Majorwaves Energy Report Nov - Dec 2018 by majorwavesenergyreport

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Majorwaves Energy Report Vol 1 No.01 November 2018 1

gas development:

our

success story is

Nigeria's success story...

Chevron Nigeria Limited (CNL), has an aggressive gas development strategy that builds a profitable gas business through a portfolio of domestic, regional and export supply projects that fulﬁll the NNPC/CNL Joint Venture Domestic Gas Supply Obligation and support the Nigerian Government’s Gas Master Plan. We have been the highest supplier of high quality domestic gas in Nigeria since 2015 and will continue to explore opportunities to maintain this position. We have since 2008 also reduced continuous gas ﬂaring in our operations in Nigeria by over 90%. We led the development of the West African Gas Pipeline project through which Nigeria supplies gas to Benin Republic, Togo, and Ghana. All these prove that in the area of natural gas development, Chevron's success story is Nigeria's success story.

Majorwaves Energy Report Vol 1 No.01 November 2018

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IN THE NEWS

Nigeria Is Strongest, Most Profitable Economy in Africa, Kachikwu Tells Investors

Oil-Producing Norway Seeks to Increase Investment in Nigeria’s Oil Industry

Jens-Petter Kjemprud, Norwegian ambassador to Nigeria, says his country would like to deepen its ties in Nigeria, especially in the oil and gas sector. Speaking at a stakeholder’s meeting to promote investment opportunities and incentives for Nigerian investors in Norway recently, the diplomat advised the Nigerian government to tackle insecurity.

r Emmanuel Kachikwu, M i n i ster of St ate for Petroleum, has declared that Nigeria has the strongest economy in Africa and the most profitable investment destination in the world. Kachikwu said this in Atlanta at ‘The Nigerian Oil and Gas Core Strategic Investors’ Meeting’, aimed at presenting the investment opportunities in Nigeria’s oil and gas industry to the United States’ investors. The minister said Nigeria looked to the diaspora to see where they could form permanent partnerships that would invest in very critical areas in the country, where they could break even in three years. Kachikwu said: “Infrastructure is key, the oil sector alone has an infrastructure deficit of over 30 billion dollars to get us to where we should be. “We need to be able to supply gas sufficiently to power the entire country, and if we succeed in doing that over the next 10 year-period, we would have a very booming economy. “Nigeria still has the strongest economy in Africa but we could double that, we could become quite frankly what America is to the entire American diasporas for Africa”. The minister welcomed the investors to come 4

and invest in Nigeria, assuring that their investments were safe and protected. “So I invite you to a country that has its challenges but has huge opportunities probably the only country in the world where the average returns on investment is in excess of 25 per cent a year. “This is massive. So the returns are heavy, the resources are there and there is a huge opportunity to playing in the field.

“

It is now time quite frankly for a lot of us who sit here as investors, as players, to begin to look to the country of the future – Nigeria.” He said since 2016, Nigeria started major policies called the ‘7 Big Wins’ focusing on gas, infrastructure growth, and trying to refine the country’s petroleum products locally. The minister said Africa would not continue to be a continent dependent on aid, but that Africa had got to create trade, opportunities and mixes that would help the region stand on its feet. “So quite frankly, there’s an urgency for Nigeria to move into the forefront of leadership both economically and politically in Africa and we need to begin to push that,” he said. (NAN)

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Norway is an oil-producing nation with similar production capacities like Nigeria. “You need to have renewable energy take root in this country, you need to have the incentive, not disincentives. The sector needs to be well regulated, organised and you have to attract investors,” he said. “There is still a huge hydropower potential in Nigeria; we seem to have forgotten about that. We also have solar and wind power but the wind power cannot thrive because of insecurity. “You cannot have wind power in the Gulf of Guinea if pirates are threatening ships. So it is about incentives and providing security. “This is why we brought some of the most important business actors from Norway, Innovation Norway, Nigerian Norwegian Chambers of Commerce, our new Consul General and the embassy-to get together as strong as possible to show what can be done in trade between both countries.”He said the trade receipt between the two countries currently stands at $30 billion. On his part, Taofik Adegbite, the new Norway consul general to Nigeria and CEO of Marine Platforms, said the federal government needs to provide support for private sector players to unlock greater opportunities in the maritime sector; and strengthen the environment for businesses and bilateral relationships to get stronger. “There is a lot for both Norway and Nigeria t o benefit from each other as trade allies with long history of engagement. But more can be achieved within an environment that is very conducive for Nigeria’s foreign partners and allies to operate”, he said. Meanwhile, the Chairman, Nigerian Norwegian Chambers of Commerce (NNCC), Chijioke Igwe, urged Nigeria to learn from Norway, which has been able to grow businesses despite their very tough environment. Nigeria is Norway’s largest trade partner in Africa and the country has sustained trade relations with Nigeria long before Nigeria’s independence in 1960.

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LOCAL CONTENT

NPDC Achieves 100% Local Content In Oredo Gas Handling Facility are located, as one of the most significant assets of the NPDC because it is where the corporation’s staff and their contractors design, build and operate facilities hitherto operated by the International Oil Companies (IOCs).

he Nigerian Petroleum Development Company (NPDC), an Upstream S u b s i d i a r y of t h e Nigerian National Petroleum Corporation (NNPC), has achieved a 100 per cent local content input in the development of Oredo Integrated Gas Handling Facility. NNPC Group Managing Director, Dr. Maikanti Baru, declared this during a tour of the NPDC’s Oredo Flow Station, Oredo Gas-to-PanOcean Facility, Oredo Integrated Gas Handling Facility (IGHF), as well as the Oredo LPG Dispensing Facility, all in Edo State. Commending NPDC on the feat, Dr. Baru said he was proud that a world-class facility was being put in place by a Nigerian engineering contractor in conjunction with another Nigerian company, the NPDC. “From engineering, construction to erection of the various units, we feel very encouraged by the huge man-hours which you are putting in here, day and night, with full local content,” Baru told over 500 workers at the site. The IGHF is currently at 80% completion. When completed in December, it will make provision for dehydration of gas and liquid extraction. It is expected to also produce both Liquefied Petroleum Gas (LPG) and Propane, in addition to dry gas to the Escravos Lagos Pipeline System (ELPS). He described the Oil Mining Lease (OML) 111, where the gas projects

“You could see that right from the well-design through to reception of the various liquids to the processing and disposal of the various outputs, it is fully indigenous. So, it cannot be better than this,” he added. He said as a National Oil Company (NOC), the corporation was using this to showcase its ability to intervene, stressing that “we are not just a player, we are also building capacity that can enable us intervene by taking over any assets whenever any contractor decides to opt out,” he added. Dr. Baru stated that the project’s funding constraints would be addressed soonest; stressing that NNPC was considering alternative means to support and complete the project.

“

All these projects are located within OML 111, one of our critical assets which we are keen on deriving maximum benefits from,” he stated. Earlier, the Managing Director of the NPDC, Yusuf Matashi, thanked the NPDC Board led by the GMD, for coming down to inspect the gas facilities, saying it was the first time the company was witnessing a highly-synchronised support towards these projects. He said the LPG Dispensing Facility strategically offered 40% solution for Nigeria’s domestic LPG market which would translate into extra cash f low for the company. “Another advantage is that it will ensure ease of distribution and

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penetration into the market. You can take LPG to every nook and cranny of the country from here. So, it is quite strategic,” he noted. The MD said in line with NPDC’s Corporate Social Responsibility (CSR) efforts, the company had engaged youths within the host community area, with a number of them fully involved in the local contracts around the project as well as the pipeline Right Of Way (ROW). “We have also completed a Skills Acquisition Centre which is currently being furnished in line with the component of the project. We intend to commission the centre even before the project is completed. From our records, this is one project that has engendered cordial relationship with the Oredo community and we hope to replicate similar understanding in other areas within the Niger Delta,” Matashi stated. In his remarks, the NNPC Chief Operating Officer, Upstream, Mal lam Bel lo Rabiu, who expressed happiness that the project would be delivered within time and budget, also charged the workers to double the over one million man-hours achieved so far in the project without any incidence. While further assuring of timely funding for the project, the NNPC Chief Financial Officer, (CFO) Isiaka Abdulrazaq, commended the NPDC Management for performing impressively on the project and for its drive towards making NPDC the E&P Company of choice in Nigeria. Located 34km southeast of Benin City, the OML 111 is an onshore field comprising five fields viz: Oki-Oziengbe-South, Aroh North, Koko, Oghama as well as Oredo, which has twelve (12) out of its fifteen (15) wells currently producing.

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LOCAL CONTENT

Kachikwu Sets Up Nigerian Content Research & Development Council where the National Assembly is now considering whether Local Content should be implemented across sectors because of the success we have brought to the oil and gas industry. Even the world, especially African countries have taken notice.” In his comments, the Executive Secretary of NCDMB, Engr. Simbi Wabote explained that the framework of the Board’s research and development provides that all research topics or thematic areas must be based on industry challenge or needs.

he Minister of State for Petroleum Resources, Dr. Emmanuel I be K ach i k w u on Wednesday in Abuja inaugurated the Nigerian Content Research and Development Council (NCRDC). The Council is expected to advise the Nigerian Content Development and Monitoring Board (NCDMB) on matters relating to Research, Development and Innovation strategy for the oil and gas industry. The council’s terms of reference are to “advise the Board on criteria and methodology for prioritizing market cum demanddriven research projects, advise the Board on the appropriate strategies and governance arrangements to attract funding for research projects and advise the Board on criteria for the award of research grants and review progress on impact of such grants on Research projects, Product development and Innovation.” Inaugurating the council, Kachikwu commended NCDMB for accomplishing the commitment it made at the 2017 Research and Development Fair. He described the R&D council as a timely innovation that 6

would deepen the achievements recorded in Nigerian Content implementation. He charged the members to deliver on their mandate, which will help redress the fallings of the oil and gas sector to the Nigerian economy. “After 50 years, we still cannot refine enough petroleum products and we cannot provide enough electricity for our 190 million populace. In the eyes of the general public, oil is failing the country. Some of the bold steps NCDMB is taking, to create research and create focus will internalize growth and development.” The Minister underlined that NCDMB had transitioned from just being a policy maker to also functioning as a project promoter. He commended the Board for investing in the Waltersmith Modular refinery, developing industrial parks in Bayelsa and Cross River States and catalyzing the partial integration of the Egina FPSO. Kachikwu added that the NCDMB is focused on increasing Nigerian participation in oil and gas projects and engendering business opportunities locally. “The new NCDMB is more dynamic and focused, to a point

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He added that “the Board will be more involved in applied research to give room for product development and would encourage prototype development of products. “The Board would be involved as well as encourage commercialization of pr o duc t s or r e s ea r ch endeavors. The Board would ensure that every product that is commercialized at the back of oil and gas activities is accepted and utilized.” The Nigerian Content Research and Development Council is chaired by the Executive Secretary of NCDMB. Other members include Engr. Patrick Ol imna, representi ng the Oil Producers Trade Section (OPTS); Mr. Uzochi Nwagwu, representing the Petroleum Contractors Trade Section (PCTS); Dr. S.B Ramon Yusuf from the National Universities Commission (NUC) and Mr. Isa Yusuf Maikanma from the National Board for Technology Incubation (NBTI). Other members include Dr. John Erinne, representing the Petroleum Technology Association of Nigeria (PETAN); Mr. Dele Aikihonbare, representing I n d e p e n d e n t Pe t r o l e u m Producers Group (IPPG) and Mr. Tandama Adamu Abu from the National Office for Technology Acquisition and Promotion (NOTAP). www.majorwavesenergyreport.com

LOCAL CONTENT

NCDMB, Dangote Refinery hold workshop on Nigerian Content

he Nigerian Content Development and Mon itor i n g Boa rd (NCDMB) and the Dangote Pet r oleu m Ref i ner y a nd Petrochemicals (DPRP) recently organized a one-day sensitization workshop on Nigerian Content Compliance. The workshop was held in Lagos State and sought to enlighten Dangote Refinery Project contractors on the regulations, policies and laws that apply in the oil and gas industry as well as encourage compliance. In his address, the Executive Secretary of NCDMB, Engr. Simbi Wabote, represented by the Director, Monitoring

and Evaluation, Mr. Akintunde Adelana, explained that t h e wo r k s hop was intended to create awareness on the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, increase the participation of Nigerian companies and utilization of local goods and services in the execution of the refinery project. Adelana regretted that the first 50 years of oil exploration and production in Nigeria, up until 2010 was characterized by almost every activity in the industry being executed overseas, resulting in huge capital flight, lack of jobs for Nigerians in the industry, nonexistence of requisite in-country capacities and ultimately less than five percent in-country value retention. He noted that the Board’s target

under its Nigerian Content 10year strategic roadmap is to achieve 70 percent in-country value retention by 2027, and to meet the target, there was need for greater indigenous participation and domiciliation of industry activities. He clarified that Nigerian Content is not geared to promote indigenization of industry activities but is rather focused on domestication and domiciliation of operations. He expressed delight at the level of work going on at the refinery site, noting that the Chief Operations Officer (COO) of DPRP, Mr. Giuseppe Surace has tremendous knowledge of Nigerian Content practice, having worked previously with Saipem Nigeria. In his remarks, Surace assured that the execution of the DPRP project would engage Nigerian vendors and create local capacities, in line with the provisions of the Nigerian Content Act.

