A United States Appeals court has dismissed the lawsuit Canadian mine Crystallex brought against Venezuela’s PDVSA, seeking to take control over its U.S. business, Citgo, as compensation for the nationalisation of assets under the late Hugo Chavez. A World Bank tribunal had awarded Crystallex $1.2 billion plus interest in 2016 but Venezuela has only made part of the payments. Contrary to Crystallex’s hopes, the court this time sided with the Venezuelan attorneys, who argued PDVSA and Citgo are entities separate from the country, which was the defendant in the original lawsuit.
Russian Alrosa, the world’s top producer of rough diamonds has put up for sale gas assets in the Yamal-Nenets region, in northwestern Siberia, which Novatek plans to bid for next month. The starting price of the package is $520 million. In December, Novatek launched the first shipment of LNG from its Arctic LNG project, also in Yamal-Nenets.
Shell has finalized the first phase of the divestment of its LPG marketing business in Hong Kong and Macau for $150 million. The buyer of the company is DCC, the international sales and marketing group. The supermajor will remain operator of the Hong Kong LPG plant. Its sale will be completed in the second phase of the divestment plan.
Suncor and Teck Resources have settled a commercial dispute over the Fort Hills oil sands project by raising their stakes in it. Suncor will now hold 53.06% in Fort Hills, up from 50.8%, and Teck will have a 20.89% interest, up from 20%. The two companies are partners with Total in the Fort Hills project.
Tenders, Auctions & Contracts
Tullow Oil’s Ghana unit has awarded Danish Maersk Drilling a four-year contract for the Maersk Venturer drillship, to be deployed at the Jubilee and TEN fields offshore Ghana. The two are among the most promising new fields discovered in Africa in the last few years
Discovery & Development
Spain’s Repsol has begun commercial production from the Sagari natural gas field in Peru. The field, according to Repsol, will produce 5.6 million cum of gas daily, which will represent a quarter of Peru’s natural gas demand. The launch of production at the field will also raise the overall output from Block 57, in which it is located, by a fourth. The Sagari field holds an estimated at 1-2 trillion cu ft of gas.
Transneft has completed the expansion of the East Siberia-Pacific Ocean crude oil pipeline, doubling the export capacity for China to 30 million tons of crude annually or an average 600,000 barrels daily. China has become the world’s top crude oil importer and Russia last year became its largest supplier, overtaking Saudi Arabia.
TransCanada has commissioned the construction of the Leach Xpress natural gas pipeline that will run between West Virginia and Ohio. The $1.6-billion project will have a capacity to transport some 1.5 billion cubic feet of gas daily from the Appalachian fields to the national market. In addition to this news, TransCanada also said this week the FERC had greenlit another two gas projects: the Mountaneer Xpress and the Gulf Xpress. The two will cost a combined $3.2 billion.
The U.S. administration has plans to open up more Arctic and Atlantic waters for oil and gas exploration, cancelling the five-year leasing programme approved by the Obama administration. This could offer explorers a lot more drilling opportunities, although it remains doubtful to what extent they would be willing to exploit the opportunity in the face of high offshore project development costs and strong environmental opposition.
Petrobras has agreed to cough up almost $3 billion to put an end to shareholder lawsuit it got hit with because of its involvement in what has turned out to be a major corruption scandal that toppled former Brazil president Dilma Roussef. As part of the investigation into the corruption scheme, senior Petrobras executives were implicated of receiving bribes in exchange for inflating the prices for services performed by companies working for Petrobras.
Source: Oilprice Report For 5/01/2018
Stop Further Release Of Funds To HYPREP, Group Tells SPDC
A Pan Ogoni youth organisation, under the auspices of Ogoni Youths Federation (OYF), has urged the Shell Petroleum Development Company, (SPDC) to stop release of funds meant for the implementation of the Ogoni clean-up project to the Hydrocarbon Pollution Remediation Project (HYPREP) in the 2020/2021 budget, until previous funds released are accounted for.
The body, in press statement signed by its National President, Comrade Legborsi Yaamabana, and made available to The Tide accused HYPREP of misappropriation of funds so far released for the Ogoni environmental clean up project, amounting to about $187m.
The statement which read in part, stated that: “after the release of the initial $10m by Shell, there were cases of misappropriation and diversion which prompted Ogoni youths, through the OYF to institute a legal action against the Federal Ministry of Environment and HYPREP to account for the funds.”
The group which regretted the manner by which the implementation of the Ogoni clean-up project was being executed, alleged that there was a “deliberate compromise of the emergency measures such as the provision of portable water for the Ogoni people, including the engagement of genuine stakeholders and proper representation of people at the grassroots, as well as creation of jobs for the displaced youths of Ogoni.”
The group also condemned what it described as, “a spree of clean -up contract awards to firms of doubtful profiles and pedigrees in manner that appeared like political patronage,” and called on the Economic and Financial Crimes Commission (EFCC) to commence a forensic investigation of financial expenditure on the Ogoni clean-up project.
