NEWS

PAN OCEAN OIL CORPORATION (NIGERIA) LIMITED & NEWCROSS GROUP APPOINT SUNMONU, EX-SHELL CHAIR AS EXECUTIVE CONSULTANT

Lagos, Nigeria –  The boards of Pan Ocean Oil Corporation (Nigeria) Limited (“Pan Ocean”) and Newcross Group of Companies (“Newcross”), have announced the appointment of Mr. Mutiu Sunmonu, immediate past Managing Director & Nigeria Country Chair for Shell in Nigeria as Executive Consultant to the Board.

Commenting on the appointment, the Chairman of both boards, Dr. Festus Fadeyi said, “We are extremely pleased to have the opportunity to benefit from the unique experiences of a world class professional like Mr. Sunmonu as Executive Consultant. We look forward to utilizing his deep knowledge and insight to take Newcross and its subsidiaries to greater heights and nurture it as an efficient energy conglomerate.”

In his role as Executive Consultant to the Board, Mr. Sunmonu will provide strategic advice and help propel these companies to achieving their mission as the world class energy companies in sub-Saharan Africa.

Mr. Sunmonu brings on board more than 30 years of knowledge and expertise in the oil and gas sector. He graduated from the University of Lagos with a first class degree in Mathematics and Computer Science.

Until his retirement from Shell, Mr Mutiu Sunmonu served as the Country Chair and Managing Director of the Shell Petroleum Development Company of Nigeria Limited. Prior to that, he served in various executive management positions in Shell Nigeria and other locations in Europe as well as the Shell headquarters at The Hague, Netherlands.

In an era of critical challenges in the oil and gas sector, which has been exacerbated by the dwindling price of crude oil and the seeming glut in the gas sector, the appointment of Mr. Sunmonu, one of Africa’s best oil & gas managers as Executive Consultant to the Board, is a deft move that will unarguably set the path towards greater heights.

About Newcross

Newcross is an indigenous oil & gas holding company with a vision to build an African energy conglomerate with world class management and practices. Newcross has several subsidiary entities, with significant assets, in the upstream sector of the Nigerian oil and gas industry.

 Newcross will invest in assets and companies which guarantee superior returns to its stakeholders.  Currently, Newcross currently comprises:

· Newcross Exploration and Production Limited, Joint Venture Partner and Operator of OML 24

· Newcross Petroleum Limited, operator of OPL 283, OPL276 and Joint venture Partner with Platform Petroleum Limited, the operator of Umutu (Egbaoma) –      Asuokpu Marginal Field.

·  Newcross Energy Limited, interest holder in the Egbaoma Gas plant

About Pan Ocean Oil Corporation (Nigeria) Limited

Pan Ocean is the operator of OML98 which is a Joint Venture with the Nigeria National Petroleum Company (NNPC). As part of its strategic growth initiative, Pan Ocean acquired and signed a Production Sharing Contract (PSC) with the NNPC on OML 147 (previously OPL 275). Pan Ocean has developed and completed the 130MMSCF/D Ovade-Ogharefe natural gas processing plant. In 2009, became one of the few companies to sign on to the Carbon Credits scheme offered by the Clean Development Mechanism (CDM) in the Kyoto Protocol and currently remains the largest registered carbon-emission reduction project in West Africa.

administratorPAN OCEAN OIL CORPORATION (NIGERIA) LIMITED & NEWCROSS GROUP APPOINT SUNMONU, EX-SHELL CHAIR AS EXECUTIVE CONSULTANT
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Nigeria’s oil production may rise by 297,000bpd in two years – Domestic gas supply to hit 80mmscfpd this year

BARRING any unforeseen circumstance, Nigeria’s oil production capacity may increase by about 297,000 barrels per day (bpd) between now and 2017, going by indications from the Nigerian National Petroleum Corporation (NNPC).

The nation, which at present produces about 2,037 million barrels per day (bpd), is expected to get additional 40,000bpd in 2015, 57,000bpd in 2016 and 200,000bpd in 2017 (totalling 297,000bpd) from new projects from the oil multinationals like ExxonMobil and Total.

