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Aveon Offshore Completes Foundation Structures for 200,000bpd Egina Project

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Aveon Offshore Limited

Aveon Offshore Limited has announced the successfully completion of the fabrication of six Foundation Support Structures (FSS) for Total’s 200,000 barrels per day capacity Egina deepwater project.

Aveon has also celebrated the successful sail-away of the FSS as part of Total Upstream Egina Subsea Production System (SPS) project.

The company said in a statement at the weekend that it had successfully completed fabrication of six Foundation Support Structures and loaded out these components in respect of the Egina SPS project.

According to the company, the load-out and sail-away of these structures occurred recently.

The company added that it has already delivered some of the project scope, including 16 Umbilical Termination Boxes and subsea tree fabrications – Frames, Permanent Guide Base and Gasmats throughout 2015 and 2016.

According to Aveon, the fabrication of the remaining subsea tree fabrications will be completed for delivery by the end of the first quarter of 2017.

The company further stated that the fabrication of six Manifolds is also close to completion which will allow delivery during the first half of 2017 together with five completed Subsea Distribution Modules.

“Twenty one multibore production well jumpers will be delivered throughout 2017 and 2018,” the statement added.

“The successful completion and delivery of these subsea structures showcases the capabilities of our experienced team and our capacity as a local fabrication yard to deliver complex oil and gas projects meeting safety and quality standards as well as validating Nigeria’s local content vision” said Chairman of Aveon Offshore Limited, Tein George.

“The board and management of Aveon offshore would also like to thank Total Upstream Nigeria Limited and FMC Technologies for giving us the opportunity to be a part of this project,” George added.

Aveon Offshore Limited, a fully Nigerian owned engineering and fabrication services company was awarded the contract by FMC Technologies for the fabrication and load-out of approximately 5,000 tonnes of subsea structures including six manifolds with associated Suction piles, various subsea tree frame elements, jumpers and control systems for the Total Upstream Nigeria Limited (TUPNI) Egina Project in 2013.

The project is being executed by AVEON Offshore at its 300,000 square metres fabrication yard in Rumuolumeni near Port Harcourt.

In order to accommodate the workload generated by the project, capex investment was made by FMC Technologies and Total upgrading Aveons’ site in Rumuolumeni.

As a result a dedicated Carbon Steel workshop, duplex welding facilities and painting workshops of over 8,000 square meters, electrical power and distribution and more were added to the yard’s existing infrastructure and existing premises such as Quayside were completely reinforced.

The project has generated more than 3,000,000 productive man-hours in the last three years.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

The Drop in US Crude Oil Inventories Boosted Oil Prices on Wednesday

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Crude oil

The Drop in US Crude Oil Inventories Boosted Oil Prices on Wednesday

Crude oil prices rose on Wednesday following a decline in US crude inventories last week.

The American Petroleum Institute (API) had reported that United States crude oil inventories declined by 5.3 million barrels in the week ended January 22, 2021, more than a reduction of 430,000 barrels predicted by a Reuters poll.

The unexpected decline, coupled with slowing new COVID-19 cases in China, the world’s largest importer of crude oil, boosted oil prices on Wednesday.

Brent crude, against which Nigerian crude oil is measured, rose by 41 cents or 0.7 percent to $56.32 per barrel.

The U.S. West Texas Intermediate (WTI) crude oil also gained 56 cents or 1 percent to $53.17 a barrel.

WTI is slightly firmer on the back of a larger-than-expected draw in US crude inventories reported by the API, which is offset by builds in gasoline and distillates,” said Vandana Hari, oil market analyst at Vanda Insights.

The data, however, showed petrol inventories grew by 3.1 million barrels in the week, more than experts projected.

Similarly, API data revealed that distillate fuel inventories that include diesel and heating oil, jumped by 1.4 million barrels, far higher than the 361,000 barrels decline predicted. However, refinery runs declined by 76,000 barrels per day.

Market participants are now in ‘wait and see’ mode, wanting to see how lockdowns evolve in the coming weeks and months, and how successful countries are in rolling out Covid-19 vaccines,” ING economics said in a note.

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Crude Oil

COVID-19 Plunges Nigeria’s Oil Revenue by 41% in the First Nine Months of 2020

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naira

COVID-19 Plunges Nigeria’s Oil Revenue by 41% in the First Nine Months of 2020

Nigeria’s oil revenue declined by 41.44 percent in the first nine months of 2020 to $2.033 billion, according to the latest data from the Nigerian National Petroleum Corporation, NNPC.

This represents a decline of 41.44 percent from $3.47 billion filed in the same period of 2019 when there was no COVID-19.

In the September 2020 edition of NNPC’s Monthly Financial and Operations Report (MFOR), revenue from oil and gas rose by 16 percent to $120.49 million in the month of September, a 66 percent or $234.81 million drop from $355.3 million posted in the same month of 2019.

The global lockdowns caused by the COVID-19 pandemic plunged Nigeria’s crude oil sales and global demand for the commodity. This was further compounded by Nigeria’s high cost of production compared to Saudi Arabia, Russia and others that were offering discounts to boost sales during one of the most challenging periods in human history.

Experts like Prof. Yinka Omorogbe, President of Nigeria Association of Energy Economics, NAEE, were not surprised with the drop in earnings given the effect of COVID-19 on the world’s economy.

She, however, called for the revamp of the nation’s petroleum sector laws and diversification of the economy away from oil revenue dependence. She said “Covid-19 made 2020 a very hot year and it battered the oil industry internationally and we are not an exception; so we could not have been unaffected”.

She also said the effect of the fall “is definitely a wake-up call; we have to diversify, strengthen our other resources and capabilities”.

Omorogbe, a former NNPC Board Secretary, urged the government and the operators in the sector to look inward and think strategically, stating: “think medium term, think of where they want to be and the government, above all, must think of how best we can utilize our resources, so that we can achieve our objectives once we know and define them.

“It is a clear wake-up call, if not we will just sit here and find that we have become one of the poorest nations in the world”, she noted.

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Commodities

Crude Oil, Other Commodities Closing Price for Monday

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Crude oil

Crude Oil, Other Commodities Closing Price for Monday

Brent crude oil, Nigeria’s crude oil benchmark, gained 47 cents to $55.88 per barrel on Monday, while the US crude oil expanded by 50 cents to $52.77 per barrel.

Gold for February delivery fell $1 to $1,855.20 an ounce. Silver for March delivery fell 7 cents to $25.48 an ounce and March copper was little changed at $3.63 a pound.

The dollar fell to 103.80 Japanese yen from 103.83 yen. The euro fell to $1.2139 from $1.2167.

Wholesale gasoline for February delivery rose 1 cent to $1.56 a gallon. February heating oil rose 2 cents to $1.59 a gallon. February natural gas rose 16 cents to $2.60 per 1,000 cubic feet.

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