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Weekly Nigerian Oil and Gas Industry News Updates               Issue 120,  24 March 2015
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Welcome to our 120th issue.

  

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DOWNSTREAM

NCDMB Executive Secretary in Historic Roundtable Engagement with CEOs of Indigenous E&P Companies

 

The Executive Secretary of the Nigerian Content Development and Monitoring Board, Dr Ernest Nwapa (FNSE) met with Chief Executive Officers (CEOs) of indigenous oil and gas exploration and production (E&P) companies at a historic roundtable conference organized by NOGintelligence in Lagos.

 

The event, which was attended by CEOs of leading indigenous producers, including Mr Austin Avuru, CEO of Seplat Petroleum Development Company and Chief Tunde Afolabi, CEO of Amni International Petroleum Development Company, met to discuss local content challenges faced by indigenous producers. Most CEOs and Executive Directors of producing Nigerian independents were present, whilst high-level executives represented those CEOs that were unable to attend. 

 

There was an air of expectancy about the event, as the CEOs expressed their appreciation for the importance of the engagement and the potential that it had to deliver solutions that could be the driver for a re-writing of local content policy for Nigerian independents.

 

The roundtable conference was designed as a forum at which indigenous E&P companies could come together collectively to articulate their challenges and work together to come up with solutions and recommendations to NCDMB and government for making indigenous oil and gas production sustainable. 

 

At the event, several CEOs made presentations about the challenges they currently face both in terms of local content compliance and also in terms of government policies generally.  The working groups created during the all day roundtable conference, discussed three main areas: finance; facilities and operations; and compliance and policing.  A case was made for softening local content and government policies in a bid to encourage indigenous oil and gas production and make it sustainable over the long term.

 

Dr Nwapa was roundly praised by the CEOs for his willingness to engage with them in this collective fashion. On his part, Dr Nwapa, who said he had been trying for four years to get the opportunity for such a collective engagement with CEOs of Nigerian independents, paid tribute to the Minister of Petroleum Resources and the President. He said the administration had provided a conducive environment for the successes recorded in the implementation of local content, noting that signing the Nigerian Content Bill into law unleashed the potentialities of Nigerians entrepreneurs. "When President Jonathan signed the Act in 2010, he set Nigerian entrepreneurs free," he said.

 

Two working groups created at the conference and each led by one of the CEOs will continue to work on the recommendations from the roundtable.  One group will interface with NCDMB and the other, with the government.  A comprehensive report from the event will be released shortly. 

 

 

Qua Iboe Field Commercial Production Debuts at 2,150 Bopd

 

Oando Energy Resources (OER) and its partners, Network Exploration and Production have commenced commercial production on Qua Iboe Field after completingcivil and pipeline works for the field. Associated crude delivery and sales infrastructure has also been completed for the field, with initial production at 2,150 barrels of oil equivalent per day (boepd).  OER, the technical service provider for the field, holds a 40% working interest in the field, while Network, the operator of the field, holds the balance.

 

The crude processing facility for the field was commissioned in the fourth quarter of 2014 but they had to delay commercial production until the completion of the associated cluster crude delivery and sales infrastructure into the Qua Iboe Terminal.

 

Pade Durotoye, CEO of Oando Energy Resources said: "We are delighted to have achieved this milestone, having taken this field through the full cycle of asset development, from drilling to facility engineering, construction and commissioning, and also increasing our organic production contribution from our portfolio."

 

The partners intend to focus their attention on maturing the potential of the field through further seismic acquisition and interpretation. They will be exploring a multi-well drilling strategy to ramp up production, in the hope of emulating OER's success with Ebendo field where production increased from 900bopd (gross) at inception to over 7,500bopd (gross) through the identification and drilling of new reservoirs in the field.

 

OER farmed into the asset as technical partner in 2012. It is funding most of the costs of exploration and in return will get 90 per cent of Network's 60 per cent equity crude until cost recovery with an additional 10 per cent premium on its costs.

 

Qua Iboe is located at the mouth of the Qua Iboe River in the eastern Niger Delta and covers an area of 14 km2 (3,459 acres). The field is immediately adjacent to the ExxonMobil Qua Iboe Terminal. 

