Connect with us

NEWS

We Aim To Have Zero Gas Flares By Q4 2024 – Dumo Lulu- Briggs

Published

on

 

Chief Dumo Lulu-Briggs, Lawyer, Philanthropist, and Nationalist is the Chairman of Platform Petroleum, on the sidelines of the just concluded Offshore Technology Conference, OTC, in Houston Texas, USA, shared his experience on his early days and foray into the oil and gas industry, his challenges, and success story of growing a small indigenous oil company into a household name in Exploration and Production. Excerpts;

Kindly give an overview of your journey into the petroleum industry and how it dovetailed into your current position as the chairman of Platform Petroleum.

After earning a Law degree from Ahmadu Bello University and a Masters from the University of London, I attended law school in Nigeria and briefly practiced law in Lagos.

Drawn to politics, I moved to Port Harcourt, where I tried local politics and ran a pub, displeasing my father. To satisfy him, I co-founded a law firm. Later, my father encouraged me to join his oil business, despite my lack of experience. I was initially interviewed for a legal adviser role but was appointed General Manager instead.

Recognizing unfavorable agreements with our foreign partners, I sought advice from Austin Avuru, who became a key advisor.

Avuru’s expertise led us to establish Platform Petroleum, gathering a team of experienced Nigerian professionals. We started with His Royal Highness Edmund Daukoru as our first chairman and Prof. Sylvester Adegoke as our Vice Chairman, then I came onboard just as a shareholder.

In 2004, former President Olusegun Obasanjo appointed Daukoru as Adviser first then later as a Minister and that was how he left Platform Petroleum. That was how Prof. Sylvester Adegoke became Chairman, and I became the Vice Chairman.

In 2011/2012, I became chairman, and I am the chairman till date.

Our strategic partnerships and renegotiated agreements helped us thrive. We began with minimal resources but secured investments and funding through innovative financial strategies. By 2007, we commenced oil production, achieving significant success from our small field.

My collaboration with Avuru was pivotal, transforming our company into a strong indigenous player in Nigeria’s oil industry. That is how I got into the oil and gas industry which I had no prior knowledge on. This journey, though initially reluctant, became deeply fulfilling and impactful.

Can you elaborate on the collaboration with New Cross and its impact on Platform Petroleum?

Our relationship with New Cross was a game changer and quite mutually beneficial.

Having JV partners like New Cross makes operations smoother for marginal field operators. With 100% collaboration and transparency, we quickly earned New Cross’s confidence, leading to minimal questioning from them. We worked together on many projects, including setting up the Ase River crude evacuation pipeline, a crucial 24-kilometer infrastructure to the Brass Terminal.

We proposed a 50/50 JV with New Cross, diverging from the typical 60/40 arrangement, and successfully built the pipeline, benefiting our cluster partners and generating additional revenue through tariffs.

Our partnership with New Cross extends to both upstream and midstream ventures, including PNG Gas Limited, a significant LPG player in Nigeria, producing 30,000 tons of LPG and 30,000 million standard cubic feet of gas. This collaboration has been incredibly rewarding, marked by open, meaningful conversations and mutual understanding, ensuring we always move in the same direction without conflict.

What have been the challenges and key milestones achievement during this journey?

We were the smallest in 2004 but we were the first to bring our field on-stream and we have been producing that small asset. We have increased our oil production from 2,000 to over 3,000 barrels. Today, we have been able to extract at least some 12.3 million barrels and 118 billion standard cubic feet (SCF) of gas from that small asset and we are still on. We aim for 10,000 barrels, having expanded into three additional marginal fields.

From the start, we decided to run Platform as a family, treating everyone with importance and fostering a highly motivated workforce. We address issues affecting our staff, ensuring their welfare, and maintaining a supportive environment. This familial spirit extends to all stakeholders and communities, with a commitment to exceeding expectations in community spending. Our journey has been both rewarding and challenging.

Do you have a timeline for the 10,000bpd target?

We aim to bring all marginal fields into production by 2025, targeting 10,000 barrels of oil and at least 50 billion standard cubic feet of gas per day. To mitigate the volatility of the oil and gas industry, we have diversified into non-E&P ventures. As a small company, price fluctuations can significantly impact us unlike larger players like Seplat.

So, we have invested in real estate, building a 19-story Towers, and expanded into logistics and leasing. We are involved across the entire value chain; upstream, midstream, and downstream, operating service stations in Lagos, Warri, and Port Harcourt, and exploring refining opportunities.

Despite our size, we have achieved significant success and efficiency, proving that a small company can accomplish big things effectively.

Do you plan to take advantage of the upcoming licensing bid rounds?

