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Showing posts with label oil. Show all posts
Showing posts with label oil. Show all posts

Monday, March 20, 2023

Equatorial Guinea, Cameroon in bilateral deal for cross-border oil and gas - ITREALMS

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The President of the Republic of Equatorial Guinea, H.E. Teodoro Obiang Nguema Mbasogo and H.E Paul Biya, President of the Republic of Cameroon have signed a bilateral treaty that would see the two West African countries cooperate on cross-border oil and gas development and monetization, reports 
Equatorial Guinea, Cameroon in bilateral deal for cross-border oil and gas - ITREALMS
The agreement was signed during the heads of state summit of the Economic and Monetary Community of Central Africa (CEMAC) countries held in Cameroon last week and is set to bring with it new opportunities for oilfield development and regional energy security.

Monday, October 28, 2019

Oil landlords not criminals in Imo says Irona - NaijaAgroNet

Imo State Government has said that oil landlords are not criminals as have been wrongly allude in some quarters, reports NaijaAgroNet.

The Deputy Governor of Imo State, Engr. Gerald Irona who gave this clarification said, people of the two Oil Producing Local Government Areas of Ohaji/Egbema and Oguta in the state are not criminals.

The Deputy Governor made the clarification in a welcome address he delivered during the first Security Summit of Ohaji/Egbema and Oguta Local Government Areas, held at Oguta Civic Center, Oguta, weekend.

He blamed the impression of criminality about people of the area on the activities of a few, whom he accused of giving people of the area a bad name.

Engr. Irona described the summit as aimed at addressing security challenges in the two oil producing Local Government areas of the state.

“This summit is aimed at addressing security challenges in the two oil producing Local Government Areas of Imo State. It is expected that the meeting will identify the causes of insecurity in the area and proffer possible solutions. Today, we shall agree on how best to protect our people.”

“The present Government of Imo State identified some flashpoints. Principal among the flashpoints are Ohaji/Egbema and Oguta Local Government Areas. Co-incidentally, that is where we have the oil facilities and installations in Imo State.”

“Stakeholders therefore appealed to His Excellency, the Governor, Rt. Hon. Emeka Ihedioha, to approve the re-jigging of the security architecture of the area. His Excellency graciously approved this summit, with a view to creating a forum for the discussion of the worrying security issues in the area and this is why we are here today. Efforts are being made to ensure a sustainable offensive against every form of criminality in the state. This Summit is one of such efforts.”

“Again, the provision /donation of vehicles to Law Enforcement Agencies by ISOPADEC to aid their operations is part of the ongoing efforts towards strengthening the security of the area.”

“The truth is that we are not criminals. A few bad eggs are making our area notorious. We shall not allow them to tarnish our collective image. No one shall make us live in fear in our ancestral homes. No one will frighten and threaten us at will again. That era is gone.”

Continuing, the Deputy Governor identified forms of criminal activities in the area to include cultism, kidnapping, oil bunkering, banditry, rape, armed robbery and proliferation of arms.

He expressed appreciation to the Governor of Imo State, Chief Emeka Ihedioha for what he described as his show of love for people of the area, describing him as a promise-keeper.

Meanwhile, as part of its support to the security of lives and property, the Imo State Oil Producing Areas Development Commission -ISOPADEC weekend, donated Six Hilux branded vehicles to Law Enforcement Agencies in the state.

Commissioning the vehicles during the first Security Summit of Ohaji/Egbema/Oguta, Governor of Imo State, Chief Emeka Ihedioha reiterated the commitment of his administration to the security of lives and property in the state.

He commended the ISOPADEC management for what he described as their people-oriented programmes, urging them to do more to better the lives of the people.

Highlights of the Summit were: paper presentations by the Service Chiefs in the state, including the Commissioner of Police, Rabiu Ladodo, Brigade Commander, 34 Field Artillary Brigade, Obinze, Brigadier General Ibrahim Yusuf, Imo State Commandant, Nigeria Security and Civil Defense Corps, Raji Ibrahim, Director, State Security Services, Iquo Arthur-Worrey and Commander, National Drug Law Enforcement Agency, Nse Inam.

