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Tag: ExxonMobil

  • ExxonMobil gets award

    ExxonMobil gets award

    ExxonMobil’s affiliate companies in Nigeria have won the Social Enterprise Report and Awards (SERAs) as the Best Company in Corporate Social Responsibility (CSR)/Sustainability West Africa category.

    The oil giant’s subsidiaries were recognised for their contributions to the development of Nigeria.

    This is based on their cumulative impact and reach of its community enhancement projects in the year.

    The projects include the establishment of science libraries, solar boreholes and virtual laboratory projects in several states across the country.

    ExxonMobil’s community projects were nominated in nine separate categories: Best Company in Climate Action, Best Company in Education, Best Company in Stakeholder Engagement, Best Company in CSR/Sustainability West Africa, Best Company in Provision of clean water & Sanitation, Best Company in affordable & clean energy, Best company in infrastructural development, Best socially responsible company and Best Company in Partnership for Development.

    The projects submitted for consideration in each of these categories targeted specific areas for development. ExxonMobil funded the development of e- learning centres to equip pupils with the foundations of modern information technology and enhance their ability to compete effectively in today’s IT driven world; The Back to School programme provides children in primary schools with essential school items; the Science libraries improve student interest and enhanced performance in STEM related subjects; solar powered boreholes allow underground water in various communities to become a major source for drinking water and irrigation, providing a reliable and readily available water supply.

  • ExxonMobil chief engineer killed in blast

    A Senior ExxonMobil staff in Eket, has been killed by a blast in the early hours of Tuesday Nov. 24.

    The News Agency of Nigeria (NAN) reports that the deceased was identified as one Mr G. Okorocha, the Chief Engineer (Aviation Department), who was in charge of servicing of aeroplanes and helicopters in the company.

    An official of the company told NAN that Okorocha was killed by a blast from a burst tyre in the aviation wing of the company along Eket Oron road, in Eket Local Government Area of the state.

    The official said that the deceased was inflating a spare tyre of his car with an apparatus meant for the inflation of helicopter tyres, which is against ExxonMobil safety rules and regulation.

    The official said that the late Okorocha had just finished servicing a helicopter of the company at about 4:15 a.m. before the tragic incident.

    The source revealed that as he was inflating the spare tyre, the pressure from the company’s apparatus caused a blast that detached the rim of the tyre and cut the deceased’s throat.

    “The rim also ripped off some parts of his body, including his finger and he died instantly. The decapitated parts of his remains were packed together and deposited at Immanuel Hospital, Eket,’’ the source said.

    When NAN visited the scene of the accident, the airstrip of ExxonMobil was condoned off while sympathisers were seen discussing the incident.

    Reacting to the development, Mr Ogechukwu Udeagha, Manager, Media and Communications of the company confirmed the incident.

    “On the morning of Tuesday, Nov. 22 there was an accident involving a member of our workforce while inflating his personal vehicle’s tire, resulting in a fatality,” he said.

    Udeagha said that investigation into the tragic incident has commenced and all the appropriate authorities have been notified.

    “Mobil is saddened by this unfortunate incident, and is providing support to the family,’’ he said. (NAN)

  • ExxonMobil sells 60% stake in Mobil Oil Nigeria to Nipco

    ExxonMobil sells 60% stake in Mobil Oil Nigeria to Nipco

    ExxonMobil Oil Corporation has executed a sale and purchase agreement (SPA) with Nipco Plc to sell its majority equity stake of 60 per cent in Mobil Oil Nigeria (MON) Plc to Nipco Plc, an indigenous oil and gas company.

    Mobil Oil Nigeria and Nipco confirmed the agreement yesterday. Mobil Oil Nigeria, which is required as a quoted company to make such disclosure, filed the notification of the divestment at the Nigerian Stock Exchange (NSE) yesterday.

    Under the deal, ExxonMobil Oil Corporation will sell its majority equity stake of 60 per cent to Nipco Investments Limited, a wholly-owned subsidiary of Nipco Plc. The deal is still subject to regulatory approvals. However, such divestment deals, including sales by Oando of its downstream assets, have received clearance from the regulators.

