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  • Seplat to buy Eland Oil and Gas for £382m

    Posted 2019-11-01 10:45:27 by: ENG Team

    Nigeria-based oil and gas company Seplat Petroleum has agreed to buy fellow Nigerian company Eland Oil and Gas for $486m (£382m), which values Eland at 166p a share. The acquisition must be approved by 75% of Eland shareholders at a general meeting and, if agreed, the deal will take place by the end of 2019. Seplat will fund the acquisition through existing cash resources and a loan provided to the company. Following the announcement, Seplat’s stock price jumped slightly on the London Stock Exchange from 107p to 111p a share. Eland’s share price also rose from 129.20p to 164.60p a share on the London Stock Exchange, giving the company a market capitalisation value of £356m.   Seplat share price in 2019 Eland share price in 2019 Seplat chairman Dr Bryant Orjiako said: “Since Seplat acquired its first blocks and commenced production in 2010, we have increased oil and gas production and grown reserves in each year of operation, delivering significant growth and value for our shareholders. We firmly believe that Eland is a complementary fit with Seplat and that there will be an enhanced scale and a wider range of capabilities made available to the enlarged group through the combination. “This acquisition signals the next step in our journey that will underpin Seplat’s ambition to be the leading independent E&P in Nigeria.” Eland chairman Russell Harvey added: “We are pleased to announce this recommended acquisition by Seplat. Eland’s management team has done an excellent job executing our strategy. We have demonstrated a strong track record of operational delivery and value creation in Nigeria from our high-quality assets. “This offer allows Eland Shareholders to benefit from an accelerated and enhanced realisation of this value through a cash offer at a significant premium to the current market value. In addition, the business will benefit from the opportunity to become part ...

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  • FibreNet by MTN

    Posted 2019-04-09 10:18:21 by: ENG Team

    MTN Unveils New Product “Fibrenet” MTN Nigeria has launched its FibreNet product and services in Abuja using CITEC estate as its pilot. Auwal Abdullahi, MTN senior manager Enterprise Business in the North, said the decision to start with the estate “was borne out of the fact that CITEC is one of the biggest estate in Abuja with close to about 3,000 residents“  About FibreNet (By Auwal Abdullahi) FibreNet known as fibre-to-home is a cable connection unlike the conventional wireless GSM mobile connection which makes it to be “highly scalable, and highly resilient. The speed of internet either on 3G or 4G is always in the neighbour of 7 to 70mbps but with the fibre-to-home you are likely to enjoy up to 700mbps. With the FibreNet Product the 3,000 residents of CITEC are assured of reliable and affordable internet, which is highly subsidized for its users. Abdullahi stressed that “once we are successful, we can actually replicate this in virtually all the estates in Abuja, adding that there are plans to spread it across the ...

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  • The Currency of the Future is Coding - AFDB President; Adesina

    Posted 2019-04-08 11:41:35 by: ENG Team

    “Coding must be compulsory, at all levels. The currency of the future is going to be coding…We must democratize technology,” Adesina tells Mo Ibrahim Governance Week. African Development Bank President Adesina, on Friday, pleaded for Africans to embrace technology, and governments to urgently move away from “investing in the jobs of the past, but rather in the jobs of the future. A future that is just around the corner.” Adesina was addressing a debate entitled: The New Tech Era: Job-killer or Job-creator? organised by Africa Report and Jeune Afrique as part of the 2019 Mo Ibrahim Governance Week. The debate took place in the Sofitel Hotel in Abidjan, Cote d’Ivoire. “The people who control data, will control Africa. Coding must be compulsory, at all levels. The currency of the future is going to be coding,” Adesina said. “Information technology must not be the exclusive privilege of the elite, we must democratize technology,” he added. Panelists included Pascal Lamy, board Director of the Mo Ibrahim Foundation and past Director-General of the World Trade Organization; Eric Kacou, an Ivorian businessman and co-founder of ESP Solutions; Chioma Agwuegbo, a Nigerian tech specialist and Zyad Liman, publishing director of Afrique Magazine. In his welcome remarks, Mo Ibrahim urged the panelists to think about ways to address the “tsunami of young people entering the job market.” In response to that call to action, Kacou insisted on the need for “a change in mindset to move from BBC or Born Before Computers to rethinking education to teach people how to learn and help them solve problems.” Panellists acknowledged the critical role the tech industry can play in Africa’s economic transformation through the continent’s digitization. However, they agreed on the urgent need to upgrade the skills of the past, to do it fast, and move away from the social fear ...

