Connect with us
nairametrics
UBA ads

Business News

Green Energy International to conclude negotiation of 1 million barrels per day oil terminal construction 

Green Energy International Limited has disclosed that negotiations for the commencement of engineering, procurement and construction of the one million barrels per day Otakikpo marginal field in Oil Mining Licence (OML) 11 would be concluded in four weeks. 

Published

on

Green Energy International Limited, Otakikpo marginal field

Green Energy International Limited has disclosed that negotiations for the commencement of engineering, procurement and construction of the one million barrels per day Otakikpo marginal field in Oil Mining Licence (OML) 11 would be concluded in four weeks. 

Speaking on the terminal construction, Chairman, GEIL, Professor Anthony Adegbulugbe said the company had taken the bull by the horns to construct the one-million-barrel capacity onshore terminal since the government gave its approval. 

UBA ADS

Recall that in April 2019, the Federal Government approved the one-million-barrel crude oil onshore terminal for the Otakikpo marginal field in OML 11. 

[READ MORE: Here is why Facebook’s cryptocurrency will threaten Europe if launched]

The field operator announced the approval after it received the nod of the Department of Petroleum Resources (DPR) to construct the terminal. 

GTBank 728 x 90

Following the secured nod, GEIL and its partner in the Otakikpo oil field project, Lekoil  Oil and Gas Investment Ltd, signed-off a N143.96 million intervention project for its host communities in Rivers State and the Niger Delta region. 

In July 2019, GEIL secured a $350 million financing package for the development of the second phase of the Otakikpo Marginal Field in OML 11 in Rivers State. 

According to the Director, Corporate Affairs of the Green Energy, Olusegun Ilori,  the financing package was secured after it signed a Memorandum of Understanding (MoU), with the financiers, comprising a consortium of international companies including an oil services giant, London based international bank, a prominent crude oil off-taker and EPIC contractor. 

What you should know about the field: Otakikpo is a marginal field lying in the oil mining lease OML11, located approximately 60km south-east of Port Harcourt in the Rivers State, Nigeria. 

The field was developed by its operator, GEIL in collaboration with its technical and financial partner Lekoil Oil and Gas. While GEI takes pride in its 60% participating interest in the field, Lekoil holds 40% stake. 

OML11 was farmed out to GEIL by the SPDC JV, which comprises the Shell Petroleum Development Company, Total E&P Nigeria, Nigerian Agip Oil Company, and Nigerian National Petroleum Corporation (NNPC). 

app

OML 11 covers an area of 3,095.25 square kilometres that stretch between Rivers and Imo States with 14 oilfields, 10 out of which are located in Ogoni area of Rivers. 

[READ ALSO: Ejikeme assumes duty as Executive Secretary of PTAD]

beyondperception

Coronation ads
first bank

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Hospitality & Travel

US gives reasons it warned citizens against travelling to Nigeria, lists 12 high risk states

The US government has issued a level 3 Travel Health Notice for Nigeria due to COVID-19.

Published

on

Donald Trump, What does Iran’s war with America mean for Africa?, US to stop issuing visa for Birth Tourism, Trump Travel Ban List: Why Nigeria should be excluded  , US spends over $5b in health assistance to Nigeria in 20 years, gives $32.8m for covid-19, Oil Is Back

The United State Government has advised its citizens against travelling to Nigeria due to the Coronavirus pandemic, terrorism, civil unrest, kidnapping, widespread inter-communal violence, and others.

This warning is contained in a travel advisory statement that was obtained from the United State Department of State website.

UBA ADS

The statement also disclosed that the Centre for Disease Control and Prevention (CDC) had issued a level 3 Travel Health Notice for Nigeria due to the Coronavirus pandemic. Also, some parts of the country have increased risk.

“Reconsider travel to Nigeria due to Covid-19. Reconsider travel to Nigeria due to crime, terrorism, civil unrest, kidnapping and maritime crime. Some areas have increased risk.’

‘’Do not travel to; Borno and Yobe States and Northern Adamawa State due to terrorism; Adamawa, Bauchi, Borno, Gombe, Kaduna, Kano and Yobe States due to kidnapping; Coastal areas of Akwa Ibom, Bayelsa, Cross Rivers, Delta and Rivers States (with the exception of Port Harcourt) due to crime, civil unrest, kidnapping and maritime crime,’’ the statement said.

GTBank 728 x 90

It stated that violent crimes such as armed robbery, assault, carjacking, kidnapping, and rape, have become common throughout the country. As such, US citizens were advised to exercise extreme caution throughout the country due to the threat of indiscriminate violence.

“Terrorists continue plotting and carrying out attacks in Nigeria, especially in the Northeast. Terrorists may attack with little or no warning, targeting shopping centres, malls, markets, hotels, places of worship, restaurants, bars, schools, government installations, transportation hubs, and other places where crowds gather.

“Sporadic violence occurs between communities of farmers and herders in rural areas.’

The US government acknowledged the fact that it has limited ability to provide emergency services to US citizens in many parts of Nigeria due to the security conditions.

