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Category: Oil & Gas

  • Baylesa: Oil communities, firms differ on migration to PIA template

    Migration

    By Nathan Nwakamma

    Yenagoa, June 21, 2024 (NAN) Oil communities in Bayelsa have resisted moves by oil firms to suspend social obligations under the old Global Memorandum of Understanding (GMoU) for the new template in Petroleum Industry Act (PIA), 2021.

    The News Agency of Nigeria (NAN) recalls that the PIA directs the operating firms to set aside three per cent of their operating expenses for the development of their host communities, to be managed by Host Community Development Trusts (HCDT).

    Under the GMoU, oil firms choose projects to execute and determine the budget and unilaterally award the contracts.

    The PIA, on the other hand, empowers the communities to drive their development process.

    The phasing out of the GMoU projects met with resistance as the communities said that the old projects must run side by side with projects to be funded from the three per cent Host Community Development Fund.

    The concern for the continuation of the GMoU projects cut across oil communities in Ogbia, Yenagoa, Brass, Nembe, Ogbia, Southern Ijaw and Ekeremor Local Government Area (LGA) of Bayelsa.

    Reacting to suspected moves to jettison the electricity component of the old GMoU, youths and women from Kolo Creek Cluster communities of Elebele, Imiringi, Otuasega and Oruma shut down the Otuasega manifold and the Kolo Creek Logistics base operated by Shell.

    They also protested the alleged abandonment of electricity supply to the communities by the Shell Petroleum Development Company (SPDC).

    Mr Okala Precious, a representative of the Kolo, Creek Cluster communities, said they were angry over the failure of SPDC to restore electricity supply to the area despite several meetings.

    The protest compelled the oil firm to restore electricity supply as the community occupied and disrupted operations in the facility.

    NAN reports that while SPDC inaugurated eight HCDT in May 2023 and set aside over 50 million dollars to fund the trusts; the composition of the Estuary Area (EA) fields had been ridden with compatibility crisis.

    The EA host communities are kicking against the composition of the EA HCDT which clustered 12 communities as incorporated by SPDC.

    They said that seven of the 12 communities who claimed that foisting 12 communities with cultural differences under one HCDT was a recipe for crisis, was unacceptable to them.

    The EA host communities in Ekeremor LGA, on May 18 took a protest to the EA oilfields, off the Atlantic coastline to press home their demand for a separate trust.

    Mr Timothy Geregere, a representative of the seven host communities, said that the meeting between SPDC officials and the communities to resolve the face-off on May 30 was futile.

    He said that in spite of the provocative stance of the SPDC officials at the meeting, the seven communities have maintained a peaceful occupation of the EA field.

    He said that the host communities would only resort to shutting down the facility as a last resort if ongoing mediation by the Bayelsa government fails.

    Reacting to concerns of discarding the GMoU projects, Mr Michael Adande, Spokesman for SPDC, said that the company would continue with the approved projects under the old GMoU template.

    He said that the HCDTs would inherit the GMoU projects and  funds already accrued to the erstwhile GMoU.

    “Some of the GMoUs still have funds in their accounts which will be inherited by the HCDTs which will continue implementation of approved projects.

    “SPDC will continue to support approved GMoU projects as the HCDTs will drive the development process in our host communities going forward,” Adande said. (NAN) (www.nannews.ng)

     

    NN/CEO/CJ/

     

    Edited by Chidi Opara and Chijioke Okoronkwo

     

     

  • PETAN partners Abia govt. to own, operate upstream assets

    PETAN Chairman, Wole Ogunsanya FNSE led a delegation of PETAN EXCO and members on an official visit to the Executive Governor, His Excellency, Dr Alex  Otti, OFR to propose for partnership to own and operate upstream assets in Abia State.

     

     

    Asset

    By Yunus Yusuf

    Lagos, June 21, 2024 (NAN) The Petroleum Technology Association of Nigeria (PETAN) is planning to partner with the Abia State Government on a Joint Venture (JV) model to own and operate upstream assets in the state.

    Dr Innocent Akuvue, Publicity Secretary of PETAN, disclosed this in a statement on Friday in Lagos following PETAN’s official visit to Abia State Governor, Dr Alex Otti.

    Mr Wole Ogunsanya, Chairman of PETAN, presented the proposal to the governor, suggesting a joint venture between PETAN and the Abia Government.