Shell Explains Its Local Content Strategy For Nigeria local content exhibition in Lagos, also explained that the strategy places strong emphasis on research and development, promotion of local

he Shel l Niger ia Exploration and Production Company (SNEPCo), says its local content strategy was built around the national framework as developed by the Nigeria Content Development and Monitoring Board. Bayo Oju lar i, its Managing Director, who stated this at the company’s recent www.majorwavesenergyreport.com

manufacturing, indigenous asset ownership, and human capacity development. He added, “Shell recognises the sig n i f icant role that a viable and competitive manufacturing sector plays in the economic development of a country. Therefore, we

actively seek opportunities to support and showcase strides made by Nigerian companies in the manufacturing of importsubstituting goods and services, especially those required for oil exploration and production.” He cited some ongoing initiatives by the company to further support local capacity such as the collaboration with University of Ibadan and University of Port Harcourt on research into synthetic base fluids for drilling operations using local raw materials. “This is expected to substitute imported fluids and stimulate industrial production,” he said. *Source: Independent

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LOCAL CONTENT LOCAL CONTENT

NCDMB, Stakeholders Begin Review Of New Projects, Opportunities.

he Nigerian Content Development and Mo n i t o r i n g B o a r d (NCDMB) a nd key players of the Nigerian oil and gas industry have begun to review the existing data on upcoming projects and their Nigerian Content opportunities. The review seeks to update the Compendium of Nigerian Content Opportunities, highlight challenges faced by operators and service providers and proffer solutions that would increase in-country value creation and retention and fast-track the development of new projects. The Board organised a two-day workshop in Lagos recently and it featured sessions on upstream opportunities, with presentations from international and indigenous operating companies and a dedicated marine vessels strategy session on the second day. The Director, Planning, Research and Statistics, NCDMB, Mr. Daziba Patrick Obah, delivered the opening address on behalf of the Executive Secretary, Engr. Simbi Wabote and stated that the event would build on the data generated in the maiden edition of the Nigerian Oil and Gas Opportunities Fair (NOGOF) held in 2017 at Uyo, Akwa Ibom State. A key output from the Uyo event was a compilation of opportunities in the upstream, midstream and downstream sectors. He stressed the need to update the compendium on an annual basis to enable the Board and stakeholders track the progress made in maximising Nigerian Content oppor tu n ities.The Di rector, Mon itor i n g a nd Eva lu at ion , NC DM B a nd 8

coordinator of the event, Mr. Akintunde Adelana, informed that NOGOF 2019 will hold from April 4-5, 2019, at the 1000-seater conference hall of the new NCDMB headquarters in Yenagoa, Bayelsa State. Expected attendees include venture capitalists, investors and other players in industry. The event would also serve an avenue to identify gaps in local content, list investment opportunities and highlight value-addition and employment opportunities, he added. Par ticipants at the Lagos work shop su gge st e d t h at NOGOF 2019 should identify opportunities for synergy and foster collaboration between contractors. Other proposals include the need for a session that would discuss the progress made in reviewing schedules to the NOGICD Act as well as a session that would focus on technology. Stakeholders a lso adv ised NCDMB to effectively monitor contract execution and maximally disburse the Nigerian Content Intervention Fund (NCI Fund) to boost the financial capacity of local contractors. It was also canvassed that the forthcoming NOGOF should set agenda for greater collaboration among government agencies connected with Nigerian Content. Representatives of various international and indigenous operating companies presented their goodwill messages. Chairman of the Petroleum Technology Association (PETAN), Mr. BankAnthony Okoroafor, confirmed that that NCDMB’s aspirations l i ke the domestication of technology, growing the nation’s GDP and developing capacities in-country were in tandem with PETAN ideals.

Joseph Ogunsola of the Gas Division, stated that the Nigerian gas industry offered incredible opportunities for investments, which would create huge benefits for the investors and Nigerian people. He stressed that to achieve gas flare-out, there must be focus on infrastructure, fiscal terms, open access to facilities, political will, technology options and synergy among industry players. He stated that the National Gas Flare Commercialisation Programme (NGFCP) has a target of zero The Nigerian Content Capacity Development Manager, Total Exploration and Production Nigeria, Engr. Sylvester Iduseri, indicated that the company’s Egina deepwater project achieved 75 percent Local Content and exceeded the 70 percent target set by the NCDMB. He said studies were ongoing for Pereowei development, a subsea field project, which would be a tie-back to the Egina FPSO. Tendering was ongoing for the Ikike project and the Final Investment Decision (FID) forecast is expected in Q4 2018, he added. He also explained that Nigerian Content opportunities in the Ikike project exist in engineering, procurement, construction and fabrication, installation, drilling, completion among others. Other key suggestions at the workshop included the need for project promoters to continue to christen projects and facilities with names of their host communities as such gestures would foster a sense of belonging in the communities.

In his presentation, the Director of the Department of Petroleum Resources (DPR), Mr. Mordecai Ladan, represented by Engr.

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LOCAL CONTENT

Axxela Recognised at NGA’s International Conference ….As CEO Delivers Keynote Address

xxela Limited subS a h a r a n A f r i c a’s preferred fast-growing gas & power portfolio company, was presented with a Special Recognition Award by the Nigerian Gas Association (NGA) for its immense contributions to the growth and development of the Nigerian gas industry at the gala night of the international gas conference conducted by the NGA on October 14th-16th, 2018 at the Transcorp Hilton, Abuja.

daunting; nevertheless, given the imperatives of the gas policy and the significance of gas infrastructure development to the achievement of its objectives, we must confront the challenges head on. The time to act is now and these solutions must be locallyowned and driven. I trust that all stakeholders within the gas sector will endeavour to collaborate effectively towards ensuring the accelerated development of gas infrastructure across the region.”

A x xela’s Ch ief Executive Officer, Bolaji Osunsanya, also delivered a keynote address titled “Actualising Gas Infrastructure Development; Untangling the Bottlenecks.”

Mr. Osunsanya was also presented with the NGA Leadership Award in recognition of his exemplary leadership during his tenure as the NGA president from 20142016.

He said: “The major issues that have hitherto affected the sustainable development and growth of the infrastructure needed for the domestic gas sector can be aggregated into market readiness, supply assurance, policy and regulation, suitability of financing, and execution discipline. The challenges are significant and might seem

Speaking on the awards received, he said: “It is an honour and a pleasure to be recognized for our sustained efforts in spurring economic empowerment and industrialisation across the region, particularly Nigeria, through our business enterprise. We must also commend the NGA for its proactive approach in advocating the gas advantage,

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engaging key stakeholders on opportunities to anticipate and bolster legislation and policies, and promoting investment in the Nigerian gas sector.” Axxela’s Head, Gas & Power Infrastructure, Myke Oseh, was also sworn in as the Deputy Secretary General of the NGA. Axxela is the pioneer developer of Nigeria’s foremost natural gas distribution network and has subsequently grown to become the largest private sector natural gas distributor in Nigeria, delivering at peak 70 million standard cubic feet per day (“mmscf/d”) to over 175 industrial and commercial customers via a vast network of gas infrastructure. With over 260km in gas pipeline infrastructure built, Axxela pr ov i d e s u n i q u e e n e r g y solutions primarily through its subsidiaries: Gaslink Nigeria Limited, Gas Network Services Limited, and Central Horizon Gas Company

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DOWNSTREAM

Dangote Refinery Project To Boost Activities In Downstream, Says LCCI …Says refinery will lead to the protection of forex revenue of around $16 billion a year at current market prices and saving of $10 billion a year through domestic supplies of petroleum products

he President, Lagos Chamber of Commerce and Industry (LCCI), Mr. Babatunde Paul Ruwase has described as magnificent and spectacular the impact the Dangote (www.Dangote.com) Oil Refinery project would have on the Nigeria’s downstream petroleum sector. Ruwase, who led members of the chamber on a tour of Dangote Jetty, Refinery and Fertilizer plants recently in Lagos, expressed excitement over the pace of work at the Refinery and Fertilizer plants, which he described as a game changer for the Nigeria oil sector. He commended the President/Chief Executive of Dangote Group, Alhaji Aliko Dangote for the enormous investment in Africa, saying, “Dangote’s patriotism remains unparalleled when it comes to investment and that his investments in many sectors have been a key factor behind Nigeria’s improving economy. Dangote is doing so much to positively impact the lives of Nigerians through the production of household products.” He said the world is waiting for Dangote Oil Refinery project to bail Nigeria out from the clutches of importation of petroleum products. “This project is the first of its kind. There is no investor in Nigeria that has developed the courage to come up with such

gigantic project. From what we have seen today, we now have a better perception about the project. From what we have seen on ground, it shows that the project is a reality and it is possible for Nigeria to become exporter of petroleum product,” he said. He also commended the company for building a jetty to carter for the movement of heavy equipment to the refinery site. “This will greatly reduce the congestion at Apapa port and also help to cut down traffic on the Apapa road,” he added. Ruwase therefore appealed to other investors to thread the pact of Dangote by investing heavily in the Nigerian economy. Speaking on the progress made so far, Head, Quality Assurance/ Quality Control, Dangote Oil Refinery Company Limited, Rama Rao Putta, described the project as the largest single train petroleum refinery in the world with capacity to process 650,000 barrels per day of crude oil. He said the refinery will lead to the protection of forex revenue of around $16 billion a year at current market prices and saving of $10 billion a year through domestic supplies of petroleum products. Putta said that the refinery is going to create 100,000 indirect employments

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through retail outlets and ease availability of petroleum products in the country. He noted that the company has completed the training of the first and second batches of Nigerian Engineers in India and that the employees were being acclimatized at site. Speaking also at the event, General Manager of Dangote Fertilizer Limited, Anurag Jaiswal, described Dangote Fertiliser project as the largest granulated urea fertilizer complex coming up in the entire fertilizer industry history in the world. He put the investment at $2 billion with capacity to handle three million tonnes yearly. Jaiswal, said the impact on the economy of Nigeria and the entire region cannot be over-emphasized. “This is going to be one of the largest single capacity complex in the world producing in total 8,000 tonnes of urea daily. We’ll be having two trains of ammonia and two trains of urea and each train will produce 4,000 tonnes. So in a year it will be 3 million tonnes. “It is much expensive to import from abroad due to freight cost but it will certainly be cheaper if you are importing from Nigeria. It will have a huge impact on the Nigerian economy because we will be saving a lot of foreign exchange,” he noted.

