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Tag: oil firm

  • Oil firm rehabilitates teacher’s quarter in A’Ibom coastal community

    Oil firm rehabilitates teacher’s quarter in A’Ibom coastal community

    An indigenous oil firm, Oriental Energy Resources LTD, has rehabilitated seven one-bedroom teachers’ quarters at the Governnment Primary school, Ibuot Utan, Effiat in Mbo local government area of Akwa Ibom state.

    The teacher’s quarters are equipped with solar-powered lighting, water supply systems as well as other internal and external fittings.

    The Managing Director of the company, Mr. Mustafa Indimi, who handed over the refurbished teacher’s quarter yesterday at Ibout Utan, Effiat, said the gesture was in fulfilment of the company’s promise to the school in 2022.

    Indimi represented by the company’s head community relations, Dr. Uwem Ite, added that Oriental Energy Resources LTD was committed to the support of education and human capital development in Effiat community and Akwa Ibom state in general.

    “As many of you will recall, we gathered at this same venue on Thursday, 18th August, 2022, for the commissioning and handing over ceremony, after refurbishment of the building and classrooms, supply of furniture and provision of modern toilet facilities for this school.

    “During the event, we also announced our plans to embark on the rehabilitation of the adjoining teacher’s quarters. As at today, we have fulfilled that promise by completing the project.

    “In addition, the two projects we have completed at this school serve as evidence of our modest contribution towards the achievement of the United Nations Sustainable Development Goal 4 which focuses on ensuring inclusive and quality education for all and promotion of life-long learning”, he said.

    The chairman of Mbo local government area, Mr. Sunday Etim Okon commended Oriental Energy Resources LTD for rehabilitating the teachers quarter, saying it will enhance the productivity of teachers in the community.

    The Commissioner for education, Mrs. Idongesit Etiebet commended the oil firm for donating the facility, adding that the initiative was in line with the A.R.I.S.E Agenda of the Governor Umo Eno administration.

  • Oil firm on strong economic data, supply risks

    Oil prices shot up nearly one per cent on Friday on bullish United States (U.S.) employment data that tempered fears about a decline in global crude demand and on expectations that an escalating conflict in Libya could tighten oil supplies.

    Brent crude futures gained 49 cents to reach $69.89 a barrel having touched $70.03 in the previous session, its highest since Nov. 12.

    U.S. West Texas Intermediate (WTI) crude climbed 54 cents to $62.64 a barrel, having hit their highest since Nov. 7 on Wednesday at $62.99.

    Brent and WTI are on track for their second and fifth consecutive weeks of gains respectively.

    “Oil prices are rallying in reaction to the U.S. employment report,” said John Kilduff, a partner at Again Capital LLC in New York. “Signs of global economic slowdown had been a headwind for oil prices, but this morning’s report seemed to dispel at least some of those concerns.”

    The U.S. Labor Department report showed employment growth accelerated from a 17-month low in March as milder weather boosted hiring in sectors like construction.

    Military action in Libya, which could disrupt supply from the Organisation of Petroleum Exporting Countries (OPEC) member, also supported prices.

    Eastern Libyan commander Khalifa Haftar ordered his troops at the weekend to march on Tripoli, escalating a conflict with the internationally recognised government.

    Crude futures also received a boost from news of a potential slowdown in crude production out of Venezuela, as U.S. sanctions and energy blackouts hit the OPEC nation’s oil industry.

    Venezuelan state-owned oil company PDVSA expects its crucial crude upgraders to operate well below capacity this month, according to industry sources and documents seen by Reuters.

    Venezuela depends on the upgraders, which are mostly operated by joint ventures with foreign companies, to convert the extra-heavy crude oil produced in the Orinoco Belt into exportable grades usable in overseas refineries.

    The market is awaiting the latest data on the U.S. rig count at 1 p.m. – an indicator of future crude production.

    After Texas pushed the United States over the last decade to become the world’s biggest oil producer last year, the heart of the shale revolution is starting to show fatigue.

