L-R: The EGM, Preowei Oil Field, Chinwendu Ememanka; Deputy Managing Director, Deepwater Asset, TotalEnergies Upstream Nigeria Limited (TUPNI), Mr Victor Bandele and the Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services (NUIMS), Mr Bala Wunti during the 2023 Annual Value Assurance Review (AVAR) organized by NUIMS on in Lagos.
FeaturedHighlightTrending Story

TotalEnergies lauds NNPC’s Kyari’s intervention in unlocking 30,000 bpd of oil from Egina, Akpo fields

164

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Malam Mele Kyari, has received commendation from TotalEnergies for his intervention in unlocking 30,000 barrels per day of new oil from the Egina and Akpo fields for the company.

The Deputy Managing Director, Deepwater Asset, TotalEnergies Upstream Nigeria Limited (TUPNI), Mr Victor Bandele, who gave the commendation, said the 30,000 barrels are expected before the end of 2023.

Bandele said the intervention had enabled the deepwater Production Sharing Contract (PSC) to engage the services of Gerry De Souza Drillship to commence the long-due drilling campaign of seven development wells and one exploratory well to arrest production decline on the asset and unlocked up to 30,000 barrels.

He spoke as a guest at the NNPCL Upstream Investment Management Services (NUIMS) 2023 Annual Value Assurance Review (AVAR) held at Eko Hotel & Suites, Lagos.

The AVAR is a strategic forum where key issues that shape the oil and gas upstream business landscape are reviewed, and the direction is set with the sole objective of guaranteeing short-term success and long-term value is delivered to all stakeholders.

The NUIMS 2023 AVAR was geared towards consolidating gains for growth in the Production Industry Act era with a laser focus on the ways NUIMS could better attract and manage capital for sustainable growth by emplacing plans to protect, preserve, and promote NNPC Limited’s upstream business objectives.

The outcomes of AVAR would also serve as relevant input to the ongoing efforts by NUIMS to be well-positioned to attract the required investments into the industry.

Speaking further, Bandele said arresting production decline had helped in generating more value for stakeholders, improve the capacity utilisation of the best-in-class Egina Floating, Production, Storage and Offloading (FPSO) Vessel and ensure the attainment of the desired benefits from the attractive crude oil prices in the market.

Bandele also lauded NUIMS for always being a step ahead while pledging the commitment of the OML 130 partners to complete the ongoing drilling campaign, close out the lease renewal discussions, and turn the focus to aggressively executing the Preowei and Egina West projects.

He reiterated his confidence in the leadership of NNPC Ltd and applauded the Upstream Investment Managers, NUIMS, under Mr. Bala Wunti, for always being a step ahead and setting the pace for innovation in the Nigerian upstream oil and gas industry.

The Deputy Managing Director also announced that TUPNI has secured the alignment of all the partners on OML 130 to progress with the lease renewal with a target to close out before the end of May 2023.

The lease renewal would pave the way to firm up discussions on the Preowei and Egina West projects lined up by TUPNI and the OML 130 partners to introduce additional volumes to the Egina FPSO, he said.

TUPNI is also on course to hit the milestone of 1 billion barrels of Crude Oil production on the Akpo field within a period of 15.5 years.

He attributed the success to excellent reservoir management and the instrumental role played by NUIMS and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in providing the necessary support.

Bandele, impressed by the objectives of the NUIMS Value Assurance Review, promised to replicate the same in his organisation, and in wrapping up his remarks, he briefly highlighted the remarkable achievement OML 130 has recorded in terms of gas production and monetisation from both the Akpo and Egina fields.

Both fields have an outstanding record of zero gas flare.

Responding to the DMD’s remarks, Wunti said innovation had become a culture at NUIMS and pledged the support of NUIMS to ensure that TUPNI and the OML 130 partners achieve their development objectives for the benefit of all stakeholders.

 

Leave a comment

Related Articles

Prof. Soyinka, at Punch’s 50th anniversary, canvasses Nigeria’s decentralisation

Prof. Wole Soyinka, the Nobel laureate, said on Thursday that the decentralization...

We committed $600m to health in Nigeria in 2023, says U.S. Govt.

The United States Government has disclosed that it has committed $20 billion...

Nigeria lacks sufficient reserves to tackle FX demands, backlog in the market, says expert

An economist, Mr. Esili Eigbe, has said Nigeria lacked sufficient reserves to...

NNPCL advocates “War Room” to tackle challenges faced by independent producers

NNPCL advocates “War Room” to tackle challenges faced by independent producers “It’s...

NLC protests: Tinubu spanks labour, urges a breather for his 9-month-old govt

The organized labour under the aegis of the Nigeria Labour Congress (NLC)...

Pogba handed four-year ban for doping

Juventus’ star midfielder, Paul Pogba, has been handed a hefty four-year ban...

Cristiano Ronaldo suspended over alleged offensive gesture in Saudi League game

Saudi Arabia’s football governing body has suspended Cristiano Ronaldo for one game...

Alleged N178bln debt: Reps dismiss petition against NPA, laud Bello-Koko, NPA 

A petition alleging that Mr. Bello Koko, the Managing Director of the...

FG set to sign executive order to control rising drug prices

In a bid to control escalating drug prices across the country, the...

Akeredolu: Pres. Tinubu in Owo, Ondo State, extols him a fearless fighter

Barely a week after the late Governor of Ondo State, Rotimi Akeredolu,...

Abuja power supply drops by 250 MW as vandals destroy Gwagwalada-Katampe transmission line

The Transmission Company of Nigeria (TCN) has disclosed that Tower 70 along...

Oronsaye report: FG allays fear of job losses in rationalized agencies, parastatals

The Minister of Information and National Orientation, Mohammed Idris, has dismissed the...

Family releases funeral rites for Access Holdings CEO, Wigwe, wife, son

The family of the late Herbert Wigwe, the former Group Chief Executive...

Fear grips fans as Nasty Blaq reveals battle with undisclosed ailment

Fans of popular skitmaker Nasty Blaq are apprehensive over news that their...

Why we suspended our nationwide protest – NLC

The Nigeria Labour Congress (NLC) has suspended its two-day national protest as...

#50thAnniversary: PUNCH photo exhibition opens February 28, Soyinka delivers anniversary lecture February 29

A three-day photo exhibition, as part of events marking the 50th anniversary...

Kunle Afolayan insists criticisms over dancing with daughter can’t break him

Famous filmmaker Kunle Afolayan has stirred controversy following a video showing him...

Coup scare: It’s fake news, disinformation act — Information Minister

The Minister of Information and National Orientation, Mr Mohammed Idris, has reacted...

Lagos Speaker, lawmakers receive protesters, hail NLC for peaceful conduct

Protesting members of the Nigerian Labour Congress (NLC) and other related organizations...