All Posts in "Day: February 29, 2024"

Reps To Probe CBN Loan For Botched National Mass Metering Programme

The House of Representatives on Thursday,says it will investigate the disbursement and use of funds under the National Mass Metering Programme by the Central Bank of Nigeria (CBN) and to ascertain the level of compliance with the terms and conditions of the loans.

It also resolved to investigate cases of discrepancies, mismanagement, and non-compliance with the terms and conditions of the loans disbursed as well as the level of oversight, monitoring, and evaluation of the use of the funds.

The House arrived at this,in a resolution following a motion sponsored by Uchenna Harris Okonkwo.

The House asked the federal government to prioritise the implementation of the Power Sector Recovery Program, which provides a roadmap for sustainable power sector reform.

It also asked the Central Bank of Nigeria (CBN) to provide a detailed report on the implementation of the National Mass Metering Program (NMMP), including the number of loans disbursed, the amount disbursed, and the status of the loans, to the House of Representatives.

The House further directed the Nigerian Electricity Regulatory Commission (NERC) to provide a comprehensive assessment of the performance of the DisCos in metering customers and eliminating estimated billing.

The lawmaker had informed the House that the National Mass Metering Program (NMMP) was launched by the federal government of Nigeria through the Central Bank of Nigeria (CBN) to provide funds as loans to the licensed Electricity Distribution Companies (DisCos) to improve customers metering and eliminate estimated billing.

He said the NMMP aimed to cover over 6 million households and businesses with meters before the end of 2021 as part of the power sector reform agenda to promote transparency, accountability, and efficiency in the power sector.

According to him,there have been reports of discrepancies, mismanagement, and non-compliance with the terms and conditions of the loans disbursed under the NMMP by some DisCos, leading to inefficiencies, underperformance, and failure to achieve the objectives of the NMMP.

He maintained that lack of proper oversight, monitoring, and evaluation of funds disbursed under the National Mass Metering Program by the Central Bank of Nigeria, has created opportunities for corruption, diversion, and misappropriation of public resources.

admin by — February 29, 2024 in Power 0
HEOSL Advocates Qualitative R&D For Sustainable Development In African Oil,Gas Industry

Mohammed Shosanya

Ado Oseragbaje, CEO, Heritage Operational Services Limited (HEOSL), has advocated the need for more high-quality Research and Development for the sustainability of African Oil and Gas industry.

He made this call while responding to a question during a panel discussion on Thursday, at the ongoing Nigeria International Energy Summit in Abuja.

At the panel, which was on African Content & Opportunities with the theme, Sustainability and the Future of Content Development in Africa’s Energy Sector, the CEO, who was represented by Nelson Wilbert, GM Operational Integrity, harped on the need for commitment to research and development from the leadership of the value chain players in the oil and gas industry.

He added: “Everything you do has to be outcome-driven. We really need research and development to drive technology and sustainability. We need to go back to our curriculum and teach our people how to be innovative.” And this must be done with a sense of urgency for there is no time to waste because of the dynamism of the industry”.

He advised other oil companies to hold Nigerian contractors to high standards,adding that,that is the way to make local contractors more competitive internationally and also be more sustainable.

The panel session, which was moderated by Ms. Iroghama Ogbeifun, Managing Director, Starzs Investment Co. Ltd, was put together to foster discussions on creating a sustainable, forward-looking approach to content development in Africa’s energy sectors, considering environmental impact, technological advancements, sector-specific dynamics, and opportunities for future growth.

Other discussants included Mr. Obi Uzu, General Secretary, PETAN; Mrs. Rosario Osobase, Managing Director, Tenaris Nigeria; Mrs. Ngozi Oyewole, Chairman, Commonwealth Business Women Group; Mr. Abiodun Ogunjobi, Chief Technical Officer, Newcross EP Limited; Mr. George Onafowokan, Managing Director/CE, Coleman Cables & Wires Limited; Dr. Bukola Olusola, Managing Director, Matrix Energy Exploration & Production Co. Limited; Mr. Nelson Wilbert, GM, Operations Integrity Heritage Energy Operational Services Limited; Mr. John Anim, Managing Director, Platform Petroleum Limited.

admin by — February 29, 2024 in Oil&Gas 0
Tinubu To Labour Unions:Your Appetite For Strikes Disappointing

Mohammed Shosanya

President Bola Tinubu on Thursday, expressed his disappointment in the leadership of the Nigeria Labour Congress and Trade Union Congress.

