December 16, 2017

FBN Capital Secures $1.4 Billion Facility for Seplat | The Guardian Nigeria

Seplat

FBN Capital has revealed details of the $1.4 billion secured term loan and accordion facilities it obtained for #seplat Petroleum Development Company from a consortium of 5 Nigerian banks. The facility which closed in January, includes a new US$700 million seven year secured term facility which includes an option to upsize the facility by up to an additional US$700 million for qualifying acquisition opportunities. The new facility, along with a new US$300 million three year secured revolving credit facility provided concurrently by international banks, refinanced Seplat’s existing debt portfolio to ensure a robust capital structure and strategically position the Company…

New dawn for indigenous operators in Nigeria’s petroleum industry | The Guardian Nigeria

oil and gas industry in Nigeria

After several decades of being dominated by multinationals, #nigeria’s petroleum industry is seeing increasing participation by local operators. Indigenous companies have purchased billions worth of assets from firms such as Eni, Shell, Chevron and Total in the past five years. Shell, along with many other oil majors is going through a broad process of asset sales in the country in an effort to cut costs and boost profits. Other companies, including Total, Eni, Chevron and ConocoPhillips, are divesting from Nigeria’s oil and gas sector, which has been plagued by rising oil spills, sabotage and industrial-scale theft from Nigerian wells and…

Nigeria demands Shell pay $4bn for 2011 offshore oil spill damage

The position of the Bonga oilfield within the Niger Delta blocks, offshore Nigeria.

Offshore Technology The Nigerian Parliament is demanding Shell to pay about $4bn for the damage caused by an oil spill at its Bonga offshore field in December 2011. The non-binding decision from the parliament committee follows analysis by several state agencies in Nigeria that have proposed fines of about $11.5bn. A report by the National Oil Spill Detection and Response Agency (NOSDRA) estimated that approximately 40,000 barrels were spilled into the sea. Shell subsidiary SNEPCO operates the oil field, which produced 200,000 barrels of oil per day at the time of spill. Uche Ekwunife, chairman of the environmental committee, was…

NNPC, Nigerian Air Force Partner to Enhance Chad Basin Exploratory Activities

At a courtesy call on the Chief of the Air Staff, Air Marshal Adesola Amosu, the Group Managing Director of the NNPC, Dr. Joseph T. Dawha said the visit was to foster closer cooperation and collaboration between NNPC and NAF for the socio-economic growth, peace, security and stability of the country.

The Nigerian National Petroleum Corporation, NNPC, and the Nigerian Air Force (NAF) have pledged to work hand-in-hand to promote the ongoing acquisition of seismic data in the Chad Basin and to curb crude oil theft in the creeks of the Niger Delta. At a courtesy call on the Chief of the Air Staff, Air Marshal Adesola Amosu, the Group Managing Director of the NNPC, Dr. Joseph T. Dawha said the visit was to foster closer cooperation and collaboration between NNPC and NAF for the socio-economic growth, peace, security and stability of the country. Dr. Dawha noted that the Nigerian Air…