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.
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.
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.
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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