He accused them of indirect involvement in the Nigerian political system.

According to him, a situation where Labour Unions instigate the people to protest, barely nine months into his administration was totally unacceptable, warning both groups that they were not the only voice to be heard in the country.

The President spoke while inaugurating the first phase of the Lagos Rail Mass Transit (LRMT) Red Line project, a 37km project expected to reduce travel time and improve transportation and logistics in the state.

“Some labour unions should understand that no matter how we cling to our freedom and rights, to call for strikes within the first nine months of a new administration is unacceptable.

”If you want to directly participate in the electoral process, wait until 2027, if not, maintain the peace. Labour is not the only voice of Nigeria,” the President added.

He reaffirmed his administration’s commitment to eradicating corruption,calling on labour unions to refrain from disruptive actions.

The Nigeria Labour Congress had mobilised workers across some states of the federation and the FCT to protest what they termed unbearable economic hardship, following the removal of fuel subsidy.

They had also accused the Federal Government of reneging on the implementation of palliative measures that would cushion the effect of the subsidy removal policy, while also slamming a 14 days ultimatum to the authorities.

The President witnessed the signing of the contract for Phase 2 of the LRMT Red Line project by the Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA), Engr. Abimbola Akinajo, and the Chairman of CCECC Nigeria Limited, Jason Zhang.

Before departing for a state visit to Qatar, Tinubu embarked on an inaugural train ride from the Ikeja station to the Agege station, accompanied by Lagos State Governor, Babajide Sanwo-Olu; Deputy Governor of the State, Dr. Obafemi Hamzat; some state governors; members of the Federal and State Executive Councils; members of the Federal and State Legislative Assemblies; Chinese Ambassador to Nigeria, Cui Jianchun, and a select group of journalists.

At a train station in Ikeja, Tinubu directed the Minister of Transportation, Senator Sa’idu Alkali, to ensure that the federal and subnational governments strengthen their collaboration to provide reliable, efficient, and affordable transportation systems for all Nigerians across the country.

”It is my singular pleasure to inaugurate the first phase of the LRMT Red Line to the glory of God Almighty and for the benefit of the people.

”Today, I am seriously honoured that I am a Lagosian and the first to be President of the Federal Republic of Nigeria.

admin by — February 29, 2024 in News 0
Divestment:How To Overcome Challenges Faced By Independent Producers-NNPC Ltd

 
 
 
Mohammed Shosanya
 
 
 
 
The Nigerian National Petroleum Company Limited (NNPC Ltd) has advocated the need for deeper collaboration among upstream operators, especially independent producers, to find solutions to the challenges hindering the effective development of divested assets in the nation’s oil and gas industry.
Its Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, made the call on Wednesday at a panel session in the ongoing 2024 Nigerian International Energy Summit (NIES 2024) holding in Abuja.
Olufemi O. Soneye,Chief Corporate Communications Officer,NNPC Ltd quoted Oritswmeyiwa as saying this
on the theme: “Innovation, Collaboration, and Resilience: Empowering Independent Producers in the Dynamic Energy Era”.
Eyesan stated that past experiences with divestments and how the assets were operated have left much to be desired as most of them experienced a drop in production rather than growth.
“In the industry, if you want to measure success, there are some basic indicators that you utilise – production growth, reserves growth, and asset integrity. If I were to evaluate prior investment initiatives and scale the actors using these indices, I will be untrue to myself if I say everybody has done well. Yes, we acquired the assets; but today, we are worse off in terms of production than we were when we did the acquisition”, the EVP lamented.
She, however, acknowledged that there were some success stories in the operations of the independent producers.
She identified some of the challenges to include insecurity, lack of finance, and lack of technological capacity, stressing that with collaboration among industry players, the challenges could be surmounted.
“Collaboration cannot be overemphasized. Somebody said we should be in a state of emergency, and I totally agree with that. It’s not by sitting here and talking about the challenges, I think we should have a war room where we raise the issues and set out concrete plans to resolve them rather than wait for stakeholders individually to take them on. We need collaboration, collaboration, and collaboration”, she enthused.
The panel session had key players in the sector such as: the Chief Executive Officer of Aradel Holdings, Mr. Adegbite Falade; Managing Director of SNEPCo, Mrs Elohor Aiboni; Managing Director of First E & P Development Company, Mr. Demola Adeyemi-Bero; and Chief Executive Officer, TotalEnergies, Mr. Matthieu Bouyer.
admin by — February 29, 2024 in Oil&Gas 0
Ambrose Alli Varsity Lost 25 Lecturers To Non Payment Of Salaries-ASUU

