at the 3rd African Anti-Corruption Day and Round Table Discussion on Asset Recovery and Return.

A statement from NNPC’s Group General Manager Public Affairs, Mr. Ndu Ughamadu, quoted Kyari to have explained that the NNPC was committed to a robust relationship with the EFCC.

He said the corporation would assist the anti-graft agency in its work against corrupt practices.
According to the statement, it was in the interest of the NNPC to support the EFCC and entrench accountability and transparency in its system.

Kyari, also stated that President Muhammadu Buhari, has never interfered in the operations of the corporations or compromised any of its processes, and as such, it was imperative for NNPC to embrace openness and accountability in all its activities.

He explained the process of automating its crude oil sales processes started earlier, and was initiated to eliminate the use of discretion in such transaction, adding that it was susceptible to corruption.

“Under the new GMD’s watch as Group General Manager, Crude Oil Marketing Division (COMD), NNPC recorded visible transformation in the management, marketing and sales of the various grades of Nigeria’s crude oil through the infusion of transparency and automation of the processes.

“As part of the reforms, the COMD as at last check had achieved 98 per cent automation of all transactions involving the supply, marketing and sale of Nigeria’s equity crude oil across the world. Today, COMD is enabled to achieve an end-to-end monitoring of every barrel of crude oil sold in the country,” the statement noted.

Furthermore, it stated that the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, who declared the event open, said it was encouraging to see Kyari and his new management team identify with the EFFC and its anti-corruption mandate.
Mustapha, reportedly called on Kyari to keep the government’s anti-corruption drive alive in the NNPC by sustaining the momentum of collaboration with EFCC.

 

Source: This Day

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Nigeria exports $6bn worth of oil, gas in 12 months https://www.energymixreport.com/nigeria-exports-6bn-worth-of-oil-gas-in-12-months/ https://www.energymixreport.com/nigeria-exports-6bn-worth-of-oil-gas-in-12-months/#respond Mon, 22 Jul 2019 12:55:36 +0000 https://www.energymixreport.com/?p=132408 Nigeria exported crude oil and gas worth $5.97 billion between May 2018 and May this year, a report by the Nigerian National Petroleum Corporation (NNPC) said yesterday. Details of the report contained in the May 2019 edition of the NNPC Monthly Financial and Operations Report (MFOR), also announced a trading surplus of N6.33 billion for…

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Nigeria exported crude oil and gas worth $5.97 billion between May 2018 and May this year, a report by the Nigerian National Petroleum Corporation (NNPC) said yesterday.

Details of the report contained in the May 2019 edition of the NNPC Monthly Financial and Operations Report (MFOR), also announced a trading surplus of N6.33 billion for the month of May 2019, a figure which is 13 per cent higher than the N5.60 billion surplus posted in the preceding month of April 2019.

It attributed the modest rise to the increase in gas and power output which contrasts with the figure for the preceding month.

It also attributed the result to the surplus recorded by the corporation’s downstream entities like NNPC Retail, PPMC, NPSC and Duke Oil.

The report further indicated that within the period, the NNPC recorded a total of $580.32 million in export sale of crude oil and gas which is 23.39 per cent higher than the previous month’s figure. Out of this number, crude oil export sales contributed $458.59 million which translates to 79.02 per cent of the entire dollar transactions compared with $342.11 million contributed in the previous month.

In the downstream, to ensure uninterrupted supply and effective distribution of petrol across the country, a total of 2.06bn litres of petrol translating to 66.49mn liters/day were supplied for the month of May 2019.

During the period, a total of 60 pipeline points were vandalized which represents a remarkable 52 percent decrease from the 125 points vandalized in April 2019.

The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38 percent and 23 percent respectively and other locations accounted for the remaining 39 percent of the total breaks.

The report noted the spirited efforts by NNPC in collaboration with the local communities and other stakeholders to continuously strive to reduce and eventually eliminate this menace.

The new NNPC Management headed by Mallam Mele Kyari has pledged to enhance the current approach to encourage increased citizenship participation and greater accountability to the public.

 

Source: Independent

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Nigeria lost $5bn to bureaucracy over Olokola, Brass LNG projects https://www.energymixreport.com/nigeria-lost-5bn-to-bureaucracy-over-olokola-brass-lng-projects/ https://www.energymixreport.com/nigeria-lost-5bn-to-bureaucracy-over-olokola-brass-lng-projects/#respond Mon, 22 Jul 2019 12:51:30 +0000 https://www.energymixreport.com/?p=132404 Nigeria lost more than $5 billion to Olokola Liquefied Natural Gas (OKLNG)and Brass Liquefied Natural Gas (BLNG) because of bureaucratic bottlenecks, it was gathered at the weekend. Other factors include lack of proper planning and implementation. Petroloeum and Natural Gas Senoir Staff Association of  Nigeria  (PENGASSAN) former President, Mr Louis Brown Ogbeifun, told The Nation that the…

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Nigeria lost more than $5 billion to Olokola Liquefied Natural Gas (OKLNG)and Brass Liquefied Natural Gas (BLNG) because of bureaucratic bottlenecks, it was gathered at the weekend.