    While all the parties were silent on the details of the SPA, The Nation’s check indicated that ExxonMobil will transfer 16.357 million ordinary shares of 50 kobo each to Nipco. The current market value of the 60 per cent equity stake is N40.24 billion. Mobil Oil Nigeria is valued at N67.07 billion at the NSE, with its total issued shares of 360.6 million ordinary shares of 50 kobo each closing yesterday at N186 per share.

    Formerly known as IPMAN Petroleum Marketing Company Limited (IPMCL), Nipco was incorporated by members of the Independent Marketers Association of Nigeria (IPMAN) on January 8, 2001 as a private limited liability company to participate in the distribution of white petroleum products business in Nigeria.

    Managing director, Nipco Plc, Mr. Venkataraman Venkatapathy, said the SPA marks the beginning of a six-month transition period for the effective takeover of the downstream oil giant.

    He said the parties have initiated the process of obtaining regulatory approvals from the Securities and Exchange Commission (SEC) and NSE adding that the transition period will also enable Nipco to effectively manage a smooth and successful completion of the transaction.

    “Nipco, considers this acquisition an important synergy. It is part of our strategic move to support Nipco’s continuous growth and expansion of its Nigerian retail footprint. We are confident of adding tremendous value to MON and likewise MON will add a huge value to Nipco. In furtherance of this value addition, Nipco will continue to maintain the Mobil brand on its retail outlets as well as continue to blend and sell the Mobil brand of lubricants under Branding Licence(s) from ExxonMobil,” Venkatapathy said.

    According to him, Nipco would justify the confidence repose in it by ExxonMobil for selecting it as the preferred bidder for the acquisition of MON and Nipco will continue to ensure full brand compliance with ExxonMobil’s global standards as well as rigorously sustain and follow ExxonMobil’s code of conduct, ethos and operational excellence.

    “MON will continue to run as a separate, distinct and independent company ,from Nipco Plc .Each with its own chief executive officer .Each chief executive officer will report to its board of directors,” Venkatapathy stated .

    According to him, in addition to giving the employees much needed assurances on their job safety, Nipco’s goal is to increase presence and efficiency by expanding MON’s retail footprint to a minimum of 300 by December 2017 and make it a vibrant one.

    Venkatapathy noted that Nipco’s expansion trend reinforces its implicit confidence in Nigeria’s future pointing out that the Nigerian economy still provides a robust and premium return on investment and Nipco is privileged to have been given this opportunity by ExxonMobil on its home ground.

    “To our shareholders and stakeholders, we say welcome to a new dawn. A new era that will usher in stability, prosperity, sustainability and growth,” Venkatapathy assured.

    Mobil Oil Nigeria was incorporated as a private limited liability company in 1951 and converted to a public limited liability company in 1978. Its shares were listed on the Nigerian Stock Exchange (NSE) in 1979. Mobil Oil Nigeria is a subsidiary of Mobil Oil Corporation of the United States of America, which holds 60 per cent equity stake.

  • ExxonMobil, others spend N2b on education

    Science, Technology, Engineering and Mathematics (STEM) education has received a boost in 12 schools, thanks to ExxonMobil subsidiary- Esso Exploration and Production Nigeria Limited (EEPNL), in production sharing contract with the Nigerian National Petroleum Corporation (NNPC) and its co-venturer on the Erha North Phase 2 Project under their Community Assistance Programmes (CAPS).

    The firms endowed e-learning centres in the 12 schools in rural communities to boost e-learning and ICT knowledge at the grassroots.

    The e-learning centre and other educational initiatives under the CAPS, are valued at about N2 billion.

    While three e-learning centres were donated under the CAPS phase 3 of the project, nine e-learning facilities built under the phase 1 were recently donated to schools in Rivers, Osun and Anambra states.

    The nine schools included St. John’s Grammar School, Ile-Ife; Anglican Grammar School, Ile-Ife; Olode Grammar School, Olode; Anekwe Memorial Primary School, Abatete, Ado Girls Secondary School, Onitsha, All Saints Primary School, Onitsha, Onne Community Secondary School, Onne, Kalabari National College, Buguma and Community Primary School, Egendem.

    Each e-learning centre is equipped with 21 desktop computers, electronic learning management system with audio-visuals across a wide range of topics for pre-tertiary education, three-year internet service support and an inverter to provide 24-hour back-up power.

