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Nigerdock Graduates 49 Trainees on 200,000 bpd Egina Deepwater Project

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Aveon Offshore Limited
  • Nigerdock Graduates 49 Trainees on 200,000 bpd Egina Deepwater Project

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote has applauded Nigerdock for its efforts in promoting local content and human capacity development, especially with the graduation of the second batch of 49 vocational trainees on the 200,000 barrels per day Egina deepwater project from the Nigerdock Training and Development Academy.

The National Human Capacity Development (NHCD) plan for the training on the Floating Production Storage Offloading (FPSO) vessel for the Egina oilfield was designed as an on-the-job training model.

As such, the trainees witnessed the fabrication of various structures on Egina FPSO project and provided support during the project.

Located at the Oil Mining Lease (OML) 130 offshore, the Egina deepwater field is being developed by the French oil major, Total Upstream Nigeria Limited (TUPNI) to add 200,000 barrels per day of crude oil to Nigeria’s oil production by 2018.

Total had awarded the contract for building the Egina FPSO to Samsung Heavy Industries (SHI) of Korea at a cost of $3.3 billion.

However, some of the trainees witnessed activities in other areas of Nigerdock’s operations like the shipyard division and offshore logistics division.

The vocational trainees comprising 47 young men and two ladies commenced their on-the-job training (OJT) in May 2016.

While 24 trainees acquired skills in welding; 19 of them were trained in fitting and six in machining.

At the graduation ceremony held weekend at the Nigerdock facility located at Snake Island Integrated Free Zone (SIIFZ), Wabote, who was represented by NCDMB’s Manager in charge of Capacity Development Division, Mr. Iwhiwhu Maurice Kelly, appreciated Nigerdock, Samsung Heavy Industries and Total for further deepening local content and improving Nigeria’s Human Capacity Development through its world class training academy.

“We commend Nigerdock, Samsung Heavy Industries Ltd and Total Upstream Nigeria Limited because we are confident that these vocational trainees have been trained in various skill sets that empower them to provide the necessary manpower and services for the sector and they can compete with their counterparts in other parts of the world,” Wabote said.

In her remarks, the Group Corporate Affairs Director of Jagal, Mrs. Joy Okebalama, reaffirmed Nigerdock’s commitment to continuously champion local content development in Nigeria. She also lauded SHI Nigeria Limited, Total and NCDMB for supporting the programme.

Also speaking at the ceremony, which was also witnessed by the Group Managing Director of Jagal Energy, Mr. Chris Bennett, Nigerdock’s Human Capacity Development Manager, Mr. Emeka Anazia noted that none of the trainees would leave the Academy with any injury as the training was successfully completed without any lost time injury.

“I am glad that in 15 months, we delivered more than we promised,” he added.

On his part, the Project Manager for Egina Project, Mr. Adebola Adesoye stated that four million man-hours without lost time injury (LTI) were spent on the fabrication scope, with the last batches loaded out in June this year.

According to him, 250,000 man-hours was delivered on the training scope, adding that the professional trainees had earlier graduated in April this year.

In his speech, SHI’s Nigerian Content Manager, Mr. Imo Kalu Imo noted that the ceremony was the graduation of the second batch of the training of 100 Nigerians under the national human capacity development initiative on the FPSO for Egina field development by Total.

“Samsung has keyed into the NCDMB’s initiative of developing human capacity by training Nigerians such as these,” he added.

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

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

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Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.

PRICES

  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

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Crude oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

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oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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