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DOWNSTREAM

Wabote Seeks Action On Gas Investments … to invest in the gas value chain …set to sign MoUs with investors on NOGAPS

layers in the gas sector should canvass for speedy implementation of existing policies and pursue the delivery of identified gas opportunities, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has said. He spoke in Abuja at the Nigerian Gas Association’s 2018 International Conference held recently and argued that there had been sufficient discussions on missed opportunities of the past years and huge subsisting potentials of gas to the Nigerian economy. Members of the NGA and other stakeholders of the oil and gas industry must begin to pick up the gauntlet, he posited. “I implore you to make this happen. It does not have to be a gigantic, big bang project that overwhelms everybody and does not get delivered at the end of the day. Let’s take one or two aspects of the value chain and channel all energies on them so that in two years’ time we are here to celebrate value addition to our hydrocarbon resources.” The Executive Secreta r y confirmed that NCDMB had 12

begun to implement some of its initiatives, citing an example with the US$200m Nigerian Content Intervention Fund, managed by Bank of Industry for the provision of loans to oil and gas service providers at single digit interest rates for the acquisition of key assets, manufactu r i ng and other activities. Another ongoing initiative is the Nigerian Oil and Gas Parks Scheme (NOGAPS) currently under construction in Bayelsa and Cross River states. “The parks will be operated using the sites and service model with provision of electricity round the clock to enhance manufacturing activities,” he added. Wabote affirmed that the NCDMB would be willing to support any investor willing to deepen local content practice in the gas value chain. According to him, “part of our 10-year strategic roadmap is to support credible proposals from local businesses that want to key into opportunities in the hydrocarbon value chain. Let’s move beyond talk into action. Our recent deal to support the construction of a 5,000 barrels per day modular

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ref inery was done in less than six months. “If you are interested in manufacturing of cylinders, clips, hoses, burners, regulators, lighters, or in the provision of other services in the gas value chain, please approach the Bank of Industry with your applications. A key requirement is that you must be a contributor to the Nigerian Content Development Fund.” Dwelling on NOGAPS, the NCDMB boss invited interested investors to liaise with the Board on how to participate in the scheme. He hinted that the Board would sign Memorandum of Understanding with such investors before the end of 2018 and early birds would enjoy the first mover advantage. He also confirmed that the 25 megawatts independent power project (IPP) being developed by the Nigerian Agip Oil Company (NAOC) in partnership with the Board in Bayelsa State would be commissioned in December 2018. The IPP would power the Bayelsa NOGAPS and the Board’s 17-storey headquarters building, which would be completed in the first quarter of 2019. www.majorwavesenergyreport.com

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SOCIAL INVESTMENT

#TEFforum2018: AkuffoAddo, Kenyatta Laud Tony Elumelu for Investing in Young African Entrepreneurs

residents Nana Akuffo Addo of Ghana and Uhuru Kenyatta of Kenya have both described the investments in African entrepreneurs, by Philantrophist Mr Tony O. Elumelu, CON as apt and the right path for the economic transformation of the region. They shared this at the just concluded fourth edition of the Tony Elumelu Foundation forum for 1,460 entrepreneurs in Lagos. Kenyan President Mr Uhuru Kenyatta who joined the event via a video broadcast described the initiative as a remarkable step by Nigerian business leader, to empower African entrepreneurs to be change agents in the region. He challenged the young entrepreneurs to seize opportunities & turn

them into successes, believing that they are a generation that knows no borders in exploration. The Kenyan leader used the occasion to call on African gover n ments to g ive top priority to enterprise studies, which should be integrated into the curriculum of schools and colleges across the continent. Kenyatta noted that a strategic public-private partnership was vital to supporting enterprise development in Africa, even as he acknowledged the fact that the young people are driving positive change through technology. Ghanaian President Mr Nana Akuffo Addo who was the special guest at the 2018 TEF forum said the reason he attended the event, was to support the remarkable work of the Tony Elumelu Foundation in the area

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of entrepreneurship. President Akuffo Addo believes the visioner and founder of the initiative Mr Tony O. Elumelu, CON was making a very good investment in entrepreneurship; because it will drive the ingenuity, innovation and creativity of the young entrepreneurs in Africa. The Ghanaian leader shared that strong market economies prov ide the platfor m for economic development and entrepreneurship is the gateway for achieving it. He alluded to the point raised by his Kenyan counterpart that strategic collaboration between the public and private sector will go a long way in boosting enterprise development in the region.

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SOCIAL INVESTMENT

On his part Mr Tony O. Elumelu, CON thanked the two African leaders for their time at the 2018 TEF forum, while he acknowledged the fact that the transformation of Africa will not occur without the support of political leaders. The Philanthropist said â&#x20AC;&#x153;These Young Africans justify our confidence in them through their ambition and commitment to succeed. We know entrepreneurship is the way to create jobs, eliminate poverty and grow wealthâ&#x20AC;?. Mr Elumelu shared that his motivation for investing in the TEF forum was borne out of the desire to empower young

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entrepreneurs to create wealth and also provide a platform that harnesses their ideas, energies, passion, creativity and ingenuity which will position them to transform Africa. The TEF forum an initiative of the Tony Elumelu Fou ndat ion , has si nc e inception in 2015 empowered 4,000 African entrepreneurs with the seed capital of about $20m. Apa r t f r om t he s e a n additional 460 entrepreneurs were sponsored in the 2018 TEF for um edition by international agencies like the United Nations Development Programme,(UNDP)

International Committee of the Red Cross,(ICRC) and GIZ - G er many through a memorandum of understanding with the foundation. This is part of the goal of the foundation which is to invest $100m in 10,000 African entrepreneurs over a decade (2015-2025), with the expectation that they will create about 1million jobs during the period and attract investments worth $10bn into the continent. Coutesy: Proshare

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SOCIAL INVESTMENT Strengthening social investment schemes to protect the poor

Focus on N-SIP

N-SIP: Beleaguered Nigerian scheme struggles to make impact…

By Jerome Onoja

xperts have stressed the role of combined ef for t s b e t we e n public office holders and theprivate sector towards social investment schemes in the quest to reduce poverty in Africa. Goal two of the Sustainable Development G oa ls, developed i n 2016, strives for “Zero Hunger” by 2030. There are large differences among continents in the prevalence of severe food insecurity. Approximately 27.4% of the population in Africa was classified as severely food insecure in 2016, which is almost four times as high as any other region. Alarmingly, food insecurity is on the rise, specifically in subSaharan Africa. From 2014 to 2016, food insecurity increased by about 3% (FAO, 2017). As important as it appears, food security alone is not the only factor that determines poverty. Others include access to clean water, adeq uate san itation, health services, and basic education system and communication network. Here are highlights of two main social investment prog ra m me s ca r r ie d out by the governments of twoWe st A f r ica n countries: Nigeria and Gha n a. T h i s repor t shall only focus on the features, goals and some developments with the schemes. There’s also a brief report from a private initiative: Tony Elumelu Fo u n d a t i o n . M o r e foundations and schemes like these exist and shall gain our attention and 16

reportage in subsequent publications. Nigeria:

From official statistics, Nigeria is the seventh most populous country in the world with over 192 million people in 2017. The country is expected to grow to more than 233 million by 2025. The projected population growth will yield various social problems which could hamper the social and economic growth of the nation, hence the need for adequate and sustainable social investment programmes. More so, A f r ica n Development Bank, AfDB had revealed in its 2018 Nigeria Economic Outlook that about 152 million Nigerians live on less than $2 a day, representing about 80 per cent of the country’s estimated 190 million population. This is partly due to the repeated mayhem and unrest frequently occasioned by the Islamic sect Boko Haram,as well as herdsmen-farmers clashes. The repeated occurrence has caused poverty rate in Nigeria’s North East to spike. Recent statistics show that 10.5million children are out of school.

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he Federal Government of Nigeria has established the National Social Investment Office (NSIO) within the Presidency but more specifically, the Office of the Vice President, with the goal to oversee the different aspects of the programme. The National Social Investment Programs was set up by the President Muhammadu Buhari administration and it draws from the social protection policy framework in a manner that ensures a life of dignity for those who have been constrained, in one way or another, from achieving their full potential. The Federal Government carries out the programme in conjunction with the States. While the FGN sets the standards as the framework for engagement, States are expected to meet the criteria, for payment to be made directly to the beneficiaries. The States exercise some level of autonomy but maintain a focal person who ensures transparency and seamless engagement. A key criterion for accessing the facility is a valid Bank Verification Number (BVN) with which beneficiaries receive funds directly from the Federal Government, through their accounts, while the States prepa re the g rou nd for commencement by meeting the expectations set out in the MoU. The programme was fraught with challenges from the start. The late release of funds in 2016, as well as the lack of adequate publicity hampered a wide and rapid implementation.Earlier this year, there was a probe into an alleged N1trn fraud on the same programme which threatened to shut the scheme and we are yet to hear the last of it. The Specia l Adv iser to the President on Social Investment, Maryam Uwais, wa s q uot e d a s say i n g, “Federal Government of Nigeria had studied the social protection policies and past

interventions, and had decided to prioritise social investment interventions as a key strategy towards reducing poverty and socio-economic vulnerabilities in the country.” She claims the Social Investment Programme of the Federal Government has impacted about nine million Nigerians through its various social investment programmes. In order to have the needed impact on the people, she explained that a strategy had been designed to run a portfolio of projects anchored by four major National Social Investment Programmes. The four major social investment schemes being run by the gover n ment i nclude the Conditional Cash Transfer Programme which involves the direct transfer of the sum of N5, 000 to carefully identified a nd t a rgete d poor a nd vulnerable households. The Home Grown School Feeding provides opportunities to assist vulnerable families feed their primary school children on one nutritious meal a day while providing an incentive to send them to school. The target of the school feeding programme is to reach 5.5 million children. The third and fourth aspects of the social protection programme of the Federal Government, according to Uwais, are the N-Power Programme, and the G over n ment E nt er pr i s e Empowerment Programme. While the N-Power programme was designed to put 500,000 young Nigerian graduates on employment and empower, as well as train 100,000 of nongraduates with the necessary tools to work on exceptional ideas, the GEEP is targeted at financial inclusion and empowerment of through small loans.; This is designed to assist the government deliver maximum impact to the economically underrepresented groups in the country with a target of about 1.6 million beneficiaries.

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SOCIAL INVESTMENT Ghana’s LEAP Slowly Registers Success, Penetrates Poor North

LEAP has reg istered some successes, its original plan to empower the extremely poor financially, increase basic school enrolment among children of poor households, reduce the infant mortality rate, improve child nutrition, and grow local economies, it hasn’t been without challenges. A minority has witnessed an improvement in their living conditions.

hana’s economic progress of the last decade has created many wealthy individuals. In the first decade of 2000, the country experienced 15% of economic growth year by year, mostly driven by natural resources such as oil and gold. The country is also seen as a “beacon of democracy” with strong social capital and political stability. However, Ghana’s wealth is still very unevenly distributed. According to the Ghana Living Standards Survey (GLSS) an estimated 40% of Ghanaian are “poor”, thus referring to citizens who have the capacity to meet their basic nutritional needs, but are unable to cater for additional necessities such as health, shelter, clothing and education. Anthony Krakah, the Head of Industrial Statistics, Ghana Statistical Service (GSS) via the Ghana’s Poverty Profile – GLSS R7, has revealed that2.4 million people representing 8.2% are extremely poor to the extent that putting all their expenditure together, they could not afford to spend GHS2.69 per day in 2016/17 on food. The Ghanaian government has provided various Social Grants and safety nets to support individuals in various capacities and particularly to reduce the incidence of poverty. These initiatives include the Programme of Action to Mitigate the Social Cost of Adjustment (PAMSCAD), the Village Infrastructure Project (VIP), projects implemented by the Social Investment Fund (SIF), nutrition interventions, education subsidies, immunization programmes and child protection mechanisms. While these social investment programmes made considerable efforts to reduce poverty and improve the livelihoods of Ghanaian, experience indicates that sustainable mechanisms to empower those facing extreme poverty were insufficient.

ivelihood Empowerment Against Poverty (LEAP) Programme i s a socia l cash tra n sfer programme that provides cash grant to the extremely poor households across the country. Its main aim is to alleviate short-term poverty and encourage long-term human capital development. Since its inception in 2008 the LEAP Programme has expanded from 1,645 beneficiary households in 21 districts in 2008 to 213,044 beneficiary households in 216 districts overseen by the Ministry of Gender, Children and Social Protection. Its key objectives is to improve the socio-economic status of the vulnerable and the excluded through targeted interventions. To achieve this objective, the ministry ai ms to i mplement the LEA P Programme in all the 216 districts in Ghana in order to ensure that 400,000 extremely poor and vulnerable households are covered by the end of 2018; a figure Thomas Boateng Quaison, the Head of Monitoring and Evaluation claims has already been surpassed. Beneficiaries of LEAP have experienced increase in food security and are engaging in diverse economic activities, which are being funded by their accumulated savings made from the cash grants. In addition, school enrolment for children of school going age in these poor communities benefiting from the LEAP cash grants is said to have increased. The ministry is achieving all these in conjunction with the Department for International Development (DFID), United Nations International Children’s Emergency Fund (UNICEF), the World Bank, and National Health Insurance Authority. Though LEAP

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However, the rural poor, particularly in the three northern reg ions, conti nue to suffer. A multidimensional approach, focusing on free health insurance, provision of primary and secondary education to teach productive skills, the pursuit of good governance to block the diversion of funds for social services, and prioritizing women and girls, if pursued immensely, should deal a heavy impact on poverty reduction.

TAKE NOTE: Future editions of this segment will be dedicated to assessment of different social investment programmes carried out by stakeholders in the energy industry as their government counterparts cannot be left alone to handle this mammoth problem. Performance analyses of these programmes would be based on a number of indices ranging from effectiveness as a matter of practical needs being met, quality of service, innovative technologies deployed for ease of access, communication, scope, scalability, personnel, acceptance, sustainability, verifiable beneficiaries, credibility and a number of other factors. By comparing the numbers, and reviewing published materials from raw data, we’ll be able to tell to a large degree the success rate, expose some fraudulent practices in the system, and be able to recommend solutions.