Mohammed Shosanya
The Academic Staff Union of Universities (ASUU), Ambrose Alli University (AAU), Ekpoma Chapter, on Thursday disclosed that it has lost over 25 members due to non payment off their salaries since 2021.
Dr. Cyril Oziegbe Onogbosele
Chairperson, ASUU, AAU, Ekpoma, disclosed this on Thursday while briefing newsmen in Benin City on what he tagged “Ambrose Alli University, Ekpoma: How not to manage a University – A Call For Rescue.
He said,”Within the period of focus, from that date to present, we have lost no fewer than 25 of our members from our records.This is since 2021. You see, we are in distress,we are in crisis.
“It is even more critical when you are ill and you don’t even have the means, the financial well-withal to take care of your health. In that cases, it has been revealed that there is a connection between non payment of salaries and death.
“We have the information of our members of what they have been passing through that even getting money to buy drugs, they could not get and in the end point, is death.
“So, there is a relationship between non regular payment of salaries and death or the state of health of members. It can even create ill health and when there is an ill health, the end point is death
According to him,for no reason, many academic staff have been denied payment of salaries for 26 months since January 2022.
He said the affected staff in the University have been working in pains without pay, adding that they were not tried, or found wanting in violation of the university’s rules and regulations to warrant denial of their salaries.
He said it is an act of slavery to make a human being work without pay and that even in modern wars, it is criminal to use hunger as a weapon.
He added that the SIT/Government’s repeated announcement that it does not owe staff of the University any salary is not true but a ploy to distract the public from the sordid reality of pains, hardship and poverty facing the staff of the university.
Blaming the SIT for the woes befalling the institution, Onogbosele said the prospective students seeking admission in the university have dropped from 14,000 in the previous years to barely 3000 in 2024.
Onogbosele,who decried the state of the institution further noted that the repositioning of a university does not translate to infringement on workers’ rights, denial of wages and lack of improved welfare for workers.
He added that the constitutional right and freedom of workers to unionize should be respected and protected just as he said that without further delay, there should be restoration of the ideal form of university governance in the University with the immediate constitution of a Governing Council for the institution.
He also said that without further delay, the problem of selective/outright denial of payment of salaries of staff in the University should be resolved with payment of all outstanding salaries to staff of the institution,adding that anything short of this is an open invitation to industrial crisis, restiveness and an unwholesome university environment.
Calling for the immediate restoration of the Governing Council to the University, Onogbosele said the current management model in the University is bizarre and far from the ideal style of institution’s management and administration in the country.
“The current administrative and management structure of SIT in the University is antithetical to university autonomy in terms of procedural self-governance, substantive independence and academic freedom.
“As a result, the University is being run on directives from the State House through the SIT, resulting in the University’s statutory organs, including Senate, functionally non-existent. We condemn a situation where the University’s Senate is no longer useful as all its functions have either been usurped or taken over by the SIT.
“For instance, SIT has taken over academic matters in the University to the extent that SIT now examines courses and fixes scores for continuous assessment (CA) in the University by arbitrarily raising it from 30 to 50 marks in a desperate bid to compel students to pay fees.
“This is a direct breach of the University’s law, Senate rules and NUC guidelines on continuous assessment. All Acting Principal Officers of the University have become nominal officers with SIT.
“The SIT has completely taken over the administration of the University. With SIT, the Acting Vice Chancellor of the University, Prof. Sonnie Adagbonyin is not better than a secondary school prefect, this is abnormal which much be corrected without further delay” he declared.
admin by — February 29, 2024 in Law/Human Rights 0
Corps Member Gives Birth To Twins In Ebonyi Camp

