Page 11 - AfrOil Week 38 2021

AfrOil POLICY AfrOil

“[The] other board members are: Dr. Tajudeen
Umar (North East), Mrs. Lami O. Ahmed
(North Central), Mallam Mohammed Lawal
(North West), Senator Margaret Chuba Oka-
digbo (South East), Barrister Constance
Harry Marshal (South South) and Chief Pius
Akinyelure (South West),” Adesina added.
According to previous reports, NNPC Ltd
will be a corporation and not eligible for direct
state funding. This represents a departure from
past practice, as NNPC has previously served
effectively as an arm of the government. Offi-
cials in Abuja have said they hope the changes
will make the NOC more transparent and
accountable.
Kyari pointed out that the Nigerian govern-
ment would be able to privatise the new entity, NNPC’s Group Managing Director Mele Kyari will be CEO of NNPC Ltd (Photo: NNPC)
if it so chose.
“[The] law provides that over time, [Abuja] taxes and royalties, which are revenues that
can reduce the shareholding into some private accrue to the federation. So every part of this
shareholding. That means it can be floated sub- country and every sub-national institution or
sequently as a company that is quoted on the government will benefit from it,” he was quoted
stock exchange,” he said. “The intention at the as saying by the Vanguard newspaper. “Secondly,
very onset is not to go to that step, but there is this company will pay company income tax that
provision in the law that allows us ultimately to also comes to the federation for the benefit of
sell shares of this company.” all. So what is different is that this company will
He went on to say that NNPC’s replacement now have profit to make and declare dividends,
with NNPC Ltd would benefit the whole coun- which will be decided by the board of directors
try. “This is very simple. This company will pay of this company.” ™

PROJECTS & COMPANIES
Petrosen says Woodside has completed

first development well at Sangomar

SENEGAL PETROSEN, the national oil company (NOC)
of Senegal, revealed recently that Australia’s
Woodside Energy had finished drilling its first
production well at the offshore Sangomar block.
In a Facebook post cited by Dow Jones News-
wires, Petrosen said that the well had been sunk
to a total vertical depth (TVD) of about 2,600
metres at the S540 reservoir. The shaft had
encountered approximately 500 metres of pay,
more than expected, it noted.
The NOC further noted that Woodside had
spudded the well on June 30 and had been using
“modern and innovative technologies” for the
drilling project. It was referring to the fact that
the Australian company used directional drill- The block contains 645mn boe in recoverable reserves (Photo: Cairn Energy)
ing techniques rather than sinking the well
along a straight vertical course. Indian company, is believed to be angling to buy
As of press time, Woodside had not com- a minority stake in the venture but has not yet
mented on the matter. struck a deal. Sources told Bloomberg earlier
The Australian firm is currently the majority this month that ONGC was interested in acquir-
shareholder in RSSD, the joint venture set up to ing 20-40% of RSSD.
explore and develop the Sangomar block. Oil This is not the first time the Indian company
& Natural Gas Corp. (ONGC), a state-owned has shown interest in Sangomar.

Week 38 22•September•2021 www. NEWSBASE .com P11