The Group General Manager, National Petroleum Investment Management Services (NAPIMS), an arm of the NNPC, Jonathan Okehs, in a New Year goodwill message to members of staff, and obtained by The Guardian yesterday, said despite the dire security situation in the Chad Basin area, NAPIMS, through Frontier Exploration Services (FES), has continued to explore the frontier areas of Nigeria to increase oil and gas reserves.

He also raised optimism that the domestic gas market will record tremendous growth, as gas supply is expected to increase to over 80 million standard cubic feet per day (mmscfd) by the first quarter of 2015.

He said: “NAPIMS has also continued to explore for new opportunities to increase our reserve base and daily production. Under the Production Sharing Contract (PSC), new green fields were discovered by some of our Partners like Newcross in OPL 283 while some others have already commenced production. Other projects such as Ofon Phase 2 are near completion with expected production of 40,000 bpd by Q4 of 2015.

“In July 2014, we commissioned the multi-billion dollar Escravos Gas-to-liquid (EGTC) plant. This created over 1,500 jobs with about $4 billion projected income to the economy. In August 2014, the multi-billion dollar Bonga North Deepwater Project dropped its first oil and has added 50,000bpd to our national crude production.”

In pursuit of the Federal Government’s gas to power agenda, Okehs said the corporation has maintained gas supply of three billion standard cubic feet per day (bscfd) to the Nigerian Liquefied Natural Gas (NLNG) and between 750-800mmscfd to the domestic market.

“We also ensured the supply of gas to Independent Power Plants thus supporting stable power supply to Nigerians and reducing gas flares. The latest gas project, the Alakiri AG solution, being developed by SPDC joint venture is currently supplying 45mmscfd to the domestic market and will increase to over 80mmscfd by the first quarter of 2015,” he added.

Source: http://ngrguardiannews.com/news/national-news/193698-nigeria-s-oil-production-may-rise-by-297-000bpd-in-two-years

administratorNigeria’s oil production may rise by 297,000bpd in two years – Domestic gas supply to hit 80mmscfpd this year
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With Efe-1, Newcross Breaks Into The Mainstream

Nigerian independent, Newcross Petroleum, operating on the margins for the past nine years, has broken into the mainstream of the country’s oilfield activity.

The vehicle is the rank wildcat Efe-1ST, the first well to be operated by the company, which encountered sixteen (16) hydrocarbon-bearing sands with gross hydrocarbon thickness of 648ft (200metres) true vertical depth TVD. “Work is ongoing to determine the size and commerciality of the discovery”, the company says in a press release. Efe-1ST will be temporarily suspended while the company moves ahead to drill Efe-B.

The well is located in Oil Prospecting Lease (OPL) 283, formerly known as Oil Mining Lease (OML) 56. Newcross operates the lease with 90% participating interest. Its partner, Rayflosh Petroleum, holds a 10% interest. Both work under a Production Sharing Contract with Nigeria National Petroleum Corporation NNPC (as the concessionaire), and the Department of Petroleum Resources (DPR).

Newcross has been in operation in Nigeria since 2004 as an exploration and production company, but it is better known as the quiet, non -operating partner to the much publicized Platform Petroleum, on the Egbeoma marginal field. The company provided the funds for Platform to take that field to first oil in 2007. Newcross also funded, largely, the 48km crude oil evacuation pipeline from the Egbeoma field to Agip’s export terminal in Kwale, in the country’s mid-west.

Since it acquired the OPL 283 from Centrica in 2010, Newcross has laboured to make some name for itself as an operator. The Efe-1ST is some sort of validation of that effort.

Evi Otobo, a lead earth scientist with the company, describes the Efe discovery as a confirmation of the support NNPC and DPR have expressed in newly emerging companies willing to actively pursue the increasing the national hydrocarbon reserves through new exploratory activities. OPL 283 is located in the Northern Niger Delta Depobelt, according to Shell Nigeria geologic classification, which is the standard in Nigeria’s oil industry. Efe-1ST was successfully drilled to a total depth of 14,086ft, or 4293 metres Measured Depth MD (12,720ft (3877metres) TVD).

