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.

Read more @ Africa Oil+Gas

IOCs KEEN TO BUY CRUDE FROM LAGOS OILFIELD

Several international oil companies and trading houses have expressed interest in purchasing the crude produced from Aje field located in Oil Mining Lease 113 offshore Lagos.

 

One of the partners, Panoro Energy, an independent exploration and production company with assets in Nigeria and Gabon, stated this in an update on the field, which achieved first oil in early May 2016.

 

Read more @ Punch online

$3.8BN EGINAPROJECT: FIRM BEGINS COMMITTAL PROCEEDINGS AGAINSTPROMOTERS

Barely one year after Samsung Heavy Industries (SHI) Nigeria Limited, and Lagos Deep Offshore Logistics (LADOL) settled out- of- court, the legal dispute over the $3.8 billion Egina Floating Production Storage Offshore (FPSO) project, a legal firm of Enitan and Associates has stated that it had commenced committal proceedings against some of the promoters of the Egina project, THISDAY has learnt.

 

Located 130 kilometres offshore in Oil Mining Lease (OML) 130 in deep offshore Nigeria, the Egina field development is a project to build FPSO for Total Upstream Nigeria Limited and the Nigerian National Petroleum Corporation (NNPC).

 

Read more @ Thisdaylive

COURT TO HEAR APPEAL-CHALLENGING JURISDICTION ON $1.015B CHEVRON DIVESTMENT SUIT

Hearing of the appeal on whether or not the Federal High Court can assume jurisdiction over a matter instituted by Britannia-U Nigeria Limited, seeking the court to restrain Chevron Nigerian Limited from divesting its interests in Oil Mining Leases (OML) 52, 53 and 55 to Seplat Petroleum Development Company Limited has been fixed by the Court of Appeal, Lagos Division.

The Appellate Court on Tuesday, fixed November 22, 2016 for hearing of the substantive appeal on CA/L/557/2014.

Read more @ The Guardian

MINING LEASE: COALITION PETITIONS EFCC OVER MOBIL'S $600M OIL DEAL

Civil Society Network Against Corruption (CSNAC), a coalition of over 150 anti-corruption organizations has petitioned the Economic and Financial Crimes Commission (EFCC) demanding an investigation into a $USD600million deal that resulted in the renewal of three oil mining leases ( OMLs 67, 68 and 70) for Mobil Producing Nigeria.

Read more @ Newtelegraph

CHEVRON TO SELL TWO MORE OIL BLOCKS

The current wave of divestments of oil and gas assets by the international oil companies (IOCs) to increase indigenous participation in the industry has received a boost as Chevron has unfolded its plan to offer two more oil blocks to prospective investors.

The US oil major, it was learnt, plans to divest 40 per cent from Oil Mining Leases (OMLs) 86 and 88, both located in shallow waters off Bayelsa State, bringing to seven the number of oil blocks sold by Chevron since 2013.

 

Read more @ Thisdaylive

SHELL, CHEVRON CONCLUDE SALE OF FOUR OIL BLOCKS

Shell, Chevron and their joint venture partners have finally concluded the sale of their stakes in Oil Mining Leases (OMLs) 71, 72, 83 and 85 to a Nigerian independent company – First Exploration & Petroleum Development Company Limited (First E&P) – after a year's delay arising from the lack of ministerial consent to seal the deals

Read more @ Thisdaylive

NPDC RECORDS 82,000BOPD FROM OMLS 34, 30

The Nigerian Petroleum Development Company has recorded 82,000 barrels of oil per day from Oil Mining Leases 34 and 30.

 

The average daily net production from both fields as of the time it was taken over from Shell Petroleum Development Company Limited was about 31,014bopd, according to a report by the company.

 

Read more @ Punchonline

NPDC'S GAS PRODUCTION HITS 430MMSCF/D

Nigerian Petroleum Development Company (NPDC) has steadily ramped up production from 270MMSCF/D and 60MMSCF/D to 360MMSCF/D and 70MMSCF/D for Utorogu NAG 1 and Ughelli East (UGHE) plants respectively.

