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NLNG converts 4Tcf‎ AG and none-AG to 3,250 cargoes in 15yrs

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NLNG, Six Varsities Sign $12 Million MOA On Modern Engineering Laboratories

….Pays $30b as dividend in same period
 
By Kunle Kalejaye 
 
Nigerian Liquefied Natural Gas, NLNG Limited said it has converted about four trillion cubic feet, 4Tcf of Associated Gas, AG and five trillion cubic feet, 5Tcf of non-Associated Gas to over 3,250 cargoes of liquefied natural gas and natural gas liquids in the last 15 years.
 
The conversion of these natural commodities was done between 1999 when the company exported its first cargo and today. 
 
NLNG is the same period had paid some $30 billion as dividend to its shareholders, which includes the Federal Government represented by the Nigerian National Petroleum Corporation, NNPC, with the largest single stake of 49 percent.
The company also supplies over eighty per cent of Liquefied Petroleum Gas, LPG otherwise called cooking gas, to the domestic market. 
 
This intervention has helped to bring down the price of the commodity from a peak price of N7,500 for a 12.5kg to between N2,800 and N3,500 thereby changing the  country’s LPG supply problems to a story of increasing availability and affordability for the common man.
 
According to a statement signed by the company’s General Manager, External Relation, Kudo Eresia-Eke, the company controls eight per cent of the global liquefied natural gas market through its reliable operation of a six production train facility with capacity for twenty-two metric tonnes per annum (MTPA) of the product.
The statement explained that the proposed seventh train is part of the company’s strategic growth programme which will ramp up annual production to some 30 million metric tonnes per annum (mtpa).
Eke in the statement said “NLNG’s success is particularly commendable because its world-class international operations are run on a day-to-day basis by a senior management team that is  100 percent Nigerian.
“The company’s Nigerian employees also make up more than 95 percent of the total workforce spread across company offices in Lagos and London, besides its headquarters in Port Harcourt and plant operational base on Bonny Island.
‎”NLNG role as the arrowhead of the Federal Government’s effort to end gas flaring, the company has successfully converted gas that would have been routinely burned off, into lucrative cargoes of liquefied natural gas, exported safely and reliably to customers in different parts of the world.
“NLNG had earlier this year paid Corporate Income Tax, CIT of N220 billion to the Federal Government of Nigeria, becoming the largest corporate tax payer in the country. The amount accounts for some five per cent of the government’s revenue.‎”
 
The statement also stated that NLNG has been ranked as the top Nigerian establishment 
The ranking was done by business development and marketing consultants, Jake Riley in partnership with the Federal Ministry of Industry, Trade and Investment.
 
‎The ranking also saw International Oil Companies, IOCs, ExxonMobil, Shell and Chevron took the top three spots while NLNG came fourth, leading other Nigerian companies in the blue chip listing.
 
Other local and international establishments that made up the top ten of the league table were Total Nigeria, MTN, Dangote Group, OandO, Eni-Agip and First Bank Nigeria Plc.
 