Other factors include lack of proper planning and implementation.

Petroloeum and Natural Gas Senoir Staff Association of  Nigeria  (PENGASSAN) former President, Mr Louis Brown Ogbeifun, told The Nation that the Federal Government conceptualised the projects in 2004 and  gave them five years’completion date. He lamented that 15 years after, the projects were not yet completed.

Odiefum said: “Brass LNG gulped $3 billion and Olokola $2 billion. This is aside that foreign exchange has changed significantly in the last 15 years, when the projects were awarded to contractors.

“The money sunk into the projects has increased, when one factored the cost of forex and other things into it.”

Obiefun said the projects were meant to improve the earnings of the Federal Government, and the  economy.

“One can imagine the huge amount of money the government has invested on the two projects. This money could as well have been spent on improving the conditions of millions of Nigerians, who are living below poverty level.”

The export earnings, Obiefun said, which the government was eyeing from the projects, was not realised either.

Other projects that suffered similar fate, he said, include the Gas Revolution Industrisl Park (GRIP) that was conceived and built by the administration of former President Goodluck Jonathan and the Nigerian Liquefied and Natural Gas (NLNG) Train 7.

He said the inability of the Federal Government to get Final Investment Destinations (FIDs) delayed the take off of LNG Train 7 project.

“Earnings from Train 7 project alone is enough to transform the  economy. But the reverse is the case, as the project is yet to take off,” he said.

He advised the Federal Government to monitor the operation of its parastatals, if it really wants  a huge growth in the oil and gas sector.

 

Source: The Nation

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Value appreciation for shareholders key to Lekoil’s strategy – MD https://www.energymixreport.com/value-appreciation-for-shareholders-key-to-lekoils-strategy-md/ https://www.energymixreport.com/value-appreciation-for-shareholders-key-to-lekoils-strategy-md/#respond Mon, 22 Jul 2019 12:41:09 +0000 https://www.energymixreport.com/?p=132397 The Chief Executive Officer, LEKOIL Nigeria Limited, Mr Olalekan Akinyanmi, has indicated that value appreciation for shareholders is central to the company’s 2019 strategy. In a statement over the weekend, he said the company’s priority for 2019, was to grow production volumes at Otakikpo through Phase two development (subject to funding) to reach gross volumes…

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The Chief Executive Officer, LEKOIL Nigeria Limited, Mr Olalekan Akinyanmi, has indicated that value appreciation for shareholders is central to the company’s 2019 strategy.

In a statement over the weekend, he said the company’s priority for 2019, was to grow production volumes at Otakikpo through Phase two development (subject to funding) to reach gross volumes of 15,000 to 20,000 bopd.

According to him, “The first step has already occurred, with 3D seismic data acquisition and interpretation now completed.

“The next year should therefore provide key catalysts for value appreciation for shareholders as we move forward in building a leading Africa-focused exploration and production business.”

“We also continue to advance toward the start of the appraisal drilling programme on Ogo in OPL 310.  We will work with our joint venture partner, Optimum to negotiate agreements that will allow us to make progress on the block, after securing all relevant regulatory extensions and approvals,’ Akinyanmi said.

He added, “Apart from our interests in OML 310, the company and its partners finalized Technical Evaluation on OPL 325 in January 2018. Its consultants, Lumina, identified and reported on 11 prospects and leads which were estimated to contain potential gross aggregate Oil-in-Place volumes of over 5,700 mmbbls (un-risked, Best Estimate case).

“After finalising terms for a Production Sharing Contract on the block, LEKOIL intends to farm-down a portion of its 62 per cent working interest following a detailed prospect/lead risking study.

“LEKOIL was founded in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.

“Working with partners, government and regulatory agencies, the company has sustained production levels and continues an aggressive investment campaign which is projected to result in increased production and profitability in the short to medium term.”