The company, which stated this in a document on Monday, added that NPDC is currently producing about 430MMSCF/D from the two plants in its Oil Mining Lease (OML) 34.

Read more @ Guardian

FG LOSES REVENUE TO NON-RENEWAL OF OIL LICENCES

The delay in the renewal of expired onshore and shallow-water licences held by International Oil Companies is said to be denying the Federal Government additional revenue at a time that its resources are fast shrinking.

 

The IOCs have, however, continued to produce from the Oil Mining Licences, some of which expired seven years ago.

 

Red more @ Punch Online

HOUSE SUMMONS ALISON-MADUEKE, SHELL OVER DIVESTMENT FROM OIL BLOCK

The House of Representatives has resolved to investigate the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, and the Shell Petroleum Development Company (SPDC) over allegations of sharp practices in the divestment of Oil Mining Lease (OML) 11 by the Anglo-Dutch oil multinational.

Prompted by a motion sponsored by Hon. Uzoma Nkem Abonta (PDP, Abia), the House would probe the circumstances surrounding Shell’s exit from the said oil block and host communities knowing how interested it was in the build-up to the acquisition process.

 

Read more @ ThisdayLive

RELIEF AS TOTAL ACHIEVES GAS FLARE-OUT IN OFON OILFIELD

Efforts by the federal government to end the flare of gas by oil companies operating in the country have received a boost as Total has completed the gas flare-out of the Ofon field on Oil Mining Lease (OML) 102 offshore Nigeria.

Apart from the greenhouse gas emission and attendant environmental hazards associated with gas flaring, Nigeria had lost average revenue of $2.5 billion to flared gas.

Read more @ Thisday Live

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.

rEAD MORE @ tHE pUNCH

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

Read more @ Thisday Live

ASSETS SALE: SHELL’S CONTRACTORS, STAFF FRET OVER JOB LOSS

Contractors in the oil acreages, Oil Mining Licences (OML) 18, 24, 25, 29, as well as a major pipeline, the Nembe Creek Trunk Line operated by the Royal Dutch Shell in Nigeria are worried over loss of their jobs.

This came as checks revealed that the statutory minister of petroleum resources consent for the final transfer of Shell’s stakes to new owners in the lucrative assets is likely to be signed next month.

Read more @ New Telegraph

NNPC HALTS SALE OF SHELL’S OIL BLOCK TO CRESTSTAR

The year-long process by Shell Petroleum Development Company (SPDC) and its joint venture partners to divest some of their onshore assets has run into a hitch, as the Nigerian National Petroleum Corporation (NNPC) has moved to stop the sale of Oil Mining Lease (OML) 25 to Creststar consortium.

Under the latest divestment programme, Royal Dutch Shell had concluded the sale of OMLS 18, 24, 25 and 29, in addition to the Nembe Creek Trunk Line (NCTL), following a 2013 review of its business in the country.

Read more @ Thisday Live

TOTAL TO SIGN DEALS WITH USAN FIELD BUYERS

In furtherance of the sale of its 20 per cent stake in Nigeria’s Usan deepwater oil field located in the Oil Mining Lease 138, French oil major Total says it is expecting to sign confidentiality agreements with about a dozen prospective buyers.

Read more @ The Punch

SHELL SIGNS SALES AGREEMENTS FOR NIGERIAN ASSETS

Royal Dutch Shell has signed sales agreements for all the Nigerian oil assets it put up for sale following a 2013 review as part of its cost-cutting drive. The assets include Shell’s 30 percent stake in oil mining leases (OML) 18, 24, 25, 29 and the Nembe Creek Trunk Line (NCTL).

Shell has opted to move away from Nigerian onshore oil production, which is plagued by massive oil theft, security problems and oil spills and is also becoming a major source of legal liabilities.

Read more @ Businessday

SHELL OKAYS NIGERIAN ASSETS SALE

Royal Dutch Shell has signed the sale and purchase agreements for all the Nigerian oil assets it put up for sale following a 2013 review of its business in the country, a spokesman said on Tuesday.


The assets include oil mining leases 18, 24, 25, 29 and the Nembe Creek Trunk Line pipeline.

Read more @ The Punch