PETROLEUM
NNPCL REFORM: PRESIDENT BOLA AHMED TINUBU RECONSTITUTES NNPC LIMITED'S BOARD, APPOINTS NEW CHAIRMAN AND GROUP CHIEF EXECUTIVE OFFICER
President Bola Ahmed Tinubu (the "President") has reconstituted the board of the Nigerian National Petroleum Company Limited (NNPCL) and appointed a new Group Chief Executive Officer, Bashir Bayo Ojulari. Until his appointment, he was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company (which recently acquired the entire share capital of Shell Petroleum Development Company Limited) and was formerly Managing Director of Shell Nigeria Exploration and Production Company.
The new 11-man board appointed by the President is headed by Ahmadu Musa Kida, who was formerly Deputy Managing Director, Deep Water Services of Total Nigeria, as non-executive chairman and includes Adedapo Segun who is currently the Chief Financial Officer of NNPCL, Bello Rabiu, Yusuf Usman, Babs Omotowa, Austin Avuru, Dr. David Ige, Henry Orbih, Lydia Shegu Jafiya, representative of the Ministry of Finance Incorporated and Aminu Said Ahmed, representative of Ministry of Petroleum Resources. The President charged the new board to immediately conduct a strategic portfolio review of NNPC-operated and joint venture assets to ensure alignment with value maximisation objectives.
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NNPCL REFORM: APPOINTMENT OF A NEW 8-MAN SENIOR MANAGEMENT TEAM
NNPCL announced the appointment of a new 8-man senior management team following the President's appointment of the Group Chief Executive Officer and Board of Directors. The management team is comprised of Bashir Bayo Ojulari as the Group Chief Executive Officer, Rowland Ewubare as Group Chief Operating Officer, Adedapo Segun as Group Chief Financial Officer; Olalekan Ogunleye as Executive Vice President Gas, Power & New Energy, Udy Ntia as Executive Vice President Upstream, Mumuni Dangazau as Executive Vice President Downstream, Sophia Mbakwe as Executive Vice President Business Services, and Adesua Dozie as Company Secretary & Chief Legal Officer.
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NGML-NIPCO UJV SIGNS GAS SALES AND PURCHASE AGREEMENT WITH SSONIC PETROLEUM LIMITED
NNPCL announced that one of its subsidiaries, NNPC Gas Marketing Limited (NGML) and its unincorporated joint venture partner, NIPCO Gas Limited, have executed a Gas Sales and Purchase Agreement with Ssonic Petroleum Limited to supply 80mmscf/d of natural gas to Ssonic's liquefied natural gas plant in Lekki Free Trade Zone, Lagos State, for a period of 20 years.
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NNPCL SHIPPING SEALS JOINT VENTURE PARTNERSHIP TO TRANSFORM NIGERIAN MARITIME TRANSPORTATION
NNPCL announced a new joint venture between NNPC Shipping, Stena Bulk, and Caverton Marine Limited, which is aimed at creating a new tanker operation serving Nigeria and West Africa's crude oil, refined product and LNG regional and global shipping requirements.
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NNPCL NAIRA FOR CRUDE ARRANGEMENT WITH DOMESTIC REFINERS ENDS
NNPCL announced the termination of the 6 months term naira-for-crude arrangement introduced on October 1, 2024, which allowed local refiners to purchase crude in naira instead of US dollars. The arrangement was designed to support the domestic sector, reduce reliance on imported petroleum products, and stabilise local currency by easing pressure on foreign exchange reserves. However, NNPCL has also noted that discussions are ongoing towards a new contract.
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NNPCL/FIRST E&P JOINT VENTURE ANNOUNCES SIGNIFICANT HYDROCARBON DISCOVERY IN OML 85, SONGHAI FIELD
The NNPCL/First E&P Joint Venture announced a significant discovery in the Songhai Field, located in OML 85. As part of its efforts to increase and sustain oil production in the coming years, the JV conducted a successful drilling operation, which led to the discovery of hydrocarbons across 8 reservoirs, logging over 1,000 feet of hydrocarbon-bearing sands.
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OANDO SELECTED AS PREFERRED BIDDER FOR THE LEASE OF GUARACARA REFINERY IN TRINIDAD AND TOBAGO
Oando Plc announced that its energy products trading subsidiary, Oando Trading Limited, has been formally advised in writing of its selection as the preferred bidder for the lease of the Guaracara Refinery from Trinidad Petroleum Holdings Ltd. The company's group chief executive noted that this investment aligns with Oando's long-term vision to expand into high-potential regions and grow its operational footprint.
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RENAISSANCE AFRICA ENERGY HOLDINGS FINALISES ACQUISITION OF SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED
Renaissance Africa Energy Holdings , a consortium comprising ND Western Limited, Aradel Holdings Pic, First Exploration and Petroleum Development Company Limited, Waltersmith Group and Petrolin, announced the successful completion of the acquisition of the entire share capital of Shell Petroleum Development Company of Nigeria Limited (SPDC).
The divestment of SPDC aligns with Shell's intent to exit onshore hydrocarbon production in Nigeria, with future investment to be focused on Nigeria's offshore assets.
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SAVANNAH ENERGY PLC COMPLETES ACQUISITION OF SINOPEC INTERNATIONAL PETROLEUM EXPLORATION AND PRODUCTION COMPANY NIGERIA LIMITED
Savannah Energy Plc ("Savannah") announced its completion of the acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited, a company that holds 49% interest in Stubb Creek oil and gas field. Prior to the closing of this acquisition, a 51% stake in the field was held and operated by Savannah's affiliate, Universal Energy Resources Limited. This acquisition makes Savannah the 100% holder of the field.
