May 8, 2020
Despite some of the world’s biggest oil and gas companies cutting spending this year following a collapse in oil prices, Seplat Petroleum Development Company Plc has announced plans to revise it’s Capital Expenditure (CAPEX) upwards to $120 million with two additional gas wells and related infrastructure.

Seplat announce its increasing CAPEX by 20 percent to $120 million with two additional gas wells and related infrastructure despite prices tumbling to a three-decade low.

“We have significant cash resources available and will continue to manage our finances prudently in 2020, expecting now to invest $120 million of capital expenditure across the year, including two new gas wells and associated infrastructure,” Seplat said in its First Quarter 2020 report.

COVID-19 has caused a decline in oil demand given restrictions in movement and reductions in travel, a development which has led to oil majors slashing Capex.

Cuts announced by nine major oil companies, including Saudi Aramco, Exxon Mobil and Royal Dutch Shell, come to a combined $38 billion, or a drop of 22percent from their initial spending plans of $175 billion.

However, Seplat said its business is hedged against low oil prices and a significant proportion of its revenues now come from gas, which offers further protection from oil price volatility.

“We are in constant dialogue with partners on monies owed and are pleased to report that our cash flow remains robust and we have significant cash in reserve,” Austin Avuru, Seplat’s Chief Executive Officer said.

With Brent oil price averaging $50.90 in the first quarter of 2020 compared to $63.59 in the corresponding Quarter last year, Seplat recorded a loss after tax of $106.6 million loss in its unaudited Q1’20 result which was mostly driven by a $145.5 million impairment loss (compared to a gain of $14million in Q1 2019) charged on its oil and gas assets.

Seplat noted that Amukpe to Escravos pipeline is set to provide a third export option for liquids production from OMLs 4, 38 and 41 although completion work on the 160,000 bopd pipeline has been slower than anticipated due to delays in the contractor delivery schedule, final activities have been delayed due to the COVID-19 pandemic lockdown order.

“However, we expect that the pipeline will be commissioned during the first half of 2020 and become fully operational to the initial permitted volume for the Seplat / NPDC joint venture of 40 kbopd,” Seplat said.

During the period, three new development wells (Sap-35, Oben-48 and Ovh-06) were completed and the wells are expected to flow at a combined initial gross rate of approximately 4,200 bopd.

The drilling of Ovhor-20 commenced and expected to be completed in the second quarter of 2020 with an expected initial flow rate of 2,500 bopd.

This, coupled with the majority of our debt repayment obligations extending beyond 2021, gives us confidence that we can continue to operate comfortably within the covenants on all lines of debt,” Avuru concluded.

https://businessday.ng/energy/oilandgas/article/seplat-increases-capex-to-120m-despite-lower-oil-price/

The 253 Nigerians who were flown into Nigeria from the United Kingdom through the Murtala Mohammed Airport, Lagos, were neglected for hours by the Federal Government on Friday.

For over six hours, they were left under the sun at the tarmac, waiting for the aircraft that was expected be dispatched by the foreign affairs ministry to convene them to Abuja, where they would be quarantined for 14 days.

The stranded returnees included the aged, children, toddlers and few others on wheelchairs. They lamented their neglect by the Foreign Affairs Ministry which they said did not send any official to the airport to receive them.


Although the British Airways aircraft that brought them landed at the Lagos airport around 2.45pm, they were left unattended to for six hours. Around 4.30pm, airport authorities took pity on them by serving them bottled water under the sun.

Though the plight of the returnees had been attributed to untidy arrangements made by the ministry of foreign affairs, eminent people among the returnees including a one time former Lagos State Deputy Governor, Abiodun Ogunleye, made spirited attempts to contact the minister on phone, but to no avail.


The returnees who out of agitation as at 5pm protested their neglect even as they threatened to leave the airport by force while some said they might reject the move to take them to Abuja.

According to Ogunleye: “We were not treated badly in UK. Why should we be subjected to ridicule in Nigeria? They just dropped us here at the airport and they said we cannot move. No government official to talk to us.

