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MD Western to Increase Output by 253%

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  • MD Western to Increase Output by 253%

The nation’s indigenous companies may meet their output target of 500,000 barrels per day, bpd, up from the current level of about 300,000 bpd by 2018, as MD Western concludes plans to raise output by 253 per cent.

The company which currently produces 17,000 bpd, including condensate, plans to increase output to 60,000 bpd.

Located on Oil Mining Lease, OML 34 in the Western Niger Delta, the company produces from fields such as Utorogu, Ughelli East, and Ughelli West, with total flow-station capacity of 90 Mbpd.

According to the company, the block has two gas plants; one in Utorogu field with 360 MMscfd and the other in Ughelli East field with 90 MMscfd capacity.

It pointed out that the combined fields currently produce an average of about 390 MMscfd of gas, and 17,000 bpd of oil and condensate.

“OML 34 is of utmost strategic importance to Nigeria and the West African sub-region, as a major supplier of gas for electricity generation in Nigeria. It also feeds gas through the West African Gas Pipeline (WAGP) to neighboring countries.”

“Gas from OML-34 is produced from two of its fields, the Utorogu field and the Ughelli East field. Non associated gas (NAG) production from the Utorogu field started in 1989. A total of 11 NAG wells have been drilled to date.”

“The gas processing plant in Utorogu has an installed capacity of 360MMscf/d. Gas produced from the field goes into the Escravos-Lagos Pipeline (ELPS) owned and managed by the Nigerian Gas Company (NGC) from where it is distributed to our gas customers,” it added.

The Managing Director of Energia Limited, Mr. Felix Amieyeofori had indicated in an exclusive interview that Energia started as a consortium of leading Nigerian service and technology providers who came together with little cash but with great personnel, equipment and services to work, thus culminating to the production of first oil.

“Energia currently has the capacity to produce 7, 000 bpd but is looking forward to producing 15, 000 bpd in near future, hopefully as we resume full production and injection through Forcados terminal. Generally, we would want to participate in bidding for new oil blocks once the bid is out. We would want to grow,” he had stated.

The Managing Director of the Niger Delta Petroleum Company Plc, Dr. Layi Fatona, had also disclosed that the company is currently producing 7, 000 bpd.

He had said that the company has done more, considering that it produces nearly 45mm Scf/d gas from the Ogbele Field, and about 10,000 bpd and 260 mm Scf/d of gas from the OML-34 JV.

Fatona had indicated that in the short term, the company plans to remain relevant in a nimble way, within the Nigerian exploration and production patch.

He had disclosed that as for the medium term, the company will like to become an attractive investment vehicle, which is able to grow with steady injection of new capital periodically for each of outlined phases of growth.

Mr. Austin Avuru, Managing Director of Seplat Petroleum Development Company indicated that the combined production if indigenous companies would close the huge gap between them and their foreign counterparts.

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.

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Buhari Doubles Npower Beneficiaries to 1 million

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Sadiya Farouq

In an effort to speed up the process of lifting 100 million Nigerians out of poverty in the next 10 years, President Muhammadu Buhari has directed the Ministry of Humanitarian Affairs, Disaster Management and Social Development to double the number of Npower beneficiaries from the old 500,000 to 1 million.

The President also instructed the ministry to increase the number of beneficiaries of the Government Enterprise and Empowerment Programme (GEEP) by another 1 million and expand the beneficiaries of the Home-Grown School Feeding by 5 million.

Sadiya Farouq, the Ministery disclosed this on Monday during a ministerial media briefing in Abuja.

She said: “In a bid to realise Mr. President’s commitment to lift 100 million Nigerians out of poverty in the next 10 years, the ministry places significant emphasis on youth empowerment by strategically ascertaining youth engagement as a foundational objective in implementing the following strategies: double the scope of the National Social Investment Programmes.

“Mr. President has graciously approved the expansion of all NSIP programmes. Such as increase of N-Power beneficiaries from 500,000 to 1,000,000, increase GEEP beneficiaries by 1,000,000 and increase of beneficiaries of Home-Grown School Feeding by 5,000,000.”

