News
‘IOCs To Divest $11.5bn Oil Blocks In 2014’
International Oil Companies (IOCs) operating in Nigeria may divest more than $11.5 billion (about N1.9 trillion) worth of oil blocs by the end of this year, Petroleum Minister, Diezani Alison-Madueke has said.
Some of the IOCs have either sold off or are in the process of selling up to 28 oil blocks since 2010.
The oil blocks account for about 2.2 billion barrels of crude worth about $5 billion or N840 billion.
The minister, who made the disclosure at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, however, allayed fears that the situation could lead to crisis in Nigeria.
Alison-Madueke, represented by the Group Managing Director of the NNPC, Mr Andrew Yakubu, said: ”The divestment in the upstream sector of the oil industry by IOCs such as Shell, Total, Agip, Chevron and ConocoPhilips have continued to create an opportunity for participation in the industry by the Nigerian private sector.
“The divestment campaign was highly competitive and attracted interest from a number of indigenous and foreign companies.
“At the end of this, the total number of blocks that are likely to be divested is estimated to exceed 20 with not less than 4 billion barrels of oil equivalent and a monetary value of about $11.5 billion.”
She, however, said that Nigeria’s oil production had remained steady at about two million barrels per day, representing approximately 2.4 per cent of global production.
According to her, gas production has also increased from 2.4 billion cubic feet per day (bcfpd) in 2009 to about 8.0 bcfpd at present, representing about 1.1 per cent of global gas production.
Giving reasons for the divestment, the minister said “the fact is that a number of the IOCs are moving into more challenging frontiers in the deep offshore and are leaving the onshore blocks, which they consider less profitable.
“In addition, some of them have been sitting on oil blocks and have allowed the acreage to go fallow for years without significant development,” she said.
Divestment in Nigeria, according to her, signifies a shift in IOC’s strategy toward the offshore which now accounts for at least 60 per cent of Nigeria’s total production.
The minister, however, assured that the IOC’s “remain very much present in Nigeria as Shell still retains ownership in 34 onshore blocks while Total, ExxonMobil and Chevron are still committing large amounts of capital to assets offshore Nigeria’’.
Allaying fears of possible crisis in the sector, Alison-Madueke said the divestment was changing the onshore corporate landscape and creating material brown field opportunities for upstream players, looking to enter the Nigerian upstream space.
According to her, indigenous production now accounts for about 10 per cent of production in Nigeria, a level which is expected to rise to about 300,000 bpd by 2015.
She said that marginal field operators were expected to produce about 50,000bpd based on current work programmes.
The OTC now in its third day, has up to 2,500 Nigerians participating with some 41 Nigerian companies exhibiting their products and services.
News
PDP Opobo/Nkoro Hails Fubara On Peace, Projects
Stakeholders of Peoples Democratic Party (PDP) in Opobo/ Nkoro Local Government Area of Rivers State have commended the state Governor, Sir Siminalayi Fubara for his disposition that has fostered peace in the State.
Rising from an expanded stakeholders meeting last Saturday in Opobo Town, the body in an eight-point communique signed by its Chairman, Hon. Benneth Daminabo, Chairman of Council, Rt. Hon. Enyiada Cookey-Gam and LG party Chairman, Warisenibo Godwin Pepple commended the governor for linking Opobo/Nkoro LGA to the national grid.
In addition, it lauded the effort of the governor in pursuing the 50.15 kilometre Dual Carriage Ring Road, Elelenwo internal road, Aleto-Ebubu-Eteo Road in Eleme and Andoni Road projects.
Despite the distractions, the stakeholders said they were impressed that the governor had equally done projects in health-the unveiling of Prof. Kelsey Harrison Hospital, Agric projects at Tai and Oyigbo and improving welfare of civil servants.
In their words, “members reaffirmed their unalloyed loyalty and implicit confidence in his administration.”
Condemning the unfriendly and discourteous utterances of Senate President, Godswill Akpabio and Tony Okocha in different fora in the State, the forum urged the duo to desist from such action in order not to heat up the polity.
The forum pledged to stand by the governor through, “thick and thin”, the stakeholders acknowledged the contributions of women, who through prayers for the government has impacted positively in the direction and posture of the governor.
Finally, the forum unanimously expressed gratitude to the Simplified Movement and other bodies that have thrown their weight behind the governor to ensure that the administration is stable and successful.
By: Kevin Nengia
News
‘Rivers People Are Now Breathing Fresh Air Under Fubara’
Aformer Caretaker Committee Chairman of Abua/Odual Local Government Council of Rivers State, Hon Elamo Arogu, says under Governor Siminalayi Fubara, the people of the State are now breathing fresh air.
Hon Arogu said Governor Fubara has given Rivers people hope, considering the impactful and people-oriented projects being carried out by his administration.
The former CTC chairman made the assertion during the Simplified Movement’s thanksgiving service and rally held in honour of Rivers State chief executive last Friday in Abua .
Arogu said under Governor Fubara, the Abua/Odual people have the confidence that the dividends of democracy will definitely get to them.
He noted that the Governor has the strong will to change the narrative in Rivers State, being the reason he is receiving massive support across the State.
“The people of Abua/Odual are strongly behind him. Our doors ate open for everyone because there is government in place to attend to the needs of the people. I believe that he will develop Abua/Odual and other Rivers council areas, hence, the massive support. This government is business- oriented and we are ready to encourage him succeed and invest in our land. The issue of a bank; road networks and other necessities of life bordering on development as demanded by the people will be considered by Governor Fubara”, he said.
He called on the opposition to team up with Governor Fubara to build a stronger, united and viable Rivers State.
He maintained that ward nine under his leadership is Simplified.
News
Rivers State University Cooperative Society Elects New Leaders
The United Port Harcourt Peoples Cooperative Investment & Credit Society Limited, Rivers State University, Port Harcourt, has elected new leaders to pilot the affairs of the cooperative for the next two years.
They are Pastor Dr. Barine Aeba (President); Dr. Gift N. Nkweke (Vice-President), Dr. Kenneth Chima Adiele (General Secretary), Victor G. Banigo (Assistant General Secretary),
Rose Yeyeda Nwosu (Treasurer), Adaku Nwogu (Financial Secretary) and Stella Ereba (Public Relations Officer).
Inaugurating the new Management Committee after a keenly contested election held recently at the University Amphitheatre, the Director of Cooperatives in Rivers State, Dr. Elizabeth Chidi-Wike, congratulated the seven-member Executive for emerging winners at the election, charging them to uphold the bye laws of the Cooperative Society and hold regular congress meetings.
Dr. Chidi-Wike used the forum to commend the outgone Management Committee for reviving the Cooperative and placing it on an enviable pedestrial.
In her remarks, the Acting Registrar of the University, Mrs. Ibimonia Sotonye Harry applauded Cooperative members for keeping faith with the Cooperative Society, stressing that the goal of the society in helping members save for retirement cannot be over emphasised.
In his valedictory speech, the outgone President, Dr. Mie-Idala Jones Amachree expressed gratitude to God for the successful completion of his four-year tenure, thanking his fellow Management Committee members who gave him the needed support that transformed the Cooperative Society.
In his acceptance address, the President, Pastor (Dr.) Barine Aeba thanked the university management for providing the enabling environment for the peaceful conduct of the election, pledging that he will fulfill all his campaign promises.
A total of 165 Cooperative members participated in the electoral exercise which was conducted by an Electoral Committee led by Engr. (Dr.) Joseph D. Enoch.
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