Earlier in their remarks, Chairman of the occasion, General Kalu Egwuagu and Special Adviser on Security to the Governor of Imo State, Raymond Nkemdirim described security as essential to development, even as they urged law enforcement personnel deployed to the area to be professional in the discharge of their duties.

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Tuesday, July 26, 2016

Anambra still savouring $5m export of vegetables

The Anambra State governor, Chief Willie Obiano has said that his four pillars of economic blueprint including Agriculture, Industrialization, Trade and Commerce and Oil and Gas, has started yielding dividends, even as the state still savouring the exportation of vegetables (Ugu) punkin leaves and (Onugbu) bitter leaf,  valued at $5 million to Europe, NaijaAgroNet reports.

Experts also defined Ugu as Telfairia occidentalis, a tropical vine grown in West Africa as a leaf vegetable and for its edible seeds. Common names for the plant include fluted gourd, fluted pumpkin, and ugu.

While Onugbu - Bitter leaf also known as Vernonia amygdalina, is a vegetable used for preparing the popular Bitter leaf soup. Also known as Onugbu, Shiwaka and Ewuro by the Igbos,

Speaking in Abuja in an interactive session which attracted Ndi Anambra residing in the North central part of the country at Transcorp Hilton recently, Gov. Obiano said that the state is now a socially stable, business-friendly environment attracting both indigenes and foreigners to seek wealth-creating opportunities.

He also told the profile audience which comprised the Obi of Onitsha, Igwe Alfred Achebe, Dr.  Oby Ezekwesili both PDP and APC members of the National Assembly, former Governor Chinwoke Mbadinuju and leadership of the Anambra State Investment Agency (ANSIPPA), charged with the mandate of attracting and fast-tracking investments in the state has so far attracted over $4.2 billion deals to the state.

The latest investment he confirmed was sealed on Tuesday last week with Zolt Energy Limited to build a 40 megawatts Embedded Power Generating Plant in Ogbaru. When completed in the next 18 months as scheduled, all the power generated from it will be distributed mainly in Anambra State.

On the state of agriculture, Obiano who was giving a score card of his two and half years stay in office disclosed that “in January this year, Anambra made headlines when it became the first state in Nigeria to export vegetables (Ugu and Onugbu) valued at $5million to Europe. 

Further, Obiano said "Our locally produced brand of rice known as Anambra Rice recently emerged the Best Rice in Africa at an African Products Forum in Lagos. Anambra Rice was adjudged better and more wholesome than other competing brands from South Africa, Egypt, Ghana, Morocco, Namibia and Cameroon.”

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Monday, May 9, 2016

DMWA targets partnerships across West and Central Africa in oil & gas

Oil and gas advisory, E&P and trading firm, has set up DMWA Resources to seek robust partnerships across the West and Central Africa, reports NaijaAgroNet.

DMWA, NaijaAgroNet gathered, capitalized on the extensive African knowledge and experience of its management and the financial firepower of large institutions to become the partner of choice for Africa’s governmental and private oil & gas institutions.

NaijaAgroNet equally gathered that the company is the brainchild of Sebastian Wagner, who previously worked as Business Developer and Trading Operations Manager for Trafigura and associated firms, managing oil trades across the barrel of African crude and refined products while simultaneously pursuing pre-financing opportunities with West and Central African sovereigns.

Executive Director of the company, Mr. Wagner said, DMWA Resources is a knowledge and relationship-driven oil and gas advisory firm.

“Our African-specific expertise provides a strong platform to showcase our value in the markets where we seek to provide advisory services, acquire prospective acreages and specialize in the resale of crude oil, natural gas and refined products. We assist our private sector partners in the industry’s ongoing consolidation, as well as our governmental clients in their financial and knowledge-based recapitalization,” he said.

DMWA Resources is targeting various regions across Africa, including Equatorial Guinea, Chad, Congo-Brazzaville and Ghana. The company offers a range of petroleum industry and fiscal advisory services and partners with world-class partners with the capacity to undertake E&P ventures in Africa's oil and gas sector. DMWA is built on a flat structure and is financially and structurally independent, which allows the company to partner with the energy industry’s heavyweights.