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  • Zero Gas Flare Regime

    Posted 2019-04-08 10:26:20 by: ENG Team

    NNPC Expresses Commitment to Zero Gas Flare Regime ... Urges HOSTCOM to Curb Menace of Pipeline Vandalism, Crude Oil Theft.   The Nigerian National Petroleum Corporation (NNPC) has expressed its commitment to a zero gas flare regime for every new gas project, even as it trains its sights on commercializing existing gas flare projects for the benefits of the host communities and Country at large. Group Managing Director of the NNPC, Dr. Maikanti Baru, stated this while receiving in audience the national leadership of Host Communities of Nigeria (HOSTCOM) led by its National chairman, High Chief Benjamin Style Tamaranebi, at the NNPC Towers in Abuja. Dr. Baru assured HOSTCOM that NNPC would continue to partner the various host communities to enable them benefit maximally from exploitation of the nation’s hydrocarbon resources. Dr. Baru said that the corporation would make sure that no new gas project would be approved without zero gas flare modalities, stressing that for already existing gas flare projects, the NNPC was exploring various options to commercialize the gas flare with a view to eliminating it. The GMD commended HOSTCOM for restoring sanity to the Niger Delta region, saying the relative peace had given operators the leverage to concentrate on production for the benefit of the national economy. “I want to thank the Oba of Benin for midwifing HOSTCOM and the traditional rulers of Oil Mineral Producing Communities of Nigeria (TROMCON). For us as operators, we will continue to dialogue with the bodies so as to create enabling operating environment for the business and for the communities,” Dr. Baru stated. He urged HOSTCOM, as a pan cultural organization, to partner with NNPC in stemming the incessant pipeline vandalism, illegal refineries and illegal crude oil bunkering in the Niger Delta, adding that the elimination of those vices would reduce to the barest level, incidences of environmental pollutions. The NNPC ...

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  • 20 Million Naira Research and Innovation Boost

    Posted 2019-03-28 14:45:38 by: Eke Eke

    FG Donates N20Million to Boost Research and Innovation. Federal Ministry of Science and Technology As part of efforts to boost research and innovation in the country, the Federal Government on Monday 25th March 2019 donated N20 million to four National Academies for the publication of professional journals.   The four academies are the Nigerian Academy of Letters, the Nigerian Academy of Science, the Nigerian Academy of Social Science and Nigerian Academy of Engineering.   The Minister of Science and Technology, Dr. Ogbonnaya Onu who made the donation enjoined the academies to strive to integrate their knowledge especially as innovations are at the reach of everyone, adding that “knowledge cannot be compartmentalized in this fast-growing internet age”. Dr. Onu urged the Science academies to explore the benefits in social sciences in order to solve some societal problems and boost innovations. The Minister noted that it will be easier to solve critical National problems when we bring together the best brains we have in the country because according to him in solving scientific problems one need to relate to the environment. He commended them for their contribution to national development and charge them to continue to harness the potentials in the country to make it greater. “It is high time we move away from just having potentials but utilize them to move Nigeria forward, Dr. Onu added.   In his remarks, the President of the Nigerian Academy of Science, Professor Mosto Onuoha thanked the minister for his thoughtfulness and innovative ideas in considering the academics for cash donations. He said the publication of academic journals by academies had suffered due to lack of finance. He assured the Minister that the money would be well utilized to advance the frontiers of knowledge, research and innovations. He thanked the Minister for the gesture and called for more collaboration between the Academies and the ...

