Connect with us

Business

Lekoil Gets Stake In OPL310

Published

on

A farm-out agreement that entails Lekoil 17.14 per cent stake in the Oil Prospecting Licence (OPL) 310 situated offshore Nigeria has been completed, according to a statement by Afren.

Afren will receive US$50 million as a total carry off in respect of an exploration well being drilled at present at the Ogo prospect and a planned side-track well under the terms of the agreement that is subject to the Minister of Petroleum’s approval.

Optimum Petroleum Development Limited, an indigenous company, the named operator of the block will continue to have 60 – per-cent-participating interest even as Afren provides technical assistance to optimum in respect of the Nigerian company’s obligation under a Technical Assistance Agreement (TAA), the statement stated.

According to the statement “The Partners’ participating and economic interests are as follows, post the farm-out to Kekoil: Optimum – 60 per cent participating interest and 30 per cent economic interest; Afren – 22.86 per cent participating interest and 40 per cent economic interest and Lekoil – 17.14 per cent participating interest and 30 per cent economic interests”.

Afren’s chairman, Egbert Imomoh, expressed the company’s delight over the successful completion of the farm –out agreement on OPL 310, and welcomed Lekoil as partner in exploring the significant potential of this under – explored region of the West African Transform margin.

“This farm in and the associated drilling programme is a major step forward for our operations at OPL 310 ad we welcome Lekoil to the team. We look forward to working with them closely to realise the field’s full potential over the coming years”, the Managing Director/Chief Executive Officer of Optimum, Mr. Yusuf N’jie said.

OPL 310 is located at the Upper Cretacenous fairway which is along the West African Transform Margin and close to the Aje field that has been declared commercial. Coming from the Shallow Water Continental Shelf to deep water, the block is an exploration opportunity in an under – explored basin with a proven working bydrocarbon system in close proximity to the Tano Basin.

Evaluation of the block has revealed varied prospects lying in the same Turonian, Cenomian and Albian Sand – tone intervals that have yielded significant discoveries in Ghana and Cote d’Ivorie.

Print Friendly, PDF & Email
Continue Reading

Business

FRSC To Clampdown On Traffic Offenders In Rivers

Published

on

The Federal Road Safety Corps (FRSC) has threatened to clampdown on all those that disregard road traffic rules, particularly those that make phone calls while driving  and one-way drive.
FRSC says that making phone calls while driving is a very serious offence, and that those that will be caught from now will be arrested and made to go for Psychological Examination.
The Rivers State Sector Commander of FRSC, Salisu Umaru, who made this known in a media interaction in Port Harcourt Monday, noted that the command was not happy with the way some people disobeyed  traffic signs and laws.
According to him, the sector is embarking on the ‘ember’ months enlightenment and enforcement campaign where all the machineries of FRSC will be fully mobilised to work.
“I don’t like the way some people drive in Rivers state. You see people driving one-way, not obeying traffic signs and laws, making phone calls while driving.
“ We want to stop these things in Rivers state. We will arrest and send offenders on psychology examination to ascertain why they do such things.
“ Psychological examination is not the same thing as Psychiatric examination. We are to do preventive enforcement on all Nigerian roads, whether federal or state.
“FRSC is not all about enforcement, but we do corrections.There are times we caution offenders without booking them, and that is official for us”, Umaru said. On why the FRSC made serious checks on vehicle plate numbers, the sector boss explained that the purpose was purely for security, to check criminal activities on vehicle procurement, and also those that used them for crime.
The FRSC sector boss also said that his corps were coming up with some help areas where people that have one problem or the other on the road could be attended to, with ambulance stationed there.
He said that the state government has been notified of the intentions, which according to him, was geared towards safety of lives on the road.

 

By: Corlins Walter

Print Friendly, PDF & Email
Continue Reading

Business

NIMASA, BPSR Partner On Maritime Transformation

Published

on

The Nigerian Maritime Administration and Safety Agency (NIMASA) and the Bureau of Public Service Reforms (BPSR) are currently in talks on how to implement transformational initiatives in the maritime sector.
Speaking in Abuja during a visit to the Bureau, NIMASA’s Director General, Dr Bashir Jamoh, emphasised the importance of efficient and effective public service to Nigeria’s economic prosperity, adding that the agency is committed to collaborate with the ongoing initiative.
Jamoh, who was represented by the agency’s Director, Reform Coordination and Strategic Management, Dr Kabir Murnai, said the partnership would be focused on reform initiatives and development research.
According to him, a sustainable relationship between the two Federal Government agencies was essential for capacity development.
He stated: “We are here to see how we can connect with BPSR in order to clearly understand and key into government’s specific priorities, while still pursuing the respective mandates and goals of NIMASA.
“We desire advisory and technical support services for change management teams, to engender an environment of learning within NIMASA”.
Similarly, Director of BPSR, Mr Dasuki Ibrahim Arabi, pledged the Bureau’s commitment to the collaborative agreement for the mutual benefit of the two agencies.

Print Friendly, PDF & Email
Continue Reading

Business

LCCI Pushes For Immediate Implementation Of CAMA 2020

Published

on

Amidst the controversies surrounding the new Company and Allied Matters Act (CAMA) 2020, the Lagos Chamber of Commerce and Industry (LCCI) is now pressing for urgent gazetting of the law, saying delay in gazzetting the law  is creating uncertainties in business decision.
Director General, LCCI, Dr Muda Yusuf, in a statement made available to The Tide yesterday, noted that the delay in gazetting the law is yet another example of how bureaucratic bottlenecks are allowed to impede economic progress.
It would be recalled that CAMA 2020 was assented to by President Muhammadu Buhari over a month ago, following which several groups alleged that certain sections of the new law were draconian and could precipitate unwholesome take-over of private entities by the government.
But Yusuf stated: “The legislation and the subsequent assent were widely applauded by the business community”, lamenting that six weeks after the legislation’s presidential assent, it is yet to be gazetted”.
He stated further that, “The implication of this is that the formal copy of the law is not yet available to the public and therefore the law cannot be operationalised. This is yet another example of how bureaucratic bottlenecks could impede the progress of an economy.
“Ordinarily, and in line with the ongoing digital revolution and the E- Government agenda of government, the law should have been uploaded on the Federal Government and National Assembly websites hours after the assent by the President.
“Being a major business legislation, the non-availability of the gazetted copy of CAMA 2020 has stalled many activities in the business environment. These are activities anchored on the new legislation.
“Additionally, the regulations that ought to be issued by the Corporate Affairs Commission on account of the new legislation have equally been stalled because there is no formal document to act upon.
“The situation has created enormous uncertainty in business decisions which require the legislative anchor of CAMA 2020 to progress. As it were, a legislative vacuum has been created. The CAMA 1990 has been repealed, CAMA 2020 is yet to be gazetted , six weeks after assent.
“It is important that the bureaucracy works in tandem with the new normal of leveraging technology so that the desired outcomes of reforms can be achieved, and expeditiously too.
“The implementation of the e-Government programmes should be accelerated to make the public service smarter, efficient and cost effective.
“Given the current wave of digital revolution sweeping across the public and private sectors, the role of the Federal Government Press in the dissemination of official legislations and other publications is at risk of diminishing relevance.
“It has become imperative for electronic copies of official publications to be promptly disseminated to the public to ensure swift activation and access to the benefits and values which such publications offer for the economy and the society”.

Print Friendly, PDF & Email
Continue Reading

Trending