Commenting on ranking in statement, NLNG Managing Director and Cheif Executive Officer Babs Omotowa said “We recognise that this achievement of being the foremost Nigerian establishment in the latest ranking also places on us the responsibility to continue to remain the model company that shows how Nigeria can generate value from its abundant human and natural resources.”
‎The statement explained that NLNG role as the arrowhead of the Federal Government’s effort to end gas flaring, the company has successfully converted gas that would have been routinely burned off, into lucrative cargoes of liquefied natural gas, exported safely and reliably to customers in different parts of the world. 
“NLNG had earlier this year paid Corporate Income Tax, CIT of N220 billion to the Federal Government of Nigeria, becoming the largest corporate tax payer in the country. The amount accounts for some five per cent of the government’s revenue.
“The companies in the top 100 according to the Minister of Trade and Investment, Olusegun Aganga contribute some 20 per cent to the country’s gross domestic product (GDP).
“To rate the companies, a committee, the Top 100 Businesses Assessment Committee, headed by Executive Secretary and Chief Executive Officer of the Financial Reporting Council (FRC) Mr. Jim Obazee, collated and verified information from annual reports, the Financial Reporting Council, the Nigerian Stock Exchange and reports from private companies that publish revenue figures, to decide the winners.
“Other members of the committee were Director-General, Industrial Training Fund, Mrs. Juliet Onaeko; Managing Director, Bank of Industries, Mr. Rasheed Olaoluwa; Executive Secretary, Sugar Council, Dr. Lateef Busari; Chief Executive Officer, Nigerian Stock Exchange, Mr. Oscar Onyema; Executive Chairman, Federal Inland Revenue Service, Mr. Kabir Mashi; and Managing Director, Nigerian Export Processing Zones Authority, Mr. Gbenga Kuye.
“Also in the committee were the Executive Secretary, Nigerian Investment Promotion Commission, Mrs. Salatu Umar; Chief Executive Officer, Nigerian Export Promotion Council, Mr. Olusegun Awolowo; CEO, Jake Riley Limited, Mrs. Funmi Ogbue; a Director from MITI, Bambo Kunle-Salami, and representatives of the Minister,” the statement noted.

Gas

Platform Petroleum targets a billion-dollar investment

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Platform Petroleum

Announces ambitious expansion plans

 

Platform Petroleum says the company is targeting a billion-dollar investment as it announces an ambitious strategic plan to bring 3 marginal fields into production by 2025, with a target of 10,000 barrels of oil and at least 50 billion standard cubic feet of gas per day.

Speaking on the sidelines of the 2024 Offshore Technology Conference (OTC) in Houston, USA, Chief Dumo Lulu-Briggs, Chairman of Platform Petroleum said that the company has scheduled a roadshow in London this June 2024 to raise extra funding to finance their ambitious expansion plans.

“The upcoming roadshow aims to attract equity partners and prepare for future opportunities, targeting a billion-dollar investment. We are seeking partners ready to invest in Nigeria’s oil and gas potential.

Our goal is to showcase the country’s vast opportunities and its potential to international investors” Lulu-Briggs said.
Platform Petroleum’s roadshow in London will highlight the company’s efficient production, upgraded flow stations, increased capacity, and achievements in nearly zero emissions.

With about one percent gas flare currently, Platform aims for zero gas flares by the last quarter.

“Nigeria is a vast market, and Platform Petroleum is thinking big. With the government’s ambitious plans, such as the Lagos-Calabar coastal line, Platform is poised for growth; pushing itself to the next level, building on a strong foundation and following Seplat’s successful precedent”, Lulu-Briggs said.

Despite being a small company, he emphasized that Platform Petroleum has demonstrated significant success and efficiency, showcasing that smaller oil and gas entities can indeed achieve remarkable feats adding that he believes that the company deserves recognition and more assets.

“Platform Petroleum is ambitious, aspiring to become a tier-1 company akin to international oil companies (IOCs) or a tier-2 company like Seplat. Interestingly, Seplat originated from Maurel & Prom, Shebah Petroleum, and Platform Petroleum, and today stands as a major player in the industry.

This history underlines Platform’s potential for substantial growth”, Lulu-Briggs said.
Furthermore, the Platform Petroleum Chairman said that the Offshore Technology Conference (OTC) is a crucial event for promoting Nigeria’s significant market potential.

“Partnering with the Petroleum Technology Association of Nigeria (PETAN) at OTC is key to attracting investment. The current proactive government understands the necessity for economic growth, and Platform is prepared to leverage every opportunity in the oil and gas industry to contribute to this expansion”, he concluded.

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NNPC JV Unveils New Crude Oil Grade ‘Nembe’, Commences Exports With 1,900 Barrels

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Precious ADELOLA

The NNPC/Aiteo Joint venture has announced the introduction of Nembe Crude Oil Grade, a new crude oil grade into the international crude oil market.

 

The announcement of the Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was made at the ongoing Argus European Crude Conference in London, on Tuesday.