    According to him, the partnership aims to identify and develop potential upstream assets in the state.

    Ogunsanya explained that the joint venture would align with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)’s support for securing assets under its marginal field scheme.

    The chairman noted that PETAN would leverage its capacities and capabilities to develop these assets to first oil.

    He noted that PETAN had identified 53 existing wells and 105 capped wellheads within Abia.

    “The economic benefits of our value proposition to Abia State, Your Excellency, include major internally generated revenue (IGR) and direct foreign currency earnings.

    “Others tax accruals, employment generation, and support of the Presidential Directive to increase oil and gas production in the country.

    “This will also develop local content through the active engagement of a value-delivering consortium, patronising existing in-country entities with the capabilities to deliver cost-effective management strategies,” Ogunsanya said.

    In response, Governor Otti welcomed the proposal and instructed his Commissioner for Petroleum and Mineral Resources to provide maximum support to PETAN to ensure the project’s realisation.

    He also promised to liaise with the NUPRC to lend his support.

    The News Agency of Nigeria (NAN) reports that PETAN is an association of Nigerian indigenous technical oilfield service companies operating in both the upstream and downstream sectors of the oil industry.

    The association aims to bring together Nigerian oil and gas entrepreneurs to create a forum for the exchange of ideas with major operators and policymakers. (NAN)(www.nannews.ng)

    YO/GOM/AWA
    ==============

    Edited by Gregg Mmaduakolam/Olawunmi Ashafa

  • TotalEnergies launches Ubeta gas development field  

    TotalEnergies launches Ubeta gas development field

    Gas
    By Yunus Yusuf
    Lagos, June 20, 2024 (NAN) TotalEnergies, operator of OML 58 onshore license in Nigeria with a 40 per cent interest, says it has taken the Final Investment Decision (FID) for the development of the Ubeta gas field.

    The Ubeta gas field is a joint venture operation with the Nigerian National Petroleum Corporation Ltd., with 60 per cent.

    Mr Mike Sangster, Senior Vice President Africa, Exploration & Production at TotalEnergies said this in a statement on Thursday in Lagos.

    Sangster said that Ubeta gas field is located about 80 km northwest of Port Harcourt in Rivers state, the OML 58 license contains two fields currently in production, the Obagi oil field and the Ibewa gas and condensate field.

    “OML58 gas production is processed in the Obite treatment center and supplied to both the Nigerian domestic gas market and to Nigeria LNG (NLNG) plant.

    “Also located in OML58, the Ubeta gas condensate field will be developed with a new 6-well cluster connected to the existing Obite facilities through a 11 km buried pipeline.

    “Production start-up is expected in 2027, with a plateau of 300 million cubic feet per day (about 70,000 barrels of oil equivalent per day including condensates).

    ” Gas from Ubeta will be supplied to NLNG, a liquefaction plant located in Bonny Island with an on-going capacity expansion from 22 to 30 Mtpa, in which TotalEnergies holds a 15 per cent interest, ” he said.

    The TotalEnergies boss said that Ubeta is a low-emission and low-cost development, leveraging on OML58 existing gas processing facilities.

    He said that the carbon intensity of the project will be further reduced through a 5 MW solar plant currently under construction at the Obite site and the electrification of the drilling rig.

    “TotalEnergies is working closely with NNPCL to enhance local content, with more than 90 per cent of manhours which will be worked locally.

    “Ubeta is the latest in a series of projects developed by TotalEnergies in Nigeria, most recently Ikike and Akpo West.

    “I am pleased that we can launch this new gas project which has been made possible by the Government’s recent incentives for non-associated gas developments.

    ” Ubeta fits perfectly with our strategy of developing low-cost and low-emission projects, and will contribute to the Nigerian economy through higher NLNG exports”, Sangster added.(NAN) (www.nannews.ng)

