Ugo Amadi with agency report
French based multinational oil group, Total, has unveiled its $9 billion oil storage, production and offloading unit (FPSO) for the CLOV project (Cravo, Lirio, Orquidea and Violeta) in Angola, Africa’s largest oil producing country.
CLOV went into production in July and has 34 undersea wells with maximum production capacity of 160,000 barrels of oil daily. The project covers an area of 380 square kilometres and holds an estimated reserves of 505 million barrels of oil and a 20-year life span.
Stories by Ugo Amadi
The Department of Petroleum Resources (DPR), has been called to compel oil and gas companies to provide Standard of Operating Procedure (SOP) for their staff as part of the measures to eliminate industrial hazards in the oil and gas industry.
Mrs Diezani Alison-Madueke, Minister of Petroleum Resources, made this call this in Lagos at the just concluded 16th International Health Safety and Environment Biennial Conference on the oil and gas industry with the theme: “Innovative Approach Towards Emerging Safety Challenges.”
Sahara Energy Upstream Group, Chief Operating Officer Mr. Curtis Cohen has said the firm is carrying out an extended production test on the Oki field located in Oil Prospecting Lease (OPL) 274 in North Western Niger Delta.
The activity is in readiness to strike first oil from the field before the end of first half 2015.
LEO ALIGWO (Asst. Bus. Editor)
No fewer than 10 equities of the various firms traded on the floor of the Nigerian Stock Exchange (NSE) yesterday appreciated in price, just as market capitalization and All Share Index (ASI) declined by N376.892 billion and 728.88 basis points (bps) respectively.
Also, the NSE 30 similarly shaded 5593 bps alongside other indices of the various key sector.
The Portfolio of Indices report released by NOI Polls Limited for November 2014, has revealed that the Consumer Confidence Index (CCI) declined by 2.8-points to 68.8-points in November 2014 from 71.6-points in October 2014.
According to the report, a decline was experienced in all the indices that make up the CCI, except for the Expectation of Prices of Goods and Services Index which saw a significant increase of 5.1-points, saying that the development might be driven by the anticipation of Nigerians for increases in the prices of goods and services during the festive period.
Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina has revealed that the Deposit Money Bank’s (DMB’s) lending to seed companies in 2014 stood at N6 billion as against the N4.2 billion recorded in 2013.
This development, he said, was a major boost to the nation’s agricultural sector.
Storeis by Chris Ebong
Of N40.7 billion gross premium income generated by insurance companies in the second quarter of 2014, AIICO Insurance Plc led the top chart with N12.6 billion. Aiico was followed by Leadway Assurance Company Limited with N12.5 billion and Custodian and Allied Insurance Plc occupying third position with N8.6 billion.
Fifty five out of the 59 insurance firms operating in the industry recorded a total premium of N40.7 billion as top 10 insurance firms generated the highest gross premium income in the industry under the reviewed period.
In a bid to ensure that victims of terrorism and kidnapping are adequately covered, a number of local underwriters have approached their foreign counterparts for technical support in insuring risks associated with kidnapping and terrorism.
Influenced by the spate of the menace which has resulted in the killing of many Nigerians, soldiers and policemen alike in the North-East by Boko Haram insurgents; abduction of prominent people is still a major concern in the Niger Delta region, insurers are working out ways of indemnifying the victims or their families when such event occurs.
Three eminent Nigerians and professionals have been named members of the board of directors of the Industrial and General Insurance Plc (IGI). They are Yayale Ahmed, Prof. Oladapo Afolabi, both former heads of service of the federation, and Mr. Ken Aigbinode, a chartered accountant. Their appointment was ratified by shareholders at its recent annual general meeting held on Victoria Island, Lagos.
The stakeholders of the West African Gas Pipeline (WAGP) are currently making arrangements to review the gas supply terms to the four West African countries.
Energy ministers and experts from the four West African countries (Ghana, Nigeria, Benin and Togo) held the emergency meeting to review upwards the tariffs on gas supplied to their respective countries under the WAGP project.
The review, which will cover the period 2015 to 2018, is to help the project recover its operational losses.