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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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Gold

Gold Steadies After Initial Gains on Reports of Israel’s Strikes in Iran

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Gold, often viewed as a haven during times of geopolitical uncertainty, exhibited a characteristic surge in response to reports of Israel’s alleged strikes in Iran, only to stabilize later as tensions simmered.

The yellow metal’s initial rally came on the heels of escalating tensions in the Middle East, with concerns mounting over a potential wider conflict.

Spot gold soared as much as 1.6% in early trading as news circulated regarding Israel’s purported strikes on targets in Iran.

This surge, reaching a high of $2,400 a ton, reflected the nervousness pervading global markets amidst the saber-rattling between the two nations.

However, as the day progressed, media reports from both countries appeared to downplay the impact and severity of the alleged strikes, contributing to a moderation in gold’s gains.

Analysts noted that while the initial spike was fueled by fears of heightened conflict, subsequent assessments suggesting a less severe outcome helped calm investor nerves, leading to a stabilization in gold prices.

Traders had been bracing for a potential Israeli response following Iran’s missile and drone attack over the weekend, raising concerns about a retaliatory spiral between the two adversaries.

Reports of an explosion in Iran’s central city of Isfahan further added to the atmosphere of uncertainty, prompting flight suspensions and exacerbating market jitters.

In addition to geopolitical tensions, gold’s rally in recent months has been underpinned by other factors, including expectations of US interest rate cuts, sustained central bank buying, and robust consumer demand, particularly in China.

Despite the initial surge followed by stabilization, gold remains sensitive to developments in the Middle East and broader geopolitical dynamics.

Investors continue to monitor the situation closely for any signs of escalation or de-escalation, recognizing gold’s role as a traditional safe haven in times of uncertainty.

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Commodities

Global Cocoa Prices Surge to Record Levels, Processing Remains Steady

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Cocoa futures in New York have reached a historic pinnacle with the most-active contract hitting an all-time high of $11,578 a metric ton in early trading on Friday.

This surge comes amidst a backdrop of challenges in the cocoa industry, including supply chain disruptions, adverse weather conditions, and rising production costs.

Despite these hurdles, the pace of processing in chocolate factories has remained constant, providing a glimmer of hope for chocolate lovers worldwide.

Data released after market close on Thursday revealed that cocoa processing, known as “grinds,” was up in North America during the first quarter, appreciating by 4% compared to the same period last year.

Meanwhile, processing in Europe only saw a modest decline of about 2%, and Asia experienced a slight decrease.

These processing figures are particularly noteworthy given the current landscape of cocoa prices. Since the beginning of 2024, cocoa futures have more than doubled, reflecting the immense pressure on the cocoa market.

Yet, despite these soaring prices, chocolate manufacturers have managed to maintain their production levels, indicating resilience in the face of adversity.

The surge in cocoa prices can be attributed to a variety of factors, including supply shortages caused by adverse weather conditions in key cocoa-producing regions such as West Africa.

Also, rising demand for chocolate products, particularly premium and artisanal varieties, has contributed to the upward pressure on prices.

While the spike in cocoa prices presents challenges for chocolate manufacturers and consumers alike, industry experts remain cautiously optimistic about the resilience of the cocoa market.

Despite the record-breaking prices, the steady pace of cocoa processing suggests that chocolate lovers can still expect to indulge in their favorite treats, albeit at a higher cost.

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Crude Oil

Dangote Refinery Leverages Cheaper US Oil Imports to Boost Production

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Crude Oil

The Dangote Petroleum Refinery is capitalizing on the availability of cheaper oil imports from the United States.

Recent reports indicate that the refinery with a capacity of 650,000 barrels per day has begun leveraging US-grade oil to power its operations in Nigeria.

According to insights from industry analysts, the refinery has commenced shipping various products, including jet fuel, gasoil, and naphtha, as it gradually ramps up its production capacity.

The utilization of US oil imports, particularly the WTI Midland grade, has provided Dangote Refinery with a cost-effective solution for its feedstock requirements.

Experts anticipate that the refinery’s gasoline-focused units, expected to come online in the summer months will further bolster its influence in the Atlantic Basin gasoline markets.

Alan Gelder, Vice President of Refining, Chemicals, and Oil Markets at Wood Mackenzie, noted that Dangote’s entry into the gasoline market is poised to reshape the West African gasoline supply dynamics.

Despite operating at approximately half its nameplate capacity, Dangote Refinery’s impact on regional fuel markets is already being felt. The refinery’s recent announcement of a reduction in diesel prices from N1,200/litre to N1,000/litre has generated excitement within Nigeria’s downstream oil sector.

This move is expected to positively affect various sectors of the economy and contribute to reducing the country’s high inflation rate.

Furthermore, the refinery’s utilization of US oil imports shows its commitment to exploring cost-effective solutions while striving to meet Nigeria’s domestic fuel demand. As the refinery continues to optimize its production processes, it is poised to play a pivotal role in Nigeria’s energy landscape and contribute to the country’s quest for self-sufficiency in refined petroleum products.

Moreover, the Nigerian government’s recent directive to compel oil producers to prioritize domestic refineries for crude supply aligns with Dangote Refinery’s objectives of reducing reliance on imported refined products.

With the flexibility to purchase crude using either the local currency or the US dollar, the refinery is well-positioned to capitalize on these policy reforms and further enhance its operational efficiency.

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