    YO/IKU
    Edited by Tayo Ikujuni

  • NNPC Ltd-TotalEnergies JV announces $550m FID on Ubeta field dev’t project

    NNPC Ltd-TotalEnergies JV announces $550m FID on Ubeta field dev’t project

    Ubeta
    By Emmanuella Anokam
    Abuja, June 20, 2024 (NAN) The NNPC Ltd-TotalEnergies  Joint Venture (JV) has announced a 550 million dollars Final Investment Decision (FID) on the Ubeta Field Development Project.
    This was announced on Thursday at the signing ceremony held at the Nigerian National Petroleum Company Limited (NNPC Ltd.) Towers, Abuja.
    The milestone is in line with President Bola Tinubu’s Presidential Executive Order on Oil and Gas Reforms, aimed at improving the investment climate and positioning Nigeria as the preferred investment destination for the Oil and Gas sector in Africa.
    The Ubeta field was discovered in 1964, in the North-West of Port Harcourt in the eastern part of the Niger Delta.
    Once on stream, it will produce about 350 million standard cubic feet per day (MMScf/day) of gas and 10,000 BBLS/day of associated liquids.
    It will tap into the vast gas reserves and contribute towards securing gas supply to the Nigeria Liquefied Natural Gas (NLNG).
    Malam Mele Kyari, Group Chief Executive Officer, NNPC Limited said the milestone was a major step towards boosting Nigeria’s oil and gas production.
    Kyari expressed appreciation to the president for providing the appropriate fiscal environment and facilitating a conducive operational environment as a major enabler in achieving this success.
    The GCEO, while appreciating the industry stakeholders for their continuous support, lauded the Federal Government’s Presidential Executive Orders for Fostering Growth in Nigeria’s Oil and Gas sector.
    “The Presidential Executive Order is instrumental to us getting to this significant milestone and we are now seeing the impact of the policy,” Kyari said.
    In his remarks, Mike Sangster, Senior Vice-President Africa, Exploration and Production, TotalEnergies, described Ubeta as the latest in a series of projects developed by the oil giant in Nigeria, most recently Ikike and Akpo West.
    “I am pleased that we can unveil this new gas project which has been made possible by the Federal Government’s recent incentives for non-associated gas developments.
    “Ubeta fits perfectly with our strategy of developing low-cost and low-emission projects, and will contribute to the Nigerian economy through higher NLNG exports,” he said.
    Earlier in his remarks, the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, said Tinubu had significantly rekindled investor’s confidence in the Oil and Gas Industry, assuring Nigerians that more investments were on the way.
    Also speaking, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said the project was a testament to the effectiveness of government’s policies aimed at creating a conducive environment for investment in the gas sector.
    Located in OML58, the Ubeta gas condensate field will be developed with a new 6-well cluster connected to the existing Obite facilities through an 11km buried pipeline.
    Production start-up is expected in 2027, with a plateau of 300 million cubic feet per day (about 70,000barrels of oil equivalent per day including condensates).
    Gas from Ubeta will be supplied to NLNG, a liquefaction plant located in Bonny Island with an on-going capacity expansion from 22 to 30 Mtpa, in which NNPC Limited holds a 49% interest.
    Ubeta is a low-emission and low-cost development, leveraging OML58 existing gas processing facilities.
    The carbon intensity of the project will be further reduced through a 5 MW solar plant currently under construction at the Obite site and the electrification of the drilling rig.
    TotalEnergies is working closely with NNPC Limited to enhance local content, with more than 90 per cent of man-hours which will be worked locally.
    The Ubeta FID justifies the effort invested by NNPC Limited, with unyielding Executive support, into tackling the underlying reasons that have plagued the attractiveness of the Nigerian oil and gas industry to foreign investors in recent years.
    The Ubeta project has a robust Nigerian Content plan and is poised to stimulate economic activities, create job opportunities, and create significant value for stakeholders.(NAN)(www.nannews.ng)
    ELLA/BRM
    ===========
    Edited by Bashir Rabe Mani

  • Oil block Licencing: NUPRC extends deadline for pre-qualification documents submission 

