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FG To Earn $6.35bn From OML 65 Expansion

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The push by the management of the Nigerian National Petroleum Corporation (NNPC) to increase crude oil production and grow the nation’s revenue profile gained momentum, yesterday, with the closure of $875.75million alternative financing deal for the Nigerian Petroleum Development Company (NPDC)-operated OML 65 through the Funding and Technical Services Agreement with CMES-OMS Petroleum Development Company (CPDC).
The NNPC explained that when fully on stream, the project would generate over $6.35billion in taxes and royalties to the Federation Account to support government’s medium to long-term economic development agenda.
A statement by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said that NNPC Chief Financial Officer, Mr. Umar Ajiya, disclosed that the project, which scope cuts across exploration, development, production and provision of facilities with incremental first oil targeted for Q4 2020, was estimated to have potential reserves of 800 million barrels of oil equivalent (mmboe).
Ajiya emphasised that the project has an ultimate recoverable reserve of 244 mmboe and cumulative production of 44mmboe from the Abura Main and Abura SE fields.
Speaking at the closing meeting with the financing partners in Dubai, United Arab Emirates, Ajiya, described the contractor financing model as an innovative approach by NPDC to funding its operations in response to the challenging economic environment, saying the approach would fast-track the development of NPDCs under-developed assets.
He noted that the project was expected to ramp up production at OML 65 from 900barrels per day to 60, 000 barrels per day with average production over field life at 40,000 barrels per day.
Throwing more light on the financing strategy, the CFO explained that the package entailed comprehensive financing solution that addresses the complex issues involved in growing NPDC’s production, minimizes its cost of capital, and maximizes its value preservation, adding that it also strikes a balance between risk and reward which gives investors a rate of return that is commensurate with funding a brownfield project which has significant exploration risk.
He said the expectation was that this collaboration between NPDC and CPDC would translate in real terms to the efficient execution of the scope of activities for the optimal development of the OML 65 asset within cost and schedule, whilst maximizing value to all the stakeholders.
Ajiya said it was projected that the collaboration would enhance operational and financial performance strictly guided by the pre-agreed Key Performance Indicators (KPIs) which remains critical for determining incentive payment due to CPDC.
On CPDC’s right to provide technical services, the CFO listed the field of consideration in this regard to include: drilling and completion services; building capacity and technology transfer; generating employment opportunities for youths with attendant positive multiplier effect on the nation’s economy, among other considerations.

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Forum Expresses Confidence In APC Candidates’ Performance In Rivers

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The Rivers State chapter of the All Progressives Congress Christian Leaders Forum has expressed strong confidence in the capacity of All Progressives Congress (All Progressives Congress) candidates in the state to deliver effective governance if elected into office in the coming elections.
The State Coordinator of the forum, Archbishop Lucky Aroh, made this known during a breakfast and thanksgiving meeting held in Port Harcourt, where leaders gathered to pray for the stability of the party and the safety of its candidates ahead of the 2027 general elections.According to him, the meeting was convened to seek divine intervention for peace, unity, and security among APC candidates across Rivers State.
“Today we are praying for APC stability in Rivers State and the security of our candidates that have been elected to contest the 2027 elections. It is a breakfast meeting,” Aroh said.
He further expressed optimism that the party’s candidates would not disappoint the people if entrusted with leadership responsibilities.
“They will not fail when elected into office. We are here as fathers of the land to let them know, and I must tell you the truth that these are the authentic people that will do well in Rivers State,” he added.
Speaking earlier, the National Chairman of the forum, Professor Olanrewaju Abraham, commended the Rivers State chapter for organizing the programme, noting that the national body of the forum believes strongly in the power of prayer.
He stated that political leadership provides an opportunity to influence society positively, including advancing moral and spiritual values, while expressing confidence that APC candidates at all levels would emerge victorious in the upcoming elections.
Also speaking, the Rivers State Women Leader of the APC, Hon. Darling Amadi, praised the forum for its commitment to prayers for peace, stability, and the protection of party candidates.
Represented by the Deputy Women Leader of the party in the state, she described the initiative as commendable and urged other political and support groups within the party to emulate the gesture in promoting unity and stability.