 

DOWNSTREAM

OPEC Daily Basket Price Stood At $49.46 A Barrel Monday, 16 March 2015 

 

The price of OPEC basket of twelve crudes stood at $49.46 a barrel on Monday, compared with $51.66 the previous Friday, according to OPEC Secretariat calculations. 

 

From $60.50 at the beginning of the year, the basket price has dropped steadily, hitting a low of $41.50 on 13th January. Since then prices have broadly risen steadily reaching $56.83 on the 18th and 27th February, with a slight dip in between.  After that, the price started dropping again, and is now back to sub $50 for the first time since the beginning of February, dispelling any thoughts that recovery of oil prices is now assured.  

 

Meanwhile those hoping for an emergency meeting of OPEC member nations to consider cutting production remain disappointed. The Minister of Petroleum Resources, Diezani Alison-Madueke who was appointed to the role of President of OPEC at its last scheduled meeting in November had intimated that she might use her powers to call for an emergency meeting.  Saudi Arabia however continues to hold fast to its position, which influenced the OPEC decision at the November meeting not to cut oil production. Prices spiralled down as a result of that eventful decision. 

 

Recently, an adviser to the Saudi Minister of Petroleum, responded accusations that the country is out to put pressure on competitors in a bid to maintain market share. Speaking in Doha, Ibrahim Al-Muhanna, insisted their position was not due to political motives. According to Al-Muhanna, the decision at the meeting not to cut production was taken because non-OPEC producers Russia and Mexico had, in a meeting the day, before refused to cut production. 

 

Al-Muhanna's view is that in the face of the failure to cut by non-OPEC producers, OPEC could not go it alone. Therefore the meeting agreed to keep production at the same level, hoping that the market would balance itself. It seems the OPEC Ministers were unprepared for what was to follow. Al-Muhanna said that they did not think the price would go as low as it did. He is however optimistic that the price will stabilise at about $60 where it has been in recent weeks. With Friday's sub-$50 price, it remains to be seen whether his optimism will be borne out. Although Brent crude was back above $60 a barrel, it has also been falling since the beginning of March and was selling below $53 on Monday morning. 

 

Introduced on 16 June 2005, is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). 

 

FINANCIAL

Oando Makes $234 Million Early Loan Repayments From Crude Oil Hedge Program

 

Indigenous producer, Oando Energy Resources (OER) has made an early repayment of some its loan facilities in spite of the crash in oil prices. Silencing critics of its mammoth acquisition of the ConocoPhillips Nigerian oil and gas business last July, OER released a statement recently to confirm it had made a $238 million payment of certain loan facilities. This was made possible, the company said, "by the optimization of its crude oil hedge program."

 

OER secured the facilities for the $1.5 billion acquisition, which has seen its production rise from 4,500 barrels of oil equivalent per day (boe/d) pre-acquisition to 53,161 boe/d for the month ending January 31, 2015, making it the second largest indigenous company by production, although the largest by reserves currently.

 

The company was able to realize $234 million out of the $238 million by resetting its crude hedge floor price from an average of $95.35 per barrel to $65 per barrel on 10,615 barrels of oil per day (bpd) for the next 18 months.  Another 1,553 bpd is hedged with the same floor price for a further 18 months until January 2019. The company was able to add another $4 million from cash in hand.

 

Critics of the size of the acquisition had predicted that Oando was biting off more than it could chew. At the date of acquisition on July 30th 2014, OER had a total debt of approximately $900 million, including a $100 million structured facility provided by Afrexim. But now, not even a year following the acquisition, and at a time when crude oil prices are at their lowest in years, the company has been able to reduce some of its loan facilities using the proceeds of the hedge unwind and reset.

 

In the first instance, OER applied $188 of the $238 million towards an early repayment of part of its $415 million Reserves Bas Lending Facility. The balance of this lending is now nearly halved to $415 million.  In addition, OER applied $51 million of those proceeds towards a $338 million corporate facility lending reducing the outstanding balance to $287 million.

