By Ijeoma Agudosi-Lagos Chevron’s subsidiary, Star Deep Water Petroleum, has awarded FMC Technologies, a US$268 million contract to provide subsea equipment for operations for the Agbami field’s Phase 3, offshore Nigeria. The Agbami field is located 113km off the coast of the central Niger Delta region, at a water depth of about 4800ft. Agbami, Nigeria’s largest deepwater development, is FMC’s first major subsea project in Nigeria which comprises twelve four-slot manifolds and suction piles. Phase 3 of the project includes a five-well drilling program. Front-end engineering and design work began in early 2014 and drilling is scheduled to continue through…
Author: orientalnewsng
By Yemisi Izuora/Ijeoma Agudosi-Lagos The Nigerian Ports Authority (NPA) has disclosed that 11 ships laden with petrol had arrived in Lagos ports according to NPA’s daily publication, the ‘Shipping Position,’ The document indicated that three other ships had arrived the ports with base oil and aviation fuel. It stated that seven other ships arrived with food items including bulk malt, bulk sugar, rice and bulk fertiliser. The document explained that 53 ships were expected to sail into the ports from December 23, 2014 to January 28, 2015. It indicated that 27 of the expected ships would sail into the ports…
By Yemisi izuora Three renewable energy companies –Solius NGPC, Peoples Home Association and Solar Force Nigeria Limited – have signed a Memorandum of Understanding (MoU) with the Federal Government for the production of 1000 megawatts solar electricity across the country. Apart from power generation, the companies would also provide training for their Nigerian staff. Chairman of Solius Solution, Mr. Onu Eluwa, promised to establish a training school here in Nigeria as part of his company’s commitment to Federal Government power sector reform. Chief Operating Officer of Peoples Home Association, Rasaki Porbeni, disclosed that the company will provide 500MW solar power.…
Source- punch CBN Governor, Mr. Godwin Emefiele Weighed down by rising non-performing loans, Deposit Money Banks have begun aggressive loan recovery exercises aimed at cutting down their NPLs. It was learnt that the NPLS of many DMBs had risen above the regulatory threshold of five per cent of their total risk assets. In order to avoid the Central Bank of Nigeria’s big hammer, which might come early next year, it was learnt that a good number of the lenders had written to their defaulting debtor customers asking them to settle their debts. A number of the debtors have been given…
By Yemisi/Ijeoma Agudosi Izuora-Lagos The Africa Centre for Energy Policy, Ghana Chapter (ACEP Ghana), has launched a report which seeks to highlight governance challenges, corruption and local content issues in the oil and gas industry. The Report titled ‘Local Content Development in the Petroleum Upstream sector-A Comparative Analysis of Ghana, Nigeria and Angola,’ was generated by ACEP with support from IBIS Ghana under its Africa Against Poverty (AAP) Programme. IBIS is a Danish Non-Governmental Organization, working at the global, national and local levels for the empowerment of civil society and underprivileged communities, with a focus on equal access to education,…
By Ijeoma Agudosi-Abuja The Federal Government has set January 1, 2015 as the effective date for the beginning of all contractual obligations in the Nigerian electricity market. Minister of Power, Prof. Chinedu Nebo, who announced this said that the main focus of the TEM would be the consummation of all contractual obligations as stipulated in the market rules. He said the TEM declaration was not the start of the transition, but an attempt to make the market more mature and robust. He called on all players to do their best, stressing that the Federal Government would not accept any excuse…
By Yemisi Izuora-Lagos Key industry analysts say the oil price has bottomed out, even as Opec assures that real recovery will happen towards the end of 2015 Oil prices jumped by 2 per cent overnight(Tuesday), bringing up the cost of Brent crude by more than $1 per barrel to $62.64, but the gains come as Saudi Arabia’s oil minister confirmed that there would be no cut in production despite the recent dramatic decline in oil prices. Saudi oil minister, Ali al-Naimi, said in Abu Dhabi that “The kingdom of Saudi Arabia and other countries sought to bring back balance to…
Source-Daily Independent The subsidiaries of Nigerian insurance companies in Ghana including Equity Assurance, WAPIC, Regency Alliance, IEI Ghana and NEM Insurance, as well as all local insurance companies in the country have been directed to comply with the new solvency regime issued by the National Insurance Commission (NIC). The solvency framework takes effect on January 1, 2015. In circular to the chief executive officers of insurance, reinsurance and broking companies dated December 19, the Commissioner of Insurance, Ms. Lydia Bawa, justified the rationale for this new solvency framework, saying “recent developments worldwide require that our solvency regime complies with the…
Agency Report The tumbling oil prices that have slashed Nigeria’s revenue and roiled currency and stock markets in Africa’s biggest economy may have a silver lining: an excuse for the government to scrap fuel subsidies that cost as much as $7 billion a year. It’s an opportunity President Goodluck Jonathan, concerned that such a move would provoke protests before his bid for re-election in February, may not seize, analysts say. “Politics often trumps prudence and there’s an entrenched social expectation for fuel to be subsidized,” Gareth Brickman an analyst at Johannesburg-based ETM Analytic said in a Nov. 28 e-mailed…
By Yemisi Izuora-Lagos Total foreign exchange inflow into the economy amounted to US$44.18 billion, representing an increase of 12.4 and 14.6 per cent above the levels in the preceding quarter and the corresponding quarter of 2013, respectively. This development was attributed , largely, to the increase in non-oil receipts through autonomous sources. Oil sector receipts, which accounted for 22.5 per cent of the total, stood at US$9.95 billion, compared with the US$11.21 billion and US$9.52 billion recorded in the second quarter of 2014 and the corresponding quarter of 2013, respectively. According to the Central Bank of Nigeria (CBN)report for the…