Connect with us

Business

80 Deepwater Oil Blocks Not Producing, Says NNPC

Published

on

Crude Export
  • 80 Deepwater Oil Blocks Not Producing, Says NNPC

Only seven out of the 87 deepwater oil blocks in Nigeria are producing, while six are at different phases of development, the Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru, has said.

Baru also said more than half of the deepwater blocks were open and urged players in the oil and gas sector to start to create adequate linkages to the local economy.

In a statement made available to our correspondent by the NNPC in Abuja on Wednesday, he said the economy must be able to deliver the required growth aspirations or adequately support the demands of tomorrow.

He said the NNPC would continue to support planned deepwater projects while ensuring adequate local participation.

Baru said, “At my last count, about 10 deepwater projects are lined up for sanctioning. Also, given the lead time for project maturation, the time to build is now for us to achieve the results we desire, seizing the chance to develop our oil and gas industry and by extension the economy.”

Baru also said deepwater operations in the country had generated revenue exceeding $180bn.

He said the revenue was generated following industry players’ capital investment in excess of $65bn with the potential for growth amid untapped abundant opportunities in the sector.

The GMD disclosed this while delivering a paper, titled ‘Deepwater operations in Nigeria: The journey so far,’ at the panel session of the Petroleum Technology Association of Nigeria during the ongoing Offshore Technology Conference in Houston, Texas.

Represented by the Chief Operating Officer, Upstream of the NNPC, Mr Bello Rabiu, he stated that Nigeria held approximately 13 billion barrels of oil, out of which about two billion had been produced with a huge volume yet untapped.

Baru said the country remained an active player relative to other regions in terms of deepwater development, stressing that the industry started with the deployment of the latest technology.

He was quoted in a statement issued by the firm as saying, “Out of the 15 Floating Production, Storage and Offloading vessels in Nigeria, seven have been deployed for deepwater operations. Nigeria ranks only behind Angola within the African deepwater operations in terms of FPSO deployment.”

According to the GMD, the country has utilised each deepwater project as an avenue to upscale its unique human capital skills in different areas not limited to engineering design, project management, welding and diving.

He added that the local content contribution or services share in deepwater had continued to grow and improve from less than one per cent to an aggregate contribution of over 25 per cent from engineering man-hours of less than 20,000 to over 1.1 million in Egina project.

“With the Nigerian content, tonnage has grown by 600 per cent from the first deepwater project till date,” Baru noted.

The NNPC helmsman stated that deepwater projects had benefitted the wider Nigerian economy by boosting demand for a range of goods and services, including offshore vessels and platforms, materials, floating hotels, helicopters and manpower, creating jobs and providing a wide range of training and maintenance services to the industry locally.

He added that services in areas such as manpower supply, logistics, and vessel supply, chemical supplies had more or less been domesticated in the deepwater value chain.

Baru stated that a further demonstration of this was the in-country topside integration on the Egina FPSO project, adding that this had achieved the dual goal of both industrialisation and manpower development through job creation and skill acquisitions.

“The gains enumerated in terms of production and reserve growth, revenue and value creation, manpower and technology development need to be sustained. I must reiterate that sustaining these gains means all hands must be on deck. We must leverage the expected growth in deepwater for national development. We expect within the next 10 years that production from Nigeria deepwater would double,” Baru said.

He said that the development implied an increase in steel demand as steel represents 20 to 35 per cent of the overall cost for a new-build structure, dry docking, pipe coating, welding and sundry ancillary services, adding that Nigeria needed the right calibre of technical and engineering skills and manpower.

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

Ellah Lakes Partner Ondo State Government to Develop Oil Palm, Cassava in the State

Published

on

The management of Ellah Lakes Plc said it has partnered with Ondo State Government to develop and manage 5000 hectares of land for the purpose of cultivating oil palm and cassava in Ondo State, Nigeria.

The company stated in a statement signed by Kenechi Ezezika, Company Secretary, Ellah Lakes Plc.

Speaking on the development, the Chief Executive Officer, Chuka Mordi said: “This is a significant landmark for the Company in the development of our landbank, & we are very excited to be working with ODSG.

I am delighted that we are fulfilling our strategic objective of progressively expanding our land bank & diversifying our portfolio and production base. I am also glad to say that the intercropping programme in Edo State is progressing steadily & we have achieved our first milestone of 100Hectares of Cassava with the participation of personnel of the Agricultural Development Program (ADP), in Edo State”.

The Special Adviser on Development & Investment to the Ondo State Governor/ Chief Executive Officer of Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Akinboye Oyewumi, who also spoke on the development said: “We are pleased with this collaboration with Ellah Lakes Plc., and we look forward to a mutually beneficial, valuable and fruitful venture.”

Continue Reading

Business

Unilever Nigeria Appoints Mr Jaime Aguilera as a Non-Executive Director

Published

on

Unilever Nigeria Plc

Unilever Nigeria Plc announced it has appointed Mr. Jaime Aguilera as a Non-Executive Director of the company effective from January 2021.

The company stated in a statement filed with the Nigerian Stock Exchange.

Mr Jaime Aguilera worked with Coca-cola, Nestle and Procter & Gamble before joining Unilever as Executive Vice President Unilever Eastern Europe in September 2016.

Therefore, his experience spans from Europe, Americas and Asia.

His key expertise areas are “in Sales & Marketing and he has lead teams in Spain, Brazil, South Eastern Europe, Middle East, Mexico and Global teams.

“In 2009, he joined Unilever Spain as EVP & Chairman and then moved to his current role as Unilever Executive Vice President Africa, leading the Unilever business in Africa. Jaime is of Spanish origin and is an alumnus of the Universidad Pontificia de Comillas- ICADE. Jaime majored in Economic Sciences, Management & Business Administration.”

Continue Reading

Business

MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

Published

on

MTN 1

MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

Continue Reading

Trending