₦airaland Forum

The head of Nigeria's state oil firm, Emmanuel Ibe Kachikwu says the west African country is in talks with oil majors and banks to raise capital for new drilling and to repay up to $4 billion in debt that the state oil firm has accumulated over years of mismanagement.
Kachikwu, who is also the minister of state for petroleum, said he wanted to increase output to up to 2.5 million barrels per day by the end of 2016. Currently, the OPEC member pumps 2.3 million bpd.
My ideal would be to bring in third party capital
President Muhammadu Buhari has made reforming the oil sector a priority as a slump in oil prices hammers the economy. The former military ruler has fired the NNPC board and appointed Kachikwu to overhaul a company whose opaque structures have allowed corruption and oil theft to flourish.
Nigeria's oil and gas output has been relatively stagnant as big offshore projects have been held up by much-delayed government funding and uncertainty over fiscal terms.
Africa's biggest economy produces oil with foreign and local firms through production-sharing contracts and joint ventures (JVs) but investments have been held up because NNPC has been unable to pay its part: bills have been piling up since 2012.
Kachikwu said debt as of November stood at $3.5-$4 billion, which NNPC wanted to cut through deals such as a $1.2 billion multi-year drilling financing signed with Chevron in September. "The target is that over 2017, we'll begin to look at zero," he said in an interview, referring to debt and the goal of ending the need for JVs to depend on NNPC cash.
NNPC was in talks with oil majors such as Italy's Eni and oil traders Vitol and Gunvor, seeking partnerships to revamp assets such as refineries after decades of neglect. Cash-strapped for years, it reported a loss of 267.14 billion naira ($1.3 billion) for 2015.
"My ideal would be to bring in third party capital, do a joint investment and management of the refineries and work out a pay-out process over 5 to 6 years basically on lifting of some portion of the finished products," Kachikwu said. He added that the government would also advertise concessions for pipelines and depots next month.
NNPC was also looking into revamping joint ventures with local firms to boost productivity but this would depend on the Petroleum Industry Bill (PIB), a project to revamp the sector held up in parliament for years.
Kachikwu said NNPC was in talks with the Senate to speed up the process by splitting the PIB into three parts covering governance, taxation and business items such as oil block licensing.
NNPC would also restructure strategic alliance agreements held by Atlantic Energy to raise funds for oil blocks sold by Royal Dutch Shell. The controversial deals were signed under the previous oil minister Diezani Alison-Madueke, who was briefly arrested in London last year on suspicion of corruption.  
Former central bank governor Lamido Sanusi alleged that Atlantic's deals were one route through which tens of billions of dollars in oil revenues were diverted from state finances. Kachikwu said NNPC expected to conclude a deal within two months for a new partner to pay up to $1.3 billion to take over the Atlantic agreements.
The blocks were originally sold to indigenous oil companies by Shell. "I'm saying to Atlantic, sorry, you're out because there's been a breach," he said. "Whoever comes in has to give a sign-in fee almost equivalent to what I've lost ... we'll have a massive increase in volume out of those fields, we're going to have 150,000 to 200,000 bpd from the current 40,000 to 50,000 bpd." 

The head of Nigeria's state oil firm, Emmanuel Ibe Kachikwu says the west African country is in talks with oil majors and banks to raise capital for new drilling and to repay up to $4 billion in debt that the state oil firm has accumulated over years of mismanagement.
Kachikwu, who is also the minister of state for petroleum, said he wanted to increase output to up to 2.5 million barrels per day by the end of 2016. Currently, the OPEC member pumps 2.3 million bpd.
My ideal would be to bring in third party capital
President Muhammadu Buhari has made reforming the oil sector a priority as a slump in oil prices hammers the economy. The former military ruler has fired the NNPC board and appointed Kachikwu to overhaul a company whose opaque structures have allowed corruption and oil theft to flourish.
Nigeria's oil and gas output has been relatively stagnant as big offshore projects have been held up by much-delayed government funding and uncertainty over fiscal terms.
Africa's biggest economy produces oil with foreign and local firms through production-sharing contracts and joint ventures (JVs) but investments have been held up because NNPC has been unable to pay its part: bills have been piling up since 2012.
Kachikwu said debt as of November stood at $3.5-$4 billion, which NNPC wanted to cut through deals such as a $1.2 billion multi-year drilling financing signed with Chevron in September. "The target is that over 2017, we'll begin to look at zero," he said in an interview, referring to debt and the goal of ending the need for JVs to depend on NNPC cash.
NNPC was in talks with oil majors such as Italy's Eni and oil traders Vitol and Gunvor, seeking partnerships to revamp assets such as refineries after decades of neglect. Cash-strapped for years, it reported a loss of 267.14 billion naira ($1.3 billion) for 2015.
"My ideal would be to bring in third party capital, do a joint investment and management of the refineries and work out a pay-out process over 5 to 6 years basically on lifting of some portion of the finished products," Kachikwu said. He added that the government would also advertise concessions for pipelines and depots next month.
NNPC was also looking into revamping joint ventures with local firms to boost productivity but this would depend on the Petroleum Industry Bill (PIB), a project to revamp the sector held up in parliament for years.
Kachikwu said NNPC was in talks with the Senate to speed up the process by splitting the PIB into three parts covering governance, taxation and business items such as oil block licensing.
NNPC would also restructure strategic alliance agreements held by Atlantic Energy to raise funds for oil blocks sold by Royal Dutch Shell. The controversial deals were signed under the previous oil minister Diezani Alison-Madueke, who was briefly arrested in London last year on suspicion of corruption.  
Former central bank governor Lamido Sanusi alleged that Atlantic's deals were one route through which tens of billions of dollars in oil revenues were diverted from state finances. Kachikwu said NNPC expected to conclude a deal within two months for a new partner to pay up to $1.3 billion to take over the Atlantic agreements.
The blocks were originally sold to indigenous oil companies by Shell. "I'm saying to Atlantic, sorry, you're out because there's been a breach," he said. "Whoever comes in has to give a sign-in fee almost equivalent to what I've lost ... we'll have a massive increase in volume out of those fields, we're going to have 150,000 to 200,000 bpd from the current 40,000 to 50,000 bpd." 