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A Consortium of Africa Oil, Delonex And Vitol Announces Acquisition Of Producing Assets In Deepwater Nigeria

consortium led by Vitol and comprising Africa Oil (25%), Delonex (25%) and Vitol (50%), has entered into a Share Purchase Agreement (‘SPA’) to acquire a 50% ownership interest in Petrobras Oil and Gas B.V. for $1.407 billion. BTG Pactual E&P B.V. will continue to own the remaining 50% of POGBV. The transaction is subject to customary conditions precedent.

forward to growing and investing in Nigeria.’

The primary assets of POGBV are an indirect 8% interest in Oil Mining Lease (‘OML’) 127, which contains the producing Agbami field, operated by affiliates of Chevron, and an indirect 16% interest in OML 130, operated by affiliates of TOTAL, which contains the producing Akpo field and the Egina field, which is expected to commence production by the end of 2018. Current production of 368,000 barrels per day is anticipated to increase to over 568,000 barrels per day by the second half of 2019.

Africa Oil CEO Keith Hill commented: ‘We are very pleased to be able to join Vitol and Delonex in acquiring an interest in these established, low unit cost, producing assets, with additional appraisal and development upside, that are operated by some of the best companies in the industry. With the addition of production and cash flow, Africa Oil will transform into a significant, Africa-focused, independent oil company. Combining these assets with our Kenya development project and recently rejuvenated exploration portfolio, we believe that Africa Oil is exposed to high growth potential in the current and anticipated strong oil price environment. The two producing fields have consistently outperformed expectations and our goal will be aligned with our operators and partners to keep the FPSOs as full as possible for the foreseeable future.’

Russell Hardy, CEO, Vitol said: ‘Vitol has a long history of investing in Nigeria’s energy sector. We are pleased and proud to add this significant upstream asset to our infrastructure and downstream Nigerian investments. POGBV has a strong non-operated portfolio, managed by Chevron and Total, and which represents circa 20% of Nigerian production. Vitol looks

Rahul Dhir, CEO of Delonex, said: ‘We are delighted to join Vitol and Africa Oil in acquiring an interest in these high quality assets. These assets are operated by leading industry operators and have consistently outperformed expectations. This acquisition represents an important strategic step for our company. We look forward to working with our

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operators and partners to further develop and achieve the goals of the consortium and deliver value for the government and nation of Nigeria.’ The agreed base purchase price of $1.407 billion, is on a cash and debt free basis as of the effective date of 1st January 2018. A deferred payment of up to $123 million may be due to the Seller depending on the date and ultimate OML 127 tract participation in the Agbami field, which is subject to a redetermination process (see below). The Con sor tium’s f u nd i n g required to ultimately close the transaction will be reduced by any leakage paid to the Seller by POGBV, including dividends, and increased by any contributions made to POGBV by the Seller during the period between the Effective Date and completion. POGBV has an existing reservebased lending facility, with a syndicate of international banks and commitments of $1.245 billion, which POGBV and the Consortium believe may be increased. Given the anticipated time required to complete the transaction, POGBV’s debt capacity, forecast post effective date cash flow and the structure of the transaction, Africa Oil expects to fund its share of the acquisition with cash on hand.

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The three fields in these two licenses are all giant fields, located over 100 km offshore Nigeria, and are some of the largest and highest quality in Africa. Two of these fields, Agbami and Akpo, have been on production since 2008 and 2009, respectively, and in 2017 averaged a combined gross production rate of approx. 368,000 barrels of oil per day. Lifting costs in 2017 were well below $10/bbl. The TOTAL-operated Egina development project in OML 130 is the largest investment project currently ongoing in the oil and gas sector in Nigeria. The Egina FPSO, with a 200,000 barrel of oil per day capacity is currently on station and is being hooked up to existing wells. Egina first oil is expected before the end of 2018 and quickly ramp up to plateau production of approx. 200,000 barrels of oil per day during the first half of 2019.

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The fields all have high quality reservoirs and produce light sweet crude oil with state of the art Floating Production, Storage and Offloading (‘FPSO’) facilities. During 2017, daily oil production from the Agbami Field averaged approximately 240,000 barrels of crude oil. Production commenced from the field in 2008 and has been on plateau for over 8 years. An infill drilling program is ongoing, aimed at extending plateau into 2020. The field spans OML 127 and OML 128 and is subject to a unitization agreement, with 62.5% of field production currently allocated to OML 127. A redetermination process has been subject to expert review and arbitration in order to finally determine an increase in the portion of the Agbami Field attributable to OML 127. During 2017, POGBV’s entitlement of

daily oil production averaged approx. 21,000 barrels of crude oil (based on a 62.5% tract participation). During 2017, daily oil production from the Akpo field averaged approx. 128,000 barrels of crude oil. Production commenced from the field in 2009. During 2017, POGBV’s entitlement of daily oil production averaged approx. 26,000 barrels of crude oil. In addition to the current fields under production and development there are other growth opportunities in horizons not yet under developed in existing fields and adjacent fields being considered for development together with exploration opportunities.

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Eland Oil & Gas Sees Progress on Its Nigerian Oil Operations

land Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to announce the following operations update. Opuama Drilling operations have been completed, with the Opuama-11 well being handed over to the Opuama field production team. The Company, through its jointventure subsidiary Elcrest Exploration and Production Nigeria Ltd (“Elcrest”) is now flow testing the well into the production facilities and on to export. The long string producing from the deepest of these reservoirs the D4000, flowed at 1,610 barrels of oil per day (“bopd”) on a 24/64″ choke with a flowing tubing head pressure (“FTHP”) of 100bar (1450 psi) and the short string, producing from the D3500, flowed at 2,453 bopd on a 28/64″ choke with a FTHP of 42 bar (609 psi). It is expected following completion of testing that stabilised initial production from Opuama-11 will be between 4,000 – 6,000 bopd (1,800 – 2,700 bopd net to Elcrest), in-line with previous guidance. As previously announced, the Opuama-7 sidetrack well has experienced increased watercut from the current D2000 completion. A production log was run in order to confirm water containment options ahead of 20

a future planned recompletion on the D1000 reservoir, the well’s primary target. Aggregate production f rom the Opuama f ield i s c u r r ent ly 26,325bopd (11,846 bopd net to Elcrest). Following completion of Opuama-11 testing, aggregate production f rom the Opuama field is expected to be approximately 30,000 bopd (13,500 bopd net to Elcrest). Gbetiokun Upon completion of Opuama-11 drilling operations, the OES Teamwork Rig mobilised to the Gbetiokun field where it will reenter the Gbetiokun-1 well and drill the Gbetiokun-3 well as part of the initial phase of the field development. The Gbetiokun field will be brought on stream through an early production system (“EPS”). The Gbetiokun EPS will receive production from the existing Gbetiokun-1 well, which will be completed to produce from the E2000 and E6000 reservoirs, as well as the planned Gbetiokun-3 infill well, which will produce from the D9000 and E7000 reservoirs. Initial production through the Gbetiokun EPS is estimated to be approximately 15,000 bopd. The Gbetiokun field is located in the south-east of OML 40. It was discovered in 1987 and was appraised by three wells in 1990 and 1991. It is a simple, un-faulted, three-way dip closed structure and contains twenty oil-bearing reservoirs at depths between 5,000 and 10,000 feet. The reserves certifier (NSAI) assesses gross reserves at 21.5 MMstb (1P) – 38 MMstb (2P) – 53.8 MMstb (3P). Ubima Workover operations on the Ubima-1 well have now been completed and the rig has been demobilised. Further to the RNS of 18 September 2018, in which the Company announced that

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the F7000 reservoir was tested at flow rates of up to 2,500 barrels of oil per day (“bopd”) on a 24/60″ choke, testing operations on the D1000 reservoir at 4,908 feet subsea have now been completed. During the test, sand production prohibited flow to surface, but an oil sample with about 15 API gravity was recovered. The Company will now evaluate options for the further appraisal and potential development of the D1000 sands. A dual completion has been installed and a production test will be carried out on the E1000 / E2000 reservoirs to further assess volumes and productivity. Initial results from the production test are expected in the coming weeks and the Company will update the market once these results are evaluated. George Maxwell, CEO of Eland, commented: “We are pleased with what is expected to be another highly successful infill well on the Opuama field and we look forward to further record field production levels once testing has been completed. At current oil prices, these record levels of production from Opuama field are leading to significant cashflows for all of OML 40’s stakeholders. The prolific nature of OML 40 combined with the Company’s experienced and resourceful team and supportive stakeholders means that we move development operations swiftly to the Gbetiokun field and the opportunity to increase production by a further 50% in the near-term. Furthermore, the conversion of Ubima-1 into a producing well following the initial workover is a milestone for the Company and following the test of the E1000 and E2000 reservoirs we shall begin to evaluate monetisation opportunities for production from this well. Further evaluation of the D1000 sands are required to consider options for any full field development and we will update the market as we progress these studies. We look forward to updating the market on the progress of both the Gbetiokun Early Production System and the evaluation of Ubima.” www.majorwavesenergyreport.com

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Eni, Total Partners Development and Exploitation Plan submitted for SNE field offshore Senegal Sonatrach for Offshore Exploration in Algeria

n i , S on at r ac h a n d Total have signed two agreements which include an exclusive partnership for offshore exploration in Algeria in a virtually unexplored geological province. The agreements were signed during the Algeria Future Energy Summit in Algiers. In parallel, Eni and Total will also pursue obtaining exploration permits that will allow for the rapid completion of the hydrocarbon potential assessment. Eni’s CEO, Claudio Descalzi, said ‘Together with Sonatrach and Total, we will have the opportunity to explore the deep waters of the Algerian offshore, a virtually unexplored geological province where Eni will be able to contribute by leveraging its experience in the Eastern Mediterranean and its inventory of advanced exploration technologies.’ Eni has been present in Algeria since 1981 and currently participates in 32 mining permits with an equity production in the country of 90,000 boe day, making the company the country’s main international player.

airn Energy has announced that the Development and Exploitation Plan for the SNE field offshore Senegal has been submitted on schedule to the Government of Senegal by the Joint Venture (JV)* with approval targeted later this year. Ca i r n a l so a n nou nce s that JV partner Woodside Energy (Senegal) has exercised its option to become Operator of the SNE field development. Work is already well underway to facilitate transfer of operatorship which is now subject only to government consent. The Development and Exploitation plan outlines the full multi-phase development of oil and gas. The field will be developed in a series of phases with plans for ~500 million barrels of oil (mmbbls) and gross production of 100,000 barrels of oil per day (bopd) with first oil targeted in 2022. Following the establishment of oil production, commercial gas sales to Senegal are expected to commence.

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The tender responses for the FPSO facility and supporting subsea infrastructure have been received and are under evaluation and short-listing ahead of Front End Engineering Design (FEED) planned later this year. In parallel with the detailed engineering work, an Environmental and Social Impact Assessment study has been submitted to the National Technical Committee. The submission of the Exploitation Plan coincides with the opening today of the MSGBC conference for the oil and gas industry in Dakar, Senegal. *The Joint Venture comprises Cairn as current Operator with a 40% Working Interest (WI) alongside partners Woodside 35% WI, FAR Ltd 15% WI and the Senegal National Oil Company, Petrosen 10% WI (Petrosen has the right to increase its equity to 18% on development).

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Global Petroleum provides update on Namibia operations continue to seek potential farm-in partners. Tullow Oil completed the well on its Cormorant prospect during the reporting period. Cormorant is located in Block 2012B to the south east of PEL 0094, and encountered hydrocarbons - Tullow noting that wet gas signatures, indicative of oil, were evident in the overlying shale to the Albian sandstones target.

l o b a l Pe t r o l e u m has announced its Quarterly Report for the period ending 30 September 2018, and provided an update on its operations in Namibia and in Italy. Summary *The Company focused on securing a Petroleum Agreement to acquire Block 2011A offshore Namibia, which was executed on 19 September 2018. *The Licence for Block 2011A, designated PEL 0094, was issued post the reporting period. Block 2011A is located in the Walvis basis, immediately to the east of the Companyâ&#x20AC;&#x2122;s current Licence, PEL 0029, which comprises Blocks 22

1910B and 2010A. *Global will hold an 85% interest in PEL 0094 as operator - State oil Company Namcor, and Namibian private company Aloe Investments, will have carried interests of 10% and 5% respectively. The combination of the two Licences gives Global an interest in an aggregate area of 11,608 sq kms offshore Namibia, which is one of the largest net acreage holdings in the region. During the reporting period the Company terminated the arrangement with Stellar Energy Advisors who had been conducting a structured farm-out process for PEL 0029. Although no farminee has been identified to date, the Company will

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Global infers that the failure to encounter hydrocarbons in commercial quantities was due to factors which are specific to the Cormorant stratigraphic prospect. Accordingly, Global believes the well result does not impact on the prospectivity of its portfolio, which contains extremely large dip-closed structures as well as some stratigraphic prospects. The Company also notes that both Cormorant, and the subsequent Chariot Prospect S well to the south (which was completed post the reporting period), were drilled more rapidly than expected, which has favourable implications for future well costs in the area. In Italy, the Company continued to work with its Italian legal advisors in relation to the appeals lodged against the Environmental Decrees covering the Companyâ&#x20AC;&#x2122;s four exploration licence applications in the southern Adriatic, which are scheduled to be heard in Rome during October and November 2018.