    Oil well productivity in Texas’s Permian basin – the country’s largest oil field – is falling, and the number of drilling rigs operating in the United States has declined for six straight weeks.

  • PENGASSAN to tackle oil firm on staff disengagement

    members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) may have resolved to challenge ExxonMobil over its plan to disengage its workers.

    The association, in a statement by its President, Comrade Olabode Johnson, said the union was disappointed with fresh disengagement letters served many Nigerian executives in the oil firm, saying the union would confront the management with a protracted labour dispute.

    He said the union had on three occasions warned the multinational to desist from its discriminatory de-Nigerianisation stance, which has, in the last three years, excluded Nigerians from performing strategic functions in the establishment.

    The union noted that membership of the entire special review, which determined the current spate of sacks, retirements and job losses are whites, saying there was no single Nigerian in the team.

    PENGASSAN sources early said the company had demonstrated impunity in its activities, to the extent of ignoring court summons and appearances and gone forward to relieve top Nigerians of their positions.

    The union said: “It is unfortunate that reported intimidation, harassment, bullying, witch-hunting and unethical practices, reported against the special review or investigation team by PENGASSAN was not investigated and addressed by the firm.

    “The demand of PENGASSAN communicated through our letter dated November 21, 2018 to suspend the review, was ignored and treated with utmost disdain.

    “Our sources can reveal that the company, which is now inundated with several legal issues relating to this, is not relenting in its plots of de-Nigerianisation, and has replaced its Nigerian security employees with a new arrival of over 30 foreigners posted within and outside the establishment. This development trails the occurrence, few months ago, where a good number of some lower employees were replaced in the same manner.”

    Johnson said the action attracted a protracted legal tussle which the company eventually lost, even though it went on to accomplish its bidding.

    “Our investigations indicated that the current spate of replacements and terminations are grossly against the Presidential order recently released by the Federal Government, which, among other things, seeks to enforce local content in procurement and employment among companies operating in Nigeria,” the union said.

    However, Media and Communications Manager, Mobil Producing Nigeria Unlimited (MPN), Oge Udeagha, said: “It is MPN’s policy to provide equal employment opportunities, in conformance with all applicable laws and regulations, to individuals, who are qualified to perform job requirements.

    “All matters relating to our employees are private, and we therefore, decline to comment further on this issue.”

  • Oil firm invests N8b in downstream

    The Chief Executive Officer, ENYO Retail and Supply Limited, an retail outlet,  Abayomi Awobokun, said the company has invested over N8 billion in the downstream retail business with eyes on expanding its market share in the petroleum sub-sector.

    Awobokun, in a press outing yesterday in Lagos, said set up the company to impact positively in the downstream subsector of the oil and gas industry, adding that despite the challenges confronting the petroleum industry, his team of investors is ready to expand beyond its present market share, going forward.

    He said Enyo is the first to offer customers what he termed loyalty scheme, which he said is an opportunity to reward its loyal buyers. “We want to use innovations and modern designs to our advantage to grow business in the downstream. Enyo doesn’t want to get involved in the business of importing products. We buy from those that import and then sell,” he said.

    He urged the government to look at issues such as supply shortages, customers distrust, congestion and poor road facilities.

    He said the firm is looking at delving into a 24-hour service in the future with a combination of pumps where customers can either serve themselves, or be served by attendants. He added that the firm is planning on buying over stations across the country for rapid growth.

    “There are negative stigmas affecting the downstream sector. Past events have given it a bad name. There is general distrust between the customers and the marketers. The economy is also another challenge. Nigerians don’t buy fuel for luxury like driving from Lagos to Akure just for sightseeing. They buy fuel for essentials and not pleasure.

    “There is also the challenge of lack of basic infrastructure. Moving of products from the depots to the filling stations is very challenging. But despite all these challenges, there is still room for growth,’’ he said.

