- History, as Largest Vessel to Call Nigeria Berths
The Tin Can Island water channels recently played host to the largest vessel ever to call at any Nigerian port, as the ship berthed at the Lagos terminal of Ports & Cargo Handling Services Limited, a subsidiary of SIFAX Group.
The container vessel – MSC SHAULA, owned and operated by MSC Ship Management Hong Kong, the Asian division of Mediterranean Shipping Company (MSC), which is second largest container shipping operator in the world, has an overall length of 275.04 meters and the length between perpendiculars stands at 263.00 meters.
MSC SHAULA, built by the Hyundai Heavy Industries, has a maximum cargo capacity of 4,651 TEUs while its draft and gross tonnage are 13.62 meters and 51,836 GRT respectively.
Speaking on the significance of the vessel, Group Managing Director, SIFAX Group, John Jenkins, said it was historic but not coincidental that such vessel berthed at the Ports & Cargo terminal.
He said: “We are delighted that history was made with the arrival of this humongous vessel in the Nigerian waters, most especially its berth at our terminal. Ports & Cargo terminal has demonstrated over the years its leadership capability in the country’s maritime industry, particularly in the area of port terminal management coupled with excellent customer service.
“The company has made a huge investment in infrastructure and equipment at the terminal in the last ten years and has also attracted a number of discerning clients, including MSC, the operator of the vessel. What has been the unique selling proposition of the terminal is the quality of service that we provide.”
Speaking on his experience, the captain of the ship, Captain Dinkar, noted that he has received warm welcome from the Ports & Cargo terminal staff as well as other government regulatory agencies like Nigerian Ports Authority, among others. He also expressed his delight at the impressive equipment at the terminal.
The Group Executive Vice Chairman, SIFAX Group, Dr. Taiwo Afolabi, had recently urged the Federal Government to make a good use of the current economic challenges that have seen a sharp decline in crude oil earnings and naira exchange rate by paying more attention to the development sector.
Afolabi said the maritime industry possessed the potentials to rescue the country from the current economic troubles by becoming the primary source of revenue for the government.
He said: “The current economic situation has compelled the need for an inclusive search for an alternative route to national revival and rebirth, forcing upon us a movement away from decades of fixation on the traditional black gold to the maritime–the emerging glittering “blue gold’.
NNPC Plans Divestment Pathway For Joint Ventures Partnership
The Nigerian National Petroleum Corporation (NNPC) has said it would outline policies to guide its joint venture partners (JVC) that wish to divest from joint ventures or the Nigerian oil and gas industry.
NNPC Group Managing Director, Mele Kyari on Monday said that Nigeria, as a key player in global energy security, was addressing its challenges, mainly fiscal, security and cost competitiveness, to stimulate investments in the oil and gas industry.
Kyari, who spoke in Lagos while delivering an address at the opening ceremony of the Nigeria Annual International Conference and Exhibition said, “NNPC, as a national oil company, is leading multiple initiatives to address this and other issues.
“As we celebrate the passage of the PIB, we have moved our focus to improve security architecture through collaboration with major stakeholders.”
According to him, the Nigerian Upstream Cost Optimisation Programme is working with operators and service contractors to challenge the cost of operations and increase profitability and growth in the industry.
“On the other hand, we are seeing a wave of divestment by oil majors operating in Nigeria. NNPC as a national oil company cannot stop partners from divesting their interest, even though it creates challenges for us in ensuring that we get the right and competent investors to take a position and add value to the assets.
“The NNPC will ensure that Nigeria’s national strategic interest is safeguarded by developing a comprehensive divestment policy that will provide clear guidelines and criteria for divestment of partners’ interest,” Kyari said.
He said the corporation would make clear distinctions between divestment of shares and operatorship agreements under various joint operating agreements while leveraging its rights of pre-emption and evaluating the operational competence and tract records of new partners.
Kyari said in order to sustain a prosperous business environment, particular attention would be paid to abandonment and relinquishment costs, severance of operator staff, third party contract liabilities, competency of the buyer, and post purchased technical, operational and financial capabilities.
He said the NNPC would declare its first dividend to Nigerians as it prepares to release its 2020 financial statements in the third quarter of this year.
The local unit of the Royal Dutch Shell had in May said that its onshore oil portfolio in Nigeria was ‘no longer compatible with its strategic ambitions.
“We have reduced the total number of licenses in onshore Nigeria by half. But unfortunately, our remaining onshore operations continue to be subject to sabotage and theft,” Chief Executive Officer, Ben van Beurden, told investors at the company’s AGM.
Early this year, Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited concluded the sale of their combined 45 percent interest in Oil Mining Lease 17 and related assets in the Eastern Niger Delta to TNOG Oil and Gas Limited.
Petrol Subsidy Likely to Gulp N2T This Year –Rainoil GMD
Nigeria may end up spending N2 trillion on petrol subsidy this year if the current situation persists, the Group Managing Director, Rainoil Limited, Dr Gabriel Ogbechie, has said.
Ogbechie said this on Sunday at the Nigeria History Series of the Centre for Values in Leadership, themed ‘Indigenous participation in the downstream oil and gas sector’ moderated by Prof. Pat Utomi.
While lamenting the lack of deregulation in the downstream sector, he said the government was spending about N8m daily on petrol subsidy.
He described the sector as highly regulated, saying, “I wonder if there is any other sector of the economy that is as regulated as the downstream.”
He said, “The biggest elephant in the room today as far as the downstream is concerned is the failure, so to speak, of the government to deregulate the downstream – fixing the price at which petroleum products are sold, I believe, is very seriously harmful to this economy.”
According to him, the landing cost of the petrol imported into the country is about N300 per litre, based on the current naira-dollar exchange rate.
Sirius Petroleum and Baker Hughes Collaborate on OML 65 Drilling in Nigeria
Sirius Petroleum, the Africa-focused oil and gas production and development company, has signed a memorandum of understanding with Baker Hughes. The MoU names Baker Hughes as the approved service provider for Phase 1 of the Approved Work Program (AWP) of the OML 65 permit, a large onshore block in the western Niger Delta, Nigeria. Baker Hughes will provide a range of drilling and related services at a mutually agreed upon pricing structure to deliver the initial nine-well program.
Sirius has signed various legal agreements with COPDC, a Nigerian joint venture, to implement this program. COPDC has signed a Financial and Technical Services Agreement (FTSA) with the Nigerian Petroleum Development Company (NPDC) for the development and production of petroleum reserves and resources on OML 65. The FTSA includes an AWP which provides for development in three phases of the block. and Sirius has entered into an agreement with the joint venture to provide financing and technical services for the execution of the PTA.
The joint venture will initially focus on the redevelopment of the Abura field, involving the drilling and completion of up to nine development wells, intended to produce the remaining 2P reserves of 16.2 Mbbl, as certified by Gaffney Cline and Associates (GCA) in a CPR dated June 2021.
Commenting, Toks Azeez, Sales & Commercial Executive of Baker Hughes, said: “We are extremely happy to have been selected for this project with Sirius and their JV partners. This project represents an important step towards providing our world-class integrated well-service solutions in one of the most prolific fields in the Niger Delta. Baker Hughes’ technological efficiency and execution excellence will help Sirius improve its profitability and competitiveness in the energy market.”
Bobo Kuti, CEO of Sirius, commented: “We are delighted to have secured the services of one of the world’s leading energy technology companies to work with our joint venture team to deliver the approved work program on the block. OML 65. We look forward to building a long and mutually beneficial partnership with Baker Hughes.”
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