 

Oando's move to reduce its lending from its hedge proceeds is bound to stimulate confidence in industry financiers and investors.  Nigerian banks that participated in the financing will also be immensely relieved. About 7 Nigerian independent exploration and production companies are said to owe Nigerian banks about $5 billion. The failure of any of those independents will take at least one or two banks down. It is therefore encouraging to see one of those making a move that will inject some optimism into the current depressive scenario.

 

Commenting on the repayments, Pade Durotoye, CEO Oando Energy Resources said, "The decline in global crude oil prices led to a substantial gain for our company and we have 10,832 bpd average production hedged for the balance of 2015 and 8,000 bpd for 2016."

 

Continuing, Durotoye said: "Cashing out some value from this hedge will enable us reduce our outstanding loans and leverage by $238 million, saving the company $65 million in interest payments over the remaining term of the loan facilities, whilst preserving a floor of $65 per barrel."

 

OER has about 50% of their oil production hedged. That, coupled with 65% of gas production committed to stable long term priced contracts, makes the company comfortable that it has the cash flow to meet its obligations going forward.  As a result of the early repayments, Oando's debt has now been reduced from $900 million to $615 million, after taking account of previous amortizations.

 

Afren in Fighting Form After $300 Million Funding Agreement

 

Battered and bruised Afren Plc, is in fighting form after announcing an agreement in principle for a $300 million funding to address its short and longer-term funding needs and recapitalise its capital structure. London Stock Exchange listed Afren, which has seen its shares crash following the scandal last year over unauthorized payments to its CEO and COO, began to look at restructuring its debts and loans, following the failure of takeover talks by dually listed (London and Nigeria) Seplat.

 

Afren has revealed that an agreement has been entered into by the company together with certain note holders under its 2016 Notes, 2019 Notes and 2020 Notes and a majority of the lenders under its existing US$300 million Ebok credit facility, regarding the key terms of a proposed interim funding and recapitalisation of the Group. The net total funding of $300 million is expected to be in place before the end of June 2015.

  

The net effect of the funding deal with bondholders is a heavy dilution for current shareholders leaving the ownership of the business effectively with the bondholders.  Equity investors will be left with only 11 per cent of the company if it receives the 75 per cent of votes it needs at the EGM in May. There is likely to be little resistance from shareholders over this proposal as there are no other options on the table.

 

Analysts say that whilst this gives the management breathing space, the company is not yet out of the woods, with $900 million in principal and interest repayments due in 2019.

 

The restructuring deal became much more urgent in February, after Afren's board confirmed that talks with dually listed (London and Nigeria) Seplat were at an end following an offer with indicated value significantly below the aggregate value of the debt of the company.  They said the terms were unworkable. Seplat meanwhile went on to complete the acquisition of Chevron's divested 40 per cent interest in oil mining lease OML 55, which has been under litigation by Britannia-U. They have also completed the acquisition of a 22.5 per cent working interest in OML 53 (similarly under the same litigation), which went to Belema Oil in the same Chevron auction.

  

The interest from Seplat had occupied the company's attention since December and as the success of the takeover began to look increasingly in doubt, Afren started to look more urgently at restructuring and said it was continuing discussions with the advisers to the ad hoc committee of its largest bond holders regarding the immediate liquidity and funding needs of the business.

  

Before this new lifeline, the Board of the company had decided to go into default after a 30-day grace period on the $15 million interest payment due on 1 February under its 2016 Notes in order to preserve its cash position. Fortunately, the default did not result in an immediate obligation to repay the 2016 Notes or any cross-default under its 2019 Notes or 2020 Notes or its other debt facilities.  

 

Now the company has been handed a $300 million lifeline, though at a high price for shareholders, that will ensure the interim funding, after receiving assurances from the ad hoc committee (which members hold in aggregate approximately 55% of the principal face amount of the 2016 Notes and 44% of the total principal face amount of the 2016 Notes, 2019 Notes and 2020 Notes) that they had no current intention to take enforcement action with respect to the 2016 Notes default. The key stakeholders were hoping that they could agree on the terms of a consensual restructuring that would preserve the company and its business as a going concern for the benefit of all stakeholders.

