Page 18 - AfrOil Week 50 2020

AfrOil NEWS IN BRIEF AfrOil

This latest award comes on the back of similar
agreements with major operators in Ghana and
Equatorial Guinea, and will run alongside an
existing contract with Total E&P UK Ltd.
Finbar Kelly, Commercial & Contracts Man-
ager, said: “We’re delighted to be able to put pen
to paper on this after some serious work behind
the scenes. It’s our biggest strategic step thus
far into offshore West Africa, and now we’re all
focussed on delivering what we’ve agreed with
Total.”
John Roy, Director, said: “It’s a testament to
the work of the International Development team
as well as the engineers who have serviced the
contract with Total in the UK that we’ve been
also now selected to work with them in Angola.
I’m sure there will be logistics challenges in the
current climate but we’re looking forward to
proving we’re up to the task.” the economy and not solely rely on the oil and ministerial consent from the Nigerian Depart-
Norco Group, December 10 2020 gas industry. ment of Petroleum Resources (DPR) to complete
The Nigerian Content Chieftain reiterated the transfer of a participating interest of 2.25%
Service companies critical that the Board is elated, whenever service com- in OML 113 from EER (Colobos) Nigeria to the
panies push their boundaries; which is why it Company.
to the growth of oil and gas is driving the Project100 initiative to grow one ests, rights and obligations held by EER in OML
Highlights: ADM acquires 25% of the inter-
hundred indigenous service companies into top-
industry, Wabote says notch service providers. 113; participating interest in OML 113 will
He also commended the international oil increase to approximately 4.9% from 2.7%; Cor-
The Executive Secretary of the Nigerian Con- companies for their support in the successful responding profit and cost bearing interests will
tent Development and Monitoring Board implementation of Nigerian Content while increase from 5.0% to 9.2% and from 6.7% to
(NCDMB), Simbi Wabote, has lauded the roles charging them alongside other oil and gas ser- 12.3% respectively; Net 2P reserves increase to
played by service companies in the provision vice providers to remain resolute with a contin- 16.4mn boe from 8.9mn boe (as announced on
of goods and services for the sustenance and uous faith in the ability of local companies to May 2, 2019); Net daily production is expected to
growth of the Nigerian Oil and Gas industry. deliver. He challenged other oil and gas service rise to approximately 196 bopd from 106 bopd,
Wabote stated this Thursday in Apapa, Lagos providers to emulate BEAMCO in their focus, based on current production
at the commissioning of a Control Valves Assem- dedication and continuous evolution. Peter Francis, Non-Executive Chairman of
bly and Service Centre built by BEAMCO Nige- In his opening remarks, the Managing Direc- ADM Energy plc, said: “The completion of this
ria Ltd. The Executive Secretary commended the tor, BEAMCO Nigeria Ltd, Walid El Cheikh deal consolidates our position in the Aje Field, a
company for its contribution to the growth of the assured the Executive Secretary that the com- proven and versatile oil producing asset offshore
Nigerian Oil and Gas industry by demonstrating pany will make modest contribution in line with Nigeria. We nearly double our share of revenue,
resilience to the Nigerian enterprise. He further the Board’s Mission, to promote the develop- reserves and net production, and with the joint
stated that BEAMCO has built its reputation on ment and utilisation of in-country capacities. venture partners targeting three new wells in
professionalism and quality service delivery in Walid observed that they could not have suc- 2021, net daily production to ADM is projected
different sectors of the Nigerian economy with- ceeded without the endless effort made by every to rise to as much as 1,000 barrels per day.
out compromising safety and quality standards member of the company and more importantly, “This transaction aligns with our growth
and has continued to provide reliable and effec- with the firm belief that the project shall be strategy and is typical of the type of deal we
tive solutions to its ever-increasing clientele base. acknowledged and championed by NCDMB to want to achieve to build value for ADM. We
Wabote acknowledged that the Valve Ser- be embraced by the stakeholders in the oil and have gained a strong foothold in an oil field that
vice Centre has the capacity to assemble and test gas industry. we understand intimately. We have de-risked
Control Valves, Ball Valves, Safety Relief Valves, Nigerian Content Development & Monitoring the asset through our technical expertise and
and others with ISO 9001 and ISO 45001 certifi- Board, December 10 2020 working alongside high-quality partners. Hav-
cations to ensure strict compliance with Quality ing completed the transaction at a premium
and Safety standards. to our share price, we now stand to benefit by
“The ability of the Center to serve other sec- INVESTMENT developing the field and unlocking the upside for
tors must be emphasised as we are keen to see shareholders. Building on this platform, we are
that the capacities and capabilities being devel- ADM Energy completes focused on advancing the multiple other deals
oped in the oil and gas sector are also linked to we are working on and growing our exposure to
other sectors of the economy as part of the strate- acquisition of further value accretive, high-quality assets.
gic initiatives under the Board’s 10-year Strategic OML 113 covers an area of 835 sq km in
Roadmap”, Wabote said. interest in OML 113 from EER the western Nigeria offshore Dahomey basin,
He further said that it is essential for all Nige- some 24km south of the coast and 64km from
rian oil and gas service industries to widen the ADM Energy, a natural resource investing Lagos, in water depths ranging from 100 to 1,000
application of their services to other sectors of company, has announced that it has received metres.

P18 www. NEWSBASE .com Week 50 16•December•2020