    In addition, the structures housing the e-learning centres were extensively renovated, while teachers were given extensive train-the-trainer instruction on Information and Communication Technology to enable them successfully impart knowledge on their pupils.

    The centres will not only be useful for experiential learning modules, 30 educational software and other e-learning aids, but the pupils will also learn Coding.

    In addition to e-learning centres, the firms have donated 22 science library modules to secondary schools in various states. Each library module per school contains 250 books on a diverse range of science-based topics, with the aim being to improve pupils’ performance in science-based subjects and stimulate their interest in pursuing STEM-related careers.

    ExxonMobil and its partners on the project had earlier, in 2015, donated e-learning facilities to three primary schools in Lagos State-Awoyaya Primary School, Victoria Island, Ansar-Ur-Deen Primary School, Ebute Metta and Obalende Primary School, Ikoyi.

    They also sponsored a Back-to-School that supplied school bags, exercise books, writing materials and other items to children in primary schools in 14 states and Abuja to facilitate their learning.

    The programme targeted schools attended by children of low income earners and its beneficiaries included Children in Internally Displaced Persons (IDP) camps in some states in the Northern geo-political zones of the country who were ecstatic when presented with their Back-to-School items in their various locations.

    The projects were well received by the benefitting communities.

    The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, during a visit by ExxonMobil officials prior to the inauguration of projects in Ile-Ife, thanked the firm and its partners for the investment and urged other corporate organisations to emulate them.

     

  • ExxonMobil, others spend N2b on education

    Science, Technology, Engineering and Mathematics (STEM) education has received a boost in 12 schools, thanks to ExxonMobil subsidiary- Esso Exploration and Production Nigeria Limited (EEPNL), in production sharing contract with the Nigerian National Petroleum Corporation (NNPC) and its co-venturer on the Erha North Phase 2 Project under their Community Assistance Programmes (CAPS).

    The firms endowed e-learning centres in the 12 schools in rural communities to boost e-learning and ICT knowledge at the grassroots.

    The e-learning centre and other educational initiatives under the CAPS, are valued at about N2 billion.

    While three e-learning centres were donated under the CAPS phase 3 of the project, nine e-learning facilities built under the phase 1 were recently donated to schools in Rivers, Osun and Anambra states.

    The nine schools included St. John’s Grammar School, Ile-Ife; Anglican Grammar School, Ile-Ife; Olode Grammar School, Olode; Anekwe Memorial Primary School, Abatete, Ado Girls Secondary School, Onitsha, All Saints Primary School, Onitsha, Onne Community Secondary School, Onne, Kalabari National College, Buguma and Community Primary School, Egendem.

    Each e-learning centre is equipped with 21 desktop computers, electronic learning management system with audio-visuals across a wide range of topics for pre-tertiary education, three-year internet service support and an inverter to provide 24-hour back-up power.

    In addition, the structures housing the e-learning centres were extensively renovated, while teachers were given extensive train-the-trainer instruction on Information and Communication Technology to enable them successfully impart knowledge on their pupils.

    The centres will not only be useful for experiential learning modules, 30 educational software and other e-learning aids, but the pupils will also learn Coding.

    In addition to e-learning centres, the firms have donated 22 science library modules to secondary schools in various states. Each library module per school contains 250 books on a diverse range of science-based topics, with the aim being to improve pupils’ performance in science-based subjects and stimulate their interest in pursuing STEM-related careers.

    ExxonMobil and its partners on the project had earlier, in 2015, donated e-learning facilities to three primary schools in Lagos State-Awoyaya Primary School, Victoria Island, Ansar-Ur-Deen Primary School, Ebute Metta and Obalende Primary School, Ikoyi.

    They also sponsored a Back-to-School that supplied school bags, exercise books, writing materials and other items to children in primary schools in 14 states and Abuja to facilitate their learning.

    The programme targeted schools attended by children of low income earners and its beneficiaries included Children in Internally Displaced Persons (IDP) camps in some states in the Northern geo-political zones of the country who were ecstatic when presented with their Back-to-School items in their various locations.

    The projects were well received by the benefitting communities.

    The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, during a visit by ExxonMobil officials prior to the inauguration of projects in Ile-Ife, thanked the firm and its partners for the investment and urged other corporate organisations to emulate them.