Going further it stated, “Do not travel to Borno and Yobe States and Nothern Adamawa. Terrorist groups based in the Northeast target churches, schools, mosques, government installations, educational institutions and entertainment venues. Approximately two million Nigerians have been displaced as a result of the violence in Northeast Nigeria.

“Do not travel to Adamawa, Bauchi, Borno, Gombe, Kaduna, Kano and Yobe States. The security situation in Northwest and Northeast Nigeria is fluid and unpredictable, particularly in the states listed above due to widespread inter-communal violence and kidnapping.

app

“Do not travel to the coastal areas of Akwa Ibom, Bayelsa, Cross Rivers, Delta and Rivers States (with the exception of Port Harcourt). Crime is rampant throughout Southern Nigeria, and there is a heightened risk of kidnapping and maritime crime, along with violent civil unrest and attacks against expatriate oil workers and facilities.’’

beyondperception
first bank
Continue Reading

Energy

World’s largest oil company to pay $75 billion annual dividend, despite plunge in profits

Saudi Aramco is the national energy company of Saudi Arabia.

Published

on

oil company, Just copy Saudi Aramco

The world’s largest oil company, Saudi Aramco reported a 73% drop in profit Q2,2020 profit and still kept its plans to pay $75 billion in annual dividends in a report credited to Bloomberg News

Saudi Aramco reported a plunge in profits for Q2,2020 of 24.6 billion riyals compared to 92.6 billion riyals recorded in the same corresponding year.

UBA ADS

Aramco will pay a Q2,2020 dividend of $18.75 billion, most of it to the government of Saudi Arabia, the company’s major shareholder.

READ MORE: Apple becomes world’s largest public listed company, valued at $1.82 trillion

The plunge in profit was due mainly to “the impact of lower crude oil prices and declining refining and chemical margins,” Aramco said in the statement to the Saudi stock exchange.

GTBank 728 x 90

“Strong headwinds from reduced demand and lower oil prices are reflected in our second-quarter results,” said Chief Executive Officer Amin Nasser.

“We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies.”

READ ALSO: Shoprite’s owners to leave Nigeria after 15 years

Quick fact; Saudi Aramco is the national energy company of Saudi Arabia. It produces five grades of crude oil and natural gas liquids.

It also produces refined energy products that include liquefied petroleum gas, ethanol, naphtha,  and other products.

It exports about 75% of its crude oil to foreign markets, most often with its oil tankers. Saudi Aramco has access to crude oil reserves of about 260 billion barrels, the largest in the world.

app

READ ALSO: Nigeria’s Petroleum minister and Saudi Aramco discuss investment options

OPEC’s largest oil exporter, Saudi Arabia has been hit hard by global economic restrictions aimed at curbing the spread of COVID-19.

beyondperception

The Saudis make most of its revenue from crude oil, which has dropped 33% in value this year.

Coronation ads

first bank
Continue Reading

Tech News

Twitter shows interest in buying TikTok

TikTok has come under fire from US lawmakers over national security concerns surrounding data collection.

Published

on

Twitter shows interest in buying TikTok, Twitter warns political figures to abstain from fake, misleading statements  

Twitter has now reached out to TikTok owner, ByteDance, showing interest in buying the US operations of the video-sharing app, private sources familiar with the matter told Reuters.

It, however, looks like a herculean task for Twitter in outbidding Microsoft, and concluding the megadeal deal in 45 days, as directed by US President, Donald Trump.

UBA ADS

READ ALSO: Facebook is considering paying media outlets for news tab

The odds against Twitter:

Twitter has a market capitalization of around $30 billion, almost as much as the same valuation of TikTok’s US operation. What this means, therefore, is that Twitter will need to raise additional funds before the deal could see the light of day.

“Twitter will have a hard time putting together enough financing to acquire even the U.S. operations of TikTok. It doesn’t have enough borrowing capacity,” said Erik Gordon, a professor at the University of Michigan.

GTBank 728 x 90

“If it (Twitter) tries to put together an investor group, the terms will be tough. Twitter’s own shareholders might prefer that management focus on its existing business,” he added.

READ MORE: Tiktok’s In-App revenue surges amid lockdown

However, one of Twitter’s major shareholders, private equity firm Silver Lake, is interested in supporting Twitter in part for the required funds needed to pull the deal through, one of the sources to Reuters added.

“Twitter has also privately made a case that its bid would face less regulatory scrutiny than Microsoft’s, and will not face any pressure from China given that it is not active in that country,” the sources said.

ByteDance, Twitter, and TikTok declined to comment.

TikTok has come under fire from US lawmakers over national security concerns surrounding data collection.

app

Some days ago, Nairametrics reported about Microsoft’s offer to acquire TikTok’s U.S operation, following the recent escalation of President Trump’s attacks on TikTok and other Chinese tech firms.

beyondperception
first bank
Continue Reading
Advertisement
Advertisement
first bank
Advertisement
Advertisement
first bank
Advertisement
Heritage bank
Advertisement
beyondperception
Advertisement
devland
Advertisement
GTBank 728 x 90
Advertisement
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement