Ikechukwu Promise Obialor’s Post

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that it is yet to conclude Shell’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3bn. In January, Shell announced that it had reached an agreement to sell its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited to Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group, includes ND Western Limited, Aradel Holdings PLC, the Petrolin Group, FIRST Exploration & Petroleum Development Company and the Waltersmith Petroman Oil Limited. Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions. However, the NUPRC had endorsed the deal and is now awaiting the final ministerial consent by President Bola Tinubu, who doubles as the Minister of Petroleum. SPDC JV is an unincorporated joint venture between NNPC Limited (55%), Shell Petroleum Development Company of Nigeria (30%, operator), and TotalEnergies EP Nigeria (10%) but it has sold its 10 percent stake to Chappal Energies and Nigerian Agip Oil Company Limited (NAOC) (5%). The SPDC JV holds 15 oil mining leases for petroleum operations onshore and three for petroleum operations in shallow water in Nigeria and supplies about 10% of Nigeria’s domestic natural gas. The SPDC JV aims to produce more natural gas and is working with the government and NNPC to develop four of the federal government’s seven critical gas development projects. These are very important assets to the energy security of the country. Nigeria go better in sha Allah 🇳🇬 #GodBlessNigeria #MayTinubuSucceed

The Federal Government has commenced a due diligence meeting for the proposed $2.4bn asset sale by Shell to Renaissance Africa Energy Company and announced that it targets to complete the divestment exercise by June this year. In January, Shell disclosed that it had reached an agreement to sell its Nigerian onshore subsidiary – Shell Petroleum Development Company of Nigeria Limited, to Renaissance for $2.4bn after about a century of operations in the Niger Delta. Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group, confirmed the deal. Shell stated in a statement that the completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions. Renaissance had also confirmed the signing of what it called a landmark transaction with Shell Plc to acquire its entire shareholding in the Shell Petroleum Development Company of Nigeria Limited. Renaissance is a consortium consisting of ND Western Limited, Aradel Holdings PLC , the Petrolin Group, FIRST Exploration & Petroleum Development Company and the Waltersmith Group. Parties in the deal and officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) commenced a due diligence dialogue in Abuja on Monday, where the Chief Executive, of NUPRC, Gbenga Komolafe, told journalists on the sidelines of the event that the target exit period for the process would be in June. He also revealed that the government had approved the involvement of two globally renowned consultants (S&P Global and Boston Consulting Group (BCG) to work with the NUPRC in concluding the process. The SPDC JV assets are currently operated by the SPDC on behalf of its joint venture partners namely NNPC Limited and Total Upstream Nigeria Limited, Nigeria Agip Oil Company and SPDC. To date, the assets have achieved a cumulative production of 5.35 billion barrels of crude oil, 165. 57 million barrels of condensate, 9.51 trillion cubic feet of associated gas and 3.75 trillion cubic feet of non-associated gas, contributing immensely to the achievement of Nigeria’s crude and condensate output. “The assets being considered have an estimated total reserve of 4.96 billion barrels of oil, 1.77 billion barrels of condensate, 28.16 trillion cubic feet of associated gas and 28.11 trillion cubic feet of non-associated gas. This makes a significant contribution to the nation’s hydrocarbon resources. #GodBlessNigeria #MayTinubuSucceed

Chevron and Venezuela's PDVSA have formally requested a 15-year extension for their Petropiar joint venture in the Orinoco Belt, aiming to boost crude production from 110,000 bpd to 150,000 bpd. This extension, spanning 2033 to 2047, includes plans for $2.39 billion in investments and drilling up to 386 new wells. The outcome of this request will significantly impact Venezuela's oil production landscape and economic stability. Read more: https://lnkd.in/e6xr2djn #OilAndGas #EnergyIndustry #Chevron #PDVSA #Venezuela #Petropiar #EnergyInvestments #AriesOne #EnergyConsultants #OilAndGasConsultants #PetroleumConsultants #DrillingConsultants #OilAndGasConsultingFirms #OilAndGasProjectManagementServices #OilAndGasStaffing #OilfieldStaffingAgency #OilAndGasRecruitingAgency #OilAndGasWorkforceSolutions