 

The Africa focused company's 2014 full year results are scheduled for release by the end of March 2015 but it has indicated that, like most exploration and production companies, that it will reduce capital expenditure, in its own case to $500 million. Most of that budget will be spent on Nigeria. The company said it had only narrowly missed its production targets last year and is targeting 29,000 to 36,000 barrels per day in 2015.

 

Following the sacking of its CEO last year, Afren says it is now close to appointing a new permanent CEO to replace the interim CEO.  The new CEO will have his/her work cut out as the company struggles with its debt in the face of low oil prices and budget cuts he/she will inherit.   

 

Oryx Petroleum Gets $100 Million New Funding

 

Oryx Petroleum Corporation Limited has obtained a $100 million credit facility, which it said would ensure financial flexibility and continued growth.  As exploration and production companies look to cut costs in the face of declining oil prices, the company said it would also have to reduce capital expenditures in 2015. Oryx will slash its $350 million budget set in November 2014 by 60 per cent to $140 million, while administrative costs are set to be cut by 30 per cent. 

 

The credit facility from the Addax & Oryx Group P.L.C. (AOG) will provide up to $100 million in the form of an unsecured credit facility.  Compensation includes interest of 10.5% per annum and receipt of warrants to purchase up to 12 million shares of Oryx Petroleum.

  

Oryx Petroleum has interests in five license areas in West Africa, including a 38.67% working interest in the OML 14, a shallow offshore exploration area offshore Nigeria. The block is operated by indigenous company, Emerald, and Oryx is their technical partner.  The company describes OML 141, in which it has identified seven prospects together totaling 67 MMbbl of best estimate unrisked gross (working interest), as largely underexplored. Oryx is however not planning to spend any part of the $100 million funding on OML 141, preferring to moderate its capital expenditure plans to focus on core development assets in Iraq to achieve targeted near term production growth

  

The Africa and the Middle East focused company was founded in 2010 by The Addax and Oryx Group P.L.C. and key members of the former senior management team of Addax Petroleum Corporation. It also has interests in two licence areas located in the Kurdistan Region and the Wasit governorate (province) of Iraq.

  

Oryx recently announced its reserves and resources as at December 31, 2014 as evaluated by Netherland, Sewell & Associates, Inc. (NSAI), the independent oil and gas consulting firm.  Highlights from the report included a 27% increase in proved plus probable oil reserves to 271 million barrels ("MMbbl"), a 41% increase in the after-tax net present value of future net revenue related to proved plus probable oil reserves to $1.8 billion, a 16% decrease in best estimate (2C) contingent oil resources to 188 MMbbl, and unrisked best estimate prospective oil resources of 929 million barrels versus 1,167 million barrels at December 31, 2013. 

 

LOCAL CONTENT

Petrolog Acquires Largest DP2 Vessel in Sub-Saharan Africa

 

In a distinct boost to local content and indigenous capacity building, indigenous oil service company, Petrolog, has just unveiled its newly acquired DP2 Dive Support Vessel, the 85 metre long DSV Vinnice, the largest of its class in sub-Saharan Africa. The company, which was established 30 years ago and has expanded its services across the service spectrum, now has one of the most technically advanced fleets of Diving Support Vessels in the industry.

 

The ABS Classed vessel is Nigerian flagged and 100 per cent Nigerian owned. It is fitted with a 100T AHC, 182 man capacity, 9 man saturation diving system, air dive spread, ample deck space, 4 point mooring, amongst other world class features. The vessel is valued at $170m and is equipped for shallow and deepwater operations and can be used for the construction, repair and maintenance of oilrigs and other offshore naval constructions.

 

The company said in a statement: "The DSV Vinnice is a bold addition to our ongoing fleet expansion in response to the Local Content and capacity building drive by NCDMB."

 

Speaking at the unveiling ceremony, the Executive Secretary of the Nigerian Content Development and Monitoring Board, (NCDMB) Dr. Ernest Nwapa described the acquisition as another affirmation that indigenous oil servicing companies have developed the capacity to acquire and operate hi-tech assets and could participate in every segment of the oil and gas industry notwithstanding the challenges.

 

According to him, the emergence of a new breed of Nigerian investors and the quantum of investments they are making have erased any doubts that government and the people of Nigeria were resolute with the implementation of the policy.

