- Investors Continue Search for Oil in Ororo Field
Sirius Petroleum has entered into a contract with an oilfield services company, Schlumberger, for the provision of an integrated services management at the Ororo field offshore Nigeria as it intensifies its search for oil.
The Ororo field, discovered in 1986, lies in shallow waters offshore Ondo State in water depths ranging between 23ft and 27 ft.
The Chief Executive Officer, Sirius, Sirius, Bobo Kuti, said in a statement, “We are pleased to add another leading global industry service provider along with the COSL and ADD Energy to our consortium. Schlumberger’s experience, technology, and information solutions will enable us to optimise reservoir performance.”
Guarantee Petroleum has a 55 per cent participating equity interest in the Ororo field with Owena Oil & Gas as its partner, holding the remaining 45 per cent interest. Sirius Petroleum acts as the technical and financing partner in the development of the Ororo field.
As part of Sirius’ shallow offshore development strategy in Nigeria, the contract with Schlumberger was for a multi-well campaign, which would start in the first half of 2017, Sirius stated.
The contract envisages a drilling programme on the Ororo field, located within Oil Mining Lease 95, and can be expanded to include other potential offshore assets, according to the statement.
Also as part of its development strategy in Nigeria, Sirius in November entered into an offshore drilling contract with COSL Drilling for the provision of a jack-up rig that would be used to drill a multi-well campaign on the Ororo field, starting from the first half of 2017.
Schlumberger would provide Sirius with a package of managed and integrated products and services including directional drilling services, logging, completion and production fluids, cementing and pumping services, well intervention and stimulation products and services, well testing services, well site communications and data and software solutions.
In July 2016, the partners in the Ororo field licence gained a three-year extension from the Federal Ministry of Petroleum Resources.
Nigeria Sovereign Investment Authority Generates N160.06 Billion in 2020
The Nigeria Sovereign Investment Authority (NSIA) generated revenue of N160.06 billion in 2020, according to the latest audited financial reports announced by the Managing Director of NSIA Mr. Uche Orji.
The NSIA income came from devaluation gain of N51 billion, and core income of N109 billion compared to N33.07 billion in 2019.
But Orji lamented: “Covid-19 adversely affected logistics around infrastructure projects, especially the toll road projects and the presidential fertiliser initiative.”
Despite the pandemic, the Authority achieved 33 percent growth in Net Assets to N772.75 billion compared to the previous year’s performance of N579.54 billion.
Orji said the NSIA “received additional contribution of $250 million; and provided first stabilisation support to the Federal Government of $150 million withdrawn from Stabilisation Fund last year.”
The same year, the NSIA received $311 million from funds recovered from the late General Abacha from the United States Department of Justice and Island of Jersey for deployment towards the Presidential Infrastructure Development Fund (PIDF) projects of Abuja-Kaduna-Kano Highway, Lagos Ibadan Expressway and Second Niger Bridge.
In response to COVID-19, Orji said: “NSIA partnered the global Citizen, a not-for profit group, to form the Nigeria Solidarity Support Fund. Separately NSIA acquired and distributed oxygen concentrators to the 21-teaching hospital as part of corporate social responsibility; in addition to staffing support to the Presidential taskforce on COVID-19.”
In 2020, the NSIA “invested additional capital into NG Clearing, the first derivative clearing house in Nigeria to maintain NSIA’s shareholding at 16.5 per cent following the company’s rights issue of 2020″ Orji said.
EFCC Recovers $153m, 80 Assets from Diezani, Says Bawa EFCC Chairman
The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has said the commission recovered $153 million and 80 properties from the former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.
Bawa said: “There are several cases surrounding that. As you may have read, I was part of that investigation, and we have done quite a lot. In one of the cases, we recovered $153 million; we have secured the final forfeiture of over 80 properties in Nigeria valued at about $80 million.
“We have done quite a bit on that. The other cases as it relates to the $115 million INEC bribery as the media has sensationalised it, is also ongoing across the federation.”
“We are looking forward to the time when we will, maybe, have her in the country, and of course, review things and see what will happen going forward. The case has certainly not been abandoned.”
Speaking on the trial of former Abia State Governor Orji Uzor Kalu, he said his trial will start soon in Lagos.
Bawa added: “The position is very clear. The EFCC succeeded in 12 years to get him convicted at the Federal High Court. Of course, he went to the Supreme Court, and because the judge that convicted him has been elevated, the ruling was made and the EFCC as a respecter of the rule of law, we have taken it as it is. The Supreme Court has ordered that we should go back to the Federal High Court in Lagos.
“Now, we are at the Federal High Court in Abuja, and we have applied to the court for the case to be transferred to Lagos as ordered by the Supreme Court to enable us start all over again.
“It, however, draws a precedence, and those are the issues; law as the lawyers will say, is a living thing; we had the ACJA in 2015, we have had this problem of elevation of judges from High Court to Court of Appeal, and we pushed that they should be given the opportunity to finish their cases, because some of these cases have taken a very long time.
“We thought we had succeeded in getting this in ACJA, The law was, however, not seen as such. Now, we may have to solve the problem from the constitution, and then, we will be home and dry.”
Nigeria Consumes 93m Litres of Petrol Daily in April 2021
Nigeria’s daily petrol consumption rose to a record-high of 93 million litres in April 2021, according to the latest data from the Nigerian National Petroleum Corporation (NNPC).
The amount represents 77 percent of the 120.80 million litres consumed daily in West Africa despite having just 52 percent of the region’s population.
In previous months, Nigeria consumed 61 million litres on average, therefore, the NNPC stated that the 93 million litres per day consumption is unsustainable.
The sudden surged in petrol consumption was a result of smuggling, according to experts.
“There is no doubt that Nigeria’s present petrol consumption is embarrassing, due to smuggling which is currently a thriving business,” Mike Osatuyi, national operations controller, Independent Petroleum Marketers Association of Nigeria.
On the allegation that marketers illegally export petrol, Osatuyi asked why the five security agencies across the borders are unable to stop it.
Smuggling of petrol across the borders is becoming more intense as Nigeria inches closer to full deregulation, one stakeholder said. Despite over 95 million Nigerians in poverty, the country inadvertently pays for cheap petrol across West Africa.
“It means Nigeria is financing the economies of neighbouring countries,” Osatuyi said. “Nigeria should not be consuming more than 50 million litres per day.”
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