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Polarcus Awarded 3D Project In West Africa

olarcus has received an award for a 3D marine seismic acquisition project in West Africa. The award comprises two surveys of approx. three months each, with the first survey expected to commence Q2 2019 and the second survey Q4 2019.

Savannah Petroleum Provides Update On Seven Energy Transaction

avannah Petroleum, the British independent oil and Gas Company focused around oil and gas activities in Niger and Nigeria, has announced an update on the Seven Energy Transaction.

Savannah has confirmed that it is seeking certain further amendments to the terms of the Transaction, which the Board considers to be in Savannah’s immediate commercial interests and are expected to significantly e n h a n c e t he C omp a ny’s competitive position in Nigeria.

Further to the Company’s announcement on 20 September 2018 regarding the gas for oil swap with Frontier Oil and the buy-out of minority shareholders in Universal Energy Resources,

As such, finalisation of the Implementation Agreement will now take place once these amendments have been agreed and announced. Further updates

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in relation to this will be provided in the coming weeks. T he C ompa ny c ont i nue s to anticipate that formal Transaction completion will occur in the fourth quarter of 2018, which will be followed in due course by the publication of a supplemental admission document.

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ENERGY WOMAN

Shift to Gas Economy: Nigeria Going Down the Tortuous, Rewarding Path By Jerome ONOJA, Amos IKECHUKWU

igeria has recently been described as a gas producing countr y having some significant quantity of crude oil, but the country has failed to fully utilize the opportunities inherent in gas. This article highlights the challenges confronting the sector, as well as the opportunities; and also explores the various ways the challenges can be surmounted and the opportunities tapped for the benefit of all Nigerians.. It has been observed that Nigeria, despite having abundance of natural gas, and being the ninth largest natural gas resource holder in the world, is facing an energy crisis. It has been argued severally that the key energy challenge facing Nigeria was not a lack of energy resources such as natural gas, but the question of what the country is doing with its resources. 24

Over the years, gas has played a major role in economic growth, influence and prosperity of countries that have effectively used the commodity, such as Russia, Qatar and Trinidad & Tobago, among others. Gas has the potential of creating linkages with other sectors of the economy such as agriculture, industry and power. Gas penetration is key to enhancing industrial growth of the transit towns and villages. A typical example in Nigeria is the Escravos to Lagos gas Pipeline System (ELPS), which is responsible for the proliferation of power plants, gas based industries, cement companies, fertilizer plants among others. This is a pointer to the fact that the expansion of gas pipeline can influence economic growth and serve as a catalyst for nation building In Nigeria. Gas, unlike oil, has had significant impact on the Gross Domestic Product (GDP).

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It is a known fact that Nigeria can achieve a greater percentage of its Economic Recovery and Growth Plansâ&#x20AC;&#x2122; objectives, as well as improve Real Gross Domestic Product (GDP) growth through the effective utilisation of its gas resources. Natural Gas remains a viable fuel option for environmental sustainability due to its cleanliness and low green gas emissions. Experts agree that there is a correlation between the levels of domestic gas consumption, power production, and the Gross Domestic Product (GDP) of a country. According to some, full monetization of our abundant natural gas resources will propel the Federal Government of Nigeriaâ&#x20AC;&#x2122;s economic diversification agenda.

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COVER STORY Mr Ernest Azudialu

Continuing, Azudialu-Obiejesi said, “The power sector accounts for over 80 per cent of the domestic gas offtake market. Liquidity issues in the power sector means that gas producers are owed huge sums of money for gas they have supplied. “Furthermore, they cannot get the required financial securitization to invest in additional supply of gas to power generating companies (Gencos) even if the infrastructure were in place. “As a player in the power sector, I am very conversant with the liquidity issues bedeviling that sector. I am of the very firm belief that if the liquidity issues in the power sector are resolved, the gas supply industry in Nigeria will experience a boom and the need for price regulation and other forms of government interventions would diminish. “Gas Flaring is the result of these obvious gaps in the gas industry. Despite the best efforts of government, the menace of gas flaring continues to linger. The recent Gas Flaring Regulation embedded in the 2017 Gas Policy is an audacious and innovative step by Government to discourage gas flaring. Apart from increasing the penalty for flared gas to $2 per 1,000 standard cubic feet, the policy seeks to commercialize the utilization of flare gas through 3rd party investors. “This is quite commendable but I doubt that it is far reaching enough. This is still akin to treating the symptoms rather than the root cause. A permanent solution would be to address the liquidity issues in the downstream and power sectors to encourage much needed investments in gas gathering infrastructure that would eliminate gas flaring.” Also, in his presentation, Group Managing Director of the NNPC, Mr. Maikanti Baru, listed the challenges facing gas development to include challenge of pipeline vandalism which has led to shut-in of some wells.

In view of the enormous opportunities, is yet to materialize. He noted that experts are unanimous in their views inadequate investment in upstream that emphasis should immediately gas development, pipeline and other shift to developing the country’s gas related infrastructure has resulted in resources and addressing bottlenecks both an inadequate, aggregate gas to tapping the immense potentials supply and left several stranded gas of the country’s gas resources. assets across the country. This was the view of experts at the 2018 International Conference He noted that the well-intentioned and Exhibition of the Nigerian gas plan to set up Central Processing Association (NGA) which held in Facilities (CPF) in three franchise Abuja. According to the experts, areas has also not worked because Nigeria, as with other countries in the of the obvious limitations in the West African region, must embrace commercial arrangements driven the use of natural gas to accelerate by government and International the pace of development and Oil Companies (IOCs). He argued industrialization of their respective that government may need to national economies within a regional review the existing CPF franchise framework. In his presentation to arrangement and invite indigenous It is important to reiterate participants at the conference, Dr. companies to drive the gas processing that we cannot achieve our Ernest Azudialu-Obiejesi Group infrastructure that will serve as the collective growth aspiration Managing Director, Nestoil Group, building block of a re-loaded Nigerian without gas,” he noted. lamented that the audacious goal of Gas Master Plan (NGMP). having the gas sector contribute up to 10 per cent to Nigeria’s annual GDP www.majorwavesenergyreport.com Majorwaves Energy Report Vol 1 No.01 November 2018

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COVER STORY domestically for power and industries while the balance of 7.0 percent - 0.6Bscfd is unfortunately being flared,” he noted. Baru added that in the last eight years, the NNPC has completed and commissioned over 500 kilometers (KM) of gas pipelines which are now delivering gas to the country’s power plants and industries. According to Baru, for some wells, they will never come back onstream while for others, additional investments will be required to bring them back to production. He said, “Similarly, there are issues around power transmission and evacuation. Non-evacuation of power has led to back pressure on the transmission lines which have also resulted in shut-in of producer wells. “Thus, it is a cyclical challenge. This challenge will definitely dovetail into discussions around National Grid upgrade, Grid decentralisation, off-grid power, captive power among a host of alternatives. “I will not forget to mention the challenge of funding critical gas infrastructure. In fact, this led to our adoption of the Contractor-financing model for the Ajaokuta- Kaduna-Kano (AKK) pipeline.” Realising the importance of gas to the economy, Baru disclosed that the NNPC was already playing a key role, diversifying the Nigerian economy from an oil-based economy to a gas-driven economy. According to him, the multiplier effect of the evolution of gas-based industries to galvanise industrialization and develop small and medium scale enterprises, fertilizer production for the country’s agricultural revolution, power generation for residential and industrial consumers, and petrochemical products for almost all sectors of the economy. He argued that presently, there was an unprecedented demand for gas which far outweighs the global average growth rate. This growth, he maintained, was mostly fueled by demand from the power sector following massive investment in power plants, mainly National Integrated Power Project (NIPP) and relocation of gas based industries into Nigeria. “Our current average gas production is in the region of 8.5 billion SCF per day (Bscfd). Of this volume, about 43 per cent - 3.7Bscfd is exported, 32 percent - 2.7Bscfd is utilized for gas re-injection/gaslift, 18 per cent -1.5Bscfd is used 26

He identified some of the completed pipelines as the Oben-Geregu (196 km), Escravos-Warri-Oben (110 km), Emuren-Itoki (50 km), ItokiOlorunshogo (31 km), Imo RiverAlaoji (24 km) and Ukanafun-Calabar pipeline (128 km). In addition, he stated that the NNPC was also also currently completing the construction of the strategic 48 inches by 130km Obiafu-Obrikom-Oben (OB3) EastWest interconnection pipeline which would deliver 2Bscfd of gas. He said, “We expect to complete and commission this pipeline early 2019. In addition, we are completing the expansion of the existing Escravos to Lagos Pipeline (ELPS) to double the installed capacity of ELPS from 1.1Bscfd to 2.2Bscfd. This line is expected to be commissioned by the end of this year. “To underscore the importance of the subject matter, we are not only investing in gas pipeline infrastructure, we are also looking at developing the feedstock – gas, so that we do not build an empty pipeline. To this end, we identified key gas development projects to forestall any shortfall at least in the medium term. “This we termed the ‘Seven Critical Gas Development Projects (7CGDP)’. These projects are an integral leg of the gas development strategy designed to leverage the full potential of gas to meet the target of generating at least 15 gigawatts (GW) of electricity by 2020. “The Seven Critical Gas Development Projects include – the 4.3 trillion cubic feet (Tcf) Assa North/Ohaji South field; the 6.4 Tcf Unitized Gas fields (Samabri-Biseni, Akri-Oguta, Ubie-Oshi and Afuo-Ogbainbri), the 7 Tcf NPDC’s OML 26, 30 and 42, the 2.2 Tcf Shell Petroleum Development Company (SPDC) JV Gas Supply to Brass Fertilizer Company, the cluster development of 5Tcf in OML 13 to support the expansion of Frontier E & P Uquo Gas Plant; and the cluster development of 10 Tcf Okpokunou/

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Tuomo West in OMLs 35 and 62).” Baru disclosed that these projects were expected to deliver about 3.4 billion standard cubic feet of gas per day (bscfd) to bridge the foreseen medium term supply gap by 2020 on an accelerated basis. According to him, these projects would not only bridge the projected shortfall in supply upon completion, but would also signal the beginning of the process of closing demand-supply gap in the domestic gas market. “It is important to reiterate that we cannot achieve our collective growth aspiration without gas,” he noted. However, despite NNPC’s laudable moves in development of Nigeria’s gas resources, Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, warned that, “If we do not take steps to attract the very little capital that is out there in the diaspora, for investment in gas plants, in gas investment and they all fizzle out into the new emerging economies in Africa, who are beginning to find gas almost everyday, we would be going to a point where we would basically be stuck with having to invest our own personal money which we do not have to be able to move gas forward.”

Kachikwu stressed that there is a huge amount of urgency, to look at gas policies again and not get stuck with policy directions that would not move gas forward. He said, “We have worked very hard on policy. We have the Nigerian Gas Policy and other previous policies that we have rehashed together to have a better focus. We have also done a lot of work in terms of gas flare, we are beginning to open up our fields so that we can deal with gas flare issues; we are also looking at making LPG available across the whole country. www.majorwavesenergyreport.com

COVER STORY “Those are policy push. But the key element is the funding of some of these policies. Most times we do not have the funds to push them forward and the private sector have not bought into the fact that going forward, gas is going to be the beautiful bride in the room. “We also need to find a way of decoupling gas, so that gas on its own can stand as a profitable investment.” Also speaking, Managing Director of Total Exploration and Production Nigeria Limited, Mr. Nicolas Terraz, noted that efforts should be made to truly interrogate, and take a deeper look at some of the challenges confronting the country in the area of gas development, noting that the problems go beyond developing new infrastructure. Terraz, who was represented by Mr. Patrick Olinma, Executive Director, Asset Management and New Energies, Total Nigeria, at a panel session at the just concluded Nigerian Gas Association, NGA, International Conference and Exhibition in Abuja, argued that the solution to the problems in the gas and electricity sectors go beyond infrastructure development. According to him, no matter how much infrastructure is put into the system, it is not a silver bullet; it would not move things forward. He said, “Security of off-take payments, having a bankable Gas Supply Agreement, GSA, in the Nigerian context, with all the guarantees, does not really mean much. We built a multi-million dollars pipeline, to deliver gas to Alaoji, up to 300 million standard cubic feet, SCF. Today, we are not even supplying up to 10 per cent of the 300 million SCF in that pipeline and yet we have a bankable GSA, with the Alaoji power plant. “I don’t know how many gas suppliers have been able to enforce ‘take or pay’ that you have in these gas contracts; and indeed around the world, I don’t know how many suppliers have been successful to enforce ‘take or pay.’” He pinpointed security of gas pipelines as one of the crucial areas that requires attention if the Nigerian energy, oil and gas sector must achieve its full potential. Terraz, also suggested placing emphasis on solving the myriad of issues affecting the development of the gas sector over fixating on building new infrastructure.