“We have very eminent people here; who are we to talk to now? They said the minister was to make arrangement for us. This arrangement is not tidy. We deserve to be well treated in our country”


A journalist, who was among the returnees, said Nigerians returned home only to be exposed to ridicule in their country, saying: “The aircraft that brought us has even loaded to go back to the United Kingdom. We arrived around 1.45pm. It is now 5pm. No official came to us to receive us and give us further directive.

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“It is pathetic. Old men are here. They don’t have strength. Toddlers are here. Children are here. Some people are even on wheelchairs. They said Air Peace will take us to Abuja. We are stranded now. When we left UK, they said we were going to Lagos. Now, they said we are going to Abuja. No information. No directive. No word from the ministry.”



Source:http://c.newsnow.co.uk/A/1030926735?-395:737

The Director-General of World Health Organisation (WHO), Tedros Ghebreyesus, says the organisation requires $1.7 billion to respond to COVID-19 between now and the end of 2020.
Mr Ghebreyesus, in his speech posted on the verified WHO website, made the remark at a news conference in Geneva on Friday.
He said the amount represents the resources WHO estimates it needs to deliver on its updated Strategic Preparedness and Response Plan for COVID-19.
“The updated plan estimates that WHO requires 1.7 billion dollars to respond to COVID-19, across the three levels of the organisation, between now and the end of 2020.
“This estimate includes the funds that WHO has already received to date, leaving WHO’s COVID-19 response with a funding gap of 1.3 billion dollars for 2020.
“To be clear, this estimate only covers WHO’s needs, not the entire global need,’’ Mr Ghebreyesus said.
He said WHO is deeply grateful to the countries and donors who responded to WHO’s initial Strategic Preparedness and Response Plan.
“WHO is also grateful to the hundreds of thousands of individuals, corporations and foundations who have contributed to the COVID-19 Solidarity Response Fund – we thank you so much for your commitment and support.
“Our updated strategic plan takes into account the lessons we have learned so far, strengthening WHO’s role in global and regional coordination.

Source:http://c.newsnow.co.uk/A/1030932500?-395:737

Of course I know theirs more to this looting I just. Knew it

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Seriously no doubt

tayebest:
No doubt Buhari covers him.

What exactly does this almajiris want from Igboland? Why dont u practice ur Islam peacefully at the north, u guys caused this problem, ur governors should take care of you guys we dont want u down south

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Oh okay that was typo...I meant God

Autotech312:


Kindly use God next time, using the small g means referring to lesser god.

President Muhammadu Buhari Thursday welcomed the exoneration of the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, by the bank’s board, from allegations of impropriety and fraud levelled against him by some officials of the continental bank.

The president also held talks with the Prime Minister of the Islamic Republic of Pakistan, Imran Ahmed Khan, on the campaign for debt relief for Non-Aligned Movement (NAM) members.

The president, in a statement by his spokesman, Mr. Femi Adesina, hailed the outcome of the investigation into the allegations of wrongdoing against the AfDB president, saying that Adesina had not only served Africa well but had made his nation, Nigeria, proud.


Adesina had been under investigation since April by the Office of Integrity and Anti-Corruption (PIAC) as well as the Ethics Committee and Audit and Finance Committee of the continental bank following allegations by “concerned staff members” of the bank who accused him of “various cases of alleged breaches of the code of conduct” of the bank in some appointments and several contracts “approved by Adesina’s team supposedly in violation of the AfDB’s statutory and ethical rules.”

According to reports, 16 of the allegations were documented in English while several others were made in French, including what the employees described as “unusual managerial style,” “dominance of impunity and nepotism,” “chaotic management of human resources” and the “financial waste and lack of budgetary discipline.”


However, a report signed by the Chairman of the Bureau of the Board of Governors of AfDB, Niale Kaba, on Tuesday, absolved Adesina of all the allegations “which were thoroughly investigated by the Ethics Committee of the Board of Directors.”

Buhari, in his statement, quoted Kaba as saying that “on the basis of the results contained in the report of the committee, I am of the view that we should adopt its conclusions by declaring that the president is totally exonerated of all the allegations made against him.”


The president lauded the clearance of Adesina, who is seeking a second term of five years in office, and wished him “greater successes in the position of responsibility he occupies.”



