Zane2point4:
Am not surprised, we've heard it rough but not as bad as dis administration, they're are not even sensitive to plight of Nigerians, police and sars keep on killing the masses and no press conference by the president,
Why wont investors leave, very frustrating policies for business persons, Jonathans administration might not be the best but Nigerians will ever regret planting and old unresponsive ignorant and uneducated uncivilized old man as there president not mine.

easternguy1:
Published

April 14, 2019

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, says that no international oil company is planning to exit Nigeria, contrary to reports in some section of the media.

Kachikwu made this known while briefing newsmen after facility tour of ExxonMobil Erha Floating Production Storage and Offloading vessels in Lagos on Sunday.

FPSO unit is a floating vessel used by the Offshore oil and gas industry for the production and processing of hydrocarbons for the storage of oil.

Erha FPSO has a liquid storage capacity of 2.2 million barrel, making it one of its biggest kind in the world. The Erha field and Erha North satellite field, was completed in 2006.

The fields are located approximately 97km offshore Nigeria in water depths ranging from 1,000m to 1,200m. They were developed with an investment of 3.5 billion dollars.

He said that it was not possible for a company like ExxonMobil to sell off its assets for the small amount quoted in the report as its assets were much more worth than that.

“I have confirmed that it is not true, there are going to be here for a long stay, they will be here over the next 50 years, they are looking for more, they are doing all kinds of things, they just begun the exploration campaign first time in four years because of the new cash call policies we put in place.

“ That is not a sign of somebody who is exiting. But different from not exiting is to be aggressive. ExxonMobil needs to be more aggressive in terms of development policies,’’ he said

He added that ExxonMobil need to be more aggressive with business as Bonga South west was almost on FID, Egina just kicked off and AGip is struggling to get Zabzaba online.

“ So, I need to see a very robust development ,’’ he advised

Commenting on the aim of his visit, he said that it was to encourage the company and see the development programmes as well as share in the challenges they were experiencing in their operations.

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“First is to draw attention to the very complex and complication of operations of FPSOs when we do production off shore.

“This is about 100 km from Land, and part of the thing I am doing this month is visiting some of them. Including Egina that is just recently buoyed in different location and the one of Agip.

“I am here to look at what they are doing, to encourage them to continue the fantastic work they are doing and also discuss with them what their problems are,’’ he said

According to him, the visit is also to draw attention nationally and internationally to the few challenges in operations as complicated as this one.

He urged the company to brace up to the challenges in the sector as oil had recently been found in many African countries.

Earlier, Mr Richard Laing, ExxonMobil Executive Director, Production commended the minister for making out time to visit the facility and reiterated that the company had no plans to exit Nigeria.

“We are happy with Nigeria, We have our differences, we don’t agree on everything, we are happy and content. We are delighted over the minister’s visit and we are happy that he has come back to his spiritual home.

“As the minister said, the corporation has been here for many years, we intend to stay, we have ambitious growth programmes to build wealth and grow business to make more profit, key into the gas commercialisation project.

“ We fully support what the minister said and we look forward to working with him,’’ he said .

Laing said that the company was being faced with the challenges of competition for capital and expertise in running the business.

(NAN)


https://punchng.com

lonelydora:
ExxonMobil can never leave Nigeria. At least, not now. Do you know the investments they have in Nigeria?

Erha FPSO is a massive investment.

Qua Iboe Terminal at Ibeno, most people call it Eket

And many more

Shell to invest $15 billion in Nigeria's oil and gas industry


By SOLAPE RENNER on 4/7/2019


LAGOS (Bloomberg) -- Nigeria will get a large oil and gas investment from Shell Petroleum Development Company in the amount of about $15 billion, according to the Lagos-based newspaper ThisDay, citing managing director of the unit, Nosa Okunbor.

The company operates under a joint venture between the Nigerian National Petroleum Corporation, Royal Dutch Shell Plc, Total Exploration and Production Nigeria Ltd. and Nigerian Agip Oil Company Ltd., according to its website. Shell has a 30% stake in the business.

Click here to read about Nigeria's oil-rich Bayelsa State opens inquiry on spills

The projects earmarked for investment will include deep offshore, shallow water, swamp and land terrain, the newspaper reported.

Shell has also taken a final investment decision regarding the 300 MMsf3/day Assa North Ohaji gas project, which is expected to generate 1,200 megawatts, said Okunbor.


https://www.worldoil.com/news/2019/4/7/shell-to-invest-15-billion-in-nigerias-oil-and-gas-industry

lonelydora:
ExxonMobil can never leave Nigeria. At least, not now. Do you know the investments they have in Nigeria?

Erha FPSO is a massive investment.

Qua Iboe Terminal at Ibeno, most people call it Eket

And many more

madridsta007:



It has been ages I heard Kachikwu's voice. Is he still in this administration?

I remember when he started out as NNPC GMD, visiting fuel stations, solving fuel crisis, meeting with marketers, etc. He came from Exxon Mobil and was carrying on as if he was still in the private sector - drive, enthusiasm, results. Buhari and Abba Kyari immediately made him know that excellence can not be tolerated in a Buhari administration

Immediately removed and demoted lol.
The mediocrity that certain Nigerians installed in Nigeria because of how they hate Nigeria, only God has the punishment that these Nigerians deserve.

Naughtysite:


You know what's up.

This administration can never have a Dora Akiunyili, Okonjo Iweala, Chukwuma Soludo, Akinwunmi Adesina kind of ministers.

They are immune to positivity or productivity.

If you are shinning or performing, you get trimmed.