    Mohammed Shosanya
A youth corps member, Maryjane Nwonu undergoing the compulsory 21-days Orientation at NYSC Permanent Orientation Camp has delivered of twins at Alex Ekwueme Federal Teaching Hospital, Abakaliki.
The Coordinator of NYSC in the State, Mrs Foluke Oladeinde stated this during a visit to the mother of the twins, at Alex Ekwueme Federal University Teaching Hospital Abakaliki.
Mrs Oladeinde explained that the mother of the twins, Maryjane Nwonu was a  2024 Batch A Stream One corp member deployed to its Permanent Orientation Camp Afikpo for her three weeks Orientation Course but was sent home as a result of her condition.
The Coordinator,who presented gift items to the twins noted that the Scheme was happy to receive the babies and had named them after Governor Francis Nwifuru of Ebonyi State and her husband,Oladeinde.
The corps member,Maryjane said she was impressed by the level of care and attention given to her when she reported to Camp and promised to raise the babies to become good ambassadors of NYSC in future.
Her husband,Mr. Paul Nwonu expressed appreciation to NYSC for coming to receive the babies and for prioritizing the safety of corps members with special attention.
admin by — February 29, 2024 in News 0
FG Says 1,068 Oil Projects Will Attract $22.8bn Investments

       Mohammed Shosanya
The Federal Government,says about 1,068 oil and gas projects approved between 2022 and 2023 that are currently ongoing across the country will attract a total of $22.8billion investments.
The Chief Executive,the Chief Executive, NUPRC, Gbenga Komolafe, disclosed this during a panel session at the ongoing 7th Nigeria International Energy Summit in Abuja.
Nigeria’s technical crude oil production potential,he said,was currently 2.26 million barrels per day,adding that the country was gradually approaching the oil production quota approved by the Organisation of Petroleum Exporting Countries.
He spoke on  the success story in Nigeria’s oil sector, saying: “A total of 51 Field Development Plans (were) approved in the year 2022 – 2023, expected to attract a total $17.64bn investment inflow as well as deliver cumulative oil recovery and gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet respectively in the next five years.
“A total of circa $2.5bn investment in 175 wells drilling in the year 2022 – 2023. A total of $2.68bn investment in 842 well workovers and other well intervention activities in the year 2022 – 2023 resulting in increased average oil production.
“275 per cent growth in rig count from just eight in 2021 to average of 30 in the past one year. Early first oil achieved in recently streamed fields  through accelerated FDPs.
“Some of the fields include: Ikike (Total), Efe field (Newcross), Utapate, (NEPL), Akubo Field (SEEPCo), Oyo (General Hydrocarbon) and several others streamed under Extended Well Tests including Ethiope, Omefejo, Ofa, Olure, Ibom, Apani,  Kalaekule, etc.”
According to him,though the actual national crude oil production currently averages 1.33 million barrels per day and 256,000 barrels of condensate per day, the national  technical production potential currently stands at 2.26 million bpd, while the current OPEC quota is 1.5 million bpd.
“Closing the gap between the actual oil production and the technical potential presents a window of  investment opportunities for investors and a significant  opportunity for Nigeria to unlock additional revenue streams, address the current foreign exchange gap and strengthen her economic resilience. So there is opportunity in every disability,” he stated.
He said the commission had also intensified efforts in collaborating with the International Oil Companies to ensure accelerated maturation and development of some high volume deep offshore assets.
“The commission has created further investment opportunities through the ongoing licensing round for seven deepwater acreages, as well as the proposed 2024 closed bids expected to increase the nation’s reserve and  production and boost national revenue.
“At this point, permit me to reiterate that both open and closed bids are permissible by the law as Section 73(1) of the PIA does not preclude either approach, so far as the licensing round is ‘…based on a fair, transparent and competitive  bidding process’.”
He noted that in addition, huge opportunities also exist in Seismic acquisition on multiclient basis, development of deeper hydrocarbon opportunities,  drilling and well services in both green and several mature fields, waste management, etc.