    Oil block Licencing: NUPRC extends deadline for pre-qualification documents submission
    Deadline
    By Emmanuella Anokam
    Abuja, June 18, 2024 (NAN) The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the extension of the deadline for the registration and submission of pre-qualification documents for the 2024 oil block licensing round.
    Mr Gbenga Komolafe, Commission Chief Executive (CCE), NUPRC, announced the extension in a statement issued on Wednesday.
    Komolafe said the registration and submission of pre-qualification documents which was initially scheduled to close on June 25, 2024 had been extended by 10 days, and would now close on July 5,  2024.
    According to him, the data access, data purchase, evaluation, bid preparation and submission initially scheduled to open on July 4 and close on Nov. 29, will now start on July 8 and close on Nov. 29, 2024 as previously scheduled.
    He said all other dates in the published 2024 Licencing Round Schedule remained the same unless otherwise communicated.
    “In pursuit of the Commission’s commitment to derive value from the country’s abundant oil and gas reserves and increase production, the Commission has been working assiduously with multi-client companies to undertake more exploratory activities.
    “This is to acquire more data to foster and encourage further investment in the Nigerian upstream sector,” he said.
    Komolafe said that as a result of additional data acquired in respect of deep offshore blocks, the Commission had added 17 deep offshore blocks to the 2024 Licensing Round.
    He said that further details on the blocks could be found on the bid portal.
    “In accordance with the published guidelines, we had earlier indicated that some of the assets on offer should be applied for as clusters, namely: PPL 300-CS & PPL 301-CS, PPL 2000 and PPL 2001.
    “Bidders are hereby advised to bid for those blocks as clusters or as single units; it is optional,” the statement quoted Komolafe as saying.
    Recall that some deep offshore blocks and other blocks which cut across onshore, were put on offer for the 2022/2023 Mini Bid Round.
    Continental shelf and deep offshore terrains were also put on offer for the Nigeria 2024 Licencing Round.
    In order to vacate entry barriers, the Commission had sought and obtained the approval of President Bola Tinubu, in line with his determination to create enabling and attractive investment regimes in the upstream oil and gas sector.
    Tinubu who is also the Petroleum Minister had approved attractive fiscal regimes and also minimised entry fees for both licencing rounds by putting a cap on the signature bonus payable for award of the acreages.
    “Consequently, it is necessary to ensure that the same bid criteria (in addition to the uniform signature bonus criteria) are applicable for both licencing rounds, to promote transparency and provide a level playing ground for all bidders.
    ”Since the criteria for the award of the oil blocks are now much more attractive than they initially were during the 2022/2023 Mini Bid Round, it is in the interest of equity and fair play to give all investors the same opportunity to bid for the assets.
    ”All blocks in the 2022/2023 and 2024 Licencing Rounds are available to all interested investors on br.nuprc.gov.ng and br2024.nuprc.gov.ng respectively.
    “And the 2022/2023 Mini Bid Round registration phase is reopened to new applicants.
    “The public is therefore invited to take advantage of this development and attractive entry terms and conditions and participate in the exercise,” the statement also quoted Komolafe as saying. (NAN)(www.nannews.ng)
    ELLA/EMAF
    =========
    Edited by Emmanuel Afonne

  • Global Energy Show: Ekpo woos Canadian investors 

     

    Energy

    By Emmanuella Anokam

    Abuja, June 14, 2024 (NAN) The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo says the path to a sustainable energy future requires partnership, innovation, and a shared commitment to addressing global energy challenges.

    Ekpo said this at a reception hosted by the Nigerian High Commission in Alberta, Calgary, Canada, where he is attending the ongoing Global Energy Show.

    The News Agency of Nigeria (NAN) reports that a copy of Expo’s speech was made available to newsmen in Abuja by his spokesperson, Louis Ibah.

    The minister of state described the Global Energy Show as a platform where the brightest minds and influential leaders in the energy sector converge to brainstorm on sustainable pathways.

    He said the gathering offered an opportunity to showcase Nigeria’s immense potential in the global energy landscape, particularly in the gas sector.

    “We welcome Canadian businesses and investors to explore Nigeria’s vast opportunities.

    “Our government is dedicated to ensuring a stable and conducive environment for investments, with a focus on transparency, efficiency, and mutual benefit.

    “Nigeria is blessed with one of the largest natural gas reserves in the world, and is committed to harnessing this resource not only as a catalyst for economic growth, but as a vital component of its energy transition strategy,’’ Ekpo said.

    The minister said in the past few years, the Nigerian government has made substantial strides in creating an enabling environment for investment in the gas sector.

    He said initiatives such as the Decade of Gas had been inauguratedto transform Nigeria into a gas-powered economy by 2030.

    He also said the Petroleum Industry Act (PIA) 2021 established the Midstream and Downstream Gas Infrastructure Fund (MDGIF).

    This, he said provided a strategic framework to remove bottlenecks, incentivise investments and foster a conducive environment for gas infrastructure development.

    Ekpo urged private sector investors to see Nigeria as a destination of their choice, highlighting their importance in the journey towards the country’s energy security and sustainability.