Source:http://c.newsnow.co.uk/A/1030839375?-395:737

Lol it humbled a lot of people

kkkp:
Lolz this ones wey Corona don humble

Legislators uphold Trump's veto against resolution limiting White House's war powers against Iran

'Congress should not have passed this resolution,' Trump said in a statement announcing the bill's veto on 6 May (AFP/File photo)
By MEE staff in Washington
Published date: 7 May 2020 15:30 UTC
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Last update: 28 min 11 sec ago
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The US Senate has failed to override Donald Trump's veto against a resolution that would have prohibited military action against Iran without congressional approval, ending a bipartisan effort to curb the White House's ability to go to war with the Islamic Republic.

In a 49 to 44 vote on Thursday, the Senate fell short of the two-third majority - 67 votes - needed to overturn Trump's objection. The legislation had been approved by both the House of Representatives and the Senate earlier this year.

But Trump refused to sign it into law on Wednesday, portraying it as a political effort to undermine his reelection campaign.

"This was a very insulting resolution, introduced by Democrats as part of a strategy to win an election on November 3 by dividing the Republican Party. The few Republicans who voted for it played right into their hands," the White House said in a statement.

Anti-war activists were quick to denounce Trump's veto, accusing the president of perpetuating endless wars.

"Trump said 'great nations do not fight endless wars,' and yet he has now vetoed two bipartisan War Powers Resolutions to keep us in those wars," Senator Bernie Sanders wrote on Twitter on Thursday.

"Congress must continue its efforts to rein in this lawless president."

The legislation was advanced in Congress after Tehran and Washington came to the verge of an all-out military confrontation early in 2020 when a US strike killed top Iranian general Qassem Soleimani.

Iran responded by firing a barrage of missiles at Iraqi bases that host American soldiers without killing any US troops.

On Thursday, the president's allies in the Senate called for sustaining the White House veto.

"We're clearly not at war. Not only that, but an air strike is not war, defending American lives is not war," Republican Senator James Inhofe said before the vote.

"And the president has made it clear that he doesn't desire war. We all know that. Nobody here wants war."

Inhofe added that "if we tie the president's hands" to respond to Iran, it makes war more likely.
Source:http://c.newsnow.co.uk/A/1030788576?-14432:11


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The Federal Government has activated 22 molecular diagnostic laboratories for testing coronavirus across the six geopolitical zones of the country.

This is in line with the Presidential mandate to the Nigeria Centre for Disease Control (NCDC) to engage in aggressive contact tracing and testing.



It has also set an ambitious target of testing 2 million in another three months.

As at the time of this report, the NCDC has tested 22,492 persons for COVID-19.

The Director-General of the NCDC, Dr. Chikwe Ihekweazu, who made these known in Abuja during the daily briefing of the Presidential Task Force on COVID-19.

He said that although there are 21 laboratories in the country, the number will increase to 22 with Port Harcourt testing laboratory joining the list.

According to him: “We are managing a network of 22 laboratories nationwide now for COVID-19 testing, they are 21 but by the end of today it will be 22 when we add Port Harcourt.



“We don’t own these labs. We only own the National Reference Laboratory in Abuja. We have been working very hard to prepare the rest to do all these testing.

“We have 36 plus one states, therefore, when results are generated from the lab

Source:http://c.newsnow.co.uk/A/1030795738?-395:737


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The Lagos State Government has discharged 48 more COVID-19 patients from its isolation centres.

Governor Babajide Sanwo-Olu disclosed this via his official Twitter handle on Thursday.

This brings the total recovery case in the state to 406.


The governor said the patients, who were all Nigerians, include 32 males and 16 females.

He said, “The patients, 28 from the Mainland Infectious Disease Hospital, Yaba, six from Lekki, one from Onikan and 13 from LUTH Isolation Centre, were discharged having fully recovered and tested negative to #COVID19 in two consecutive readings.”

Source:http://c.newsnow.co.uk/A/1030794990?-395:737

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;So true

abobote:
Get well soon. meanwhile, CNN are eagerly waiting for any negative news from the white house

May god help us

dkdmy:
COVID 19 has indeed brought the whole world to its knees! Na God Hand we dey now

The FG needs every kobo it can get through corporation tax right now.......bad idea!

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Nawaoo. god help us
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