“There are also business prospects in decarbonisation and carbon-pricing system currently being stewarded by the commission. Each of these areas provide a unique entry point for willing investors,” Komolafe stated.
He also reassured willing investors that implementation of the Host Communities Development Trust (HCDT) provisions of the PIA has restored confidence and created social inclusion for the host communities by the operators.
According to him, the Commission, in carrying out its oversight roles, has registered a total of One Hundred and Three (103) HCDTs, and has deployed an intelligent digital, platform for reporting, monitoring, and ensuring transparent administration of the HCDTs for sustainable operations in the Nigerian communities.
NUPRC boss further stated that the Commission is at the forefront of a national mission to achieve a zero-flare target by 2030 and net zero carbon emissions by 2060.
He stated that spearheading this ambitious drive are various initiatives, notably the innovative flare commercialization program known as the NGFCP.
Komolafe stated that the establishment of a College of Awardees, post the allocation of 49 NGFCP flare sites, serves as a platform for honorees to share expertise, connect with stakeholders, and access vital support systems.
This collaborative effort, according to him, aims to unite top-tier service providers, technology experts, financiers, and multilateral agencies to ensure the seamless execution of flare commercialization projects.
Besides,the NUPRC’s boss highlighted the organization’s remarkable progress in embracing innovation, this includes, transitioning from manual operations to a tech-driven approach over the last three years, which has further empowered NUPRC to harness data analytics and artificial intelligence.
He said, “This shift has not only optimized efficiency but also enabled informed decision-making, eradicated delays, and bolstered productivity, transparency, and accountability.
“Moreover, this tech evolution has instilled a culture of technological advancement within Nigeria’s oil and gas sector, with companies increasingly investing in cutting-edge technologies like data analytics,” Engr. Komolafe said.
admin by — February 29, 2024 in Oil&Gas 0
Lokpobiri Inaugurates NCDMB Governing Council,Promises To Increase Local Content Achievements 

Mohammed Shosanya

 

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri,Thursday in Abuja inaugurated the 4th Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB).

The Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the oil and gas industry.

Members of the new NCDMB Council were first announced by President Bola Tinubu on December 7, 2023, and they would be chaired by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, while the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, would serve as the Secretary of the Council.

Other members include the Executive Vice President, Gas, Power, and New Energy, Nigerian National Petroleum Company Ltd, Mrs. Oritsemyiwa Eyesan, the Chief Executive Officer of the Nigerian Upstream Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, the representative of the Ministry of Petroleum Resources, Mrs. Bekearedebo Augusta Warrens and the Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Nicholas Odinuwe.

Others include the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, Chairman of the Council for the Regulation of Engineering (COREN), Prof. Sadiq Abubakar and the representative of the Nigerian Content Consultative Forum (NCCF), Dr. Raphael Samuel.

Speaking,the Minister congratulated the members of the Governing Council on their nomination, noting that it was based on their expertise and experience in various fields of endeavour.

He explained that the NOGICD Act provided for institutional representation on the Governing Council, to enable the agency to benefit from the expertise and professionalism of key organisations and change the narrative in the oil and gas industry.

He confirmed that NCDMB had recorded tremendous achievements in the oil and gas industry in the last 13 years of its existence and had achieved many of the set objectives.

He was quoted in a statement as soliciting the cooperation of the new Council members to raise the bar of Nigerian Content development.

According to him,many African countries are coming to understudy Nigeria’s Local Content model and it was incumbent on Nigeria to deepen the level of implementation and stay ahead of other nations.