  • Alleged $8.4m theft: EFCC arraigns two oil marketers, oil firm

    The Economic and Financial Crimes Commission (EFCC) yesterday arraigned two oil marketers, Yusuf Kwande and Osahon Asemota, in an Ikeja Special Offences Court for allegedly stealing 6.4 million metric tonnes of Automated Gas Oil (AGO) worth $8.4million.

    They were arraigned alongside an international oil and gas company – Trafigura Beheer BV, Trafigura PTE Ltd and their Nigerian associates- Mettle Energy and Gas, Renbrandt Ltd. and Jil Engineering and Oil Services Limited.

    They, however, pleaded not guilty to the three-count charge of conspiracy, stealing and receiving stolen property preferred against them by the EFCC.

    The EFCC accused the defendants of fraudulently converting the AGO at the office of Trafigura Beheer BV located at 20A, Sinaro Daranijo Street, off Ligali Ayorinde Street, Victoria Island, Lagos.

    According to Mr. Rotimi Jacobs (SAN), the lead EFCC prosecution counsel, the defendants committed the offences of stealing from October 22, 2008 to December 15, 2008.

    Read also: EFCC arraigns two oil marketers, international company

    He said the stolen AGO worth $8.4million, was the property of Nadabo Energy Limited and was kept in the legal custody of the now defunct Spring Bank on Victoria Island.

    Jacobs noted that the offences contravened sections 383(1), 427 and 516 of the Criminal Code Law of 2004.

    Following the defendant’s not guilty plea, counsel to the defendants sought to move their bail applications, but Jacobs told the court that three of the prosecution witnesses present in court requested that the trial begin immediately.

    Mr. Emefun Etudo, the first prosecution witness and a former lawyer to Asemota and his companies narrated to the court how the defendants connived to defraud Nadabo.

    He said: “Nadabo Energy is a contractor to Mobil and it was given a purchase order to supply 10,000 metrics tonnes of AGO to Mobil in 2008. Nadabo was given about $15million by Spring Bank via a letter of offer dated February 29, 2008, to effect this transaction.”

    Justice Dada adjourned the case till December 10, 11 and 13 for continuation of trial.

  • Oil firm to acquire N7.2b floating vessel

    NigerStar 7 Company has concluded plans to invest over $20 million about N7.2 billion to acquire oil floating facility to boost local content development in Nigeria, the Chief Executive Officer, Mr. Yann Cottart, has said.

    Cottart stated this at the official inauguration of its newly acquired $10 million vessel christened NigerStar 7 Adaba in Lagos.

    He said the proposed direct and indirect investments in the oil and gas services firm would further boost local content. According to him, the $20 million investment in oil floating vessel facility will create more jobs for offshore and onshore workforce and oil servicing companies.

    He said: “We invested about $10 million on the newly acquired NigerStar 7 Adaba vessel to boost capacity and promote local content in Nigeria.

    “We  are executing the largest and complex engineering, procurement and construction (EPC) deepwater projects and with this  new addition vessel, we become the only Nigerian Tier 1 EPC contractor with 100 per cent owned and positioned equipment in-country’’.

    Cottart said with the investment, NigerStar 7 is creating employment opportunities for marine personnel in offshore and onshore, adding that the company also provides assets, which can best serve clients’ interest.

    He said NigerStar 7 benefits from its alliance with Jagal and Nigerdock companies, which is one of the largest fabrication yards in West Africa, capable of executing fabrication activities for most shallow and deepwater projects.

    The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, lauded NigerStar 7 for developing local content in Nigeria, while assuring of the Board’s support.

    Wabote said the Board remains committed to encouraging Nigerian firms in the oil and gas sector to play key roles in the critical industry. He said the Board is determined to provide support and serve as a catalyst for the realisation of developing local content in Nigeria’s oil and gas industry.

    According to him, ‘’we have commenced the disbursement of the $200 million Nigerian Content Intervention Fund, which is fully managed by the Bank of Industry. Three companies have accessed the fund while we had received about 100 applications.

