₦airaland Forum

Nigeria plans to double oil production and triple its refining capacity within six years, reviving previous pledges that turned out to be too ambitious.

The OPEC member is looking to pump 4 million barrels a day by 2025 and increase refining capacity to 1.5 million barrels daily, Maikanti Baru, managing director of state-owned Nigerian National Petroleum Corp., said at a conference Thursday in the capital, Abuja.

“Nigeria needs to unlock new barrels as quickly as possible,” he said.

Africa’s biggest oil producer pumps 2.2 million barrels a day and previously set a 4-million target for 2010, before successively delaying it.

The country, where output peaked near 2.5 million barrels a day in the middle of the last decade, has grappled with militant attacks, leakages and theft at its oil installations.

“Targets such as these are not new to NNPC,” said Cheta Nwanze, an analyst at Lagos-based SBM Intelligence. “Nigeria has not met a single production target for at least a decade now, in many cases because of security concerns.”

Self-Reliant

Nigeria also wants to be self-reliant in meeting its fuel demand and cut imports that put a strain on foreign reserves. Oil Minister Emmanuel Ibe Kachikwu told the BBC in 2017 that he’d step down if the country doesn’t achieve that goal by the end of this year.

The target is likely to be missed as the four state-owned refineries struggle to fully utilize their combined 445,000 barrel-a-day capacity following years of neglect and mismanagement .

Baru said part of the additional refining would come from a 650,000 barrel-a-day complex being built near Lagos by Aliko Dangote, Africa’s richest person. NNPC is working with private investors for the remainder, Baru said.

“The desperate need for an improvement in local refining capacity has been obvious for decades,” Nwanze said. The 2025 plan is “extremely optimistic.”

NNPC, which pumps crude from the country’s fields in partnership with international companies like Royal Dutch Shell Plc and Exxon Mobil Corp., returned to profit in 2018 after reporting losses in at least the three previous years, according to statements on its website. That was mainly due to the strong performance of its oil and gas production unit. Its refineries had a $365 million operating loss.

From: https://www.worldoilinfo.com/world-oil-news/nigeria-nigeria-revives-plan-to-double-oil-output-triple-refining

Nigerian oil company Seplat said on Wednesday it had taken a final investment decision to develop gas fields in the country’s Imo state and would raise $700 million for the venture in partnership with state-owned NNPC.

Seplat Chairman and co-founder A.B.C Orjiako told Reuters during a visit to London a decision had been taken to develop the Assa north and Ohaji south gas fields. He said the company was deepening its operations in the sector.

The company, which has dual listings in Lagos and London, is focusing heavily on gas investments, drilling and acquisitions to boost its gross output with the aim of tapping into demand for electricity. It now supplies around 30 percent of the gas required for power generation in Nigeria.

Orjiako said Seplat’s gas production stood at 525 million standard cubic feet (scuf) per day from 90 million scuf nine years ago.

https://www.worldoilinfo.com/world-oil-news/nigeria-seplat-eyes-700m-for-gas-development-in-imo-state-nigeria

The Nigerian government has approved the request to revoke the licences of six Oil Mining Leases (OMLs) including one oil prospecting lease (OPL), in the onshore, shallow water and deepwater Niger Delta basin.


The request was made by the country’s Ministry of Petroleum Resources.

The assets are all held by Nigerian companies.

Revocation is the ultimate penalty for defaulting on royalty payments and the Nigerian government has not always be keen to wield the stick. Indeed, the country is perhaps the most lenient in Africa, in applying the full force of the law on oil acreage rent, especially when it concerns local E&P companies.

The acreages affected include OML 98, an onshore asset located on the western flank of the Niger Delta, held by Pan Ocean, a company controlled by the Nigerian businessman Festus Fadeyi; OMLs 120 and 121, held by Allied Energy, which has changed its name to Erin Energy and has now gone bankrupt; OML 108, held by Express Petroleum, but whose technical activities are managed by Shebah Exploration & Petroleum, a company owned by Seplat Chairman A.B.C Orjiakor and OML 141, held by Emerald Resources whose principal, Emmanuel Egbogah, passed on recently.

The only OPL among them is OPL 206, held by Summit Oil International, a company founded by the late Moshood Abiola, politician and businessman, whose victory at the country’s Presidential elections in 1993 was annulled by the Military.

Read: https://www.worldoilinfo.com/world-oil-news/nigeria-nigerian-government-revokes-licences-of-some-oil-blocks

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.worldoilinfo.com/world-oil-news/nigeria-shell-to-invest-15-billion-in-nigeria-s-oil-and-gas-industry

Read more on oil and gas news :
https://www.worldoilinfo.com/

Nigeria Leading by 1 goal. Canada W. 0: 1 Nigeria W. First Half 31mins

Good information here. I encourage all to read what is going on in the oil and gas industry globally:
https://www.worldoilinfo.com/

Here you have the opportunity to download a daily news map with oil blocks of Nigeria and other countries in the world.