“The EFE-1ST tested a four-way dip closure at the shallow levels gradually becoming fault-dependent hanging wall closures at intermediate to deeper levels”, Otobo explains in the release. “At much deeper levels, the dip directions can change with closures moving to the footwall against south-bounding faults to explore EFE-main shallow, intermediate and deeper plays of the middle-upper Eocene reservoirs”.

Otobo sees EFE-1ST as representing “an important step towards unlocking the deep potentials in OPL 283”.

Source: http://africaoilgasreport.com/2013/10/oil-patch-sub-sahara/with-efe-1-newcross-breaks-into-the-mainstream/

By Foluso Ogunsan

administratorWith Efe-1, Newcross Breaks Into The Mainstream
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Set up operational base in Benin, Commissioner tasks oil firm

Set up operational base in Benin, Commissioner tasks oil firm

BENIN CITYEdo State Commissioner for Special Duties, Oil and Gas, Hon. Orobosa Omo-Ojo has enjoined Newcross Petroleum Limited to work towards establishing its operational base in Benin City.

He gave the advice when a two-man delegation from the company led by the Head Strategic Business Unit, Bashir Idowu paid him a courtesy visit in Benin City on Monday.

Hon. Omo-Ojo explained that Edo State was peaceful devoid of youth restiveness and conducive for any business to blossom, adding that there is currently a re-birth of infrastructure including good roads in the state.

Besides appreciating Newcross Petroleum Limited for investing in the state through which it had created jobs for youths and hopefully paid its tax, the commissioner disclosed that the ministry attaches much importance to the corporate social responsibility of any company operating in Edo State.

However, he said this was not an additional burden on the corporate bodies but that emphasis was on careful and extensive planning and project execution in the host communities in order to curb duplication of projects.

The commissioner harped on collective corporate social responsibility among companies, stressing that Edo State Government through the ministry should be involved at the point of initiating project which should be carefully designed and sited at the oil and gas producing communities.

While suggesting the idea of a proposed monthly meeting among all stakeholders in the oil and gas sector in Edo State, Hon. Omo-Ojo said the ministry would liaise between government and the operators.

Earlier, the head of Strategic Business Unit, Newcross Petroleum Limited, Bashir Idowu suggested that based on the five-year development plan set up in Nigeria, it was appropriate to involve the Nigerian National Petroleum Corporation (NNPC) in all the community development plan.

In his remarks, Mr. Anthony Amajuoyi of the External Relations, Newcross Petroleum Limited narrated the efforts of the company to enhance its host communities, stressing that it is a best practice organization

administratorSet up operational base in Benin, Commissioner tasks oil firm
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Mira Resources Commences Operations at Tom Shot Bank

Mira Resources Corp. and its wholly owned subsidiary Equinox TSB Development (Nigeria) Limited are pleased to announce that they have commenced operations at Tom Shot Bank Field.

Mira accepted the Ben Avon Jack Up Rig (the “Rig”) on the 14th of October 2011 and the Rig arrived on location on the 19th of October 2011. The final pre-loading was concluded in the early morning hours on the 24th of October 2011 and the re-entry process of Tom Shot Bank 1 has commenced. Dependent of the testing program, the program will range from 15 to 41 days.

Thomas Cavanagh, President Mira Resources stated, “After several months of delays on the rig’s previous location, we are pleased to announce that as of the 24th of October 2011 we have successfully positioned the Ben Avon Rig at Tom Shot Bank 1 and have started the reentry and evaluation procedures. The combination of the shallow water, strong surface/tidal currents with the variable shallow subsurface conditions made this a complex operation requiring an extensive pre-load of the jack up legs to ensure a safe operation. This has been completed and we have begun the re-entry process.”