ENR ADVISORY acted as transaction counsel to Savannah Energy in respect of this acquisition.
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NCDMB INKS DEAL TO ACQUIRE 20% EQUITY IN A REFINERY PROJECT LOCATED IN PORT HARCOURT
The Nigerian Content Development and Monitoring Board (NCDMB) announced that it has sealed a deal to acquire a 20% equity stake in a 100,000 barrels per day (bpd) refinery project being developed by African Refinery Group Limited, in partnership with the NNPCL.
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AFRICA OIL CORP. COMPLETES ACQUISITION OF PRIME OIL AND GAS COÖPERATIEF U.A.
Africa Oil Corp. ("Africa Oil") announced the completion of the consolidation of all of Prime Oil & Gas Coöperatief U.A shareholding in Africa Oil. Prime Oil & Gas Coöperatief U.A was the parent company of Prime 127 Nigeria Limited and Prime 130 Nigeria Limited. The company disclosed that with this amalgamation, Africa Oil's main assets are an 8% working interest in PML 52 and PPL 2003, and a 16% working interest in PMLs 2, 3 and 4 as well as PPL 261.
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FEDERAL GOVERNMENT COMMISSIONS AN LPG EXTRACTION PLANT AND 20MW GAS-TO-POWER PROJECT IN RIVERS STATE
The Federal Government has inaugurated a 12-million cubic feet gas extraction plant and a 20- megawatt gas-to-power facility in Otakikpo, Ikuru, located in Andoni Local Government Area of Rivers State. The project was developed by the Otakikpo Joint Venture, comprising Green Energy International Limited and Lekoil Oil and Gas Investment Ltd.
ENR ADVISORY prepared all key commercial agreements related to this project.
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NMDPRA ISSUES LICENSES FOR NEW REFINERIES IN EDO, DELTA AND ABIA STATES
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued licenses to 3 companies to construct new refineries in Edo, Delta and Abia States. The NMDPRA's Chief Executive presented a licence to construct a 100,000bpd refinery to Eghudu Refinery Ltd in Edo state, licence to establish a 30,000bpd refinery to MB Refinery and Petrochemicals Company Ltd in Delta state, and licence to establish a 10,000bpd refinery to HSI Refining and Petrochemical Company Ltd in Abia state. The NMDPRA disclosed that these licenses would add 140,000 bpd to Nigeria's domestic refining capacity.
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FEDERAL GOVERNMENT TO ESTABLISH CNG CONVERSION CENTRES AND REFUELLING STATIONS IN 20 FEDERAL TERTIARY INSTITUTIONS
The Federal Government announced that the Midstream and Downstream Gas Infrastructure Fund, in collaboration with Femadec Energy, is set to establish compressed natural gas (CNG) conversion centres and refuelling stations across 20 federal tertiary institutions nationwide. The initiative is aimed at promoting clean energy and reducing transportation costs for students and lecturers.
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ADEAYWORLD ENERGY LIMITED PARTNERS WITH NASENI TO MANUFACTURE AND DISTRIBUTE CNG KITS IN NIGERIA
Adeayworld Energy Limited has announced a collaboration with the National Agency for Science and Engineering Infrastructure to manufacture and distribute CNG kits in Nigeria. The company's chief executive officer disclosed that Adeayworld Energy has secured a deal with Zhejiang Sinray Electronics Co. Ltd, a leading Chinese manufacturer of CNG kits, and both the Chinese company and its kits have been approved by the Standard Organization of Nigeria in line with the International Standard Organization.
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MINING
The President of the Federal Republic of Nigeria has approved the appointment of Mr. Martins Imonitie as the Chief Executive Officer of the proposed Nigerian Mining Corporation. The Minister of Solid Minerals Development noted that Mr. Martins Imonitie is an experienced mining professional who until this appointment was domiciled in Australia, and he has the requisite capacity and experience to oversee the launch of a mining corporation in Nigeria.
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FEDERAL GOVERNMENT TO ACQUIRE N2.5 BILLION SATELLITE EQUIPMENT TO COMBAT ILLEGAL MINING
The Federal Government of Nigeria has authorized the procurement of satellite equipment worth N2.5 billion to enhance the war against illegal mining in the country. The Minister of Solid Minerals Development, while explaining the operational framework of the surveillance equipment, noted that there will be monitoring screens in an operation centre, the mines marshal centre and in the office of the Minister of Solid Minerals Development.
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FIVE NEW MINERAL DEPOSITS DISCOVERED IN KEBBI STATE
The Kebbi State Government has announced the discovery of 5 additional solid mineral deposits in the State. These are bauxite in Suru and Dandi, limestone in Jega, coal in Birnin Kebbi, Kaolin in Koko, Bagudo, Argungu and Dandi, and iron ore in Gwandu. These minerals are in addition to the other previously discovered minerals in the state to a total of 30 solid minerals present in Kebbi State.
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EL-TAHDAM SECURES $500 MILLION INVESTMENT FOR LITHIUM PROCESSING
El-Tahdam Exploration Limited has secured a partnership with TSG Mining Group to finance the development of three (3) lithium processing plants in Kebbi, Kwara, and Kaduna States and a lithium carbonate plant in Lagos.
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