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With Egina, Total Targets 23% of Nigeria’s Daily Oil Production

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oil rig
  • With Egina, Total Targets 23% of Nigeria’s Daily Oil Production

Multinational oil company, Total, has said it will be responsible for 23 per cent of the total crude oil Nigeria produces daily when its 200,000 barrels a day (bd) Egina Floating Production Storage and Offloading (FPSO) oil platform fully comes on stream.

Managing Director, Total, Mr. Nicolas Terraz, said this at the just concluded second edition of the Nigeria International Petroleum Summit (NIPS) in Abuja.

Represented by Total’s Deputy Managing Director, Deepwater, Mr. Ahmadu-Kida Musa, Terraz, explained that oil output from Egina alone would represent 10 per cent of Nigeria’s daily output.
He added that the Egina has also recorded a lot of industry-based milestones.
“Total’s projects in Nigeria have been industry benchmarks with regard to efficiency and innovation. The one on the lips of everyone at the moment is Egina.

“Egina will add 200.000 barrels of oil per day to Nigeria’s current production and this represents about 10 per cent of Nigeria’s current production.
“With Egina, Total will be operating about 23 per cent of the national production and we are proud to be significant contributors in securing Nigeria’s oil and gas future. Egina set unprecedented records of local content and capacity building,” Terraz, said.

He further noted: “For us, Egina stands as a great testament to Total’s commitment to Nigeria and our determination to support and advance local content development. 77 per cent of man-hours worked on the project was done locally with 60,000 tons of equipment fabricated in Nigeria by local contractors, in addition to drilling records and integration of six locally fabricated top side modules in Lagos.”
Terraz, called on industry operators to share experiences in areas of efficiency and innovation, as part of measures to save cost and work safer in oil and gas operations.

“Our industry’s future is one which like other realities of life, is full of uncertainties. The vicissitudes in the global geo-political terrain, technological innovations within the industry that challenge existing production templates, innovations outside the industry that the industry cannot afford to ignore and which dovetail with demands for alternative sources of energy beyond fossil fuels, concerns for the environment, and the fluctuations in the price of oil, make efficiency in the use of resources, and innovation, a sine qua non.

“Efficiency and innovation are key enablers if we have to work safer, reduce costs, make faster and better decisions, and generally increase productivity.
“It is therefore, necessary that we share our best practices and experiences in this gathering to enable us adapt and quickly take actions that will sustain us in the far and immediate future,” he added.

According to him, Total has been present in Africa for more than 90 years and has been involved in exploration activities in Nigeria for 57 years.
He said it was the only oil company with presence across Nigeria’s oil and gas spectrum – upstream; downstream and midstream sectors.

“We have a broad and diversified portfolio in Nigeria, with activities spanning onshore, conventional offshore, deep water and LNG. Indeed, Total is the only integrated international oil company with presence throughout the entire value chain of the industry in Nigeria – downstream, upstream and midstream sectors.

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

Businesses Groan as Price of Diesel Rises to N250 Per Litre

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Petrol Importation

Businesses Groan as Price of Diesel Rises to N250 Per Litre

Businesses have started feeling the negative impact of the rising price of Automotive Gas Oil, known as diesel.

A single litre now goes for N250 in some parts of Lagos, with businesses taking a beating on the back of rising energy costs.

Our correspondent observed that some filling stations in Lagos had increased the price of the product to N250 per litre, while many others sold it at between N220-N245.

Northwest Petroleum along the Oshodi-Apapa road increased the pump price of diesel to N250 per litre; AP (Ardova Plc), along Airport road, Ikeja, N248; and Oando, along Acme Road, N240.

The National Bureau of Statistics, in its AGO price report on Tuesday, said the average price paid by consumers for diesel increased by 0.22 per cent to N224.86 per litre in January 2021 from to N224.37 in December 2020.

It said states with the highest average price of diesel were Adamawa (N268.33), Zamfara (N262.78) and Kebbi (N257.50).

“States with the lowest average price of diesel were Osun (N194.60), Anambra (N195.83) and Enugu (N198.24),” the NBS added.