 

Speaking further, the Executive Secretary stated that real Nigerian Content accomplishment would only come when vessels such as the DSV Vinnice are constructed in Nigeria, expressing the hope that any other such vessel to be acquired by a Nigerian investor would be outfitted at the Naval Dockyard Lagos and some of the components manufactured in-country.

 

He gave the assurance that the Board was working with the National Petroleum Investment Management Services (NAPIMS) to ensure that any major asset acquired by a Nigerian investor gets deployed in the industry. He said that not doing so would negatively affect the banks that funded the acquisition as well as make it difficult for other companies to get similar credit from Nigerian banks.

 

Dr. Nwapa recalled that the Board made ownership of assets a key plank of implementation because it provided the opportunity for exposing the technology to other Nigerians.

 

Giving his welcome address, the Chairman of Petrolog Group, Dr. Vincent Ebuh described the Nigerian Content Act as the greatest boost to the company's growth. He commended the NCDMB for its implementation of the Nigerian Content Act, which according to him has created opportunities for indigenous companies to thrive.  He said: "Since the Act came into effect, we have been emboldened to take giant steps and risks to meet existing demand."

 

Also in attendance at the unveiling was the Managing Director of First Bank, Mr. Bisi Onasanya who affirmed the bank's readiness to support infrastructural development and local content. They provided some of the financing for the acquisition of the vessel. Also present was the Group General Manager, NAPIMS, Engr. Jonathan Okeys who described the vessel as a welcome addition to the contracting pool, especially at a time industry operations were becoming more complex and moving into the deep offshore.  He gave the assurance that NAPIMS would develop a special contracting scheme to support any Nigerian contractor that invests on the back of the Nigerian Content Act.

 

Petrolog has offices in 12 countries spread over 4 continents and a 650-strong work force to enable it to meet the needs of clients globally.

 

NCDMB Reveals Adopt a University Faculty Initiative

 

Oil companies are being urged to adopt a university faculty in a new drive to get on-the-job experience for students. The Executive Secretary of the Nigerian Content Development and Monitoring Board, (NCDMB) Dr. Ernest Nwapa said that he will go even further and make it a requirement for all contracting entities in the Nigerian oil and gas industry to adopt a faculty or department in any Nigerian university. He wants to see the oil companies develop programmes that allow the students to learn on the company's assets as a means of bridging the gap between universities and the oil and gas industry. 

 

AWARDS

Seven Energy Wins Indigenous Firm of the Year Award

  

Indigenous oil and gas development and production company, Seven Energy International Limited, which has a strong gas focus, has emerged as the winner of the Indigenous Firm of the Year Award. The distinction was conferred by the Petroleum Africa magazine, which is given in recognition of Africa's indigenous Oil and Gas Companies for their investment and involvement in upstream, midstream and downstream operations.

  

Phillip Ihenacho, Chief Executive Officer, Seven Energy commented: "We would like to thank Petroleum Africa for this prestigious award. Considering that it was the first time we made the list of finalists, it is a fantastic recognition of all our on-going efforts and achievements during 2014 in contributing to the development of the Nigerian gas market in a responsible way. We are committed to aiding the development of Nigeria's gas resources, improving power supply and supporting local economic growth."

  

Seven Energy came top of a list that included other leading indigenous players from countries such as Ghana, Angola, South Africa, Kenya and Nigeria after a rigorous review process by Petroleum Africa's Survey Committee.

  

Petroleum Africa commended Seven Energy for its "well-executed work program and diversification strategy" in 2014. They said that the choice of Seven Energy as the Indigenous Firm of the Year was based on the Company's achievements in 2014 which included the production and supply of gas to the Ibom Power Plant in Akwa Ibom State, the completion of the second train at the Uquo Gas processing facility, achieving 200 MMcfpd (million cubic feet per day) of gas processing capacity, and the formal commissioning of the Uquo Gas Processing facility by President Goodluck Jonathan.

  

Other achievements by the company in 2014 included obtaining a $170 million 5.5 year loan facility to support the acquisition of East Horizon Gas Company Limited from Oando. East Horizon owns the 128 km East Horizon gas pipeline and holds a 25 MMcfpd gas sales agreement with Unicem, one of Nigeria's largest cement plants. In addition, Seven Energy acquired SRL 905 Holdings Limited, which holds a 40% interest in oil prospecting licence (OPL) 905.