We are very ambitious because we want to become a tier-1 company like the IOCs or a tier-2 company like Seplat. Interestingly, Seplat originated from Maurel & Prom, Shebah Petroleum, and Platform. We capitalized on the first divestment, and today, Seplat is a major player. This demonstrates that Platform can also grow significantly.

We have planned a roadshow in London this June 2024 to explore opportunities arising from various divestments. Although we were unsuccessful in the 2020 marginal field rounds, our contributions to the industry are substantial. We have three fields set to start production by 2025. We funded these projects, provided expertise, and identified promising assets. Successfully bringing these fields to production will boost national output and validate our efforts.

We believe Platform deserves recognition and more assets. Our roadshow aims to attract equity partners and prepare for future opportunities. We are targeting a billion-dollar investment, engaging equity players, junior debt providers, and international banks. We seek partners ready to invest in Nigeria’s oil and gas potential.

We emphasize Nigeria’s vast opportunities and actively bring investors to showcase the country’s potential. The current government is proactive, understanding the need for economic growth. Platform is prepared to leverage every opportunity in the oil and gas industry to contribute to this expansion.

Platform Petroleum played a prominent role at the Nigerian Pavilion during 2024 OTC here in Houston, does it align with the company’s strategic growth?

Yes, it does. The Offshore Technology Conference (OTC) is a ritual, and everyone knows Nigeria has vast potential. With the shift from fossil fuels and the IOCs divesting from onshore assets, it is crucial to promote Nigeria as a significant market. Partnering with the Petroleum Technology Association of Nigeria (PETAN) at OTC is key to attracting investment. To grow Platform, we need investor confidence and funding.

While we support net zero gas flaring, we emphasize Nigeria’s energy needs and our unique perspective to the global community. This approach can open financial opportunities.

At the OTC through PETAN, our aim was to boost investor interest, recognizing PETAN’s pivotal role. Their events have drawn significant attention, indicating growing interest in our message. For Platform, we have always allowed the optimism of our will to triumph the pessimism of our intellect.

Challenges may seem insurmountable, but we believe in our inner strength. My father’s experience in the oil industry exemplifies this spirit. Despite initial setbacks and risks, his faith and determination led to success.

Through professional support and renegotiated agreements, our business became profitable. We will continue to channel this resilience, promoting Nigeria’s energy sector and seeking the right investment mix for future growth.

What is the long-term vision of Platform Petroleum and how can it contribute to energy security and economic development of Nigeria?

As I mentioned earlier, we are conducting a roadshow in London. We are efficiently producing our assets, upgrading flow stations, increasing capacity, and achieving nearly zero emissions. Currently, we have about one percent gas flare, and by the last quarter, we aim to have zero gas flares, becoming the first indigenous company to commercialize our gas. We are aligned with government aspirations, supporting their targets, and preparing to attract a billion-dollar investment to help achieve 30 billion standard cubic feet of gas production.

Nigeria is a big market, and we must think big. This government’s plans, like the Lagos-Calabar coastal line, reflect that mindset.

We should have faith in our country. At Platform Petroleum, we are readying ourselves for divestment opportunities to become a tier-2 player. We are in talks with some IOCs.

Platform’s contribution to Seplat’s success is notable; Mr. Avuru, our former MD, was seconded to Seplat, which highlights our capability. We aim to take Platform to the next level, building on the strong foundation we have established.

Seplat has set a precedent, and we are poised to follow.

Click to comment

Business

Nigeria set to boost Naira value and foreign reserve with local gold production, as Tinubu receives gold bar

Published

on

IN  a significant move to strengthen Nigeria’s economy, President Bola Tinubu received a symbolic gold bar on Sunday from the Minister of Solid Minerals Development, Dele Alake.

This gesture marks the commencement of the National Gold Purchase Program (NGPP), aimed at boosting the naira’s value and enhancing the country’s foreign reserves.

Minister Alake expressed gratitude to President Tinubu for his support of reforms in the solid minerals sector.

He highlighted that the NGPP, which involves sourcing gold from artisanal and small-scale miners and refining it to meet the London Bullion Market Association’s Good Delivery Standard, will substantially contribute to Nigeria’s economic stability.

Alake stated “This initiative will significantly increase our foreign reserves and strengthen the naira. The refined gold will be supplied to the Central Bank of Nigeria, marking a crucial step in our economic strategy.”

The presentation also underscored the first commercial transaction under the NGPP, establishing a centralized gold purchasing system that integrates small-scale miners, cooperatives, and production units across the nation.

This program is expected to provide a structured market for gold, fostering economic growth and stability.

He said, The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Program’s effectiveness. It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in United States Dollars, such as gold, is a viable strategy. This transaction has also underscored the potential of the National Gold Purchase Program to enhance fiscal and monetary stability.”