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He added that domestic gas supply challenges had contributed to problems in the power sector, while he noted that the industry should be focused on hindrances which if not dealt with, could impede the development of the sector. He said, “For instance, we and several other independent companies use the Trans-Niger Pipeline (TNP), which is a very crucial pipeline, to evacuate gas. “When we make our plans we consider 25 per cent non-operational outage. This has nothing to do with maintenance or operational issues, but with security, vandalism and all sorts of things going on in the Niger Delta. I am talking about an existing pipeline not a new infrastructure.” Mr. Anthony Okolo , MD Royal Niger Emerging Technologies towed the path of Terraz. He queried the genuine intention of government to pursue local content, claiming that developing new infrastructure or building new technological competencies has never been the challenge with growing Nigeria’s oil and gas industry. “How do you explain to your business partners, after identifying a huge gap that made business sense, investing millions of dollars, and you end up not getting patronage!”, he lamented. “One would expect the local content law to protect a Nigerian, in fact the first African company to develop a critical component in the in the industry; we built a well-head system! But as I speak, the well head has been sitting in China, we don’t even have money to bring it into Nigeria after so much has gone into building it.” Alleging the lack of will power by government agencies to sanitize the system, he continued “It’s not about building new infrastructure, capacities, or capabilities but about stake holders and the government making a solemn commitment to protect and maximize existing investments in-country. We can leverage our competencies and stop seeking new ones at the moment. Why are the operations and

maintenance jobs not coming to the locals with competences? Yet, there is an existing Act that protects local content.” Speaking at the same event, the Chairman/ Managing Director of Chevron Nigeria Limited, Mr Jeff Ewing, represented by the Director, Downstream Gas, Mr. Sanjay Narasimhalu, posited that opportunities for investments into the Nigerian gas sector were enormous. He advocated for stakeholders to support and enable the willing seller – willing buyer gas pricing model in order to make the market competitive which would eventually allow for increased private investment.

Anthony Okolo Ewing added that there should be deliberate exploration for nonassociated gas to support the Nigeria Gas Master Plan, with a focus on high liquid yield for non-associated gas resources to optimize the gas development project economics.

Mr Jeff Ewing Meanwhile, in a communiqué issued at the end of the conference, the NGA noted that going by the fact

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COVER STORY that natural gas has the capacity to propel industrialization, Nigeria should therefore aim at balancing domestic and export needs with dome s t i c g a s c on s u mpt i on embracing gas-to-power, gasbased industries such as fertilizer, methanol and other petrochemical plants, transportation and other sectors. In the communiqué signed by Mrs. Audrey Joe-Ezigbo, President of the association, the NGA noted that maximizing capacity utilization of existing gas infrastructure is as of much importance, as the push for new gas infrastructure development, adding that there should be extensive due diligence by project developers in planning and execution of projects, as well as concerted efforts to enhance execution capabilities of contractors.

The group further lamented that the country’s gas-to-power value chain is currently neither viable nor sustainable, noting that the country was facing an energy crisis. It, therefore, called on the Federal Government to declare a power sector emergency in order to develop a holistic intervention plan to rescue the gas-to-power sector from collapse, and to put in place plans for the immediate liquidation of the over N1 trillion Naira debts within the gas-to-power value chain and assurances for payment of generation and gas invoices from January 1, 2019. According to the NGA, the illiquidity crisis in the power sector is exacerbated by added market imperfections which do not provide for adequate incentivization of the entire value chain, including: a nonmarket reflective pricing framework; 28

ineffectual securitization and guarantees; infrastructure deficits; inadequate tariffing; and the current situation in the foreign exchange market which creates significant exposures, losses and value erosion for investors. The NGA, therefore, called on the Federal Government to urgently review the progress of the incomplete Nigerian Electricity Sector reform and take necessary steps to conclude the process and solve the pending issues. To this end, the NGA said, “The Conference calls on the FGN to maintain a concerted push towards monetization of Nigeria’s gas resources, noting that natural gas is a key ingredient for the success of the Federal Government enunciated ERGP key priority areas of: achieving agriculture and food security – natural gas resource abundance supports increase in fertilizer production; attaining energy sufficiency in power and petroleum products – natural gas fueled power generation remains the lowest cost option for immediate and massive increase in national grid power generation as wel l a s i nc r e a s e d L P G production. “Improving transportation infrastructure – natural gas vehicles will enable in the first instance mass transit and large fleet operations; drive industrialization by focusing on SMEs – natural gas will provide the fuel and energy required for local manufacturing including petrochemicals to grow, providing the necessary platform for Industrialization.”

markets and attracts investments in Africa’s petroleum sector which will improve quality of life for Africans and also bring returns to the investors. It is expected there would be renewed efforts by the government, companies and other stakeholders to invest their resources in the development of Nigeria’s gas industry, especially in the quest of the country to pursue its economy growth and development, industrialization, job security and energy security through the commodity.

In addition to the position of NGA, one recalls the communique from the Petroleum Technology Association of Nigeria, PETAN after its OTC outing in which it clearly spells out measures for moving forward, similar to recommendations by NGA. Key among the points is the urgent need for regional integration. While it recognised the local Nigerian challenges, and proffered solutions, it encouraged stakeholders to plunge deep and explore the opportunities in the emerging markets within the region, stating that, ‘regional integration’ broadens

Majorwaves Energy Report Vol 1 No.01 November 2018

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1 No.01 November 2018 29

ENERGY WOMAN

“As A Woman in this Male Dominated Industry, you have to earn your place at the table” - Usiku MER: Congratulations on your award for G lobal Pe troleum women award for 2018, that is huge feat for you, massive, so tell us what does it mean to you as person?

alma Usiku, is an exploration Geologist with Azinam, which is an Oil and gas exploration company, part of the Azinam group that is based in Windhoek, Namibia. She was honoured with the prestigious Global Women Petroleum & Energy Club Award for Excellence in Africa 2018, at the just concluded Future Energy Africa conference. This award is presented annually to an individual that is demonstrating excellence in Africa’s oil & gas sector and is a role model for young women looking to enter the industry. In this exclusive interview with Majorwaves Energy Report’s Editor, Margaret Nongo-Okojokwu; Selma tells us about her journey to the top as a female geologist in a male dominated industry; how she rose up to the challenge, defying all odds to become outstanding in her field. Excerpts 30

S e l m a : It i s a recognition I wasn’t expecting, as I said in my speech this morning, it was a shock, because just l i sten i n g to the title: Global Women Pe t r o l e u m a n d Energy club award for in excellence in Africa, now the globe and Africa are really big places, too many talented women, I am like ‘where did they even find me?’, what have I done to deserve such an accolade, but at the same time, it is humbling because the little things I feel I am doing are creating a big impacts for others people who are watching, so it means, that my work is not in vain, it means that for everyone who was willing to give me an opportunity, that decision was not in vain, it means that everything that everyone who has invested in me and what I have invested in my own personal development was not in vain, someone is watching, someone is recognizing and now I have to use this platform that this award gives me to influence others, to recognize others, and help other recognize the power that they have and what they are doing. MER: tell us a little bit about your career, your work as a career person, how have you developed to this stage where you are now, what are your challenges and your success story

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. Selma: you know, I really feel like my story isn’t unique in many aspects but I will tell it to you anyway, you know when I was younger, I was a typical tom-boy, so my activities were not conventionally girly, I was a lover of nature in the outside and those things were sort of, you know, I was extremely interested in them, and growing up in a country like Namibia with so many wide open spaces that are untouched, we went out a lot and so I had a curious nature of a child, and when I went to school, the natural inclination for Geography and Science, Mathematics subjects, it was almost like process of elimination, I don’t really like numbers, I don’t know if I will be able to handle indoor office situation, so outdoor and science came naturally to me, and those were some of the reasons why I decided to pursue a Geology degree. I did my under graduate degree in South Africa, at Rhodes university in western Cape, specifically in Geology and Environmental Science, and after graduation and that was around 2009, and many people know that that was the period of the Economic downturn to remember, when I was graduating, hoping to get in to a job, easy because I am from Namibia, where are in a country where there are so many Mines, that could be picked up anyway, Mines were retrenching people, that was number one and they are asking for people with 10-15 years experience and I haven’t been in school for 5 – 10 years, obviously I was devastated, because my parents have spent a lot of money to get that tertiary education,

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ENERGY WOMAN

it was extremely expensive to send your children to a good tertiary institution, it didn’t stop me though, as you can tell, I like talking, because networking and talking to people is what I do naturally, so somewhere along the way, I met somebody who suggested that I do some television work, so I auditioned for a live TV show called Tupopyeni in my native language, means let’s talk and it’s really a show that addresses contemporary issues that face Namibians on a daily basis, from marriage to cancer, to employment, to single parenting, anything that bothers people on a daily basis, what we do is to invite professionals, invite people who are directly affected by such issues, we have a dialogue on such issues on national television, where people can debate, give advice, finally when the Brazilian Oil and gas company HRT, decided to enter the country 2012, they called for young Namibians with Geology qualifications, without experience or wasn’t a requirement and I applied for that job, so did hundreds maybe even thousands of other hopefuls and I was fortunate enough to be given an opportunity and I started with them, and I really must commend their approach to training and skills development because they took us through an intensive almost 24 months training program, and it didn’t just include technical skills because they know it wasn’t possible, it was literally impossible to find Namibians qualified in that field, because Namibia doesn’t have an active oil and gas sector, but they diversified the skills that we had, it wasn’t just about technical skills, we did Microsoft, we did public speaking, we did project management, we did everything and anything and they allowed us take part directly in the drilling activity, on the Seismic vessels, we were on the drilling rig and for a technical person like myself, that is the best way to learn and I think was the first major way that opened the first major door to where my career was going, because whenever I was unsure whether this was what I wanted www.majorwavesenergyreport.com

to do or not, that was the deciding factor, because I felt so at home, at ocean in the middle of nowhere for 28 days, you know it was exciting for me? I thought I was going to get bored, but who gets bored on a drilling rig? That is when I said I like this and I understood that the passion was real, I could see that I could really go far, if I put in the work, of course there were challenges, being a male dominated field, being a woman, even in the classroom, when I was an undergraduate and a post graduate class, out of 30-40 people, you find 7 or 6 females, it really didn’t bother me then but when I think about it now, it somehow works on my psychology now, but it didn’t stop me from learning, unfortunately, HRT was not successful in its drilling campaigns, so they left and exited Namibia, but I was fortunate enough to meet the managing Director for Azinam who was visiting at the time, during a conference, when I was delivering a paper and research on the Positivity of offshore Namibia, my last final project for HRT before they closed, and David stood, he liked what I was talking about, he found that I am a young person that has the interest of Namibia at heart even as a young person, and I took his card and well my life changed again. Azinam as a young company that it is with such ambitious plans for Namibia and they saw that potential in me immediately, and I was more than willing to start all over again but before I started official employment with him, I decided to pursue a post graduate degree, to obviously improve my skills and move up a little more, and I had my Masters in Petroleum Geo-science, Royal Holloway University London, between 2015 and 2016. It was difficult because I had to leave my 5 year old son at home, it was a difficult decision at the time because it meant that I have to leave a full time employment, so all my savings was to go to ensuring that the person that I left behind at home was well taken care of, being so far away from home for an entire

year, not even coming back, it was tough, but somehow because you understand the stakes and the end product will not leave you in the same place that you have left is somehow the motivation. My colleagues at Azinam supported me, my parents supported me, my great lecturers and my own great personal strength, I cannot accept defeat without trying, it is just not just something I can do easily and I knew so many people were counting on me. Many other personal challenges that I cant even talk about now, sometimes we let self doubt quit, I was never the best student, never top in the class or anything special, but I think that I owe to myself and other sacrifices that people have made for me to be here, now I am, the only female Geo-scientist in Azinam.; and I am only going further. MER: I can feel that in your voice already. Selma: yea, it’s being an exciting journey and I am glad about it. MER: That is a brilliant thing you just said but I am wondering, if you don’t mind telling us how old you are? Selma: I am 32 years old; I will be 33 years in March. MER: That’s another big surprise. So at 32 you have achieved all these and even gunning for more? Tell us what it feels like as a young girl operating in this sector and having achieved all these? Selma: it’s a humbling experience and it’s also motivating even for myself, it’s unbelievable because I know exactly where I come from, I know where women come from, because I have been privileged enough to be in that space where I have seen what was gone and what is ahead. I was born at a time where a Namibian girl child was just now way ever dream of the position that I am, because the environment will not allow them to pursue,