     

  • ExxonMobil support malaria with $150m

    ExxonMobil support malaria with $150m

    Oil giant, ExxonMobil has contributed more than $150 million towards the fight against malaria in Nigeria, it was learnt yesterday.

    According to Mr. Paul Arinze, General Manager Public and Government Affairs said the oil giant since 2000, malaria supported programs have reached more than 83 million people in Africa and the Pacific Rim.

    Arinze who spoke at the formal closure of the third year, Nigeria Power Forward Pilot Program which is aimed at promoting healthy lifestyle amongst the youth, also revealed that they have distributed more than 13.1 million bed nets, 1.7 million anti-malarial treatments and 942,000 diagnostic tests through the programme.

    The 2016 final was graced by former National Basketball Association (NBA) player Kelenna Azubuike

    “On average, ExxonMobil Foundation has contributed more than $150m towards the fights against malaria, demonstrating ExxonMobil’s commitment to developing sustainable, long-term community assistance initiatives in Nigeria

    “Since 2000, ExxonMobil-supported malaria programs have reached more than 83 million people in Africa and the Pacific Rim. These efforts have distributed more than 13.1 million bed nets, 1.7 million anti-malarial treatments and 942,000 diagnostic tests.”

    Speaking on the program, Arinze said the Project which was initiated 2013 in partnership with the US-based National Basketball Association (NBA) and Africare aimed at implementing a youth development program that incorporates both life-skills training and public health education, using the convening power of basketball has impacted more than 2000 students.

    He stressed that the “Power Forward Project also supports the Nigerian Federal Government’s National Malaria Control Programs’ advocacy on youth development and public health.

  • ExxonMobil declares force majeure on Qua Iboe crude oil

    ExxonMobil subsidiary Mobil Producing Nigeria has declared force majeure on exports of Nigeria’s Qua Iboe crude oil, the country’s largest export stream, a spokesman said on Friday.

    The declaration came after the company observed a “system anomaly” during a routine check of its loading facility on July 14.

    “We are working to ensure loading activities at the facility return to normal. We cannot speculate on any timeline for repairs,” Reuters quoted the spokesman as saying on the matter. “Qua Iboe Terminal is operating and production activities continue.”

    Nigeria has struggled to maintain its crude oil production following a spate of militant attacks and technical problems that in May pushed production briefly to 30-year lows. While the cause of the latest issue was not immediately clear, traders said it would take least two to four weeks to repair.

    Earlier this week, Exxon denied claims from the Niger Delta Avengers that the militant group had blown up the Qua Iboe 48″ crude oil export pipeline operated by the company.

    Spokesman Todd Spitler said on Friday there was no connection between the force majeure and militant attacks.

  • ExxonMobil, Chevron profits slide on low oil prices

    ExxonMobil, Chevron profits slide on low oil prices

    ExxonMobil reported a 63% slide in first quarter profits following low crude oil prices and weak refining margins.

    It reported a profit of $1.8bn (£1.24billion), a sharp decline from $4.94billion for the same period last year and its lowest quarterly profit since 1999.

    Revenue dropped 28% to $48.7bilion, but it had strong results from its petrochemicals division.

    Rival Chevron faired even worse, with a quarterly net loss of $725million.

    That compared with a net profit of $2.57billion for the same period in 2015 and was worse than analysts had expected.

    John Watson, Chevron chief executive, said: “We are controlling our spend and getting key projects under construction online, which will boost revenue.”

    Shares in ExxonMobil rose 1.4% in New York on Friday, while Chevron fell 0.6%.

    Meanwhile, oil prices hit their highest levels of the year on Friday, driven up by lower US production and a weak dollar.

    Brent crude was up 12 cents at $48.26 a barrel in afternoon trading, while US oil rose 57 cents to $46.60.

    US oil production has continued to fall in recent months, easing concerns about oversupply, while the dollar has lost almost 2% of its value against other global currencies in the past week.

    A weaker US dollar typically contributes to a rise in oil prices, because oil is priced in dollars. When the dollar weakens against other currencies, oil becomes cheaper to buy, pushing up demand.

    However, the latest rise in oil prices may be limited by a future increase in Middle East production, according to a note released by Deutsche Bank.