Crude oil price accounts for a large chunk of the final cost of petroleum products, and the deregulation of the downstream oil sector by the Federal Government means that the pump prices of the products will reflect changes in the international oil market.

The international oil benchmark, Brent crude, has risen by more than 25 per cent this year from the $51.22 per barrel at which it closed last year. It rose to $65.25 per barrel as of 6:30pm Nigerian time on Tuesday.

Diesel is mostly used by businesses to power their generators amid a lack of reliable power supply from the national grid.

The President, Association of Small Business Owners of Nigeria, Mr Femi Egbesola, lamented that the recent increase in the price of diesel was taking a heavy toll on businesses, especially Small and Medium Enterprises.

“The cost of diesel and raw material is giving us a nightmare. The price of diesel has been skyrocketing in a way that creates fear in particularly manufacturers,” he told our correspondent on Tuesday.

According to him, it is difficult for businesses to factor all the increase in diesel price in their final product prices.

Egbesola said, “That is why a lot of companies are downsizing and are making sure that they only produce products that they are so sure will sell in the market.

“Many companies have reduced their product lines significantly just to be able to cope. And that is not good for us because by the time this goes on, unemployment will increase. I believe government should be able to do something about this.”

He said although the downstream petroleum sector had been deregulated, there should be checks and balances.

Egbesola said many small businesses’ savings had been eroded already because ‘we keep spending our savings to make sure we don’t close shop’.

He said, “If things continue this way, there is no way we are not going to close shop. We are still struggling with the recent increase in electricity tariff.

“Many small businesses still depend so much on diesel generators because there is no alternative power supply. It is only the big players that have the facilities to use gas. And we cannot use solar installation because it is very expensive.”

Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.

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United Capital Appoints Latunji Head, Marketing/Corporate Communications

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United-capital

United Capital Appoints Latunji Head, Marketing/Corporate Communications

United Capital Plc has been appointed, Tolu Latunji as its Head, Marketing & Corporate Communications.

In the new role, he is expected to drive a strategic communications, marketing and brand management programme for the investment banking group.

Latunji is a communication and marketing expert with 12 years’ experience in products development, marketing, brand & franchise building, effective management and communication of strategic objectives whilst ensuring adequate visibility for both organisation and product/service offerings through product, content and brand initiatives.

“With a 360 degree knowledge of communications and marketing, which includes but not limited to – brand management and initiatives, corporate affairs, internal and external affairs, product and brand marketing, event management and experiential marketing, cluster/segment marketing, Tolu has served at various capacities on government constituted sub-committees on financial inclusion,” a statement explained.

Prior to joining United Capital Plc, he was the Managing Partner of Ten & Square Media Co., a bespoke creative ideation and brand/crisis management firm, based in Lagos, Dakar and London.

Latunji was recently the Strategic Communications lead at FMDQ Securities Exchange, Nigeria’s first integrated financial market infrastructure (FMI), where he had the responsibility of effectively positioning the group, together with its subsidiaries, as the most sophisticated and technologically driven securities exchange in Africa.

Prior to that, he worked in Guaranty Trust Bank for nine years with roles in brand management & monitoring, events and experiential marketing, products and content marketing and user experience.

He led the marketing team to the successful development and launch of various retail, SME and corporate products. He was also instrumental in curating and developing the bank’s social footprints. Outside the corporate environment, Tolu engages in various humanitarian activities with food banks and empowerment programmes. He holds a B.Sc. Economics from University of Lagos.

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Business

Firm to Train 100 Nigerians in Solar Installation

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300MW Solar energy

Firm to Train 100 Nigerians in Solar Installation

A learning institute, GreCo Academy is seeking to train 100 Nigerians on solar installation in Nigeria.

The trainees are expected to undergo a 90- day intensive vocational training after which successful candidates will be rewarded with a three-month paid internship with a renowned Renewable Energy Company in Nigeria, according to a statement by the firm.

The training will consist of 80 days virtual engagement and 10 days physical engagement.

This initiative, according to the firm is aimed at giving the trained candidates hands-on practical experience in their journey to becoming professional solar installers in the country.

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