 

OML 29, an asset located onshore Nigeria, is operated by Aiteo Eastern Exploration & Production Ltd, Africa’s leading indigenous hydrocarbon producer, following a historic acquisition from Shell in 2014.

 

NNPCL Boss, Engr. Mele Kyari

The Nembe Crude was previously blended with the popular Bonny Light grade and exported via the Bonny Oil & Gas Terminal.

The unique selling point of the Nembe Crude Oil grade with an API gravity was highlighted by both the Aiteo E & P and NNPC Limited Leadership at the Argus Conference in London.

The Nembe Crude Oil grade also has a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe.

Two cargoes of 950,000 barrels each of the Nembe Crude Oil grade have since been exported to France and the Netherlands. With its attractive Assay of API 29 and low sulphur content, the Nembe Crude Oil grade commands a premium to the global Brent benchmark.

 

With the NNPC-Aiteo OML 29 JV back on-stream, Nigeria now boasts of an additional crude oil export of 2 Cargoes at 950,000 barrels each per month and 1.2 Bcf of export gas monthly.

 

This remarkable achievement signals the commencement of activities at Nigeria’s newest crude oil terminal, the Nembe Crude Oil Export Terminal (NCOET), which was licensed in line with the extant laws and Crude Oil Terminal establishment regulations.

 

The terminal was conceived as a Floating Storage and Offloading Vessel (FSO) with a storage capacity of two (2) Million Barrels and the ability to offload crude oil to any export tanker from AFRAMAX to Very Large Crude Carriers (VLCC).

 

It has a loading capacity of 25,000 barrels per hour and will be exporting over 3.6 million barrels of Crude oil monthly at full scale of operation.

 

Currently, hydrocarbon production from OML 29, which was hitherto constrained due to evacuation challenges owing to the security issues around the Nembe Creek Trunk Line (NCTL) corridor, has now been resolved through a collaborative and creative approach that led to the innovation of the Alternative Crude Oil Evacuation Solution.

 

The Argus European Crude Conference 2023 in London is a gathering of energy majors, refiners, NOCs, traders, financial institutions, and other representatives from across the global oil markets. The event also provides a critical opportunity for business leaders to connect, discuss, share and learn from one another.

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Business

NNPCL, NCDMB, Oil Majors Agree Improved Efficiencies

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Modupe Asudo

Major players in the oil and gas sector in Nigeria led by the Nigerian National Petroleum Company Limited (NNPCL) have covenanted to optimise operations by reducing contracting cycle to not more than 180 days.

A statement issued by the company disclosed that the Memorandum of Understanding (MoU) to this effect was endorced on Monday in Abuja at the company’s head office.

Other parties to the the contract include, the Nigerian Content Development and Monitoring Board, (NCDMB) and international oil companies.

Biztellers reports that an optimised contracting cycle was expected to improve the ease of doing business, reduce cost and drive efficiency, which would eventually translate to production growth, increased revenues, and ultimately improved profitability.

In addition, the MoU was expected to contribute significantly to the double-digit economic growth rate agenda of the Federal Government and generate value for all stakeholders, including investors, companies, host communities and Nigeria.

Notable elements in the framework of the MoU, going by the statement, included a reduction of the contracting cycle for open competitive tender, selective tender, and single sourcing tender to 180, 178, and 128 working days respectively.

This was in contrast with the current best effort performance of 327, 333, and 185 working days respectively.

According to Group Chief Executive Officer, NNPCL, Mele Kyari, signing the agreement portends exciting times for Nigeria’s oil and gas industry, in addition to standing as a bold testimony that the company was plunging into the future of hope, productivity and success.

Kyari, represented at the occasion by Executive Vice President, Upstream, NNPCL, Oritsemeyiwa Eyesan, pointed out that with oil and gas as the bedrock of Nigeria’s economy, there was need to get the contracting process in the Industry right so as to get the economy back on track.

In his remarks, Executive Secretary, NCDMB, Simbi Wabote, described the MoU as a way forward and a critical step towards enhancing the nation’s crude oil production.

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