Pakistani petroleum exploration and production companies are set to invest more than $33 million under new agreements, as announced by the country's energy ministry. These agreements, known as petroleum concession agreements (PCAs) and exploration licenses (ELs), were signed for eight blocks by various companies, including Oil & Gas Development Company Limited (OGDCL), Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL), and United Energy Pakistan (UEP). The minimum investment by these companies for prospecting in these blocks is expected to be over $33.3 million within three years. The investments aim to develop hydrocarbon reserves and contribute to bridging the energy demand and supply gap in Pakistan. The country heavily relies on costly oil imports as it is only 16.35 percent self-sufficient in oil production. #country #investments #Pakistani #petroleum #production #energy #LatestNews #247updatenews

Canadians eye larger stake in Namibia’s Orange Basin Canadian oil and gas company Africa Oil Corp. has set the wheels in motion to expand its ownership interest in Impact Oil & Gas, an Africa-focused exploration player with hydrocarbon exploration and appraisal assets in the Orange Basin off the coast of Namibia. Thanks to a call and put option agreement with three shareholders in Impact Oil & Gas to purchase a material 7% interest in the latter, the deal, if exercised, will increase Africa Oil’s Impact shareholding to 39.5%. https://lnkd.in/dK-jrrit

Shell to sell Nigerian onshore business for $2.4bn Renaissance, a consortium of five companies, will acquire the Shell Petroleum Development Company of Nigeria (SPDC). 🔽 Find more info in comments below 🔽 #Shell #ShellPetroleumDevelopmentCompany #Nigeria #OilandGas #OilandGasNews ⤵️ Click Follow on our page to keep up to date with energy news ⤵️

Pakistani petroleum exploration and production companies are set to invest more than $33 million under new agreements, as announced by the country's energy ministry. These agreements, known as petroleum concession agreements (PCAs) and exploration licenses (ELs), were signed for eight blocks by various companies, including Oil & Gas Development Company Limited (OGDCL Official), Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL), and United Energy Pakistan (UEP). The minimum investment by these companies for prospecting in these blocks is expected to be over $33.3 million within three years. The investments aim to develop hydrocarbon reserves and contribute to bridging the energy demand and supply gap in Pakistan. The country heavily relies on costly oil imports as it is only 16.35 percent self-sufficient in oil production. #country #investments #Pakistani #petroleum #production #energy

Chevron acquires 80% working interest in offshore Namibia license from Namcor The National Petroleum Corporation of Namibia (NAMCOR NAMIBIA) has signed a Farm-Out Agreement with Chevron Namibia Exploration Limited (CNEL), a subsidiary of Chevron Global Energy Inc. Under the agreement, CNEL will acquire an 80% operating working interest in Petroleum Exploration License 82 (PEL 82), situated in the prolific Walvis Basin, offshore Namibia. Under the terms of the agreement, state-owned NAMCOR and Custos Energy will each retain a 10% carried interest. "This strategic collaboration underscores NAMCOR’s commitment to enhancing the exploration potential and development of Namibia’s offshore resources, specifically in the underexplored basins in Namibia that hold much promise," said Uanguta Ebson, Interim Managing Director of NAMCOR. https://lnkd.in/gAta3NSd #namibia #oilandgas #oilexploration #orangebasin Namibia Petroleum Operators Association (NAMPOA) Namibia Investment Promotion and Development Board (NIPDB) Tom Alweendo Knowledge Katti

Shell prioritises derisking before major investment in Namibian activities Oil major Shell has announced a strategic emphasis on thorough derisking measures before committing significant capital investments in Namibia's offshore oil and gas sector. Shell's CEO Wael Sawan said the company's cautious stance towards exploration and development activities in the region, prioritises thorough risk assessment to safeguard shareholder interests. "Our objective is to tap into basins where we feel we possess a genuine competitive edge. This has been particularly evident in the Atlantic Basin, where we leverage resources from the Gulf of Mexico, Brazil, and Nigeria, extending our reach into places like Namibia. We intend to continue expanding in these areas, focusing our efforts where we can achieve the highest return on investment," he said during Shell’s first quarter 2024 results presentation. As part of its exploration programme, Shell is actively drilling both appraisal and exploration wells in Namibia. https://lnkd.in/dvGAXmU8 #oilandgas #namibia Namibia Petroleum Operators Association (NAMPOA) Tom Alweendo #orangebasin Namibia Investment Promotion and Development Board (NIPDB) #namibiaoilandgasnews

More than 12 companies show interest in Namibia oil discovery: More than 12 oil companies, including Exxon, Shell and Brazil’s national oil company, have expressed interest in buying a 40% stake in Galp Energia’s major oil discovery offshore Namibia, it has been reported. Galp’s Mopane discovery, which is estimated to hold at least 10-billion barrels of oil and gas equivalent,