Exxon Mobil recently held talks on the sale of a suite of oil and gas fields in Nigeria as the company focuses on new developments in U.S. shale and Guyana, industry and banking sources told Reuters.

The potential disposals are expected to include stakes in onshore and offshore fields and could raise up to $3 billion, two sources said. “Exxon is actively divesting in Nigeria,” one source who was briefed on the divestment plans said.

Exxon officials have held talks in recent weeks with several Nigerian companies to gauge their interest in the fields. One source said Exxon was soon due to open a “data room” – which would provide technical information on the fields, such as seismic and production details – in Nigeria.

The discussions focused on a number of onshore fields Exxon shares in joint ventures with Nigerian state oil firm NNPC, including oil mining leases 66, 68, 70 and 104, one source said. Exxon’s share of oil production in those fields reached 120,000 bpd in 2017, the last year for which data was available. Exxon is also weighing the possible sale of stakes in offshore fields in Nigeria, two sources said.

From www.worldoilinfo.com
https://www.worldoilinfo.com/world-oil-news/nigeria-exxon-weighs-sale-of-nigerian-oil-and-gas-fields-for-up-to-3-bln

Seabird is a Geophysical company and has secured an multi billion dollar contract in West Africa. Graduates of Physics, Geology, Survey and Geo-Physics please go for this and get a good paying job.

SeaBird Exploration has announced two new contracts:

The Company has received a letter of award for a niche 3D survey in West Africa, with a total value of approx. USD 6.5 million. The survey is expected to commence in the 2nd quarter of 2019, with a total duration of about 80 days. The total duration includes associated vessel transit. Due to fleet positioning and other contract opportunities, SeaBird will time-charter the Nordic Explorer for this survey and will also bid the Nordic Explorer for subsequent opportunities in the second half of 2019. In connection with the charter agreement, SeaBird will receive nine kilometers of ION DigiSTREAMER from the owners of the Nordic Explorer.

Furthermore, SeaBird has secured a source contract for an OBN survey in the Gulf of Mexico. The contract has an expected duration of three weeks and will start in early April. SeaBird's Harrier Explorer has been working on this survey since February 2019, under a previously announced contract. She will now be joined by the Osprey Explorer, which recently completed other work in the region, for a period of simultaneous source operations. Separately, SeaBird has also agreed a 21 day off-hire period for the Voyager Explorer related to a technical stop in January 2019.

SeaBird is seeing increasing demand for its services within the source vessel, 2D and niche 3D markets. In 2018, total duration on received tenders was up 52% compared to 2017, and the Company experienced a 40% increase in days on contract in the same period. Rates on new contracts across the three operating segments are as a result up 15-30% year on year.

As a consequence of increased demand in all regions, SeaBird turned down work in the first quarter of 2019 due to scheduling conflicts based on its current fleet capacity of four operating vessels. To be able to pursue a strong and diversified pipeline of contract leads in all segments, the Company is evaluating several attractive opportunities for vessel capacity expansion. This includes an option to add the BOA Galatea and BOA Thalassa to the operational fleet, which are currently owned by BOA SBL, a subsidiary of BOA Offshore. These vessels are well suited for source and 2D operations, as well as EM seabed logging, for which BOA Thalassa is currently contracted with EMGS ASA until September 2019, with options to extend for three times six months. SeaBird has received irrevocable acceptances from a majority of Boa SBL bondholders for a sale of the vessels based on an en bloc valuation of NOK 185 million.

In addition, the Company is considering entering into other negotiated charter arrangements for capacity expansion at flexible terms.

SeaBird emphasizes that no binding decisions have been made regarding any capacity expansion at the current stage and the Company is evaluating the alternatives. SeaBird will only enter into binding agreements at structuring terms accretive to current shareholders.

Read more:
https://www.worldoilinfo.com/world-oil-news/w-africa-seabird-secures-two-new-contracts-on-3d-survey-in-west-africa

Good for the country, more money and reduced cash calls to the multinationals oil companies. Hope the extra money will be used to improve our dead facilities (Health, Education, Transport etc)

Nigeria plans to cut its stake in joint oil ventures with multinational oil companies to 40 percent this year, its budget minister said, as the country seeks to boost revenue to grow an economy recovering from recession.

Oil companies including Royal Dutch Shell, Chevron and ExxonMobil, operate in Nigeria through joint ventures with the state-owned NNPC.

NNPC owns 55 percent stake in its joint venture with Shell and 60 percent stakes with others.

