Oil
Asharami Energy targets 100,000bpd production, canvasses investment in new technology
Yemie ADEOYE
LAGOS-SUSATINED investment in new technology and a strategic mode of deployment will be crucial to optimising opportunities in oil and gas exploration in Africa, Olajumoke Ajayi, Managing Director, Asharami Energy, disclosed at the recently concluded 37th annual international conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
Ajayi said Asharami Energy, a Sahara Group Upstream Company, had since reviewed its processes and operations to facilitate “seamless integration of emerging technology to boost the organisation’s exploration activities across Nigeria, Ghana and Cote d’ Ivoire as Asharami is working towards hitting 100,000 bpd production milestone over the next five years.” This feat will make Asharami Energy one of the foremost oil production companies in Africa.
Group Managing Director, Nigerian National Petroleum Company (NNPC), Mallam Mele Kyari, Immediate President, Nigerian Association of Petroleum Explorationists (NAPE), Mr. Ajibola Oyebamiji and Managing Director, Asharami Energy (A Sahara Group Upstream Company), Mrs. Olajumoke Ajayi at the recently concluded NAPE 37th International Annual Conference in Lagos.
She said Asharami Energy’s decision to support the NAPE conference as major sponsors was in keeping with the company’s commitment to driving thought leadership, good governance and sustainability in the sector. “Asharami’s affiliation with Sahara Group, an energy conglomerate with operations and investments in the upstream, midstream, downstream, power and infrastructure sectors continue to propel us to provide leadership in the sector. At Asharami Energy, we are transforming our operations with cutting edge technology that supports remotely operated oil and gas facilities as well as new data acquisition and processing methodologies driven by supercomputers,” she stated.
Ajayi urged stakeholders in the oil and gas sector to invest in new technology to enhance productivity and the ability of operators to exploit opportunities in a sustainable manner. “Asharami is committed to deploying emerging technologies that will enable us protect the environment and improve the wellbeing of the people in the host communities where we operate, while ensuring that our productivity is secure to match our future projections.”
While participating as a panelist at the pre-conference workshop themed; “Emerging Technologies and the Nigerian Oil and Gas Sector,” Asharami Energy’s Exploration Manager, Olabode Matthew said embracing new technology in upstream business had become inevitable given the volatile nature of investments in the sector.
Matthew said a considerable number of exploration and production operating companies have had to cut down on investments or dropped new capital projects on account of unstable oil prices and other socio-political factors.
“To mitigate the long-term impact of reduced to non-existent investments in making new exploration finds, operators in the exploration and production industry need to adopt new strategies that integrate new technological developments. These technologies cut across seismic to simulation, from redesigned seismic data acquisition parameters to new algorithms for time and depth migrated processed data,” he said.
According to him, technology driven solutions will improve efficiency, safety, and productivity as the sector continues to grapple with unfolding challenges and opportunities. “Asharami Energy’s continued deployment of creative technologies paved the way for its most recent exploration milestone where a smart well design led to the drilling of a 3km long reach exploration well. Operators and stakeholders need to collaborate especially in the area of knowledge and data sharing to enhance de-risking opportunities leading to more successful exploration activities,” he added.
Asharami Energy currently operates a total of nine (9) assets across the West African Countries of Nigeria, Ghana and Cote D’Ivoire. These assets are at different stages of the oil and gas life cycle ranging from exploration to development and production with several strategic acquisitions planned.
In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.
The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.
The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
Read Also: Atiku Calls For Rotational Presidency Across Nigeria’s Geopolitical Zones
These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.
The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.
This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.
These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.
The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.
By Yemie Adeoye
NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.
The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”
The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.
“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.
Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.
As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.
Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”
Read Also: Offset Accuses Cardi B Of Cheating During Pregnancy
This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.
We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.
“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.
On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.
Entertainment Made Africa Look Good Despite Bad Leaders — Davido
NECO Expands Global Footprints, Accredits Niger, Equatorial Guinea Schools
Harry Kane Hits Back At Critics With Historic Hat-Trick For Bayern Munich
Angry Mob Burns Two Revenue Touts Alive After Fatal Accident In Onitsha
Ex-UN Envoy Warns Of New Cold War Threatening Africa’s Unity
EPL Confirms 2025/26 Season Dates, Introduces Player Welfare Measures
OSSG Raises Alarm Over Murder Plot By APC Chieftain
NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conf June 13
Sahara’s Tonye Cole resigns from GPHCDA
Oando opens ultra-modern petrol station in Lagos
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
