source Emergy Mix Report on Oct 7, 2019
A teamÂ of Legal Answers LLP lawyers, led by partner and principal commercial lawyer Teinane Okpokiti , is Â advising Century Energy Services Limited on the successful acquisition of Floating Production Storage and OffloadingÂ (FPSO) ships , â€œArmada Perdanaâ€ and â€œFront Puffinâ€.
The Armada Perdana which was acquired from Malaysian FPSO operators Bumi Armada for $40million, is now renamed â€œTamara Tokoniâ€ and would sail to the Okpoho field in Oil Mining Lease (OML) 119.
The FPSO Front Puffin bought via the acquisition of the Puffin Limited from Sea Production Limited a subsidiary of Rubicon Offshore International, is currently deployed at the Aje field OML 113, offshore Lagos, where it is operating under charter to Folawiyo Aje Services Limited. Century has been undertaking the operation and maintenance of the vessel since 2016 when she was first deployed to the Aje field.
Commenting on this development, Teinane Okpokiti said, â€œWe are delighted to have advised Century Energy Services Limited, a retaining client of the firm on these milestone acquisitions in the offshore market. Both transactions were very complex and involved multiple jurisdictions. Thus, we are excited to have closed both transactions in a timely fashion . Our solid experience handling these sorts of transactions combined with our offshore market depth and expertise means that we are perfectly placed to advise clients locally and internationally. The acquisitions underpin centuryâ€™s capabilities as a foremost independent FPSO operator and also the preferred choice for international operator in the Nigerian market.â€
The Chief Executive Officer, Century, KenÂ EteteÂ said, â€œWith the acquisitions, we can guarantee cheaper and efficient offshore solutions to clients as a result of de-risking our operating environment using local resources and expertise. Our strategy is to complement and collaborate with international FPSO operators to achieve a reduction of offshore operation costs and ultimately supporting offshore development in Africa.â€
Source: The Sun
It is too early for the Organisation of Petroleum Exporting Countries (OPEC) to discuss deeper oil output cuts in spite of the decline in oil prices, OPEC Secretary-General Mohammed Barkindo was quoted as saying by Russian News Agency TASS on Monday. OPEC is counting on Russia to help sooth tensions between Iran and Saudi Arabiaâ€¦
The International Energy Agency (IEA), may likely cut its growth estimates for global oil demand for 2019 and 2020, if the global economy weakens further, its chief said at the weekend. The Paris-based agency trimmed in August its global oil demand growth estimates for 2019 and 2020 to 1.1 million and 1.3 million barrels perâ€¦
Oil prices fell on Monday, extending last weekâ€™s heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the U.S.-China trade war. Brent crude futures LCOc1 edged down 28 cents to 58.09 dollars a barrelâ€¦
Two Royal Dutch Shell Plc units were sued over their involvement in one of the largest oil spills in Nigeriaâ€™s history. Shell Nigeria Exploration & Production Co. and Shell International Trading & Shipping Co. allegedly undermined the emergency response to the spill eight years ago and made inadequate efforts to contain it, according to lawyersâ€¦
EPSNL Insights in a collation of Nigeria's oil and Gas Industry news and developments pulled together from various sources to enhance our site's user awareness...
A cargo of Nigerian crude was offered from storage in South Africa, traders said on Wednesday, reflecting the Brent market's move into a structure...
Royal Dutch Shell says it has begun gas production from the second phase of the Gbaran-Ubie project in Nigeria's Niger Delta, Nasdaq reports. The project...
The Nigerian National Petroleum Corporation (NNPC) is working closely with the international oil companies (IOCs) to deploy a structured and holistic security apparatus to...