    Iraq and the UAE are likely to raise production after maintenance issues are resolved, Deutsche indicated, and Saudi Arabia may also increase production significantly.

    “A sustainable rise in Opec production may be just around the corner, and… the rally may pause,” Deutsche analysts said.

    But this may be tempered by events in Latin America, where Venezuela is struggling to maintain its crude output, according to a report from Eurasia Group.

    The organisation reported that low oil prices over the past two years have meant Venezuela’s government is running out of cash to keep its state-owned oil pumps operational.

    Hamza Khan, senior commodity strategist at ING, said: “The issue is that we haven’t seen price rallies … correlate with fundamentals. The fundamentals – high stocks, high production – haven’t changed.”

    The oil price has fallen dramatically over the past two years since Brent crude hit a peak of $115 a barrel in June 2014.

    One factor behind the fall has been slowing demand from China and other developing economies.

    Supplies have also increased, most notably from new sources of US shale oil.

    In addition, big producers such as Saudi Arabia have not reduced output to try to push up prices.

    Earlier this month, a meeting of the world’s leading oil exporters failed to agree a cap on production.

    Saudi Arabia appeared willing to freeze output only if all members of the Opec oil producers’ cartel agreed, including Iran.

    But Iran maintained it would continue the increase in oil production it has followed since economic sanctions were lifted earlier this year.

  • ExxonMobil eyes acquisitions, low spending

    American oil giant, Exxon Mobil said it would continue to cut spending as long as crude prices remain low, but added it may look at potential acquisitions in a bid to offset a plunge in production.

    Exxon, which has a triple-A credit rating, tapped the debt market this week with a $12 billion deal that has led analysts to speculate the oil major may be gearing up for an acquisition spree, Reuters said.

    “We have the financial flexibility to pursue attractive opportunities and can adjust our investment programme based on market demand fundamentals,” Exxon Chief Executive Rex Tillerson said in a statement as he and other company executives met with analysts in New York.

    Texas-based Exxon said it expects its capital spending, which has been falling since hitting a peak of $42.5 billion in 2013, to drop next year from the $23.2 billion it now plans to spend this year. It spent $31.1 billion in 2015.

    Early last year, Exxon said its average annual spending would be around $34 billion over the next several years.

  • Defilement: Court to try ExxonMobil staff 

    Defilement: Court to try ExxonMobil staff 

    Justice Adedayo Akintoye of a Lagos State High Court, Igbosere, has been appointed to hear a four-count charge bordering on defilement filed by the police against James Ikenna Onuoha, a staff of oil exploration multinational, ExxonMobil.

    Onuoha was arraigned on January 14 before a Magistrates’ Court in Igbosere, on allegations that he had forcible sexual intercourse with the 14-year-old niece of his tenant.

    The offence allegedly occurred at about 11:30am on January 4, in the teenager’s uncle’s home at Idowu Estate, Ike-Ira Nla, Ajah, Lagos.

    He pleaded not guilty and was granted bail in the sum of N2 million and two sureties in the like sum.
    The case also was referred to the Lagos State Office of the Directorate of Public Prosecution (DPP) for advice.

    At the resumption of the matter before Chief Magistrate Mrs. O. A. Ogunbowale Tuesday, prosecuting Inspector Eshiet Eshiet notified the court of the presence of a senior state counsel, Mr. Jamiu Alako.

    Alako, from the Office of the Public Defender (OPD), announced that the DPP’s advice recommending the defendant for trial was out.

    He added that the case had been transferred to the High Court, Igbosere.

    “My information is that the case has been filed before Justice Adedayo Akintoye at the High Court,” Alako said.

    The defendant’s counsel, Mohammed Adamu, applied for an order barring the office of the DPP from making further public statements on the case which could erode the constitutionally guaranteed presumption of innocence of his client.

    He said: “We apply that the DPP’s office should desist from going to the press.

    “We ask for an order that they should desist from going to the press.

    “Any media house that does that, we’ll take it up from there.”

    Responding, the Magistrate advised him to bring his application before the High Court.

    She requested Mr. Alako to present the court with documents confirming the transfer of the case from the Magistrates’ Court.

    The case was adjourned till April 19.