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WAPCo Eyes Gas Supply From Lagos Oil Field

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  • WAPCo Eyes Gas Supply From Lagos Oil Field

The West Africa Pipeline Company Limited has said it is looking to capture new gas supply from Nigeria, with a focus on the Aje field offshore Lagos, as part of its key interventions to reposition the company for the dynamic market landscape.

WAPCo is the operator of the $1bn West African Gas Pipeline, which was built to supply natural gas from Nigeria to customers in Benin, Togo and Ghana.

The Managing Director, WAPCo, Mr. Walter Perez, who spoke in Lagos at a business forum organised by the Nigerian Gas Association, said the company was also seeking increased supply from the Escravos-Lagos Pipeline System.

He disclosed that the transition to a bi-directional pipeline system from a uni-directional system was meant to increase capacity and accommodate new entry points amid significant unmet demand along the WAGP market.

He said the growing market in the sub-region had seen Ghana, Togo, and Benin compete with Nigeria domestic gas market for new Nigerian supply.

According to Perez, there is an increasing appetite for natural gas as a cleaner energy source but significant supply gap still exists, increasing attention towards Liquefied Natural Gas.

He said steps to reposition WAPCo for the dynamic market landscape included the facilitation of multiple shippers operating under the open-access regime; diversification and attraction of new robust supply; adaption of the WAGP configuration to reflect changing supply and demand patterns, and transition from single postage stamp to a more robust and flexible tariff structure for the WAGP by January 1, 2019.

He said the company would attract substantial gas supply from western Ghana, as well as capture re-gasified LNG for transport through the WAGP.

“WAPCo is adapting its business model to suit market dynamics; transitioning to bi-directional, multi/entry exit system, and offering a competitive tariff to attract new gas volumes,” Perez said.

Yinka Folawiyo Petroleum Company Limited, a wholly-owned indigenous firm, is the operator of OML 113, where the Aje field is located.

Other partners are Panoro Energy, New Age Exploration Nigeria Limited, EER (Colobus) Nigeria Limited and PR Oil & Gas Nigeria Limited.

It was gathered in December that the partners had planned to embark on a work programme that would increase oil production and reserves from the field through drilling of new wells, and were working on an Aje gas field development plan for the phase 3 Turonian gas development with first gas production anticipated by the first half of 2018.

One of the partners, Panoro, said then that a third Turonian gas condensate development phase was being conceptualised and would likely involve three or four wells producing over 500 billion cubic feet of gas, 22 million barrels of condensate and 40 million barrels of liquefied petroleum gas.

Aje is an offshore field located in OML 113 in the western part of Nigeria in the Dahomey Basin.

It contains hydrocarbon resources in sandstone reservoirs in three main levels – a Turonian gas condensate reservoir, a Cenomanian oil reservoir and an Albian gas condensate reservoir.

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.

Business

Sterling Homes Plans To Reduce Housing Deficit

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Sterling Homes Limited has said it is committed to working with the government through private public partnership to reduce housing deficit in all the geo-political zones in the country.

The Managing Director, Mr Kunle Adeyemi, said this during an event on the company’s rebranding organised as part of its 10th year anniversary in Lagos on Friday.

During the event, the company while expressing commitment to excellence and customer satisfaction, unveiled its new logo with colours to define its mission and objections.

We want to be present in all the six geo-political zones on Nigeria by providing affordable luxury homes, excellent torch. So for us, there is a need for us to rebrand and have a new direction and vision.

“We want to partner with the government on the present housing deficit; we want to embrace a public, private partnership with the government to reduce the deficit in every geo-political zone.”

The managing director said that one of its unique selling points was its after sales services which was top notch.

He said it ensured that its customers were taken through the journey of actualising their dreams of becoming home owners.

While noting that everyone deserved to have a comfortable home despite the economic situation, he said it had designed a structure payment plan with zero interest in some cases to help intending home owners.

He said it also had provisions for high breed options and developing areas to accommodate various income levels.

Before the end of the year, he said, Sterling Homes would be establishing new presence and projects in other regions.

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Mutual Benefits Drives Financial Inclusion

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Mutual Benefits Assurance Plc says it is committed to deepening financial inclusion and creating easy accessibility for insurance in the country.

A statement from the firm on Friday said it expressed this commitment when it inaugurated its South-West region franchise operations in Ibadan, Oyo State.

The Managing Director, Mr Femi Asenuga, said this was part of its efforts to develop the insurance business and create values.

He said, “The role we all have to play is to be ambassadors of Mutual Benefits.

“A franchise is a well-known word and the way Mutual Benefits practices franchise is in our normal style of creating and adding value; we never rest.”

Asenuga said that the firm was working with stakeholders to increase awareness and take its message to the grassroots.

In developed economies, he said, insurance firms owned banks. He regretted that this was not the situation in Nigeria.

He said the firm would provide stakeholders with the platform and support to make them excel as a member.

The Managing Director, Mutual Benefits Life Assurance Limited, Mr Ademola Ifagbayi, appreciated the stakeholders and urged them to take advantage of the franchise.

The Group Managing Director, Odua Group, Mr Adewale Raji, in his address, advised stakeholders to be committed and showcase good character and integrity.

He said, “The Odua investment is owned by the six South-West governments and it is in our interest when economic, businesses and investment spreads across the South-West states.

“This is an opportunity for us to strengthen insurance penetration within the South-West states.”

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CAC Sets Three-Hour Circle For Company Registration

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Corporate Affairs Commission

The Corporate Affairs Commission on Sunday stated that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just three hours before the end of year 2021.

Registrar-General of the commission, Garba Ababukar, gave the indication at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador Designate to the Kingdom of Spain, Ademola Seriki.

The commission disclosed this in series of tweets posted via its Twitter handle on Sunday.

“To achieve the target, the registrar-general said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.

Abubakar noted that the challenges of COVID-19 pandemic had adversely hampered CAC’s delivery timeline.

He, however, said the CAC was resolutely committed to serving its customers despite being forced to operate with less than 50 per cent of its workforce.

While bidding farewell to Seriki, the registrar-general said he received the news of his appointment with mix feelings as CAC was going to miss his tremendous support and guidance.

The Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.

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