He added that one of the core mandates of the NCDMB is to build indigenous human and infrastructural capacities so that Nigerians can play critical roles in the oil and gas industry.

He highlighted that NCDMB was one of the few agencies chaired by the Minister, attributing it to the importance of the organisation to the national economy.

He also mentioned that section 75 of the NOGICD Act mandates the Governing Council to manage and superintend the affairs of the Board among other duties.

Responding on behalf of the newly constituted council, the Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olorundare Sunday Thomas thanked the Minister for the nomination and promised to uphold the confidence reposed in them.

He affirmed that NCDMB has performed creditably, and Nigerian Content implementation had become the envy of many countries.

He added: “A lot of value has been added to the oil and gas industry and the Nigerian economy and I thank those who originated the NOGICD Act. We will do our best and we will continue the good work started by the NCDMB.”

The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe promised to work closely with all the members of the Governing Council to take the Board to greater heights.

admin by — February 29, 2024 in Oil&Gas 0
Seplat Energy Rakes In N349.3bn,Sees Positive Outlook

 Mohammed Shosanya
Seplat Energy Plc,has announced its audited results for the twelve months ended 31 December 2023, recording a growth 12 per cent in revenue from N403.9bn to N696.9bn.
Its Board recommended a special dividend of US 3 cents per share, in addition to Q4 2023 declared dividend of US 3 cents per share. Core dividend declared for 2023 is US 12 cents per share, up 20 per cent on 2022. Therefore, total dividend declared is US 15 cents per share.
It also reported a gross profit rise of 14.5 per cent from N197.2bn to N349.3bn, and achieved more than 8.7 million hours without Lost Time Injury (LTI) on Seplat-operated assets in 2023.
The company’s 2024 production guidance is put at 44-52 kboepd. Guidance assumes availability of TNP from 3Q 2024, and assumes ANOH contribution in line with guidance.
Initial 2024 capex guidance is $170-200 million. Drilling capex flat on 2022 (13 wells in base plan). Seplat will fund capex on Abiala, a marginal field development tied into OML40.
In February 2024 the company received regulatory approval for the full lifecycle Field development plan (FDP) for the Sibiri oil discovery on OML40.
Financial Highlights
• Revenue $1,061.3 million up 12% from $951.8 million in 2022.
• Average realised oil price $83.39/bbl (2022: $101.67/bbl); average realised gas price $2.90/Mscf (2022: $2.82/Mscf).
• Unit production opex of $10.4/boe, (2022: $10.3/boe).
• Cash generated from operations of $520 million, down 10% on 2022, funding capex of $184 million and enhanced shareholder returns.
• Balance sheet strengthened, year-end cash at bank $450 million (2022: $404 million), excluding $128.3 million MPNU deposit.
• Net debt at year end 2023 reduced to $306 million (YE 2022: $366 million). Net Debt to EBITDA 0.7x.
Operational Highlights
• Production averaged 47,758 boepd, up 8% from 2022 (44,104 boepd), and within original guidance.
 • Year end 2023 independently audited 2P reserves up 9% to 478 mmboe (YE 2022: 438 mmboe), 47% liquids.
 • Drilled and completed 14 wells in 2023 (of which 6 completed in 4Q 2023), in line with our revised well program.
• ANOH gas plant achieved mechanical completion on 29th December 2023. Our government partner recently announced the tunnelling operations on the Niger river crossing portion of the OB3 pipeline have begun. Seplat’s first gas guidance of 3Q 2024 is unchanged.
• Carbon emissions intensity: 27.9 kg CO2/boe (2022: 23.9 kg CO2/boe).
• Achieved more than 8.7 million hours without Lost Time Injury (LTI) on Seplat-operated assets in 2023.
Special Dividend & Board Changes
• Board recommends a special dividend of US 3c/shr, in addition to Q4 23 declared dividend of US 3c/shr.
 • Core dividend declared for 2023 of US 12c/shr, up 20% on 2022. Total dividend declared US 15c/shr.
• Mr. Udoma Udo Udoma elected as Chairman of the Board and will assume office on 1st April 2024, when he succeeds Mr. Basil Omiyi.
• Mr. Bello Rabiu elected as Senior Independent Non-Executive Director (SINED) and will succeed Dr. Charles Okeahalam effective 1st April 2024.
 2024 Outlook
• 2024 production guidance of 44-52 kboepd. Guidance assumes availability of TNP from 3Q 2024, and assumes ANOH contribution in line with guidance.
• Initial 2024 capex guidance $170-200 million. Drilling capex flat on 2022 (13 wells in base plan). Seplat will fund capex on Abiala, a marginal field development tied into OML40.
• In February 2024 we received regulatory approval for the full lifecycle Field development plan (FDP) for the Sibiri oil discovery on OML40.
• We remain highly confident that President Tinubu’s administration will approve our acquisition of Exxon Mobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU).
Speaking on the results, Roger Brown, Chief Executive Officer, Seplat Energy Plc, said: “Seplat Energy’s 2023 results illustrate the Company’s ability to deliver production growth, fortify our balance sheet and reward shareholders despite facing some unexpected challenges during the year.
“Operational performance was strong, production increased 8% over 2022 and we recorded the lowest level of reconciliation losses seen in recent years, a testament to the improving security efforts on the Niger Delta. Drilling yielded positive results, and I’m pleased to report strong 2P reserves growth, up 9% on prior year estimates. Our revenue exceeded $1bn, and while costs increased, our proactive approach meant we generated more than $260m of free cash flow in the year, allowing us to continue rewarding our shareholders and further reduce net debt.
“Our strong financial position, excellent operational performance and robust outlook means that we are delighted to declare a special dividend again this year, lifting the total dividend for the year to US$15 cents.
“In 2024, we look forward to a number of key growth events. We are moving forward on both the Sibiri and Abiala developments on OML40. Clear progress is also being made on the important ANOH gas project, with first gas expected in 3Q 2024. Finally, we have high confidence that we will conclude the transformational acquisition of MPNU this year.
“I’m delighted to welcome Mr. Udoma as Seplat Energy’s new Chairman and Mr. Rabiu as SINED and wholeheartedly thank Mr. Omiyi and Mr. Okeahalam for their longstanding support and guidance. Nigeria’s Oil & Gas industry is going through a generational change and as we reach our tenth year as a listed company, we fully intend to play an important role as Nigeria’s leading independent company.”
admin by — February 29, 2024 in Oil&Gas 0
Udo Udoma Is Seplat Energy’s New Chairman 