  

Seven Energy also completed the placement of $400 million Senior Secured Notes, and secured a $255 million new equity capital from Temasek, the international Finance Corporation (IFC) and the IFC African, Latin American and Caribbean fund to further develop gas opportunities in Nigeria's domestic gas market. 

 

TENDERS

Pan Ocean - Provision of Coil Tubing Services

Pan Ocean Oil Corporation (Nigeria) Limited invites interested and registered Nigerian companies to respond to the opportunity for the provision of coil tubing services for completion & work over operations. The  scope of services involves the provision of nitrogen kickoff ,perforation wash ,well circulation , tubing clean out ,pumping  fishing. Only Tenderers who are registered in the relevant NJQS product/category 1.01.15 coiled tubing tools and accessories; 3.04.22 well overhauling/stimulation services; 3.04.36 well wash services; 3.04.37 coiled tubing services; 3.04.38 pumping services (categories A-D) shall be invited to submit technical bids. The closing date for this opportunity is 25th  March 2015.

 

Pan Ocean - Provision Of Slickline/Braided Line Services

Pan Ocean Oil Corporation (Nigeria) Limited invites interested and registered Nigerian companies to respond to the opportunity for the provision of slickline/braided line services. The  scope of services involves the provision of equipment and personnel for slickline/braided line services. Only Tenderers who are registered in the relevant NJQS product/category 1.01.13 BOP and accessories; 1.01.14 wireline equipment and accessories; 3.04.12 fishing/wireline fishing services; 3.04.24 wireline services (categories A-D) shall be invited to submit technical bids. The closing date for this opportunity is 25th March 2015 

 

Enageed Resource - Provision of Drilling & Completion Services

Enageed Resource Limited (Company) invites interested and registered Nigerian companies to respond to the opportunity for the provision of drilling & completion services. The scope of services involves the provision of drilling, completion, testing and work-over of development, exploration and appraisal wells together with the provision of operational support services. Only Tenderers who are registered in the relevant NJQS product/category shall be invited to submit technical bids. The closing date for this opportunity is 25th March 2015.


 

SPDC - Provision of Well Intervention Services

Shell Petroleum Development Company of Nigeria invites interested and registered Nigerian companies to respond to the opportunity for the provision of the well intervention services. The  scope of services involves the Coordination of all filtration operations at the rig site and liaising with operators drilling team, monitoring performance, report, and maintain fluid parameters and inventory of products; implementation of HSE plan for fluids at well site; provision of completion/work-over brine filtration services on the rig site. Only tenderers who are registered in the NJQS Service categories shall be invited to submit technical bids. The closing date for this opportunity is 27th March 2015.

 

SPDC - Provision of Technical Data Management Services

Shell Petroleum Development Company of Nigeria invites interested and registered Nigerian companies to respond to the opportunity for the provision of technical data management services. The proposed contract will commence in first quarter of 2016. The  scope of services involves the provision of annual review of petroleum documentation readiness and support , physical records archive management (livelink, epcatlog) , management of well data and information in corporate repositories (CDS, Recall, PetroBank, TapeDb, EDM, Petrel, OpenWorks, MoReS, BHP)amongst others. Only tenderers who are registered in the NJQS Service categories product group data management services product/services category 3.11.10 (Cat. A-D) shall be invited to submit technical bids. The closing date for this opportunity is 31st  March 2015.

EVENTS

Ghana Summit Conference and Exhibition

Accra, Ghana

21 April 2015

www.cwcghana.com

   

Offshore Technology Conference (OTC)

Houston, Texas, USA

4-7 May 2015

http://2015.otcnet.org/  

 

OPEC International Seminar on "Petroleum: An Engine for Development"

Vienna Hofburg Palace, Austria

3-4 June 2015

http://www.opec.org/  

 

Oil, Power and Mining

Orlando, Florida, USA

12 - 14 August 2015

www.oilpowermining.com/

 
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Best wishes

 
Remi Aiyela
Editor-in-Chief