The government has considered reducing its majority stakes in these joint ventures for more than a decade but was under little pressure as higher oil prices boosted state coffers.

Budgets under Muhammadu Buhari, who starts a second term in May, have been Nigeria’s largest ever and the government has been seeking to boost revenue after it emerged from a 2016 recession two years ago.

Source: https://www.worldoilinfo.com/world-oil-news/nigeria-nigeria-to-sell-stakes-in-joint-oil-assets-to-boost-coffers
Read more daily oil and gas news: https://www.worldoilinfo.com/

[Nigeria] Nigeria to sell stakes in joint oil assets to boost coffers


Nigeria plans to cut its stake in joint oil ventures with multinational oil companies to 40 percent this year, its budget minister said, as the country seeks to boost revenue to grow an economy recovering from recession.

Oil companies including Royal Dutch Shell, Chevron and ExxonMobil, operate in Nigeria through joint ventures with the state-owned NNPC.

NNPC owns 55 percent stake in its joint venture with Shell and 60 percent stakes with others.

The government has considered reducing its majority stakes in these joint ventures for more than a decade but was under little pressure as higher oil prices boosted state coffers.

Budgets under Muhammadu Buhari, who starts a second term in May, have been Nigeria’s largest ever and the government has been seeking to boost revenue after it emerged from a 2016 recession two years ago.

https://www.worldoilinfo.com/world-oil-news/nigeria-nigeria-to-sell-stakes-in-joint-oil-assets-to-boost-coffers
Read more or Oil and gas Niews: www.worldoilinfo.com

Most African countries are now producing oil and will be another importation destination for Nigeria. Dangote refinery when commissioned can help to force the government to do that, whether Atiku or not, because the level of redundancy for them if the they don't wake up will be alarming.

Better for us to privatise this elephant so we reap the fruit of our oil resources. Ghana has strike oil and are in the make of using it to better their economy just few years of commercial discovery. Egypt and other African countries are there too. Read what is happening in Africa oil and gas
https://www.worldoilinfo.com/blog/categories/africa
www.worldoilinfo.com

The words are the same, but reading from the Holy Bible is referred to as the holy scripture, the book contains no other word than the word of God, no Facebook, no whatsapp, no web contents. If you have a tablet that contains only the scriptures good enough to be holly, otherwise the content is not Holly.

Can any Nairlander give a help on how to use herbal treatment to cure Fibroid.
The fear of cutting for women now is generating high level of fears on many.

For small scale business you can do that, but when a business has to go corporate, there is no option than to have a loan to boost your financial base. This can come from the shareholders or directors most times from the bank. It might not be called borrowing as per say rather loan with collateral. Borrowing in the normal sense does not go with a collateral, it is most times an understanding between two or more people. When planing a big time business, there is no limit to the growth and to achieve that, you need to have no limit to finance and the only way is loan facilities. For a small scale, the growth depends on how much you have.

A life changing inspirational quotes and messages from different world preachers, focusing on inspiring you for the day and bringing fulfillment of joy into your life.
Welcome to One Minute with God.

Our inspirational message is taken from the book of John 6 verse 35.

And Jesus said unto them, I am the bread of life, he that cometh to me shall never hunger, and he that believeth on me shall never thirst.

Life is precious to us who are living, fueled by food and water to give us strength and good health every day. Have you considered feeding your soul? Does your soul have enough strength today? Have you thought of holding on to the man that is the bread of life? This is the bread that feeds your body and soul. HE thought us to pray this way, “Give us this day our daily bread”. The bread you will taste and shall never hunger. That is Jesus. He that gives the living water and you shall never thirst again. Having him today in your life will give you room for full life satisfaction. He has given you the bread of life, which is salvation. It is the food that endures to eternal life, which only the Son of Man can give. Come to Him and have that bread.


One minute with God

A life changing inspirational quotes and messages from different world preachers, focusing on inspiring you for the day and bringing fulfillment of joy into your life.
Welcome to One Minute with God.

Our inspirational message is taken from the book of John 6 verse 35.

And Jesus said unto them, I am the bread of life, he that cometh to me shall never hunger, and he that believeth on me shall never thirst.

Life is precious to us who are living, fueled by food and water to give us strength and good health every day. Have you considered feeding your soul? Does your soul have enough strength today? Have you thought of holding on to the man that is the bread of life? This is the bread that feeds your body and soul. HE thought us to pray this way, “Give us this day our daily bread”. The bread you will taste and shall never hunger. That is Jesus. He that gives the living water and you shall never thirst again. Having him today in your life will give you room for full life satisfaction. He has given you the bread of life, which is salvation. It is the food that endures to eternal life, which only the Son of Man can give. Come to Him and have that bread.

One Minute with God.