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Total SA to explore crude on Nigeria’s border with Sao Tome

Total SA has obtained the exclusive right to explore three blocks – 7, 8 and 11, which are located within the oil-rich Joint Development Zone (JDZ).

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Total SA, Crude

The French multinational oil and gas company, Total, has obtained the exclusive right to begin oil exploration in three blocks – 7, 8 and 11, which are located within the oil-rich Joint Development Zone (JDZ) owned by Nigeria and São Tomé and Principe.

The exclusive right was received after Total and the Nigeria-Sao Tome Joint Development Authority (JDA)  signed a Production Sharing Contract (PSC) at a ceremony in Abuja, Nigeria, on Thursday, March 14, 2019.

Purpose of the JDZ alliance

Both countries formed the Joint Development Authority (JDA) in 2002 to manage the hydrocarbon and non-hydrocarbon resources in the maritime boundary of the two countries.

Why the deal matters

The Production Sharing Contract was signed to revive activities at the JDZ after years of idleness, the Acting Chairman of the JDA, Dr. Almajiri Geidam said. He added that the deal will revive investors’ and oil companies’ interests in the JDZ.

“Since the JDA was established in January 2002, it has held two licensing rounds which culminated into the award of six blocks in the JDZ.

“Some exploration activity took place in most of the blocks that resulted in some discoveries of hydrocarbons.

“Furthermore, this event is expected to elicit even more interest and confidence of other prospective investors.”

The deal is a confidence booster: The Executive Director, Monitoring and Inspections at the JDA, Dr. Ibiwari Jack said the deal with Total gives the management of JDZ some confidence that more companies would show interest. He added that the potentials of the oil blocks would be known within the next two years.

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“Having Total back to our JDZ gives us so much confidence. If others look back to see Total, they will want to come.

“They will go to do their seismic studies there and hopefully in the next one or two years, we will get to know the potentials but the prospect is there, very huge.”

Meanwhile, Total Exploration and Production Nigeria (TEPN) intend to further invest to acquire 3-dimensional seismic data in the blocks, the Managing Director of TEPN, Nicholas Terraz, said at the PSC signing ceremony. But in Terraz’s opinion, it would be too early to estimate the hydrocarbon potentials of the blocks.

Terraz further disclosed that more than 1,000 squares kilometres of the field would be explored.

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Coronavirus

COVID-19 Update in Nigeria

On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,062 confirmed cases.

On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 10,526 samples across the country.

To date, 58,062 cases have been confirmed, 49,606 cases have been discharged and 1,103 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 494,577  tests have been carried out as of September 25th, 2020 compared to 484,051 tests a day earlier.

COVID-19 Case Updates- 25th September 2020,

  • Total Number of Cases – 58,062
  • Total Number Discharged – 49,606
  • Total Deaths – 1,103
  • Total Tests Carried out – 494,577

According to the NCDC, the 213 new cases are reported from 17 states- Lagos (51), Plateau (51), FCT (29), Rivers (18), Ondo (12), Oyo (9), Osun (8), Gombe (7), Ogun (7), Kaduna (5), Enugu (4), Edo (3), Jigawa (3), Kano (3), Benue (1), Delta (1), Sokoto (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,174, followed by Abuja (5,644), Plateau (3,373), Oyo (3,248), Edo (2,620), Kaduna (2,389), Rivers (2,305), Delta (1,801), Ogun (1,796), Kano (1,737), Ondo (1,620), Enugu (1,289), Ebonyi (1,038), Kwara (1,028), Abia (881), Gombe (864). Katsina (848), Osun (826),  Borno (741), and Bauchi (692).

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Imo State has recorded 566 cases, Benue (481), Nasarawa (449), Bayelsa (397),  Jigawa (325), Ekiti (317), Akwa Ibom (288), Niger (259), Adamawa (237), Anambra (234), Sokoto (162), Taraba (95), Kebbi (93), Cross River (87), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Coronavirus

Lagos launches N5 billion support fund for 2,000 low-cost private schools

The Governor said the facility will benefit low-cost schools with amounts ranging from N500,000 to N5 million.

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Lagos State government has launched a N5billion support fund to help reduce the impact of Coronavirus pandemic on low-cost private schools in the state.

This was disclosed by the Governor of the state, Babajide Sanwo-Olu via his Twitter handle on Friday.

According to him, the educational sector is one of those severely impacted by the pandemic, with schools and vocational learning-centres shut since March.

He said, “With access to funding for privately owned schools and vocational training centres in the state, we are confident that this programme, under the partnership between First Bank Nigeria and Lagos State Education Trust Fund (LSETF) will help accelerate a sustainable return to learning and skills acquisition.”

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He explained that the facility will benefit 2,000 low-cost schools with amounts ranging from N500,000 to N5 million.

“As a responsible Government, we are obligated to provide interventions that would enable learners in schools study in line with the new normal,” the Governor Sanwo-Olu added.

The Chief Executive Officer, First Bank Nigeria, Dr Adesola Adeduntan, said “With this partnership, we are sure that registered educational institutions in Lagos State will have access to funds at subsidised interest rates to meet their needs as they reopen at this auspicious time.”

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Business News

Paga Group relocates to the UK

Oviosu announced that he is very excited about moving to and working with the UK government.

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Paga records over $2 billion worth of transactions in 2019 , Paga acquires Ethiopian-based startup, Apposit, announces Paga subsidiaries

Paga Group has redomiciled from Mauritius to the United Kingdom (UK). The group is the holding company for its operations in Nigeria, México, Ethiopia, and the UK.

This was disclosed by the Chief Executive Officer and founder, Paga, Tayo Oviosu on Friday.

Why it matters: The company took the decision due to bureaucratic challenges it faced last year.

He said, “The laws and courts of Mauritius are not very fast-moving, and the rules are difficult. I’ve had one court case that was eventually thrown out after a year.

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“In the UK it would have been thrown out immediately, and the person would have had to pay us for our lawyer fees.

“Basically, not an easy place to do business. It is more painful than useful. I say stick to good ol’ America or UK or Netherlands or Luxemburg. Where you know there are professionals, and the legal system works.”

Oviosu said he is very excited about the move, looks forward to working with the UK government to promote trade with the UK.

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The Paga Group has raised $34.7 million in funding so far, according to Crunchbase.

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