    “Let us foster deeper connections, share knowledge, and pave the way for a future where our energy collaboration leads to mutual prosperity and a sustainable world,’’ he said. (NAN) (www.nannews.ng)

    ELLA/EEE

    ========

    Edited by Ese E. Eniola Williams

     

     

  • Establishing Africa energy bank will foster energy security across Africa – Lokpobiri 

    Establishing Africa energy bank’ll foster energy security across Africa – Lokpobiri
    Bank
    By Emmanuella Anokam
    Abuja, June 12, 2024 (NAN) The Federal Government says establishing the Africa Energy Bank (AEB) represents a bold and strategic move towards ensuring energy security, fostering economic growth, and promoting sustainable development across Africa.
    Sen. Heineken Lokpobiri,  Minister of State Petroleum Resources (Oil), made this known at a dinner with Heads of Mission of African Petroleum Producers’ Organisation (APPO) Member Countries on Tuesday in Abuja.
    The meeting with the envoys was a step further in the Federal Government’s bid for Africa’s first energy bank, to convince them on why the facility should be located in Nigeria, the Africa’s biggest oil producer.
    The idea of the bank was floated to ensure long-term energy efficiency and security for Africa, following the hesitation of the West to continue to invest in fossil fuels on the continent.
    Lokpobiri explained that Nigeria’s bid to host the bank’s headquarters was a testament to its unwavering commitment to these goals, adding that over the past months, the Ministry of Petroleum Resources had worked tirelessly to prepare for the moment.
    “We have achieved significant milestones, including a comprehensive assessment by the APPO Afrexim-Bank inspection team. Their positive evaluation underscores Nigeria’s readiness and capability to host the AEB.
    “However, the journey does not end here. To secure the hosting rights, we need the collective support of all APPO Member Countries. Our competitors have intensified their efforts by appointing Special Envoys to lobby for their bids.
    “In response, we are appealing to each of you to recognise the advantages of situating the AEB headquarters in Nigeria. Nigeria offers a strategic geographical location, robust infrastructure and a dynamic energy sector,” he said.
    According to the minister who described the dinner as not just a gathering, but a call to action, Nigeria is committed to fostering a collaborative environment that will enable the AEB to thrive and achieve its mandate effectively, explaining.
    Also speaking, the Permanent Secretary, Ministry of Petroleum Resources, Amb. Nicholas Ella, said that Nigeria’s strategic location at the crossroads of West Africa rendered Abuja an unrivaled nexus of connectivity and accessibility.
    Ella said that with Abuja’s extensive network of transportation infrastructure and logistical capabilities, it offered a strategic gateway to the entire African continent, providing the bank with unparalleled access to key energy markets and decision-makers across Africa.
    He said that Nigeria’s proactive approach to regulatory reform had also positioned the country as a paragon of stability and transparency within the global energy landscape.
    “Nigeria’s rich endowment of oil, gas, and renewable energy resources present an unparalleled opportunity for the bank to harness the continent’s vast energy potential and drive sustainable development,” he said.
    He said that Nigeria’s burgeoning renewable energy sector, characterised by abundant solar and wind resources, held an immense promise for powering Africa’s future.
    According to him, with huge oil and gas reserves, Nigeria seeks to leverage its energy wealth to catalyse innovation, investment, and economic diversification across the continent, ensuring energy security and resilience for generations to come.
    In his remarks, the Permanent Secretary, Ministry of Foreign Affairs, Adamu Lamuwa, represented by Ben Okorie, described the event as a matter of extraordinary significance, explaining that the gravity of the decision cannot be overstated.
    “It holds the power to shape the trajectory of energy cooperation and development across Africa for generations to come,” he said.
    Lamuwa expressed confidence at its collective ability to realise a future of prosperity and progress for all Africans, as Africa embarks on the transformative journey together, guided by the principles of cooperation, inclusivity, and sustainability.
    Nigeria holds Africa’s largest natural gas reserves and ranks ninth globally, boasting proven reserves of 200 trillion cubic feet and gas production capacity standing at 8.5 billion cubic feet per day.
    Hosting the bank in Nigeria ensures proximity to key energy technocrats and experts, which is essential for formulating and implementing effective solutions to Africa’s energy challenges.
    The bank’s share capital is expected to be five billion dollars to be subscribed over three years with an initial capital of1.5 billion dollars reserved for APPO member countries.
    Afrexim Bank has been supporting APPO to establish the Bank and has approved an investment of 1.75 billion dollars for the bank.
    The AEB will finance hydrocarbon, oil and gas infrastructure across the energy streams, with target shareholders as African governments, national oil companies, sovereign wealth funds, private and public sector institutional investors and international partners like the Middle East and Asia. (NAN)(www.nannews.ng)
    ELLA/IAA
    =========
    Edited by Isaac Aregbesola