    “I must commend NigerStar 7 for this renewed commitment to local content practice and the noticeable repositioning you have undertaken to project the value proposition you offer as an oil and gas service provider of repute.

    “I am aware of some of the crucial projects you have undertaken to secure the country’s production at very critical moments. You have acquired so much credentials and I believe there are still a lot more you do,” he said.

    The NCDMB boss, however, called for more collaboration with the oil and gas operators to boost local content development in Nigeria, adding that the Board has  consciously adopted working synergy mantra approach.

    “We are in collaboration with NNPC-NAPIMS, NIMASA, NEPZA, OGFZA, NIS, FAAN, NIPC, EFCC, BOI, and several other agencies and institutions. These collaborations are already yielding results such as the alignment with NIMASA on classification of vessels operating or seeking to operate in Nigerian waters as well as training of seafarers. NNPC-NAPIMS is also preparing the five-year projection of vessel requirements to guide stakeholders on focus areas and investment opportunities.

  • OML 30 community leaders unite to tackle oil firm

    Following the crisis in communities hosting Oil Mining Lease (OML) 30, stakeholders have called for a common front to tackle Heritage Energy Operational Services Limited (HEOSL).

    The call was made at a meeting of traditional rulers, the Community Representative Committee (CRC), and the Community Development Board (CDB), at the palace of Dr. Wilson Ojakovo, Oharisi lll, Ovie of Ughelli on Wednesday.

    Residents had alleged that soldiers, supposedly brought in by new  operators, invaded their communities.

    According to reports, different operators, not properly introduced to their leaders, had been parading OML 30.

    Besides, the known operator, HEOSL, had failed to meet its obligations to the communities since March 2017.

    In his address, read by secretary to monarchs of OML 30, the Ovie urged parties to unite to form a formidable force against erring companies.

    Noting the continued neglect of the people by the operator, he said they should stop HEOSL from causing more havoc.

    “We do not benefit much from the business of oil exploration that is being carried out in our lands, and we are here today to do something about that. We want this trend that has continued for so long to stop.

    “Rather than take advantage of the transition among operators to negotiate our stake in the oil business as a united people, we are divided among ourselves.

    “I, therefore, want to appeal to us that this is not the time to fight among ourselves. If we do that now, we should not blame the oil corporations for divide-and-rule in future, because we would have succeeded in dividing ourselves for them to take advantage once again.

    “But now is the time for us to determine how best we can benefit from the oil exploration business in OML 30.”

     

     

  • Tanker fire razes oil firm in Port Harcourt

    A tanker laden with diesel yesterday caught fire about 5.30am in Port Harcourt as the driver tried to escape from policemen.

    The building of an oil firm, Jimcol Resources, was burnt in the inferno with property worth billions of naira destroyed.

    It was gathered that the driver lost control while trying to navigate a bend at the foot of the Eliozu flyover on the Air Force base/ Rukpokwu road.

    The vehicle ran into an electric pole and the tanker fell, spilling its content. The fire was still burning as at last night.

    Four other vehicles owned by the company – a Toyota Hiace bus, two Toyota Hilux vans and a Toyota Camry saloon car – were lost to the fire. Part of a residential building behind the oil firm and shops beside it were also affected.

    Soldiers, policemen and officials of the Federal Road Safety Commission (FRSC) were at the scene to prevent hoodlums from looting the remaining items. Some controlled the traffic to prevent a gridlock.

    The Managing Director of Jimcol Resources, Ndubuisi Nwagbara, could not be reached but two of his friends, Messrs. Femi Oyetunji and Olo Samson, were sadness at the incident.

    Oyetunji said Jimcol Resources was into mud logging services for oil companies and geological formation/evaluation of rig sites, and provision of logistic services.

    According to him, each of the two burnt mud logging units cost over $1 million and were recently purchased from China.

    Oyetunji said: “The incident is pathetic and horrible. Nwagbara started without government’s assistance, but relied on hard work to help people, especially the qualified but unemployed youths. This is a huge loss, especially at this crucial period in Nigeria.”