TSB Field is located within Oil Prospecting License 276 (“OPL 276″) which is adjacent to the Abana Field in Oil Mining License 114 and due north of Addax Petroleum Corp. in Oil Mining License 123 (“OML 123″). Addax Petroleum Corp. is producing almost 50,000 BOPD from multiple fields within OML 123. TSB Field was discovered by Shell Petroleum in 1980 and encountered 425 Gross Feet of hydrocarbon pay, 57 net feet of gas and 83 net feet of oil proven pay with another possible 111 net feet of oil and 29 net feet of gas pay in reservoirs which Shell Petroleum interpreted as probable laminated reservoirs.

                                                                            Culled from Businessday of the 25th of Oct. 2011.

administratorMira Resources Commences Operations at Tom Shot Bank
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Platform-Newcross JV, Others, Get ‘Lifetime’ Ownership Of Fields

Nigerian authorities have extended the tenor of licenses to marginal field holders; granting four (4) more years to companies whose fields have not reached production and awarding “the life of the field” to companies that have since commenced production.

In November 2009, the Government suspended the licenses of those companies who had not taken their fields to production, five (5) years after the highly competitive awards of 2004. That suspension has had significant ramifications for some of the companies, who could not access investment because of the action.

The six (6) companies and Joint Ventures who had commenced full scale, steady production before November 2009 include Platform-Newcross JV, Midwestern Oil&Gas-SunTrust, Waltersmith Petroman Limited, Pillar Oil, Brittania U and Energia/Oando. They all received life of the field awards, meaning that they are entitled to operate the fields for as long as there are commercial hydrocarbons still to be exploited.

Four (4) other companies are close to putting their fields on stream: Frontier Oil expects to commence production of the Uquo Field by the 4th Quarter of 2011; Sogenal is racing to put Akepo field on stream by around the same time and Movido, which has produced the Ekeh field intermittently, hopes to achieve full, steady production before the end of the year. Excel E&P Limited had once conducted extended testing of the Eremor field, but the company is still far from full scale production. These companies could only get license extension of four (4) years.

The companies that were unable to get close to first oil, and were also offered the opportunity for four (4) more years, include Sahara Energy (Tsekelewu field), Eurafric (Dawes Island field), Bicta Energy (Ogedeh field), Del Sigma (Ke field), Goland petroleum (Oriri field), Associated Oil & Gas (Tom Shot Bank field), Bicta Energy (Ogedeh field), Guarantee Petroleum (Ororo field), Chorus Energy (Amoji/Matsogo/Igbolo field), Universal Energy (Stubb Creek field), Network E&P (Qua Iboe field), Millenium Oil & Gas (Oza field), Independent Energy(Ofa field), Bayelsa Oil (Atala field) and Prime Energy (Assaramatoru field).

administratorPlatform-Newcross JV, Others, Get ‘Lifetime’ Ownership Of Fields
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Seismic Acquisition Campaign

Newcross Petroleum Limited (NPL) contracted Integrated Data Services Limited/United Geophysical Nigeria Limited (IDSL/UGNL) JV 175 Seismic Crew in the month of September 2010, to commence a 6-Months 3-D seismic exploration campaign on Newcross OPL 283 onshore asset in the Central Part of the Niger Delta Basin of Nigeria. The total coverage area was a 200Sq.km 3-D with a nominal full fold Multiplicity of 5400% (contributed by cross-Lines six (6) fold by in-line 9-fold) to capture deeper events in the subsurface that would generate prospective prospects for a viable exploration investment by the company. All consideration on cost management, risk mitigation, security, environmental and community development were taken into full account during this project. The Prospect area straddles between Edo and Delta States respectively. With a total of almost fifty (50) communities permitted during the project, Newcross had a strong impact on the growth of these communities using its JV Contractor to expand capacity projects.

The Crew commenced operations on the 15th of September 2010, after permitting all the prospect communities while conducting detailed survey of the prospect areas, fixing and defining GPS (Global Positioning Systems) to ensure proper positioning of source and receivers for each swath (seismic lines) that define the areas of coverage on the surface. They made significant progress into drilling phase which lasted from the 8th of October 2010 to the 23rd of March 2011.