  • Nigeria’s 12 oil bid round will be transparent – FG

     

    Bidding

    By Yunus Yusuf

    Lagos, June 11, 2024 (NAN) The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed the commission’s determination to conduct Nigeria’s 2024  bid round in a transparent manner.

     

    Mr Gbenga Komolafe, the Chief Executive of the commission, gave the assurance on Tuesday during the 2024 Pre-bid conference in Lagos.

     

    The News Agency of Nigeria (NAN) reports that the theme of the conference is, “Unveiling Nigerian Energy Development Strategies: 2024 Licensing Round”.

     

    He said that the bid would be in accordance with Section 76 (1) of the Petroleum Industry Act (PIA).

    Komolafe said said that Nigeria is an attractive jurisdiction for investment, adding that the country has a stable regime, driven by laws.

    According to him, Nigeria is a stable political environment that encourages businesses in a conducive atmosphere.

    “The 2024 bidding round is meant for investors with financial capacity and technical competence.

    “In the past, the award of oil blocks culminated to the non-development of over 90 per cent of marginal fields, thus denying the federal government of reaping the intended benefits.

    “This is because such awards were not based on technical and financial considerations,” he said.

    The NUPRC boss said that the recent Presidential Executive Orders issued were aimed at improving the efficiency and attractiveness of Nigeria’s oil and gas sector.

    He said that it would culminate in further increasing the nation’s oil and gas reserves.

    He added that as at April, it was estimated that Nigeria’s oil reserve was at 37.5 billion barrels of crude oil and condensate reserves, and 209.26 trillion cubic feet of natural gas reserves.

    He said that the commission had engaged in several roadshows, held in Houston U.S., Miami, London and Paris, among others.

    “We are not just a regulator, but a business enabler. We urge stakeholders to participate in the exercise.

    “It will enable us unprecedented opportunity to unlock Nigeria’s vast hydrocarbon potential, attract investment and propel our nation towards greater economic prosperity and shared prosperity,” he stated.

    He said each block had been chosen for its potential to bolster the nation’s reserve and economic posterity.

    Komolafe said that the total number of blocks were 12 as at planning stage.

    “But they were later able to gather data to offer more oil blocks. So, it is increasing the number of blocks and the details willl be made available on the portal,” Komolafe said.

    The NUPRC boss also said that the commission had issued a licensing round guideline and published the grand plan.

    Komolafe said that the blocks on offer have extensive 2D and 3D seismic coverage including logic and analog data.

    According to him, the objectives of the exercise are; to grow oil, gas reserves, to boost production, to enhance Nigerian content development and attract investment among others.

    He told prospective investors that  notwithstanding, the progression of energy transition, fossil fuel would continue to play a key role in the energy provider globally.

    The NUPRC boss said that there were plans to also conclude the 2022 block auctions alongside the 2024 oil bid round, while it had offered seven oil blocks in 2022.

    He claimed that investors spend less in exploration and production to produce oil in Nigeria because of the depth of the wells.

    According to him, the bid round is scheduled to last for nine months, with details on the portal.

    He expressed optimism that investors would choose Nigeria, noting that the nation has a stable democracy with a location close to the coastline of 900 meters.

    “Nigeria’s has ease of access to the Europe, American market, attractive fiscal regime; effective regulatory regime; presence of IOCs with confidence in Nigeria; ease of discovery and high productivity, among others.

    Also, the Executive Director of Schlumberger, Dr Nosa Omorodion, said, “This is an opportunity for NUPRC to demonstrate that Nigeria is ready for business.”

    He also said that integrity remained important while ensuring that things were done according to the rules.

    He stressed that corporate governance and competency were key.

    He said that the new bloc that would be placed should be published and made open for perspectives investors to see.

    Mr Hans Nijkamp, Gas and Commercial Director, Shell E&P Africa, said: “Shell has been in Nigeria since 1937 and we are ready to stay for a very long time.

