Business News
Shutdown of OML 25 cost Nigeria over $1.7 billion – NNPC
The Group Managing Director of the NNPC, Mele Kyari has disclosed that the shutdown of the OML 25 more that 2 years ago has cost the country over $1.7bn
A huge disagreement between three host communities: Belema, Offoin Ama and Ngeje in Akuku-Toru Local Government Area of Rivers state and Shell Petroleum Development Corporation (SPDC) caused the shutdown of Oil Mining Lease (OML) 25 flow station more than two years ago.
The Details: The disagreement was borne out of the fact that Shell is not an indigenous oil exploration firm. The host communities raged as they occupied OML 25 for over two years after insisting that only an indigenous firm would be allowed to operate therein.
The resultant factor was an accumulated loss of over $1.7 billion in revenue for Nigeria.
The decision of the three host communities to push Shell away from their community was reversed after an agreement was reached by all parties concerned. The agreement was brokered by the Federal Government through the Federal Ministry of Petroleum and the NNPC between Shell and the host communities of the oil facility.
[READ MORE: Shell’s OML 11: FG ordered to renew licence for 20 years]
Meanwhile, 35,000 barrels of oil was already lost daily following the occupation of the facility.
OML 25 Reopened: The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, led the team that reopened the flow station.
Kyari’s words: “We had a shutdown of the Belema flow station for over two years leading to the loss of over 35,000 barrels of oil per day in monitory terms that over $1.7bn which could have been put to use for the benefit of the community and the rest of the federation.
”We have engaged the communities and Shell to make sure that this dispute between them is brought to a closure, the communities have agreed to vacate the facility to allow petroleum operations to continue.”
[READ MORE: Shell Nigeria moves to stop vandalism, oil theft]
What this means: Following the resolution of the dispute, Shell is expected to resume oil explorations after an inventory of damages would have been conducted on the facility, all through the time it was shut.
“For re-entry of Shell and operations to commence, validation of the state of facility and damages done on the facility overtime would be done. I’m sure within the shortest period of time shell will come up with their plans how it would be done.
“Our first interest here is to ensure peace and security and to make sure that normal live returns to this communities so development can begin to take place,” Kyari added.
Cryptocurrency
PayPal is buying a Crypto security startup for less than $200 million
PayPal is set to outrightly purchase a crypto-security firm, Curv as part of its campaign in building its crypto ecosystem.
Corporate Press Releases
Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences
Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.
Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.
The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.
For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.
With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.
Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.
Aura by Transcorp
Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.