 

 Mohammed Shosanya

Seplat Energy,has announced the appointment of Mr. Udoma Udo Udoma as the Company’s new Independent Non-Executive Chairman to succeed Mr. Basil Omiyi who will retire on March 31, 2024.

Mr. Udoma’s appointment was approved after a unanimous vote by Directors of Seplat Energy, in compliance with the Nigerian Companies and Allied Matters Act (“CAMA”) 2020 and is effective April 1, 2024,it said in a statement on Thursday.

The company  also appointed Mr. Bello Rabiu as the new Senior Independent Non- Executive Director effective April 1, 2024, to succeed Dr. Charles Okeahalam who will be retiring March 31, 2024.

According to the statement,these appointments are in line with the Board Succession Forward Plan announced via Corporate Announcement on April 25, 2023 (RNS: 3575X) and via a subsequent Corporate Announcement on November 1, 2023 (RNS: 0096S) wherein it was announced that Mr. Basil Omiyi and Dr Charles Okeahalam will retire from the Board on March 31, 2024.

It added that the appointments further demonstrate the commitment of the Board to upholding its strong corporate governance culture and in establishing a truly independent Board.

Mr. Udoma Udo Udoma: Mr. Udoma is an accomplished lawyer and seasoned board administrator. Mr. Udoma attended St. Catherine’s College, Oxford, England where he obtained a B.A. (Law) degree and a B.C.L. degree in jurisprudence. He was admitted to the Nigerian Bar in 1978. He founded the Law Firm Udo-Udoma & Belo Osagie in 1983 and retired from active legal practice in early 2020.

