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NCDMB, NEXIM Bank Deploy US$40m Fund for Women in Oil Sector

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NCDMB, NEXIM Bank Deploy US$40m Fund for Women in Oil Sector

Modupe ASUDO

LAGOS-Qualified women entrepreneurs in the Nigerian Oil and Gas industry can now benefit from the US$40m Women in Oil and Gas Intervention Fund deployed by the Nigerian Content Development and Monitoring Board (NCDMB) and Nexim Nigerian Export-Import Bank.

Executive Secretary NCDMB, Engr. Simbi Kesiye Wabote; Managing Director of Nexim Nigerian Export-Import Bank, Mr. Abubakar Bello and leadership of the Diversity Sectoral Working, Group, Nigerian Content Consultative Forum after the signing of the US$40m Women in Oil and Gas Intervention Fund in Yenagoa on Tuesday.

The NCDMB is contributing US$20m to the pool and it will be matched by the same amount in Naira by NEXIM, to be converted at prevailing official exchange rate.

The Executive Secretary NCDMB, Engr. Simbi Kesiye Wabote and the Managing Director of Nexim Nigerian Export-Import Bank, Mr. Abubakar Bello signed the memorandum of understanding on the administration of the Fund on Tuesday in Yenagoa.

The target beneficiaries are firms where women hold majority shareholding of 51 percent or where at least 50 percent of management are women or where the Chief Executive Officers and at least 40 percent of management are women.

According to the Executive Secretary, the roll-out date of the fund is July 1, 2021 and the scheme would be availed to both startups and existing companies. The scheme would cover Manufacturing, Oil Service Contracts, Environment management, Leasing, Logistics, Catering and Training.

He confirmed that the maximum amount that can be borrowed by a single obligor is US$500,000 or its Naira equivalent at the official exchange rate prevailing at the time of borrowing.

He added that the tenor shall be up to five years and the applicable interest rate would be five percent all-in per annum, fixed throughout the tenor of the loan.

Wabote also confirmed that the maximum processing time shall be 21 working days from the date the applicant has provided all required documentation and all applications shall be through the web.

In his comments, the Managing Director of Nexim Nigerian Export-Import Bank, Mr. Abubakar Bello explained that the partnership with NCDMB fits into the bank’s framework for supporting inclusion as well as its strategy to grow the service industry in Nigeria and take it to the point of export to the West African region and other oil and gas economies.

Also speaking, the Chairperson of the Diversity Sectoral Working Group, Nigerian Content Consultative Forum, Mrs. Alero Onosede commended the Board for providing practical enablers to support diversity in the oil and gas industry. She assured that women in the oil and gas industry would take advantage of the Fund to increase capacity in the industry and grow the economy.

Energy

NNPC Ltd, Partner Unlock 12,000bpd Production From Awoba Unit Field

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Keen on optimising production from the nation’s hydrocarbon assets to boost revenues and meet her OPEC production quota, the Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner in the Awoba Unit Field, Newcross Exploration and Production Ltd., have restarted production from the Awoba field which last contributed production to the Bonny Terminal in 2021 and was finally shut down in February 2022 due to evacuation issues and crude oil theft.

This was contained in a statement put out on the state oil company’s X handle on Tuesday from Abuja, under the signature of its Chief Corporate Communications Officer, Olufemi O. Soneye.

He asserted that since the restart of the Awoba field by NNPC Ltd and it partners on April 13, 2024; production from the field has averaged 8,000 barrels per day and is expected to plateau at 12,000 per day at full ramp up within 30 days.

Awoba is also expected to significantly boost gas supply to the power sector and other gas-based industries, Soneye added.

Biztellers reports that the Awoba Unit which straddles OMLs 18 and 24 is located in the mangrove swamp south of Port Harcourt, Rivers State. Both OML 18 and OML 24 assets are under the management of the NNPC Upstream Investment Management Services (NUIMS).

Recall that the NNPC Ltd. has been recording a string of production successes from the JV portfolio which have significantly lifted overall national production. Besides the recent start of production at the Madu Field by the NNPC Ltd/First E&P JV, the company has achieved the restart of production at OMLs 29 and OML 18 in late 2023 which have steadily contributed an average of 60,000bpd to the nation’s production output since their restart.

The Group Chief Executive Officer of NNPC Ltd., Mallam Mele Kyari, ascribed the achievement to the President Bola Ahmed Tinubu administration’s success in providing enabling operating environment for businesses to thrive.

He expressed appreciation to all stakeholders (staff, operators, host communities, government security agencies, and private security contractors) who played a pivotal role in achieving the feat.

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Energy

NNPC Ltd, First E&P Achieve 20,000bpd Production At OML 85

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The Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited (First E&P), have commenced oil production from the asset also known as Madu Field.

Biztellers reports that production from the field which is located in shallow waters offshore Bayelsa State and operated by First E&P is expected to be at an average of 20,000 barrels per day.

The achievement is a testament to the commitment of the President Bola Tinubu administration to optimise production from the nation’s oil and gas assets through the provision of enabling environment for existing and prospective investors.

According to the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, the commencement of oil production at the Madu Field is a significant milestone that will contribute to the larger goal of meeting the production required to drive revenue growth and boost the nation’s economy.

He commended stakeholders for their support, and opined that the addition of 20,000 barrels per day by an indigenous oil player signals the commitment of stakeholders to achieving economic development for Nigeria.

Recall that the Final Investment Decision (FID) on the development of the Madu Field and a sister field, Anyala, was taken by the NNPC Ltd/First E&P JV in 2018.

Production from the Madu Field will be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) Unit, which has a crude oil storage capacity of up to 800,000bbls.

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Energy

Chevron Counters False Recruitment Information

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Chevron Reports 8-Year High Earnings

Chevron Nigeria Limited (CNL) has denounced stories being peddled around that it is recruiting.

General Manager, Policy, Government & Public Affairs, CNL, E. O. Brikinn, denounced the stories in a statement made available to Biztellers, in which he cautioned that the company will not respond to enquiries about “fraudulent advertisements and job offers”.

It reads, “Chevron Nigeria Limited (“CNL”), operator of the Nigerian National Petroleum Company Limited (“NNPCL”) and CNL Joint Venture, is aware of the circulation of false recruitment information in some media and online channels in the name of CNL and Chevron Corporation, purportedly advertising job positions in CNL.

“Additionally, fraudulent job offers have reportedly been sent through emails, text messages and phone calls by individuals purporting to be staff or representatives of CNL and Chevron Corporation.

“Members of the public are hereby notified that CNL does not solicit job applications or initiate recruitment processes through emails, posters, handbills, text messages, social media, or phone calls.

“Job seekers are advised to always check the company’s website at: http:/www.careers.chevron.com, and the national newspapers for job advertisements from CNL.

“CNL does not and will not require applicants to make any payment towards processing any job application. Job offers requesting candidates to pay money, at any point during the recruitment process, are not from CNL. CNL advises that anyone who receives these fraudulent communications should report them to the appropriate law enforcement agencies.

“CNL hereby dissociates itself from all false job adverts and offers published in any online media platform, web site, email, poster, handbill or any other medium.

“CNL will not respond to enquiries about fraudulent advertisements and job offers.”

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