Alake added that the initial commercial transaction under the program resulted in a +US$5 million boost in Nigeria’s foreign reserve assets.

The transaction involved refining over 70 kilograms of gold to meet the London Bullion Market quality standard and aggregating locally mined gold, thereby infusing approximately NGN6 billion into the rural economy.

President Tinubu expressed appreciation for the Ministry’s accomplishment in advancing the government’s goal of economic diversification by acknowledging and displaying the symbolic gold bar

Continue Reading

NEWS

Massive Fire Wrecks Christ Embassy Headquarters In Lagos [Video]

Published

on

The headquarters of Christ Embassy Church, located in the Oregun area of Ikeja, was engulfed in flames early Sunday morning.

Multiple videos of the incident were posted on X.com, showing the severity of the fire and the efforts of the Lagos State Fire and Rescue Service to contain it.

One witness, tweeting under the handle @Chief_Augustin1, shared footage of the blaze and commented, “Christ Embassy Church on Billings Way, Oregun, is on fire. Serious fire is raging, and men of the Lagos State Fire Service are working hard to put it out. Thank God service hasn’t commenced fully.”

Firefighters are on the scene working to extinguish the fire and assess the damage.

Further details about the cause of the fire and any potential casualties are yet to be released.

Continue Reading

NEWS

Allow Recruited Constables To Begin Training – PSC Urges Police

Published

on

The Police Service Commission (PSC) has spoken out about its ongoing dispute with the Nigeria Police Force (NPF) over the recent recruitment process.

The conflict erupted on June 4, 2024, when the PSC released a list of 10,000 successful applicants for constable and specialist positions. The list quickly became a point of contention.

Recall that on June 10, 2024, President Bola Tinubu removed Solomon Arase from his position as PSC chairman and appointed Hashimu Argungu, a retired Deputy Inspector-General of Police, as his replacement.

In response to Arase’s dismissal, Force Public Relations Officer Muiywa Adejobi issued a statement condemning the PSC’s list.

He alleged that the list was tainted by corruption, including names of candidates who had failed either the Computer-Based Test (CBT) or the Physical Screening.

Adejobi also claimed that some individuals who did not apply for the roles were included in the list.

At a press conference held at Force Headquarters in Abuja on Wednesday, Inspector-General of Police Kayode Egbetokun firmly rejected the list of candidates recruited by the Police Service Commission (PSC).

Egbetokun emphasized that his decision was driven by his responsibility to lead over 300,000 officers, the largest police force in Africa, who rely on him for clear guidance and leadership. He stressed the importance of ensuring quality recruitment into the force.

However, in a statement on Friday, PSC spokesperson Ikechukwu Ani accused the NPF of undermining the commission.

Ani highlighted that a court ruling had affirmed that the PSC has the sole mandate to recruit personnel for the police.

“The Police Service Commission has watched with keen interest developments since it concluded and released the list of successful candidates for recruitment as Constables into the Nigeria Police Force.

“The Commission is disturbed at the flagrant abuse of ethics, the Constitution and valid judgment of the apex court of the land.

“The Commission wishes to state as follows; a. That the release of the confidential letter sent to the Chairman of the Commission by the Inspector General of Police on alleged lapses in the recruitment exercise to the Media was a gross violation of the Public Service Rules with grave Consequences.

“b. That since 2019, when a former Inspector General of Police hijacked the soft copy of an ongoing recruitment exercise and forcefully completed the exercise without the input of the Commission – the statutory body solely charged with such responsibility, the Commission has not been allowed to perform this constitutional duty.

“c. The Commission has at every turn suffered several indignities in its attempt to perform functions provided to it by the Constitution even after the Supreme Court decided the matter in its favour.

“d. That this show of brute force and intimidation by the Police and most recently inducements of hired writers to run down the Commission in the Media is a serious affront on the mandate of the Commission.

“The Commission has studied the issues around this successfully concluded recruitment exercise and has come to the conclusion that even after the Supreme Court Judgment, the Police is reluctant to allow the Commission perform this constitutional assignment.

“The Commission demands that the Police should provide verifiable evidence to prove the allegations peddled against it as it is obvious that it is a case of giving a dog a bad name in order to hang it.”

The statement urged President Bola Tinubu to intervene in the situation and ensure that the Police Service Commission (PSC) can carry out its duties without unwarranted interference.

“The Commission wishes to appeal to Mr. President to protect it and rein in the Nigeria Police Force to respect the Constitutional Mandate of the Commission to recruit. The Nigeria Police Force is created to enforce the law and not to circumvent it in whatever guise.”

It added “It is the considered opinion of the Commission that the successful candidates should be allowed to proceed on training without delay.”

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.