Energy
Wabote Advocates Corporate Governance for Indigenous Oil Firms, lauds Aradel Holdings
Indigenous oil and gas companies must instill principles of corporate governance in their operations if they are to grow and achieve sustainability, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has said.
Speaking virtually on Friday at the ceremony marking the rebranding of the Niger Delta Exploration and Production (NDEP) into Aradel Holdings, the Executive Secretary rued that many local oil and gas companies have died because they do not adhere to corporate governance principles.
He lauded the management of Aradel Holdings for setting high standards of corporate governance, stating that “one of the incredible things the Chairman, Chief Ladi Jadesimi; the former Managing Director, Dr. Layi Fatona and their team have done is instilling the spirit of corporate government. That is why the company is succeeding The owners of the business are not contractors; they do not engage contractors and they do not engage in round tripping. That has led to their success.”
Speaking further, Wabote described Aradel Holdings as a good example, noting that they have made significant returns to their joint venture partners. “They are one of the local companies that NNPC Limited is proud to associate with. NCDMD is also proud of their success and we will continue to support them,” he assured
The NCDMB boss charged indigenous producers to emulate Aradel Holdings and to take corporate governance seriously, recommending that owners of businesses should detach themselves from the daily operations of their organizations.
Dwelling on local content development, Wabote challenged Aradel Holdings to champion the development of local content, stressing that the implementation of the Nigerian Content initiative and the Nigerian Oil and Gas Industry Content Development (NOGICD) Act enabled indigenous producers to exist and thrive. He insisted that it is the responsibility of Aradel Holdings and other local producers to support local content, protect and enhance it, with a view to creating jobs, growing technology, and developing the nation’s natural resources.
He remarked that the percentage of unemployed Nigerians was about over 30%, warning that it would be a grave mistake if the oil industry were to de-emphasise local manufacturing and local production. He also challenged Aradel Holdings to play an active role in the acquisition of assets being divested by some international operating oil companies.
Earlier in his speech, the chairman of Aradel Holdings, Chief Ladi Jadesimi traced the history of the firm, noting that it had operated in the past three decades and pioneered several initiatives, including marginal field operations, one of which is the Okpele Field, which it has grown the daily production from about 1,000 barrels of crude oil per day to 13,000 barrels. The company is also a fully integrated oil and gas company, and also pioneered modular refinery initiatives with the first train of 1,000 barrels per day, which has since expanded to 11,000 barrels per day.
In his comments, the Managing Director of Aradel Holdings, Mr. Adegbite Falade described the new name as an acronym of the founding Chairman, late Chief Aret Adams, and the firm’s original name and area of operations, which is the Niger Delta region. The new name also signified the company’s resilience and preparedness to meet the challenges of energy transition and security as well as become the leading energy company in the country, he added.
Falade also announced that the company’s modular refinery will soon begin to refine premium motor spirit, alongside other major projects the firm plans to embark on.
MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide.
The company has also called on Nigerians to monitor and report any outlets that fail to adhere to the new price structure.
Biztellers reports that this is consequent upon an announcement by the President of Dangote Industries Limited, Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.
ALSO READ: Dangote Slashes PMS Price To N899.50k
It was gathered that MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance.
In a statement on Monday night, the company declared, “Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: NG-FMKPMGWHISTLEBLOWING@NG.KPMG.COM”
Emphasising the eco-friendly nature of its products, MRS Oil added, “We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”
In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol, with many expressing their gratitude to the Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.
A commuter at the MRS station at Alapere on the Lagos Ibadan Express way, Ibukun Phillips, could not hide her joy as her husband filled up their car.
“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”
A commercial bus driver, Adio Ajibade described the price reduction as a great relief, especially during the festive season.
“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.
A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.
According to Dr. Akanni, “this move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”
As a direct implication of the Federal Government’s Foreign Direct Investment drive, the Royal Dutch Shell has completed the final investment decision on the deep offshore Bonga North project in Nigeria.
Biztellers reports that the Bonga North will be a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility which Shell operates with a 55% interest.
Shell’s Integrated Gas and Upstream Director, Zoë Yujnovich, said, “This is another significant investment, which will help us to maintain stable liquids production from our advantaged Upstream portfolio”.
ALSO READ: OGUNCCIMA Commends Dangote Refinery’s Impact
It was gathered that the Bonga North project involves drilling, completing, and starting up 16 wells (8 production and 8 water injection wells), modifications to the existing Bonga Main FPSO and the installation of new subsea hardware tied back to the FPSO.
The company is optimistic that the project will sustain oil and gas production at the Bonga facility.
The Bonga North currently has an estimated recoverable resource volume of more than 300 million barrels of oil equivalent (boe) and will reach a peak production of 110,000 barrels of oil a day, with first oil anticipated by the end of the decade.
In addition, the Bonga North will help ensure Shell’s leading Integrated Gas and Upstream business continues to drive cash generation into the next decade.
Chevron Nigeria Limited (CNL), has received an award as “Energy company of the year (2024)” for its Environmental Sustainability and Corporate Responsibility accomplishments.
The award presented by the Nigerian News Direct newspaper, on Friday December 6, 2024, and was received by Manager Communications, Chevron Nigeria and Mid-Africa Business Unit, Victor Anyaegbudike, at a colourful event at the Grand Ballroom of the Oriental Hotel, Lagos.
ALSO READ: Stakeholders Hail NCDMB As Local Content Level Hits 56%
The organizers of the award noted that Chevron has implemented the “Protecting People and the Environment” policy, which aims at preventing injuries, illnesses, and environmental incidents. They also referenced that the company has achieved 97% gas flaring reduction in its operations in Nigeria, while implementing waste management and environmental conservation programs.
According to the media organization, Chevron Nigeria has also invested millions of dollars in community development programs, supporting education, health and economic development initiatives that have benefited thousands of people, while ensuring diversity, inclusion, and employee engagement in its business operations.
Receiving the award from the Lagos State Commissioner for Information and Strategy, Gbenga Omotosho, Anyaegbudike thanked the organizers for the honour, and reiterated Chevron’s commitment to continue to develop, affordable, reliable and ever-cleaner energy that enables human progress around the world.
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