 

Source: This Day

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FG gives GEIL approval to develop Otakikpo phase 2 marginal field https://www.energymixreport.com/fg-gives-geil-approval-to-develop-otakikpo-phase-2-marginal-field/ https://www.energymixreport.com/fg-gives-geil-approval-to-develop-otakikpo-phase-2-marginal-field/#respond Sun, 21 Jul 2019 22:07:54 +0000 https://www.energymixreport.com/?p=132384 Federal Government has approved full Field Development Plan (FDP) and Environmental Impact Assessment (EIA) to Green Energy International Limited (GEIL) for phase 2 development of Otakikpo marginal field in Oil Mining Lease OML 11. The approvals by the Department of Petroleum Resources (DPR,) the regulator of the oil and gas industry, are coming on the…

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Federal Government has approved full Field Development Plan (FDP) and Environmental Impact Assessment (EIA) to Green Energy International Limited (GEIL) for phase 2 development of Otakikpo marginal field in Oil Mining Lease OML 11.

The approvals by the Department of Petroleum Resources (DPR,) the regulator of the oil and gas industry, are coming on the heels of its MoU for a finance package of over $350 million from international financiers .

Details of the FDP project consists of drilling of additional seven wells, expanding crude processing infrastructure, construction of a 1.3 million barrels onshore terminal and the construction of a 17Km export pipeline connecting the terminal to an offshore loading system.

According to Director Corporate Affairs, GEIL, Olusegun Ilori, the company plans to significantly increase production from 6000 barrels per day (bpd) to 20,000 bpd.

The EIA approval also gave the company the nod for its environmentally compliant plans to develop the field with due regard to international best practices in the protection of the environment and the ecosystem.

In a statement by the company, the Chairman, Professor Anthony Adegbulugbe commended the DPR for the approval as this complements the efforts of the operator in attracting the necessary financing to unlock potentials of the field and boosts investors confidence in the project.

“This marks a major step forward for us and our partners, to fully develop Otakikpo field, we are happy to see our assets moving forward into full development stage and generate significant cashflow.”

He said the field development plan envisage zero gas flares through the implementation of gas to power and LPG production among others under the small scale gas utilization programme (SSGUP) pioneered by the company.

 

Source: Tribune

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NNPC records N6.33bn trading surplus, $580.32m crude sale in May 2019 https://www.energymixreport.com/nnpc-records-n6-33bn-trading-surplus-580-32m-crude-sale-in-may-2019/ https://www.energymixreport.com/nnpc-records-n6-33bn-trading-surplus-580-32m-crude-sale-in-may-2019/#respond Sun, 21 Jul 2019 11:49:59 +0000 https://www.energymixreport.com/?p=132372 From the Nigerian National Petroleum Corporation (NNPC) comes cheery news of an improved trading surplus of N6.33 billion recorded in May. The figure is 13 per cent higher than the N5.60 billion surplus posted in the preceding month of April 2019. Details of the report contained in the May 2019 edition of the NNPC Monthly…

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From the Nigerian National Petroleum Corporation (NNPC) comes cheery news of an improved trading surplus of N6.33 billion recorded in May.

The figure is 13 per cent higher than the N5.60 billion surplus posted in the preceding month of April 2019.

Details of the report contained in the May 2019 edition of the NNPC Monthly Financial and Operations Report (MFOR) and released on Sunday in Abuja, attributed the modest rise to the increase in gas and power output.

The report made public by the Group General Manager, Group Public Affairs Division of the Corporation, Ndu Ughamadu, also attributed the result to the surplus recorded by the corporation’s downstream entities like NNPC Retail, PPMC, NPSC and Duke Oil.

The report further indicated that within the period, the NNPC recorded a total of $580.32 million in export sales of crude oil and gas which is 23.39 per cent higher than the previous month’s figure. Out of this number, crude oil export sales contributed $458.59 million which translates to 79.02 per cent of the entire dollar transactions compared with $342.11 million contributed in the previous month.

The report also showed that between May 2018 and May 2019, crude oil and gas worth $5.97 billion was exported.

In the downstream, to ensure uninterrupted supply and effective distribution of petrol across the country, a total of 2.06bn litres of petrol translating to 66.49mn liters/day were supplied for the month of May 2019.

It was noted that beyond supply, the corporation continued to diligently monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

Within the period, a total of 60 pipeline points were vandalized which represents a remarkable 52 percent decrease from the 125 points vandalized in April 2019.

The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38 percent and 23 percent respectively and other locations accounted for the remaining 39 percent of the total breaks.

The report noted the spirited efforts by NNPC in collaboration with the local communities and other stakeholders to continuously strive to reduce and eventually eliminate this menace.

The May 2019 NNPC MFOR is the 46th in the series designed to provide greater transparency and remove the perception of opacity hitherto associated with the operations of the national oil company.

The new NNPC Management headed by Mallam Mele Kyari has pledged to enhance the current approach to encourage increased citizenship participation and greater accountability to the public.

 

Source: The Sun

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