    Noting that the deepwater is the company’s ‘playground’ for the future, Hans said Nigeria is currently on track.

    He added, “The fiscal regulatory framework makes it look like Nigeria is already in the future.”

    He explained that the company is determined to focus on oil and gas in the deepwater and taking the gas to the domestic market through the NLNG.

    According to him, the PIA is a groundbreaking moment, as it has improved things, significantly, in the sector.

    He, however, urged the government to address in the area of non-associated gas.

    “The PIA and the Executive Order signed by Mr President together makes Nigeria more competitive,” he said.

    NAN also reports that about 300 participants attended the pre-oil bid round conference. (NAN)(www.nannews.ng)

    YO/AWA
    =========

    Edited by Olawunmi Ashafa

  • NNPC, Golar sign agreement on floating LNG

    NNPC, Golar sign agreement on floating LNG
     
    Agreement 
     
    By Emmanuella Anokam 
    Abuja, June 11, 2024 (NAN) The Nigerian National Petroleum Company Limited (NNPC Ltd.) has executed a Project Development Agreement (PDA) with Golar LNG for the deployment of a Floating Liquefied Natural Gas (LNG) offshore Niger Delta, Nigeria.
     
    Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd. in a statement on Tuesday said the agreement was in furtherance of the commitment to monetise Nigeria’s vast natural gas resources.
    The signing ceremony was attended by the Chief Financial Officer, Umar Ajiya; Executive Vice President, Gas Power & New Energy, Olalekan Ogunleye and Executive Vice President, Upstream, Mrs Oritsemeyiwa Eyesan, all representatives of the NNPC Limited .
    The Golar LNG team was led by Karl Staubo (CEO).
    According to Soneye, the PDA is another major milestone achievement towards ensuring gas commercialisation through deployment of an FLNG Facility in Nigeria.
     
    This, he said was in line with President Bola Ahmed Tinubu’s resolve to rapidly commercialise Nigeria’s gas assets for the economic prosperity of the Nation.
     
    “The agreement aims to monetise vast proven gas reserves from shallow water resources offshore Nigeria. 
     
    “The PDA also outlines the monetisation plan that will utilise approximately 400-500mmscf/d and produce LNG, Liquefied Petroleum Gas (LPG) and Condensate,” he said.
     
    He said the Partners, NNPC Limited and Golar LNG have both expressed their commitment to achieve Final Investment Decision (FID) before end of Quarter Four (Q4), 2024 and first gas by 2027.
     
    Golar LNG Limited is a renowned independent owner and operator of LNG infrastructure, including carriers, Floating Storage and Regasification Units (FSRUs), and Floating Liquefaction (FLNG) vessels.(NAN)(www.nannews.ng)
     
    ELLA/EAL
    ========
    Edited by Ekemini Ladejobi
     

  • NNPC Ltd disowns report on alleged inflated subsidy claims

    By Emmanuella Anokam

    Claims

    Abuja, June 10, 2024 (NAN) The Nigerian National Petroleum Company Limited (NNPC Ltd.) on Monday disowned reports in some sections of the media alleging that it inflated subsidy claims by N3.3trillion.

    A statement issued by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., stated that the company had always conducted its businesses accountably and transparently, with international best practices.

    Soneye said NNPC Ltd. had at no time inflated its subsidy claims with the Federal Government, noting that all previous subsidy claims by the company were verifiable, as relevant records and documents had been sent to relevant authorities and agencies.

    He said that NNPC Ltd. was neither aware of any audit of its subsidy claims nor probe, noting that the ridiculous reports were the products of the imagination of the reporters and their respective media houses.

    “NNPC Ltd. will resist any attempt to drag the company into the apparent politics of fuel subsidy as it currently operates on commercial basis and on the express provisions of the Petroleum Industry Act (PIA).

    “It is on record that in line with its Transparency, Accountability & Performance Excellence (TAPE) mantra, NNPC Ltd. has, on several occasions, independently invited external auditors to review its books.

    “NNPC Ltd. calls on media practitioners and media houses to exercise restraint and verify information before publication in keeping with the ethics of the noble profession of journalism to avoid misleading the public,” Soneye added. (NAN)(www.nannews.ng)

    ELLA/EMAF
    =========
    Edited by Emmanuel Afonne