This was coming a few days after the ministry through the support of the Central Bank of Nigeria launched NEXIT for the Batch A and B exited Npower beneficiaries to apply for the apex bank job options. For a detailed breakdown of how to register for NEXIT, click here.

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Access Bank Seals Seplat Petroleum Headquarters Over Debt

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seplate to announce financial results on July 29, 2020

Access Bank Plc on Thursday sealed the building in which Seplat Corporate Headquarters is located at 16 A Temple Road, Ikoyi, Lagos in connection to a loan Seplat Petroleum Development Company Plc claimed were obtained by Cardinal Drilling Services Limited, a third party providing drilling services to Seplat.

In a statement quickly put out by Seplat, the company said while it understands that Cardinal Drilling has outstanding loan obligations to Access Bank, Seplat is not a shareholder of Cardinal Drilling, nor has outstanding loan obligations or guarantees to Access Bank.

The statement reads in part, “We understand that Cardinal Drilling has outstanding loan obligations to Access Bank. However, SEPLAT is neither a shareholder in Cardinal Drilling, nor has outstanding loan obligations or guarantees to Access Bank and did not at any time make any commitments or guarantees in respect of Cardinal Drilling’s loan obligations to Access Bank.

“SEPLAT strongly believes that there is no merit or justification for this action against it and has taken prompt legal action to vacate the court order pursuant to which the building was sealed. This action was taken by Access Bank without any prior notice to SEPLAT, as required under Nigerian law.

“SEPLAT will vigorously defend against this improper action to the full extent of the law and will seek all appropriate legal remedies.”

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COVID-19: Demand for Second Passport by High Net Worth Individuals Surges 50 Percent

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The number of high net worth individuals looking for a second international passport in order to improve their global access rose by 50 percent year-on-year, according to the latest statement from the deVere Group.

The group said national lockdowns, borders and travel restrictions have helped boost enquiries for second passports, citizenships and overseas residencies this year.

deVere Group, an independent financial advisory firm, that manages over 100,000 clients globally said demand for its residency and citizen service skyrocketed in this highly unusual year.

Most of the enquiries were from high net worth individuals from the U.S., India, South Africa, Russia, the Middle East and East Asia “who are seeking alternative options in Europe and the Commonwealth.”

According to Nigel Green, the Founder and CEO of deVere Group, “Previously, a second passport, citizenship or residency were regarded by many as the ultimate luxury item; a status symbol like yachts, supercars and original artwork.

“While this still remains the case, there’s also been a shift due to the pandemic.

“Now, second citizenship or overseas residency are increasingly becoming not just a ‘nice to have accessory’ but a ‘must have.’

“Whether it be for personal reasons, such as to remain with loved ones overseas or be able to visit them, or for business reasons, a growing number of people are seeking ways to secure their freedom of movement as they have faced travel restrictions which are, typically, based on citizenship.”

He continues: “The pandemic has served as a major catalyst for demand which skyrocketed this year. It has focused minds to secure that second passport or elite residency.

“However, the appeal for is broader than just the global Covid-19 crisis.

“Increasingly people prefer the concept of being a global citizen, rather than being solely tied to the country of their birth.

“They too value the many associated benefits including visa-free travel, world-class education, optimal healthcare, political and economic stability, reduced tax liabilities and wider business and career opportunities.”

However, nations have different criteria for granting citizenship, including time spent in the country, the ability to prove the legal source of funds and zero criminal records.

For instance, Portugal’s residency program requires just two weeks every two years of residency to gain the benefits, including the right to live, work, study and open a business there, as well as travel across the 26 countries of Europe’s Schengen area.

“More and more nations are running citizenship-by-investment programs, in which applicants invest an amount of money in a sponsoring country typically in high-end, new-build real estate developments in exchange for permanent residency, citizenship, or both,” affirms James Minns, deVere’s Head of Residency & Citizenship.

“These programmes, which high-net-worth individuals regard as invaluable insurance, are typically based on property investments that start from 250,000 EUR.”

Nigel Green concludes: “These highly unusual times have fuelled the surge in demand for second passports.

“The pandemic has brought into sharp focus what really matters to people: family, freedom and security.”

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