Data Acquisition started on the 25th of November,2010 with a deterministic experiment shot for a 5hole x 4m depth patterns in dry terrains and 5holes x 6m depth pattern flushing in wet terrains. One of the landmark achievements of the project was the no. LTI recorded during the operations on the eight (8) swaths that spanned the prospect domains. A total of 4.20 seconds was achieved as maximum time achieved in terms of TWT (two-way-time) of seismic signals returns from the subsurface interfaces.

The acquisition of this data was possible with the engagement of a total workforce of about 900 workers consisting of drillers, surveyors, seismologist, HSE, Contact men etc., with full supervision by the Newcross Project Management team set up to ensure quality for money was achieved with a total of 1,451,230 cumulative man-hours expended. It is significant to mention that with all the sweats, heavy rain pours and climatic variations which the crew had to deal with, the ultimate objective of the data survey campaign was achieved, which is good quality 3-D Seismic, with good resolution, right frequency contents and well defined structural orientation of subsurface structures for a prospective exploration campaign.

administratorSeismic Acquisition Campaign
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Nigeria’s Asuokpu/Umutu Gas Recovery Facility Gets CDM Approval

Efforts by Nigeria to earn certified emission reduction (CER) credits have received a boost, following the approval of an emission reduction project under United Nations Framework Convention on Climate Change (UNFCCCC) Clean Development Mechanism (CDM).

The new CDM project known as Asuokpu/Umutu Gas Recovery and Marketing Facility was registered at the weekend, bringing the total registered projects for the country to four (4).  An indigenous Oil & Gas Producing Company, Platform Petroleum Company owns the facility.

CDM schemes already registered by the UNFCCC include Kwale Gas Project, the Pan Ocean Gas Utilization Project, located in Kwale, Ovade-Ogharafe (both in Delta State) and Adscan Methane Avoidance Project. The Pan Ocean scheme, for example, will cut emissions by an estimated two million tons of carbon dioxide (CO2) annually, and the credits will be sold to Nuon, a Dutch state utility.

The CDM allows emission-reduction (or emission removal) projects in developing countries to earn certified emission reduction (CER) credits, each equivalent to one tonne of CO2. These CERs can be traded and sold, and used by industrialized countries to meet a part of their emission reduction targets under the Kyoto Protocol. The mechanism stimulates sustainable development and emission reductions, while giving industrialized countries some flexibility in how they meet their emission reduction limitation targets.

The Asuokpu/Umutu Gas Recovery and Marketing facility involves recovery of the dry associated gas that is currently flared at the Asuokpu/Umutu Marginal Field and delivery to the Nigerian domestic gas market for productive use as an energy product. It comprises installation of new compression facilities adjacent to the Umutu oil facilities and 45 km pipeline to transport the gas from the Asuokpu/Umutu marginal field to the existing gas system at Kale and further into the Nigerian Agip Oil Company (NAOC) gas network for beneficial use primarily within the Niger Delta.

The Minister of Environment, Mr. John Odey, and the Designated National Authority (DNA) in the Special Climate Change Unit of the ministry, said that the CDM project activity will, apart from contributing to the sustainable development of Nigeria by providing reliable gas supplies to strengthen the national electricity system, result in greenhouse gas emission reduction.  He said that the new CDM project has the potential to improve national resource management through full utilization of the energy resources produced at the field. It would equally generate new employment opportunities for Nigerians and support the country’s gas flare-out policy.  The project is Nigeria’s 3rd gas recovery project and the 4th registered CDM for the country.

Platform Petroleum Limited won the bid for the Asuokpu/Umutu Marginal Field and executed a Joint Venture Agreement with Newcross Petroleum Limited resulting in a 60/40 equity ownership of the field with Platform remaining the operator (Platform Newcross JV). Platform Newcross JV is currently finalizing the design of the infrastructure needed to implement a marketing option for surplus gas from the field. The installation and operation of this infrastructure is the CDM project activity.

The primary benefit of the CDM project activity is the reduction in the emissions of greenhouse gases and the productive use of the recovered gas.