The group declared that “the extreme politicisation of contract awards resulting in the exclusion of competent indigenous contractors from Ogoni is as insensitive as it is unacceptable.”
By: Taneh Beemene
Oil Firm Executes Projects In Rivers Communities
In a bid to improve the standard of living of the host communities, Eroton Oil Exploration and Production has executed some life-impacting projects in Bille and Krakrama communities of Rivers State.
Eroton E & P is a joint venture partner with the Nigeria National Petroleum Corporation (NNPC) in the operation of Oil Mining License (OML) 18 which until 2014 belonged to Shell in the Cawthine channels and areas around Asari-Toru Local Government Area of Rivers State.
Some of the projects executed in Bille include furnishing of the palace of Amanyanabo of Bille Kingdom and administrative block, renovation and equipping of a 6-bed health centre, installation of 10,000 litres borehole water scheme at Jike-Ama, installation of 10 solar panel street lights at Touma, donation of 50 plastic tables and 5000 plastic chairs for Bille women forum and construction of one-line drainage channel of 245 metres at Opu-Osia community, among others.
The Tide reports that the projects were executed under the GMoU platform managed by the Degema Local Government Area (DELGA) 1 Cluster Development Board (CDB).
Speaking at the event last Monday in Bille, Eroton E&P Community Affairs representative, Emmanuel Toby, appreciated the efforts of Bille community to keep peace in the Kingdom.
He said: “Its one area we see you utilise the funds we are giving and I will tell you the truth, any time you come forward with project, we look at it very well and we seem to bend, compared to other clusters”.
“This women empowerment thing we did, in other communities, we did not accept it because we are scared that the money will just go off. But for the trust we have in Bille, we have bent because we know you will manage it well. We are very grateful to your people, for the station has been peaceful”.
The chairman of DELGA 1 Cluster Development Board, Firimabo Bob Ogunga, thanked Eroton E&P for commissioning the sustainable community developments projects in the area, saying that some of the projects initiated through the GMoU platform have been completed while others were ongoing.
According to him, the ongoing projects include provision of laboratory equipment at community secondary school Bille, construction of 6-room concrete public toilet at Iwo Ama, Bille; training of three Bille indigenes in oil well compression and reservoiur engineering and provision of borehole water at Opu Billeboko Ama.
In his remarks, the chairman, Bille Kingdom Chiefs’ Council, Alabo Benneth Okpokiye Dokubo OPu commended Eroton for its efforts to lift the Bille community out of poverty of development.
Similarly, in Krakrama community, Eroton commissioned projects which include installation of 10,000 litres of water scheme split at three strategic locations, renovation and equipping of six class-room block for Community Secondary School, Krakrama, provision of 200 classroom desks and inscription of Joint Venture Logo for Krakrama Community Secondary School and women support scheme through provision of sewing machine and hair dressing items.
The Amayanabo of Krakrama, King Iwari Gibson Bala, who was represented by Chief Albert Light Dabobiongbo, lauded Eroton for improving the living standard of the community through people-oriented projects, assuring that the community would always keep faith with the company.
The Eroton Community Affairs representative, Emmanuel Toby, said that the company would continue to ensure that projects executed in the host communities were viable and sustainable on a long term basis, adding that the company would also continue to award scholarships to indigenes of Krakrama and Bille at secondary and tertiary levels of education, as well as in the area of medical outreach.
Rep Seeks Waivers For Imported Power Equipment
The House of Representatives Committee on Environment, has asked the Federal Government to consider granting duty waivers for imported power equipment such as solar panel, inverters, batteries, LED bulbs.
The Chairman of the committee, Johnson Oghuma, representing Etsako East/West Central in the Federal House of Representatives, stated this last Friday while speaking with journalists in Benin, Edo State.
He said the House had also mandated its committees on environment and climate Change to interface with the ministries of environment, finance, science and technology and the Energy Commission of Nigeria with a view to coming up with policies/programmes that would encourage alternative/renewable energy development to reduce global warming and report back within eight weeks for further legislative action.
He said creating the enabling environment for the adoption of Green Energy Technology through duty waivers would encourage wider access to solar energy in Nigeria, adding that it would lead to a reduction in the country’s carbon footprints in line with the global drive for a cleaner and healthier environment.
“In 2015, the world adopted the Paris Agreement on Climate Change, which is aimed at reducing global carbon footprints by 20 per cent. With Nigeria being one of the signatories means it is committed to the reduction of its carbon footprints substantially in line with this global drive for a cleaner and healthier environment.
“A few years later, there have been remarkable improvements and positive developments in the area of renewable energy with global investments increasing by 17 per cent and a rise in global electricity generation by 9.1 per cent,” he said.
The lawmaker also said “Providing the enabling environment will not only ensure increased access to more sources of the power supply but also encourage the transfer of renewable energy technology in Nigeria.”
According to him, the cost of renewable energy technologies, particularly solar technology in Nigeria, is still very expensive and out of the reach of ordinary Nigerians.
“We will appreciate the need for Nigeria to join the group of progressive countries working towards mitigating global warming by adopting alternative and renewable energy technologies,” Oghuma said.
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