On June 6-7, 2016, DMWA will sponsor the Africa Oil & Power conference in Cape Town, South Africa, joining industry elites Gunvor Group, Marathon Oil, RoyalGate Energy, DeltaTek Group, General Electric and Centurion Law Group. DMWA will host a reception gathering African energy ministers, IOC’s, NOC’s and financial institutions. Mr. Wagner will moderate a Projects & Prospects Panel that discusses the reasons for success or failure of oil and gas projects in Africa’s competitive marketplace.

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Wednesday, December 2, 2015

Ailing economy: Aregbesola, Ajimobi identify agriculture as panacea


The Governor of Osun, Ogbeni Rauf Aregbesola and his Oyo State counterpart, Senator Abiola Ajimobi have urged Nigerians to see agriculture as a better alternative to oil in the resuscitation of the country's ailing economy.

The Governors stated this in their separate speeches during the seventh Annual Lecture of Nigeria Association of Muslim Law Students of Obafemi Awolowo University, Ile-Ife, Osun.

The duo noted that agriculture remains the largest employer of labour hence the need for individuals and government at all levels to encourage agriculture in a bid to revamp the dwindling economic fortune of Nigeria.

Aregbesola said since oil has been selling for less than $40 for the past months, it is quite predictable that the figures for November, when it is ready, would have dropped again.

The Governor comparing the present situation when Osun collected N55.8 million to 2013 when the average  money distributed to states from the federation accounts was in excess of N800 billion, said Osun’s average allocation then was N3.6 billion.

According to him, "While our monthly wage bill is N3.6billion, the highest amount we have received this year alone was N2.1 billion. It went as low as N466 million in April while the figure for September was N55 million.

"Don’t think this is a problem for the states alone. The Federal Government under the last PDP administration had to borrow N476 billion from commercial banks to pay salaries of some of its workers (not all) for the last four months of that better forgotten tenure.”

Governor Ajimobi who was the Guest Speaker spoke on a topic titled "State Financing and Over-dependence on Oil: Issues and challenges"  identified a number of factors responsible for the on-going financial crisis in the country.

He called for true federalism as being practiced in advanced countries of the world, saying it is abnormal in any true federalism for any tier to be financially incapacitated as being experienced in the country.

Ajimobi stated that out of the 36 states in the federal structure, not as many as five could survive without federal allocation, saying apart from Rivers, Lagos, Enugu, Delta, Katsina, Akwa Ibom, Ebonyi and Bayelsa State, which have tried to balance their budgets since creation, all the other States have had to depend more on Federal Government for survival.

He said, "Ordinarily, states are supposed to make use of their Internally Generated Revenue (IGR) for recurrent expenditure while statutory allocations are to take care of capital expenditure; but the reverse is pathetically the case currently.

"The current scenario whereby IGR and statutory allocation combined are not sufficiently for states to meet their financial obligations is indeed unfortunate. This has resorted to a situation whereby most states cannot generate the required funds needed to pay workers' salaries.

"Government at the centre is currently assigned 52.68 percent of Federation Account revenues, including 7.5 percent of the account originally earmarked for "Special" projects like the development of the Federal Capital Territory and the amelioration of national ecological emergencies.

"The state and the localities, on the other hand, respectively get 26.72 and 20.60 percent of Federation Account revenues. Nonetheless, over-dependence on oil has made nonsense of this Allocation Formula and what is allocated to each tier except the Federal Government.

"The problem of this heavy dependence on the oil sector, started as far back as 1992 when global crude oil prices started fluctuating from $18.4 to $61 per barrel in 2006 and reached $115.05 per barrel by June 2014. Beyond these latent facts, bureaucratic and political corruption combined have crippled a number of states financially" he lamented.

Ajimobi said the agricultural sector that has been neglected for long on what he described as "black gold" should be revamped to enhance food security, reduce importation of food items and engage able-bodied citizens who are presently either out rightly unemployed or under-employed.

He implored the students to imbibe the spirit of positive leadership qualities by joining the train of development as they explore technology positively to advance in the current and future world.

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