This will serve as an important step in Nigeria’s efforts at using CDM to address the climate change issue. As Platform is a Nigerian owned company, it signifies the ability of local Nigerian companies and the society to participate in Clean Development Mechanism.

administratorNigeria’s Asuokpu/Umutu Gas Recovery Facility Gets CDM Approval
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Fate of Nigeria’s Marginal Fields

In the spirit of the Local Content and Indigenous Participation Policy, the Department of Petroleum Resources (DPR), at the behest of the Federal Government, had in 2003 awarded marginal fields to 24 indigenous E&P companies after a keenly contested bid process.

These fields are discoveries located in the acreages operated by International Oil Companies (IOCs) and had remained undeveloped for alleged limited profitability of the discoveries due to the size and the difficult terrain encountered in the course of exploitation.

Available records indicate that there are 116 of such fields identified to be lying idle and unproductive in the Niger Delta region of the country, with oil reserves totaling approximately 13 billion barrels.

So, in 2003 when the Federal Government handed over the operations of these fields to local hands, many had welcomed the development with the hope that the confidence of local experts would be bolstered in oil exploration and production activities. However, five years after the deal was finally formalized with the oil majors in 2004, it is disheartening to know that the status of the majority of these fields has not changed from the undeveloped state. A despicable number of five out of the 24 marginal fields that were awarded have been brought into stream by these indigenous oil companies.

If this is placed against the Farm-Out Agreement upon which the fields were awarded it would not be out of place to say that the awardees whose fields have remained undeveloped have fallen short of the expectation of the agreement. It must be said that the Farm-Out Agreement provides that awardees of marginal fields literally called ‘Farminees’ must be Indigenous E&P companies wholly owned by Nigerian nationals.

Though technical assistance may come from foreign partners provided the technical partner only hold 40per cent of equity in the business. Both of them are required to develop and produce the marginal fields within a five- year agreement plan while showing verifiable efforts towards meeting the minimum work programme obligations within 12 months of granting the fields. Upon the completion of at least 70per cent of work programme on the field the renewal of the agreement is then assured.

Among other things the agreement also spelt it out that failure of meeting up with the work programme on the field would invoke the withdrawal/termination of the approvals from indifferent awardees.

So, judging by the current situation one wonders what position the government would be taking in the face of the reactions which the provisions of the agreement had thrown up.

There are reactions calling for the extension of the agreement plan beyond five years by those whose fields have remained undeveloped till now. The argument being advanced by them is that as a result of the technical service arrangement which fell apart with the technical partners they became incapable to bring their fields to produce at full capacity. The issue of finance is yet another problem. Some of them have also touted the instability in the Niger Delta as the reason for the inactivity in production.

On the other hand, some reactions are clamoring for a recompense for those that have shown considerable efforts in bringing their fields to stream. The incentive could come in the way of exempting them from the next bid process. The exemption would mean that fields would be awarded to them on a platter of gold. They argue that by doing so it would encourage them to do more and not rest on their oars.

So far some of the fields that have witnessed considerable work progress include: Umusadege, Asuokpu/Umutu, Obdogwa/Obodeti and Umusati/Igbuku.

Take the Asuokpu/Umutu field for instance, the operator, Platform Petroleum has shown enormous zeal and character in ensuring that the field turns out maximum output. Its partnership with Newcross has yielded much gain as exploitation activities which commenced full throttle at inception had reached a climax.

The Technical Manager of the company, Mr. Osariemen Owieadolor while responding confirmed that the partnership has actually provided a major boost. Owieadolor, who though refused to get into the technical details of operations of the fields said that the company had expedited all effort with the support of the partner to ensure that it fulfills all the requirement of the farm out agreement.

Said he:” as a result of the agreement we entered into, we left no stone unturned in making sure we get our field into stream. We felt with such achievement it would place us in a vantage position to secure other fields that we might want to bid for. Now we are more confident of acquiring more fields for production”.

The certified engineer also stated that he expects the government to put in place a more proactive measure to ensure that whoever is awarded a field gets it into stream. This, according to him, would prevent the incidence of companies acquiring fields and not doing anything on it. Stressing further he said: “If we have to consider the reason for releasing these fields to indigenous oil companies in the first place it would be unthinkable to still have these fields undeveloped. It amounts to nothing but double jeopardy”.

