source Emergy Mix Report on Feb 29, 2020
Final Investment Decision (FID), worth over $100billion could be taken in Nigeriaâ€™s oil and gas sector, especially in the deep water going by renewed efforts by the country to pass the long-stagnated, Petroleum Industry Bill (PIB).
Indeed, while there have been delay on some upstream projects including, Bonga South West-Aparo, Zabazab-Eetan, Bosi, Uge, Nsiko deep water projects and others, a new joint venture (JV) between engineering firm, Doris Group and Nigeriaâ€™s IESL, targets to fast track pending projects with in-country capacity.
This is aimed at domestication and conservation of Nigeriaâ€™s foreign reserve and eventual reduction in the project cost.Recall that International Oil Companies (IOCs), have cited cost of projects, return on investment and uncertainties as challenges affecting take off of the projects.
Giving details into the new JV deal as well as the need to address in-country capacity in Nigeriaâ€™s oil and gas sector, Chairman/Chief Executive Officer of IESL, Dr. Diran Fawibe, said multinational and ingenious operators have expressed willingness for domestication to boost extant regulation that compels about 40 per cent local participation in projects.
But for this to happen, Fawibe noted that initiatives such as the Doris/IELS, would enable localisation, address skill gap, create jobs for Nigerians, and preserve foreign exchange that would have been spent on importing expatriates and outsourcing jobs abroad.
According to him, the new JV firm with equity of 55 per cent owned by Nigerian, and 45 per cent by Doris Group, would reposition oil servicing activities in the country.
Haven succeeded with a number of Floating Production Storage and Offloading (FPSO) projects in the country, Fawibe said Total, Seplat Petroleum Development Company, First E& P, Chevron Nigeria Limited, and ExxonMobil Nigeria are being engaged and willing to collaborate on the drive.
Chief Executive Officer, Doris Group, Christophe Debouvry, said the development would address offshore engineering in-country, adding that specialisation in FPSO and platforms would assist Nigeria in terms of subsea development, fixed and floating platforms, top sides and substructure, onshore facilities, fixed and floating wind turbines, and cables and transformer platforms.
Honourable Minister of State for Petroleum Resources, H.E. Chief Timipre Marlin Sylva headlined the Mega Launch of the various range of NNPC Retail Limitedâ€™s Lubricants which held at the International Conference Centre, Abuja, Nigeria. In his value statement, Chief Sylva affirmed that the new direction for the product owner, NNPC Retail Limited, signals the beginningâ€¦
Africa Oil Corporationâ€™s acquisition of a 50% stake in Nigeria-focused Petrobras Oil and Gas B.V. (POGBV) could be the start of a new wave of mergers and acquisitions in sub-Saharan Africaâ€™s economically important oil and gas sector, the company has said. In January, Africa Oil completed the acquisition of a 50% equity stake in POGBVâ€¦
The Nigerian National Petroleum Corporation (NNPC) has said that it has activated measures to guarantee seamless distribution of fuel across the country throughout the 14-day lockdown announced by President Muhammadu Buhari on Sunday. The Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, in a statement yesterday in Abuja, quoted theâ€¦
The Nigerian National Petroleum Corporation (NNPC) in November 2019, lifted 8,621,658 barrels of crude oil from the daily allocation for domestic utilization translating to an average volume of 287,389 barrels of oil per day in terms of performance. The allocation, according to the corporation in its December 2019 Monthly Financial Report, was in order toâ€¦
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...