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ENERGY WOMAN you have to prove that you earn your place in there, some might not say it, but you just have to prove it, that those subtle looks and comments shows that you have to prove that you have earned your place at the table and it’s tough, it’s really tough. MER: How do you balance family life with all these work you are doing? Selma: Well I love to say that I have got it all on lock down with balance in life, which is still something I struggle with. MER: I remember you were talking about your child Selma: As a single young mother, I have my son 7 year old Joshua, that’s challenging on its own already, so I am always stuck between nurturing enough and showing him, you know what, the women you will encounter in your future will even be better than I am, they will require from you a lot more than you see right now, and to go a little bit off topic, the thing is that the world has been focusing on world empowerment for very long time, but the thing is that they have left the girl child behind, the boy child is almost unable to deal with the independent woman, h will find in the future, in the past, they are able to use money and influence, or know you are the bread winner and so you can’t do that but I am also coming from my boardroom meeting, my money, so we are going to balance a lot of things, so its difficult, because of the way men are built, so being there, in a way and showing him that this is the kind of woman you will meet, this what the world is going to demand from the woman, you are going to meet, the world demands of your mother currently, still being nurturing is difficult, that I have really great support system, I am not expected to overly explain when something goes wrong, I understand that if emergency happen, because I am the only one, I understand that, not necessarily to be office bound, but duty bound, its ok if I have to attend to a sick child as long as I deliver, me being open enough to deliver, it is that understanding and open-mindedness that makes my job less stressful, I have great parents 32

and great family, who will say don’t worry, you go offshore and we will take care of this and I can go away with peace of my, knowing that my precious cargo at home is fine, I am convinced to go with time, because you know what, I miss my job and I want to be there all the time, and I need to make my mark, its not easy and I cannot say that I have worked out the balance, I think what I try to do is not necessarily not only the best, work on being the best, but be present, when I am at work, I am at work, when I am at home, I am at home, there is no need to be perfect, it is just necessary to be present and I think that makes a big difference, my son does not feel neglected and my work does not feel neglected, when I am there, I am really there. MER: you must be a super woman Selma: I am trying. MER: What do you have to say to young people who are looking up to you, especially those who want to achieve the same feat that you have achieved so far? Salma: What I have to say is I get it and I understand, the things that you are going through right now, I have being there, having to struggle through basic things, not having the money, not having the support, not having the skills to get into the place you are trying to get to, its real, I don’t think anyone can belittle those struggles, there are brilliant people out there, even more brilliant than I am, its simply lack of opportunity, but the thing I have learnt here and I really like to stress this afternoon, is that waiting for opportunities to be availed to us isn’t always going to work, there comes a time where we have to create our own opportunities,. Young people are finding it quite reluctant to do things for free now, they come out of the university and they get this job and all the benefits pronto! Be willing to freelance to do some things even if it is out of your comfort zone, because you don’t learn the lessons you learn from whatever things that you are doing now, you’ll need it later on, somebody might appreciate your work ethics, even if it is not what

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you studied, but your work ethics matters somewhere else, and don’t be afraid to adapt and change, some people have this mentality that ‘I was born to be a lawyer and that is it, when lawyer doesn’t work out does that means that my life is over? No!, Bee opened to working and working outside of your comfort zone because you don’t know, these lessons will benefit you in the future, don’t be afraid to let your voice be heard, because you are too young, you are too small, you don’t have enough experience, someone will hear what you are saying and please be confident and someone will hear eventually; don’t always wait, that someone will always give you opportunities, and don’t be afraid to take those opportunities yourself and most importantly, here I am, I am not just someone who says this is possible because they are already there, I am coming from where you are right now, here I am, I am not where I am supposed to be, but that hasn’t stopped me from doing the things that I am doing, and doing those things with the work ethic, with strength and willingness and whatever, I start with, I haven’t reached where I am supposed to be, I still haven’t reached where am want to be, and I am not leaving people behind, and sometimes I feel, especially in this modern world, it is such a ‘dog eat dog’ world, it is either me or you, they can’t take us both, lets leave that mentality behind, when I am going, I am taking my colleagues with me, I am taking the girl child with me, I am saying when I get this opportunity, let me show you what I have learnt, can I take somebody with me? Because I know that in the end, it will be a domino effect, someone has to talk to somebody, I am here because the opportunities were availed to me, and I want that for somebody else so if I am going, I am going with somebody with me and so we need more people with the same mentality, it’s the quickest way, young people for young people.

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FINANCING ENERGY

NNPC Posts N7.15bn Trading Surplus for June 2018

Seplat Petroleum Records Strong Financial Performance …Declares revenue growth of 103.9% in First nine months

The Nigerian National Petroleum Corporation (NNPC) says it has made N7.15 billion as trading surplus in the month of June, lower than N18.12 billion made in May. The Corporation disclosed this on its June edition of the Monthly Financial Report made available, recently in Abuja. “This 35th edition of the report indicated a trading surplus of N7.15billion which is relatively lower than the May 2018 trading surplus of N18.12billion. The reduced performance was mainly due to decline in the Nigerian Petroleum Development Company’s (NPDC) production and lifting,’’ it said. According to the report, the corporation has developed 12 key Business Focus Areas (BUFA) to grow the business and increase profitability for the benefit of Nigerians. It noted that the business focus area had contributed to consistency in trading surplus of the corporation since February this year. It named the 12 key business areas to include: Security, New Business models, Joint Venture cash calls, Production and reserve growth, NPDC growth and gas Development. Others areas are Refinery upgrade and expansion, Renewable Energy and Frontier Exploration, Oil and Gas infrastructure, Ventures and common services, professionalism and accountability and staff welfare. Source: Vanguard

eplat Petroleum Development Company Plc, a lead i n g Nigerian independent oil and gas company, continues to record strong financial performance and sustained profitability, with the revenue boosted to US$568mn for the nine months ended on 30 September 2018, up from US$279mn in the same period in 2017 The company listed both on the NSE and London Stock Exchange, recently released its results to the investing public on the NSE showed that revenue jumped from N85.19 billion in third quarter, 2017 to N173.71 billion in third quarter, 2018. Also, the company declared an interim dividend of $0.05 to shareholders whose names appear in the Register of Members as at the close of business on November 13, 2018. The company stated that the exchange rate for the naira or pounds sterling amounts payable will be determined by reference to the relevant exchange rates applicable to the US dollar on November 13, 2018. Cost of sales rose to N173.71 billion as against N85.19 billion, resulting to a gross profit of N80.2 billion from N38.08 billion in Q3, 2017. Also, profit after tax went up to N27.9 billion, compared to a loss of N1.6 billion in 2017, while earnings per share stood at N47.98 compared to a loss per share of N2.88 made in Q3, 2017. Operating profit appreciated

Majorwaves Energy Report Vol 1 No.01 November 2018

to N80.76 billion from N16.28 billion, finance income amounted to N2.05 billion from N483 million, while finance costs stood at N17.76 billion from N17.521 billion in Q3, 2017. Total asset declined to N774.773 billion from N799.553 billion as at December 31, 2017. Speaking on the results chief executive officer of Seplat, Austin Avuru, said, “Seplat has continued to deliver on its production targets which, combined with an oil price tailwind, has resulted in yet another consecutive quarter of very strong financial performance and profitability.” Avuru added that with the current business generating significant free cash flow and combined with the company’s robust balance sheet. He stated that the company plan to build on this performance in the coming quarters as it step up organic development activities across its existing portfolio with headroom to also capitalise on inorganic growth opportunities as and when may arise, in line with its price disciplined approach.

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Majorwaves Energy Report Vol 1 No.01 November 2018 35

Majorwaves Energy Report Vol 1 No.01 November 2018

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GAS

Gas Pipeline Security Crucial To National Development – Total

he Managing Director, Total Exploration and Production Nigeria L i m ited, Nicolas Terraz, has said that security of gas pipelines is one of the crucial areas requiring attention in the Nigerian oil and gas sector. He said the security of pipelines must be given adequate attention if the Nigerian power, oil and gas sectors would achieve their full potential. Terraz also emphasised the need to solve the myriad problems affecting

the development of the gas sector in relation to bu i ld i n g new infrastructure. He spoke during a plenary session on gas infrastructure development at the recent Ni ger i a n Ga s Association’s 11th International Conference and Exhibition in Abuja. Terraz noted that domestic gas supply challenges had contributed to the many problems in the power sector. The Total boss, who was represented at the event by the firm’s Executive Director, Asset Management and New Energies, Patrick Olinma, said the industry should be focused on hindrances, which if not dealt with, could

impede the development of the sector. He said, “For instance, we and several other independent companies use the Trans-Niger Pipeline, which is a very crucial pipeline, to evacuate gas. When we make our plans, we consider 25 per cent non-operational outage. “This has nothing to do with maintenance or operational issues, but with security, vandalism and all sort of things going on in the Niger Delta. I am talking about an existing pipeline not a new infrastructure.” The NGA’s 11th International Conference and Exhibition was attended by officials of the Federal Government and major stakeholders in the oil and gas sector who identified critical issues affecting Nigeria’s transition to a gas-based economy.

Axxela CEO Tasks Stakeholders on Nigeria’s Gas Sector Growth The Chief Executive Officer of Axxela Limited, Bolaji Osunsanya has tasked stakeholders in the nation’s gas sector to find lasting solutions to the challenges besetting the industry. He gave the challenge Axxela’s in his keynote address titled “Actualising Gas Infrastructure Development; Untangling the Bottlenecks”, delivered at the recent Nigerian Gas Association conference and exhibition in Abuja. He said: “The major issues that have hitherto affected the sustainable development and growth of the infrastructure needed for the domestic gas sector can be aggregated into market readiness, supply assurance, policy and regulation, suitability of financing, and execution discipline.”

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“The challenges are significant and might seem daunting; never t hele s s , g iven t he imperatives of the gas policy and the significance of gas infrastructure development to the achievement of its objectives, we must confront the challenges head on.” “The time to act is now and these solutions must be locally-owned and driven. I trust that all stakeholders within the gas sector will endeavour to collaborate effectively towards ensuring the accelerated development of gas infrastructure across the region.” Source: Independent

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POWER

Commissioning Of Sura Shopping Complex IPP: EEI to Scale Business Growth to Nigerian businesses. Government cannot do it alone and we have been working closely with the private sector. Sura IPP represents small pockets of transformative change that will ultimately translate to significant economic development in Nigeria” – Honourable Minister of Power, Works and Housing, H.E Babatunde Raji Fashola, SAN

rs Damiloa OgunbiyiManaging Director/ CEO, Rural Electrification Agency

Nigeria’s Federal Government through the Rural Electrification Agency has commenced the implementation of a Federal Government prog ramme, “Energizing Economies Initiative” (EEI), which aims to provide efficient, clean and sustainable power to four economic clusters across Nigeria. This initiative will have a transformative impact with the provision of reliable power supply to small and medium size enterprises by increasing their economic growth. On Friday, 26th October, 2018, His Excellency, the Vice President of Federal Republic of Nigeria, Professor Yemi Osinbajo, SAN, GCON commissioned the Sura Shopping Complex Independent Power Project (IPP) in company of Hon. Minister of Power, Works and Housing, Babatunde Raji Fashola, SAN, His Excellency, Akinwunmi Ambode, the Managing Director/ CEO, Rural Electrification Agency, Mrs. Damilola Ogunbiyi and other dignitaries. The Sura Shopping Complex in Lagos takes excess capacity power from Lagos Island Independent Power Plant through a dedicated underground distribution network built by Solad Power Holdings (SPH), a private developer. SPH also established a state-of-the-art customer service center which serves

as a customer registration point, responds to all queries and resolves technical issues while providing hands-on after-sale services and installed smart meters in every shop. The constant electricity at Sura Shopping Complex will transform business operations for its 1,047 shops. The businesses providing food and catering services, financial services, printing and branding, retail and tailoring services, etc. are a testament of how reliable power can enhance economic growth. Already, recipients are experiencing additional sales due to increased capacity and a growing work force. Notably, Sura Shopping Complex has decommissioned over 700 generators reducing harmful greenhouse emissions. With the shopping complex now boasting an improved business and customerfriendly environment, shop rentals at Sura Shopping Complex have increased by 15% in just 70 days. “Within the next year, over 80,000 shops and 320,000 MSMEs in 16 economic clusters serving at least 18 million Nigerians will be electrified; creating over 2,500 jobs in the process. In the coming years, Nigeria will experience massive economic growth; the Sura Shopping Complex is the flagship off grid power project that will help unleash Nigeria’s immense economic potential.” – His Excellency, the Vice-President of Nigeria, Yemi Osinbajo SAN, GCON “The Energizing Economies Initiative further illustrates the com m itment of the Federa l Government to providing electricity

