Economy

NPDC Attains 100% Local Content Input in Edo Gas Project

Published

6 years ago

26/10/2018

By Dipo Olowookere

The Nigerian Petroleum Development Company (NPDC), an Upstream Subsidiary of the Nigerian National Petroleum Corporation (NNPC), has achieved a 100 per cent local content input in the development of Oredo Integrated Gas Handling Facility.

Group Managing Director of NNPC, Dr Maikanti Baru, declared this Wednesday during a tour of the NPDC’s Oredo Flow Station, Oredo Gas-to-Pan-Ocean Facility, Oredo Integrated Gas Handling Facility (IGHF), as well as the Oredo LPG Dispensing Facility, all in Edo State.

Commending NPDC on the feat, Mr Baru said he was proud that a world-class facility was being put in place by a Nigerian engineering contractor in conjunction with another Nigerian company, the NPDC.

“From engineering, construction to erection of the various units, we feel very encouraged by the huge man-hours which you are putting in here, day and night, with full local content,” Mr Baru told over 500 workers at the site.

The IGHF is currently at 80 percent completion. When completed in December, it will make provision for dehydration of gas and liquid extraction. It is expected to also produce both Liquefied Petroleum Gas (LPG) and Propane, in addition to dry gas to the Escravos Lagos Pipeline System (ELPS).

He described the Oil Mining Lease (OML) 111, where the gas projects are located, as one of the most significant assets of the NPDC because it is where the corporation’s staff and their contractors design, build and operate facilities hitherto operated by the International Oil Companies (IOCs).

“You could see that right from the well-design through to reception of the various liquids to the processing and disposal of the various outputs, it is fully indigenous. So, it cannot be better than this,” he added.

He said as a National Oil Company (NOC), the corporation was using this to showcase its ability to intervene, stressing that “we are not just a player, we are also building capacity that can enable us intervene by taking over any assets whenever any contractor decides to opt out,” he added.

Mr Baru stated that the project’s funding constraints would be addressed soonest, stressing that NNPC was considering alternative means to support and complete the project.

“All these projects are located within OML 111, one of our critical assets which we are keen on deriving maximum benefits from,” he stated.

Earlier, Managing Director of NPDC, Mr Yusuf Matashi, thanked the NPDC Board led by the GMD, for coming down to inspect the gas facilities, saying it was the first time the company was witnessing a highly-synchronised support towards these projects.

He said the LPG Dispensing Facility strategically offered 40% solution for Nigeria’s domestic LPG market which would translate into extra cash flow for the company.

“Another advantage is that it will ensure ease of distribution and penetration into the market. You can take LPG to every nook and cranny of the country from here. So, it is quite strategic,” he noted.

The MD said in line with NPDC’s Corporate Social Responsibility (CSR) efforts, the company had engaged youths within the host community area, with a number of them fully involved in the local contracts around the project as well as the pipeline Right Of Way (ROW).

“We have also completed a Skills Acquisition Centre which is currently being furnished in line with the component of the project. We intend to commission the centre even before the project is completed. From our records, this is one project that has engendered cordial relationship with the Oredo community and we hope to replicate similar understanding in other areas within the Niger Delta,” Mr Matashi stated.

In his remarks, the NNPC Chief Operating Officer, Upstream, Mallam Bello Rabiu, who expressed happiness that the project would be delivered within time and budget, also charged the workers to double the over one million man-hours achieved so far in the project without any incidence.

While further assuring of timely funding for the project, the NNPC Chief Financial Officer, (CFO) Mr Isiaka Abdulrazaq, commended the NPDC Management for performing impressively on the project and for its drive towards making NPDC the E&P Company of choice in Nigeria.

Located 34km southeast of Benin City, the OML 111 is an onshore field comprising five fields viz: Oki-Oziengbe-South, Aroh North, Koko, Oghama as well as Oredo, which has twelve (12) out of its fifteen (15) wells currently producing.

Economy

Afriland Properties, Geo-Fluids Shrink OTC Securities Exchange by 0.06%

Published

1 hour ago

12/12/2024

Adedapo Adesanya

By Adedapo Adesanya

The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.

The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.

Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.

At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.

The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.

When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.

Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.

Economy

Naira Weakens to N1,547/$1 at Official Market, N1,670/$1 at Black Market

Published

2 hours ago

12/12/2024

Adedapo Adesanya

By Adedapo Adesanya

The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.

It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.

The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.

At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.

As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.

A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.

The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.

The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.

The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.

Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.

Economy

Dangote Refinery Makes First PMS Exports to Cameroon

Published

3 hours ago

12/12/2024

Aduragbemi Omiyale

By Aduragbemi Omiyale

The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.

In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.

However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.

In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.

Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.

Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.

“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.

His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.

“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.

“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”