By: John Bibor, Menebe Emmanuel & Fortune Paibi

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Okafor, Eminent Nigerians Celebrate Osagwe-Ogo At 70

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Prominent businessman and philanthropist, Elder Anthony Osagwe-Ogo, was celebrated in grand style as he marked his 70th birthday anniversary, with distinguished Nigerians, business leaders, and golf enthusiasts gathering to honour his remarkable contributions to society.
The colourful celebration took place at the Port Harcourt Golf Club, where friends, associates, and well-wishers converged to pay tribute to the revered elder statesman.
Chairman of the occasion, High Chief (Dr.) Ikenna Okafor, described the celebrant as a detribalised Nigerian whose generosity, humility, and commitment to humanity have earned him admiration across different communities and backgrounds.
According to Dr. Okafor, Pa Osagwe-Ogo’s impact on society and the development of his community remains unparalleled. He noted that members of the golfing community are proud to be associated with a father figure who consistently promotes the welfare and well-being of those around him.
He further stated that the history and growth of the Port Harcourt Golf Club cannot be told without acknowledging the significant role played by the celebrant, whose wisdom, encouragement, and leadership have helped sustain the club over the years.
“We are here to celebrate a man who has impacted humanity positively, a peace-loving individual and an epitome of hope for the younger generation. We pray to emulate his virtues. Today, we celebrate a bridge-builder, a trailblazer, and an iconic leader whose life continues to inspire many,” Dr. Okafor said.
He expressed delight at the large turnout of guests from various walks of life, describing it as a testament to the respect and affection Pa Osagwe-Ogo commands within and beyond Rivers State.
In his response, the celebrant, Pa Anthony Osagwe-Ogo, expressed profound gratitude to God for preserving his life and granting him the privilege of attaining the milestone age of 70.
He also thanked members of the Port Harcourt Golf Club, family members, friends, and associates for identifying with him during the celebration and for their unwavering support over the years.
The event featured the cutting of the birthday cake, presentation of awards to deserving members of the club, goodwill messages, and moments of celebration among guests.
The ceremony was attended by notable personalities from the business community, the golfing fraternity, and other sectors, all of whom joined in celebrating the life and legacy of the respected elder statesman.

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Fubara Commended For Sustaining Peace In Rivers As Sirawoo Receives Democracy Day Recognition

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Rivers State Governor, Sir Siminalayi Fubara, and the Permanent Secretary of the Rivers State Ministry of Information and Communications, Dr. Honour Kuru Sirawoo, have been honoured with awards of recognition in connection with the 2026 Democracy Day celebrations held in Port Harcourt.
The awards, which formed part of activities marking Nigeria’s Democracy Day on June 12, were formally presented on Tuesday at the Ministry of Information and Communications in Port Harcourt.
Presenting the awards was Hon. Abdul Hameed Oladipupo Alli, popularly known as “Mr. Nigeria,” Publisher of Asiwaju Trumpet Magazine and Achievers World International Magazine.
Governor Fubara was recognised for his efforts in sustaining peace, stability, and a conducive political atmospherJohn Bibor / Menebe Emmanuel / Fortune Paibie in Rivers State. The organisers noted that his administration has fostered harmony and strengthened civic participation across the state.
Dr. Sirawoo, on the other hand, was honoured for his exemplary administrative leadership and significant contributions to effective information management within the Ministry of Information and Communications.
Representing Dr. Sirawoo at the presentation ceremony, Dr. Christian Davies received the award on his behalf and expressed gratitude for the recognition. He described the honour as a reflection of Dr. Sirawoo’s unwavering commitment to professionalism, excellence, and dedicated public service.
Dr. Davies assured the organisers that the award would be formally conveyed to the Permanent Secretary.
The event also featured the presentation of commemorative publications highlighting major governance and civic milestones in Rivers State, including Easter celebrations, Workers’ Day activities, the Governor’s third anniversary in office, and Democracy Day programmes.
Organisers of the awards commended the Rivers State administration for what they described as sustained peace, political stability, and improved civic engagement, noting that these achievements have contributed significantly to the state’s continued development.

By: Jessica Sambol

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