Majorwaves Energy Report Vol 1 No.01 November 2018

“The Sura business experience has been completely transformed into a safe, clean, cost effective and business-friendly environment. This is the sort of progress FGN is committed to scaling through the Energizing Economies Initiative. We are collaborating with qualified private sector developers to roll out off-grid electrification projects across the country – Sura is just the beginning of our success story.” – Damilola Ogunbiyi, Managing Director/Chief Executive Officer, Rural Electrification Agency “Solad Power Holdings is thrilled to be a part of this private sector-led initiative. Our investment in financing and managing this ground-breaking project reinforces the belief that off grid mini grid projects for economic clusters can be commercially viable in Nigeria.” – Denis O’Brien, CEO Solad Power Holdings – Denis O’Brien, CEO Solad Power Holdings “I wasn’t ready for how quickly my business would grow with constant power. I have had to buy more equipment, hire more staff as well as rent additional space in Sura Shopping Complex.“ – Afolaranmi Michael, CEO 12 Basket Eateries (Sura Shopping Complex) “One of the major issues that made the occupancy ratio in Sura to be less than 50% was because of electricity. Since the IPP this has significantly increased and shop owners that were using their shops for storage are now converting them back to shops.” – Mrs. Bunmi Ajayi, Chairman, Shop Owners Association (Sura Shopping Complex)

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POWER

Schneider Electric, SE Gets Nigeria Content Equipment Certificate

chneider Electric (SE) in Nigeria has been awarded the Nigerian Content Equipment Certificate ( NCEC) by the Nigerian Content Development And Monitoring Board ( NCDMB) in recognition of its commitment to the local content policy . This certificate qualifies SE to participate in tender submissions relating t o P r o c e s s Aut om at i on , Instrumentation and Electrical Distribution equipment in the Oil and Gas Industry; owing to the fact that Schneider Electric owns the assembly facility which it uses for integrating electrical and instrumentation equipment incountry. Nabil Djouhri, General Manager, Schneider Electric Systems, received the certificate on behalf of the company. While reeling out the activities and ach ievements of the company, Djouhri said, the company promotes local content by continually transferring knowledge and expertise to its local partners, electrical

engineers, technicians and system integrators through continuous engagements, support systems and trainings. Speaking further, he said, Schneider Electric is known to invest heavily in R&D on an annual basis and training of STEM girls like the Visiola Foundation; donation of electrical training equipment to tertiary institutions, citing the University of Ibadan as the most recent, where it also engages in the continuous ‘‘training of the trainer programme’’ to ensure the equipment is put to good use. In line with its drive for human capital development, he said , SE also runs the Schneider Electric Energy University, where it offers over 200 courses in energy management, leading to internationally-recognised certification for free. It develops micro electricity grids for communities and businesses in remote parts of Nigeria. Djouhri added that the company leverages EcoStruxure technology in creating a pathway for digital

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transformation of industries in the country. “EcoStruxure has a strong role to play i n assisti ng organisations to address energy management challenges as it leverages connected products, edge control and analytics in optimizing asset performance to drive profitability,’’ he said. He expressed the appreciation of the company to the board for the certification which, he noted, would further boost its efforts in providing local content in all its projects and services. SE is known to be a leader in energy management and stands out for delivering products and services on building automation and control, low voltage equipment, grid automation, electrical protection switches and gears, among others.

Majorwaves Energy Report Vol 1 No.01 November 2018 39

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Majorwaves Energy Report Vol 1 No.01 November 2018

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UPSTREAM

Two New Modular Refineries Set For Inauguration in December – Kachikwu in Delta and Rivers states in December. Speaking at the 2018 graduation of the Petroleum Training Institute (PTI) Effurun, he added that government had issued licences for 38 of the facilities currently at different stages of completion. Represented by a director in the ministry, Mr. Idang Alibi, the minister stated: “As I mentioned during my last visit, the Federal Government is very much interested in constructing modular refineries.” “Their development would help to address the perennial shortage of domestic supply of petroleum products, create jobs and stop illegal refining of crude oil and the attendant deleterious impact on the environment,” he added.

he Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, at the weekend said two modular refineries would be commissioned

Source: The Guardian

RENEWABLE ENERGY

Total Commissions 30th Solar-Powered Service Station

As part of its expansion drive, Total Nigeria Plc has inaugurated its 30th solar service station, three years after it opened its first service station in Lagos. The new service station on Court House Road, Zaria, boasts 11.7 Kilowatt peak, kWp with 36 Sunpower E327 Panels and PV-diesel hybrid architecture. According to International Energy Agency, the current installed solar

capacity would enable the firm t o g e n e r at e enough energy to power the equivalent of 4 6 0 average Nigerian households. Since the company inaugurated the Onigbagbo solar service station in 2013, the first ever to be installed in Nigeria, it has been able to save 340,000 liters of diesel, and has offset approximately 900 tons of carbon dioxide emissions. Solar installations designed and managed by Total Nigeria Plc, the Nigerian downstream affiliate of the Total group, have now reached a combined capacity of 1 megawatt installed (MW) and has produced more than 1 gigawatt hour (GWh) of

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clean electricity. Speaking on the development, Managing Director of the firm, Imrane Barry said, “This project is in line with the group’s ambition to become the responsible energy major and with its commitment to develop solar energy. It reduces our CO2 emissions while decreasing our electricity bill each year.” He added, “As an organisation committed to worldwide solarisation programme, Total has the ambition to equip 5,000 of its service stations worldwide with solar panels by 2021, with the goal of offering affordable, reliable and clean energy solutions for all. For over 60 years, the organisation has demonstrated leadership traits in the downstream sector of the Nigerian oil and gas industry with an extensive distribution network of over 550 service stations nationwide and a wide range of top quality energy products and services.

Majorwaves Energy Report Vol 1 No.01 November 2018 41

RENEWABLE ENERGY

Green Climate Fund Board approves three AfDB proposals for Green Climate Projects worth over US$ 110 million The program is further resourced by co-financing from the Bank, the European Union, the Global Environmental Facility, the Forestry Investment Programme of the Climate Investment Funds

he Board of the Green Climate Fund (GCF) has approved funding for three proposals from the African Development Bank (www.AfDB. org) totaling over US$110 million. The approvals were granted at the GCF’s 21st Board Meeting held October 17 – 20 2018 in Manama, Bahrain. Overall, the GCF Board, which was co-chaired by Paul Oquist from Nicaragua, and Ambassador Len nar t Båge from Sweden, considered 20 funding proposals requesting approximately US$1.2 billion. The Board approved US$67.8 million for the Programme for Integrated Development and Adaptation to Climate Change in the Niger Basin (PIDACC/NB), which will benefit from GCF funds comprising US$57.8 million grant, and a US$10 million concessional loan. The program is further resourced by co-financing from the Bank, the European Union, the Global Environmental Facility, the Forestry Investment Programme of the Climate Investment Funds, and the beneficiary countries, for an estimated US$147 million. This brings the total program resources to US$214.8 million. PIDACC will help preserve basin ecosystems and biodiversity, particularly by reducing the Niger River silting process; improving the adaptability of populations to climate change; and strengthening the resilience of production systems for 4 million direct beneficiaries, and 10 million indirect beneficiaries in the nine Niger Basin countries. It will also contribute to reducing about 7 million tCO2eq emissions over the project lifespan. 42

The “multi-national approach to climate change adaptation by PIDACC offers an opportunity for the African Development BankGCF partnership to promote low-emission, climate-resilient agriculture in the nine Niger basin countries” said Martin Fregene, Director, Department of Agriculture and Agro-Industry at the Bank. The Democratic Republic of Congo (DRC) Green Mini-Grid also received approval for a US$20 million senior loan, and US$1 million grant. The Bank will match the approved amounts and instruments, resulting in a total of US$40 million senior loan, and US$2 million grant. The loan will finance three pilot solar PV plants and battery storage -with the shortfall financed by project sponsors’ equity and quasiequity- and the grant will finance complementary technical assistance to ensure that green mini-grids are scaled-up across the country beyond the pilot phase. The minigrids will provide access to clean, reliable and more affordable energy to approximately 150,000 people who live off-grid. This will contribute to reducing emissions of 560,000 tCO2eq over the 20-year lifespan of the project. The third project, the Yeleen Rural Electrification Project in Burkina Faso valued at about US$62 million, received approval for US$28.3 million, with co-financing from the Bank, EU and private sector sponsors to cover the rest of the project costs. The project will provide electricity access to 335,000 people with an estimated annual consumption of 15 GWh, and create

Majorwaves Energy Report Vol 1 No.01 November 2018

between 200 and 700 permanent jobs in the mini-grid market. It will also contribute to an estimated reduction in GHG emissions of about 390,000 tCO2eq over the 25-year lifespan of the project. Ousseynou Nakoulima, Director of the Renewable Energy Department at the AfDB said, “We are pleased to partner with the GCF to unlock the first wave of green mini-grid deployment in the DRC and Burkina Faso and to accelerate access to a clean energy system. With innovative business models, these projects will set the stage for scaling up and replication throughout Africa.” At the 19th Board session held in February 2018, the GCF Board approved the Bank’s first funding request of US$50 million senior debt and US$2.5 million grant for the Zambia Renewable Energy Financing Framework (ZREFF). As the financing mechanism of the United Nations Framework Convention on Climate Change (UNFCCC), the GCF is intended to, among other goals, primarily channel concessional financing for climate actions that contribute to meeting NDC targets aligned with the Paris Agreement. Anthony Nyong, Director of Climate Change and Green Growth Department responsible for managing the Bank’s engagement with the GCF thanked the Bank and the GCF teams who worked hard to deliver these projects. He welcomed the strong partnership between both institutions, stating, “The approval of these projects is a demonstration of GCF’s commitment to providing the financial support that is critically needed to meet the targets set out in the Nationally Determined Contributions of African countries. In view of the recent IPCC report and the urgency it brings to climate action, we support a strong GCF replenishment to enable the GCF to do more and on time”.

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Majorwaves Energy Report Vol 1 No.01 November 2018 43

VISION

To be the premier agency of government responsible for promoting, securing and sustaining investments in the nation’s oil and gas free zones

MISSION

To be the premier agency of government responsible for promoting, securing and sustaining investments in the nation’s oil and gas free zones

OGFZA Incentives • •

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Round the clock operation 24/7. Ability to hold duty free stock in a strategic location central to West Africa Sub Saharan region, enabling streamlined procurement logistics with reduced inventory requirement. Computerised Free Zone Inventory Management System (CFIMS). Direct access to sea and same day turn-around to supply vessels operations.

• CUSTOMS Incentives • • • •

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IMMIGRATION Incentives •

Fast-tracking of Immigration Procedures. STR Visa is regularised at the arrival of applicant at the free zone. Free Zones expatriates are allowed free movement in and out of the Free Zones.

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No customs duty applicable within the free zones. No customs duty payable for goods exported from the free zones to other countries. No custom duty payable on goods in transit from any part of entry in Nigeria to the free zone. Goods may be stored indefinitely, sold, exhibited, broken-up, packed, graded, reloaded, divided or otherwise manipulated. Goods may be consumed in the free zones.

TAX FREE & FINANCIAL Incentives

Contact us: Marble House Federal Ocean Terminal P. M. B. 5474 Onne Port Complex Onne, Rivers State. E-Mail: contact@ogfza.gov.ng +2349091111184 +2349091111185

No federal, state and local government taxes levies and rates. • 100% foreign ownership. • • 100% Repatriation of profits and dividends. www.majorwavesenergyreport.com 44 Majorwaves Energy Report Vol 1 No.01 November 2018 •

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100% Repatriation of foreign capital investment. No import and export license required. 75% import duty rebate on products on special nature where there is no local capacity.

Majorwaves Energy Report Nov - Dec 2018

Articles inside

Social Investment

Power infrstructure

Energy Events

Women in Energy

Environment and Sustainable Development

Gas