Whilst in practice, Mr. Udoma specialized in advising on Nigerian investment laws and the investment environment, particularly in the petroleum, energy, and natural resources sectors.

He advised Nigerian and international companies on company law, corporate restructuring, mergers and acquisitions and the raising of financing in the capital and money markets, as well as on major construction and engineering contracts.

Mr. Udoma has served on a number of large sized company boards. He was Chairman of UAC Nigeria Plc and Union Bank Plc and served on the boards of companies such as Unilever Nigeria Plc., Linkage Assurance Plc and First Hydrocarbon Nigeria Limited.

He has also held a number of public sector appointments. He was the first Chairman of the Corporate Affairs Commission (CAC) and has also served as the Chairman of the Nigerian Securities & Exchange Commission (SEC).

He was the Special Adviser to the Minister of Petroleum and Natural Resources from September 1993 to March 1994 and served as Minister of Budget & National Planning from 2015 to 2019. He was elected to the Nigerian Senate in 1999 and served for two terms from 1999 to 2007. Mr. Udoma is currently the Pro-Chancellor of Akwa Ibom State University, Ikot Akpaden, Akwa Ibom State, Nigeria.

Mr. Bello Rabiu: Mr. Bello Rabiu holds a Bachelor’s and Master’s Degrees in Mathematical Statistics from Ahmadu Bello University Zaria, Nigeria and another Master’s Degree in Petroleum Engineering from The Imperial College, London, United Kingdom.

He attended many career advancements courses in Nigeria and abroad including the prestigious Wharton Executive Development Program from the University of Pennsylvania in Philadelphia, USA and Leading Global Business Program from Harvard Business School, Boston, USA.

Before his new role as the Founder and Chief Executive Officer of Dankiri Farms and Commodities Limited, Mr. Rabiu retired from the services of Nigerian National Petroleum Corporation (NNPC) in July 2019 after 28 years of service.

He retired from NNPC as the Chief Operating Officer/Group Executive Director (COO/GED), Upstream Business Unit. Prior to his appointment as COO/GED Upstream, NNPC. Mr. Rabiu held dual positions of Group General Manager, Corporate Planning & Strategy Division and Senior Technical Assistant to Group Managing Director, NNPC.

He was also the General Manager, Competitive Analysis Department of the same Division from September 2010 till August 11th, 2015. He was at various times between 1991 and 2005 a planning officer and Pioneer Head, Material Management, Frontier Exploration Services at the National Petroleum Investment Management Services (NAPIMS) Division of NNPC.

As COO/GED Upstream of NNPC, Mr. Rabiu oversaw the activities of the Corporation’s Upstream businesses, including; National Petroleum Investment Management Services (NAPIMS), National Engineering and Technical Company (NETCO), Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL) and NNPC Oil Field Services (NOFS).

He has a balanced knowledge of the Exploration & Production industry in Nigeria with unusual capability which combines commercial/fiscal knowledge with operations. This was particularly valuable in the development of the 2016 Nigerian Government approved upstream Joint Venture funding scheme which has restored the confidence of the International Oil Companies (IOCs) and Independent Partners in Nigeria’s Upstream Joint Venture resulting in increased national oil production of 2.3mbpd by 2019.

He was responsible for the implementation of the 7 Critical Domestic Gas Development Projects (including AGPC), an offshoot of Nigerian Gas Master Plan aimed at using gas for Nigeria’s industrialization, economic growth, and development – where significant consideration had to be given to strategic intent, fiscal rules, and commerciality of supply.

Speaking on the appointments, Mr. Basil Omiyi, the Chairman of Seplat Energy, said:

“Seplat Energy’s commitment to strong corporate governance remains unwavering and is demonstrated by the recent appointment of Mr. Udoma Udo Udoma and Mr. Bello Rabiu as the new chairman and SINED respectively.  

“We are confident that under their guidance, Seplat Energy will continue to expand and consolidate its position as Nigeria’s leading energy company and the partner of choice to deliver energy transition for Africa’s largest economy and its rapidly growing population.”

admin by — February 29, 2024 in Next Level 0