December 16, 2017

Total Sells Stake in OML 29 to Aiteo for $569m

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This Day Total SA, Europe’s second-biggest oil company, has sold its stake in Nigerian Oil Mining Lease (OML) 29 to Aiteo Eastern E&P for $569 million as part of this year’s plan to speed up asset sales following the crash in crude prices. The sale brings proceeds to more than $1 billion when also taking into account OML 24 and OML 18 stake sales, the Paris-based company said in a statement. Since 2010, Total has divested interests in 11 onshore Nigerian blocks to local companies. “These transactions also reduce our exposure to non-operated blocks onshore Nigeria, and allow us to…

Oil Job Cuts in Africa Increase But New Projects Continue on the Horizon

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The recent fall and volatile nature of the oil price has undeniably affected exploration and production companies on a global scale. Oil and gas companies are undoubtedly being forced to adjust the way in which they operate within all areas of business. PwC Africa Oil and Gas Advisory Leader, Chris Bredenhann warned, “Oil & gas explorers will be re-looking at their budgets and deciding where to allocate their limited capital spend given the substantial decline in the oil price. Overall, low oil prices could have an impact on production undermining certain players in the market.” Both Tullow Uganda and Total…

NNPC Boosts Products Loading to 260 Trucks at PHRC

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Abuja — The Nigerian National Petroleum Corporation (NNPC) on Sunday disclosed that it has completed the rehabilitation and reconstruction of several kilometers of internal access roads at Port Harcourt Refining Company (PHRC) as well as Pipelines and Products Marketing Company (PPMC)Depot in Onne. The corporation said on Sunday that with the completion of the projects, daily evacuation of petroleum products has increased from 210 trucks to 260 trucks per day. NNPC in a statement by its spokesman, Ohi Alegbe in Abuja said the road rehabilitation projects were part of its Corporate Social Responsibility (CRS) to its stakeholders. Commissioning the roads,…

Environmentalists, Shell Differ On Spills Investigation Reports

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Yenagoa — Environmental Rights Action/Friends of the Earth, Nigeria, ERA/FoEN, and Shell Petroleum Development Company, SPDC, have differed on oil spills investigation process in Bayelsa State. ERA/FoEN, an environment non-governmental organisation, accused Shell of withholding Joint Investigation Visit, JIV, reports of oil spill incidents traced to equipment failure to evade payment of compensation but promptly reports sabotage induced spills. SPDC on its part, said that the company conducts Joint Investigation Visits of spill sites in line with government regulations, adding that whenever a spill occurs, efforts were made to contain the spill, with access to the spill site usually a…

Shell completes $1.7bn sale of onshore assets in Nigeria

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  Shell’s Nigerian subsidiary has closed a $1.7bn sale of oil mining lease (OML) 29 and Nembe Creek Trunk Line, a week after it completed divestment in OML 18. Shell Petroleum Development Company of Nigeria (SPDC) sold OML 29, the Nembe Creek Trunk Line and related facilities in the Eastern Niger Delta to Aiteo Eastern E&P. Covering an area of 983km2, OML 29 includes the Nembe, Santa Barbara and Okoroba fields. The 100km long Nembe Creek Trunk Line was commissioned in 2010. It evacuates crude to the Bonny Crude Oil Terminal (BCOT) at the rate of 600,000 barrels per day….

NNPC supplies 1.9bn litres of PMS, as scarcity persists

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Nigerian National Petroleum Corporation, NNPC, yesterday urged motorists to stop panic buying of fuel as the Petroleum Pipelines and Marketing Company, PPMC, had released a huge volume of the product into the market. The corporation put the current stock of petrol in its depots across the country at 1.9bn litres. This is even as another round of scarcity has resurfaced in Lagos and its environs, forcing motorists to scramble to buy product in some few stations still selling to the public, barely a month after a week-long shortage was witnessed in major cities in the country, NNPC, in a statement…

Youth Entrepreneurship Strategy to Attract CBN’s MSMES Fund

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The Central Bank of Nigeria (CBN) is to extend its N220 billion Micro, Small and Medium Scale Enterprises (MSMEs) fund to the Youth Entrepreneurship Strategy for the Oil and Gas Industry, an entrepreneurship initiative designed to enable NIgerian youths become active players in the nation’s oil and gas sector. Initiator of the Youth Entrepreneurship Strategy of Nigeria (#YESNIGERIA) and Chief Executive Officer of Anabel Group, Mr. Nicholas Okoye made the disclosure in Abuja yesterday at the unveiling of the Triple ‘E’ Initiative (Entrepreneurship, Empowerment and Employment), an entrepreneurship package in the oil and gas industry for youths, women and SMEs….

Middlemen Feeding Fat on Petroleum Subsidy

Dr. (Mrs) Diezani Alison-Madueke

Daily Independent Minister of Petroleum Resources, Dr. (Mrs) Diezani Alison-Madueke, last week, had an interview session with journalists in Abuja, during which she provided answers to some nagging issues affecting her personality, Nigeria and the oil industry in general. Senior Reporter, OBAS ESIEDESA, who was there, provides the excerpts: What is the position of government on kerosene subsidy? There was a Presidential directive to withdraw subsidy on kerosene. It is possible that the Minister of Petroleum at that time must have gone to discuss it with the President and might have been able to convince him the on the need…

Shell Nigeria: Changing of the Guard

From left, Osagie Okunbor, Mutiu Sunmonu, retiring Managing Director, The Shell Petroleum Development Company of Nigeria (SPDC) and Country Chair Shell Companies in Nigeria, and Vice President, Nigeria and Gabon Shell, Markus Droll. Mr. Sunmonu retires end February 2015 after 36 years of service. Mr. Okunbor is the third Nigerian SPDC MD and Country Chair Shell Companies in Nigeria

From left, Osagie Okunbor, Mutiu Sunmonu, retiring Managing Director, The Shell Petroleum Development Company of Nigeria (SPDC) and Country Chair Shell Companies in Nigeria, and Vice President, Nigeria and Gabon Shell, Markus Droll. Mr. Sunmonu retires end February 2015 after 36 years of service. Mr. Okunbor is the third Nigerian SPDC MD and Country Chair Shell Companies in Nigeria Oil Council Leadership Change in Shell Nigeria Mutiu, many thanks for joining us today, for our readers who might be less familiar with Shell’s work in Nigeria, can you give us a brief overview of the company in the region? The…

Africa Oil & Gas Expo

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The Annual Africa Oil & Gas Expo provides a unique platform to hundreds of African oil and gas key decision makers to discuss the latest developments and opportunities, embrace innovative solutions, fresh ideas and best-in-class strategies to improve on overall business performance and investment. The event showcases insights and expertise from case studies and thought-leaders on how to remain and establish yourself in Africa’s exciting Oil & Gas market. What is happening this year? 70+ Booth Exhibition showcasing the latest brands, technologies and service in OG E&P 2-Day Conference focusing on the latest developments, opportunities and challenges in Africa’s Upstream,…