http://www.theafricareport.com/West-Africa/nigeria-in-talks-with-oil-majors-to-repay-debt-invest-in-refineries.html

Nice thinking of opening a mini cenima project in my area

So how can I get sample of your previous works, and quality assurance.?

Can u deliver to calabar?

I need a corn crisp making machine. Something like corn flakes but edible on the go like snacks. E.g popcorner

I want to support the man.

Am not left out

Yorubasgreat:
As CIA agent...abi?

'buttress' sit there and be waiting for buttress a ti butter?

Who are you to quote me?

With everything static on that pix. What else do you have to buttress the full functionality of that toy?

Bro its very legit. Sorry for replying late i have been away for sometime.

I need a blackberry Q10, contact me if u have any. 0-8-0-6-8-6-1-4-7-7-3

Its good to knw that this plant could survive in our climate. We need to start thinking of seed importation.

Oga am still awaiting ur reply.

What is the setup cost and a one on one tutorial? 2. What happen when u dont feed it for a day or two. 3. How do we evacuate the solid waste if the tank eventually gets filled up.

What is the setup cost and a one on one tutorial? 2. What happen when u dont feed it for a day or two. 3. How do we evacuate the solid waste if the tank eventually gets filled up.

Strongbest:
Heyllo Sir, yes I do but let me be very honest with you here, corn flakes production requires serious capital to set up.

You'll have to get some processing machines, 3 of which are very important to aid your production.

Thanks.

thanks for ur response, i'll chat up with u. Soon!

Bro u have any idea of corn flakes production?

2k serious buyer!

Yea , young cool dude !!

The story that is behind little Oratilwe Hlongwane aka DJ Arch Junior, a three-year-old DJ who has taken South Africa and the whole continent by storm.

Arch's career started out with his father Glen sharing a few videos of him on the decks on Facebook and through social media he became an instant hit.

Arch has since entered SA's Got Talent and over the past month the young man walked away with the R500 000 prize money and products from Avon and Celltone worth R35 000.

Like always, the world will always question ones achievements and social media was quick to claim that Arch had cheated on the final episode of the show by saying that his audio cables were not connected to the mixing deck. In addition to that some people made accusations that he was playing a pre-recorded mix on the show.

Destiny magazine shares that e.TV publicist Michael Pocock has rubbished all the claims and assures audiences that Arch's talent is legitimate.

"The photo that has been making the rounds on social media does not show the full technical setup of DJ Arch's performance, which took place at Soweto Theatre on the 8th of November 2015 in the finale of SA's Got Talent," he said also adding that the audio cables were connected via the laptop and not the controller.

"There were two laptops on the stage, which DJ Arch Jnr was consistently watching. The one laptop has the DJ software on it, which plays the songs, and the other laptop has a countdown system which cues DJ Arch Jnr. The controller in front of him has a black USB cable connected to the laptop, which is feeding into it," he says.

There you have it folks, there was no cheating involved. Well we guess everyone should just suck it up that a 3-year-old may be richer than the majority of the kids in this country.


http://www.africanews24.com/news/87-3-year-old-dj-arch-accused-of-cheating.html

Jonathan will be on chelsea Jersey soon !!!

Give a hint on the kind of biz

Show associating with the winning team !!!
At least not chelsea !!!

Picture of APC national chairman, chief John Oyegun with his Man United jersey.

Op sorry for that u just have to move ahead, leave friends go for business partner, I might like to be an investor if u don't mind. Watsapp me on 0-8-0-6-8-6-1-4-7-7-3

Op pls kindly send the soft copies to akobi4u@yahoo.com

Really wonderful

Oga what's ur black friday deal?

Is there any investment platform? Am interested!!

OP ur contact pls!!

How much for 2 terabyte?