Owieadolor hinted that exploiting these marginal fields with oil reserves that run into millions of barrels would boost our daily production of oil. “If all the fields that were awarded were developed what it means is that the production of crude oil would have increased by a certain percentage. Such increase invariably would account for an increase in our foreign exchange earning. At the same time the availability of oil for consumption would also be increased,” the manager stated.

Another of such awardees that have made significant progress is Pillar Oil operating the Umusati/Igboku field. This indigenous oil company which entered into a technical and financial support arrangement with CPI Oil has been able to live up to the requirement of the farm out agreement. The company credited with the involvement of Pillar’s Nigerian technical staff with the basic seismic interpretation and drill site operations has left no one in doubt about its commitment to manpower development.

A statement from the source from the company, who craved anonymity, reads: “We at Pillar Oil are poised to do everything not only to develop our field but also to use the platform to develop manpower. By involving nationals in the operation of the field we would have succeeded in transferring technology from our technical partner to our local technical staff.”

Midwestern Oil & Gas is another company that has displayed flashes of seriousness by following the footsteps of the previous two. Its partnership with Mart Resources a company listed on the TSX Venture exchange has ensured that oil production at the Umusadege field had reached 1780BOPD by September 2008.Mart Resources, official of Midwestern Oil & Gas claim was chosen because it is well equipped as it owns two land rigs with which it works over fields.

“As you are well aware, our economy is almost totally dependent on the production and sale of oil and gas products and anyone who is contributing to that is obviously contributing to the economy of the country. And so with the support of our technical partner, Mart Resources who is coming to town with state of the art drilling facilities we are in the process of developing our field in Kwale (Delta State) to boost production of oil while providing the opportunity for the community to participate in the development of their local economy.

As part of the plans we have a 4-year developmental programme for these communities that would make possible to create and maintain a symbiotic relationship with them.

The sincerity we have shown to our communities has created a positive image concerning us and this has helped us in so many ways. Our main strengths and competitive advantage over other operators is that we are known to deliver efficient and quality service because of our unflinching commitment to high-level oil production, in line with good HSE requirements”, the Managing Director, Mr Adams Okoene, is quoted to have said, If all of these reactions are considered against the second bid which now around the corner it remains to be seen what fate lies ahead for the marginal fields from those who hold the stakes- Federal Government through her agency, DPR, Oil majors and the indigenous E & P companies, the awardees of these fields.

 

Culled from The Nations

 

administratorFate of Nigeria’s Marginal Fields
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The Gas Master Plan (GMP)

With the background of having the 7th largest natural gas reserves and gas quality that is low in sulphur and rich in natural gas liquid, the Government of Nigeria has noted that with a focussed dedication to gas exploration, Nigeria can project to the 4th largest gas producer in the world.

To address this focus, the government is dedicated to a strategic plan that aggressively expands the gas sector. The focus will be on:

1) Unlocking all both discovered and undiscovered gas reserves.
2) Increase the development of domestic gas market.
3) Place Nigeria in a position that it can compete in pricing and have high value export market.

In order to achieve these aspirations, the government is seeking investors as partners under the Nigerian Gas Master Plan (NGMP). The NGMP comprises of 3 sections:

1) The Gas Pricing Policy:  This policy is to create a structured pricing to accelerate domestic, industrial and commercial growth.
2) The Domestic Gas Supply obligation Regulations:  The assurance of gas availability for critical domestic gas utilization projects for advancement of economic growth.
3) The Gas Infrastructure Blueprint:  Facilitates the development of both proven and undiscovered reserves, enhances gas penetration to both domestic and export market.

The blueprint is to guide all future gas infrastructure development in Nigeria. Newcross Petroleum Limited is committed to the Nigeria Gas Master Plan. For further information on the Nigeria Gas Master Plan or to look into investment potentials, please visithttp://www.ngmproadshow.com/ or email us at info@newcrosspet.com

administratorThe Gas Master Plan (GMP)
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