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NNPC, Shell Chevron Sign Financing Deals

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  • NNPC, Shell Chevron Sign Financing Deals

The Nigerian National Petroleum Corporation on Thursday announced that two sets of alternative financing agreements on joint venture projects to boost oil reserves and production were signed in London between it and two of its JV partners.

It listed the partners as the NNPC/Chevron Nigeria Limited JV and NNPC/Shell Petroleum Development Company JV.

It said the two projects were expected to generate incremental revenues of about $16bn within the assets’ life cycle and would boost gas supply to power plants.

The NNPC stated that the agreement with Chevron would see the development of the NNPC/CNL JV Sonam Project (Project Falcon), hitherto financed through cash calls, to incremental proven and probable oil/liquids reserves of 211 million barrels and proven and probable gas reserves of 1.9 trillion cubic feet within Oil Mining Licences 90 and 91.

The spokesperson of the corporation, Mr. Ndu Ughamadu, said in a statement issued in Abuja that the project was expected to begin to bear fruits in the next three to six months.

The Group Managing Director, NNPC, Dr. Maikanti Baru, who signed for the corporation, said the project was envisaged to achieve an incremental peak production of about 39,000 barrels per day of liquids and 283 million standard cubic feet of gas per day.

The JV partner, he said, had already expended $1.5bn, representing 97 per cent of project completion costs, adding that the agreement would cover the remaining $780m to complete the project’s scope.

Providing a breakdown of the expected funding requirements of the Sonam Project, Baru said $400m was to fund the development of seven wells in the Sonam field (OML 91), the Okan 30E non-associated gas well (OML 90), and associated facilities, including completion of the Sonam NAG Well Platform.

He said $380m would be required to reimburse the JV partners for the 2016 portion of the funds committed to lenders that had been cashed and paid for.

He stated that the Sonam Project, on fruition, would net the Federal Government cumulative incremental earnings of $7.3bn over the project’s life.

The agreement with the SPDC, on the other hand, will facilitate the development of the NNPC/SPDC JV Project Santolina, which comprises of 156 development activities across 12 OMLs and 30 different fields in the Niger Delta.

Baru said the development of the Sonam Project would be carried out in two phases.

The first phase will focus on short term activities involving oil and gas generation programme, comprising 128 rig-less activities and 10 workovers, while the second phase will focus on medium term activities that will involve further development of the EA/EJA fields by drilling 14 new wells and three workover ones.

Baru said the first phase of the project was estimated to deliver incremental liquid reserves of about 202.9 million barrels of oil and 161.8 billion cubic feet of gas on proven and probable basis.

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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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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