VERTEX ASSUMES THE LARGEST SHARE OF FIRST HYDROCARBON NIGERIA (FHN)

Vertex, an Upstream Nigerian independent funded by African Capital Alliance (ACA), has taken 40% of First Hydrocarbon Nigeria FHN, in a new shareholding structure of the latter. The company is one of two new equity holders of FHN, buying into what used to be Afren’s 70% of FHN. The other newcomer is the FHN Management, now holding 15%.

Equity belonging to African Capital Alliance (ACA), an early investor, has increased to 19.9% (from 11.9%).  Earl Act, which held 22%, now has 25.1%. Earl Act is a financial services firm serving as vehicle for a Nigerian lender which has granted substantial loans to FHN.

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US COURT ORDERS CHEVRON, BNP PARIBAS TO PRODUCE DOCUMENTS ON DISPUTED OIL BLOCKS

A United States District Court of Harris County, Texas, has ordered Chevron USA Inc. and BNP Paribas Securities Corporation to produce all documents and correspondence between them or their employees or agents and the bidders of Chevron’s disputed Oil Mining Leases (OML) 52, 53 and 55 being contested by Brittania-U Nigeria Limited.

Brittania-U had dragged Amni International Petroleum Development Company Limited, Amni International Petroleum Production Services, Tunde Afolabi, Belemaoil Producing Limited, Belemaoil Producing Corporation and Jack-Rich Tein to the US court for ‘tortious’ interference in the bidding process for the three oil blocks.

 

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TOTAL ENDS GAS FLARING IN OFON FIELD

French oil major, Total, said it had completed the flare-out of the Ofon field on Oil Mining Lease 102 offshore Nigeria.

According to a statement on Wednesday, the associated gas of the Ofon field is now being compressed, evacuated to shore and monetise via Nigeria LNG.

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8 DELTA COMMUNITIES THREATEN SHOWDOWN WITH NPDC OVER MOU

UGHELLI — Eight host communities to Oil Mining Lease, OML 30, in Ughelli North, Isoko North and Isoko South Local Government Areas of Delta State, have vowed to shut down operations of the Nigerian Petroleum Development Company, NPDC, should the company fail to implement the terms of agreement it reached with the communities in September 2014.

Read more @ Vanguard

HOST COMMUNITY OPPOSES SALE OF OML 29

The host community to the Oil Mining Lease (OML) 29 has opposed the intention of the federal government to sell the oil block to interested buyers.

Anglo Dutch oil giant, Shell, has been offering several of its onshore oil assets for sale to interested buyers as part of global divestment strategy

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