    Eyewitnesses said the tanker driver and his conductors absconded from the scene to avoid lynching.

    Commissioner for Special Duties Emeka Onowu described the incident as sad. He insisted that officials of the state fire service got to the scene within 15 minutes of being alerted and tried their best to prevent the fire from extending to other buildings.

     

  • Oil firm advocates synergy among host communities

    Heritage Energy Operational Service Limited (HEOSL) at the weekend called for synergy between host communities and stakeholders in OML 30 to prevent vandals from tampering with oil facilities.

    The company made this appeal through its Media Relations and Internal Communications Coordinator, Mr. Chidi Orazulike.

    It was reacting to reports on the spillage in Evwreni Well 8 and 9 of OML 30.

    Orazulike said the spill might have been caused by vandals.

    He said the company’s Health, Safety, Security, Environment and Quality (HSSEQ) Department was informed of the incident by field officers, who notified their partners and other relevant authorities, including Department of Petroleum Resources (DPR).

    According to him, the National Oil Spill Detection and Response Agency (NOSDRA) was also notified, and mobilised for a Joint Investigation Visit (JIV) to ascertain the volume of spill, extent of environmental impact and cost of remediation.

    His words: “The evaluation team was denied access to the site by agitating community members, who gave conditions as means to access the site for spill containment and remediation. So the team was rendered inconclusive, but was later given access for repairs after serious deliberations.”

    The people of Egbo quarters of Uwheru, Ughelli North, had cried to the company to intervene in an oil spill in one of its facilities at Evwreni Wells 8 and 9 of OML 30, since October 20.

    A local leader, Odion Andrew Umukoro, said they woke up  to discover oil gushing out from the well head. They contacted the company but got no response.

    Umukoro said the spill might have been caused by failed equipment inherited from SPDC by Heritage.

  • Oil firm donates building to UNN Geology department

    Platform Petroleum Limited, an indigenous oil and gas exploration and production company yesterday handed over an ultra-modern building to the Geology Department of the University of Nigeria, Nsukka. The event had Minister of State for Petroleum Resources, Dr. Ibe Kachikwu as Special guest. He was joined by other distinguished guests, such as Chief Dumo Lulu-Briggs, Chairman of Platform Petroleum, Dr. ABC Orjiako, Chairman of SEPLAT, Professor O. Sylvester Adegoke, Dr. Bolaji Ogundare, Managing Director, Newcross and HRM King Dr. Edmund M. Daukoru amongst others.

    The edifice named Austin Avuru Building was built and donated to the department in honour of Mr. Austin Avuru, first Chief Executive Officer (CEO) of Platform Petroleum Limited and current CEO, SEPLAT Petroleum Development Company Plc who graduated from the department in 1980.

    A statement signed by Mr. Amaechi Moshe C. I., Ag. GMD Platform Petroleum Holdings Limited, said the facility “which is the first CSR initiative by Platform Petroleum Limited outside of its Umutu, Delta State, operation site came out of the desire of the company to support Mr. Avuru’s desire to reduce the huge infrastructural deficit at his alma mater.”

    He noted that things had gotten so bad at the Department of Geology to the extent that it was about to lose its academic accreditation.

    The new building, according to the statement, is larger and more conducive than the old departmental building and will provide office space for lecturers as well as laboratories and lecture halls for students.

    The gesture by the company is a reiteration of Platform Petroleum Limited’s commitment to creating value for the larger good of the society and the company is excited that the provision of this building will enhance quality of education for the staff and students of the Department of Geology.

    Vice Chancellor of the University, Prof. Benjamin Chukwuma Ozumba thanked the company for the support and congratulated Austin Avuru for being a worthy ambassador of the institution. He assured his guests that the university will justify the resources invested in the new building. He also enjoined other alumni to emulate Avuru and Platform Petroleum in helping to enhance the learning environment.