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  • 10,000 Jobs to be Created as NCDMB, NLNG Sign $12B Train 7 Nigerian Content Plan

    Posted 2019-03-26 11:49:41 by: ENG Team

    NCDMB, NLNG sign Train 7 Nigerian Content Plan.   The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigeria LNG Limited (NLNG) have signed the Nigerian Content Plan (NCP) for the NLNG Train 7 project, taking a big step towards kick starting the huge gas project that would create a flurry of activities in the oil and gas sector and contribute immensely to the nation’s economy. The Executive Secretary NCDMB, Engr. Simbi Kesiye Wabote and the Managing Director of NLNG, Engr. Tony Attah signed the NCP in Abuja (22nd March 2019)at an event witnessed by senior personnel of the Nigerian National Petroleum Corporation (NNPC), Shell, Total and ENI – shareholders of the NLNG. The Train 7 project is expected to expand NLNG’s production capacity by 35 per cent from 22 Million Tonnes Per Annum (MTPA) to 30 MTPA. At peak construction, the Train 7 project is projected to provide direct, indirect and induced employment for over 10,000 persons. The Executive Secretary emphasised at the signing ceremony that Train 7, like other forthcoming major projects in the oil and gas sector must leave a legacy facility, just like Total’s Egina deepwater, which catalyzed the development of an FPSO integration facility in Lagos. He explained that the expected job explosion from Train 7 is banked on the Nigerian Content Plan, which provides for 100 percent engineering of all non-cryogenic areas in-country. The total in-country engineering man hours is set at 55 percent, which exceeds the minimum level stipulated in the NOGICD Act, in line with the Board’s resolve to push beyond the boundary of limitations, he added. Wabote revealed that the Train-7 scope will deliver 100 percent in-country fabrication of the Condensate Stabilization Unit, pipe-racks, flare system, and non-cryogenic vessels. Site civil works on roads, piling, jetties and will also keep local businesses occupied. He added that “it will also provide great ...

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  • Sahara Group - LookToTheBook Initiative

    Posted 2019-03-12 15:16:19 by: ENG Team

    Sahara Group Unveils LookToTheBook Initiative to Boost Reading Culture. In commemoration of the World Book Day on Thursday 7th March 2019, Sahara Group is set to introduce the “Look to the Book” initiative to boost the reading culture amongst youths across Africa. In a world dominated by various smart devices and a fast declining appetite for reading, Sahara Group seeks to make books appealing through sundry collaborations with Sahara Foundation and its partners. According to the United Nations Educational, Scientific and Cultural Organization (UNESCO) Institute for Statistics (UIS), about 617 million children and adolescents globally are not achieving minimum proficiency levels in reading and mathematics. This signals “a learning crisis” according to the UIS, which could threaten progress towards achieving the United Nations Global Goals for Sustainable Development by 2030. Sub-Saharan Africa has the single largest number of 202 million children and adolescents who are not learning these fundamental subjects.  According to the data – two thirds of the kids who are not learning are in school. The data suggests the new numbers are rooted in three common problems. First, lack of access, with children who are out of school having little or no chance to reach a minimum level of proficiency. Second, a failure to retain every child in school and keep them on track, and third, the issue of the quality of education being delivered in the classroom. Over the years, Sahara Group has invested in the building and renovation of libraries across Africa while organizing school reading programmes anchored by volunteer staff as well as regional and global organisations. Speaking on the initiative, Manager of Sahara Foundation, Mr. Oluseyi Ojurongbe said “The World Book Day is marked in more than 100 countries and it is a UNESCO initiative that aims to celebrate the value of books and reading, especially among young people today. We ...

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  • Queen Elizabeth Prize for Engineering 2019 - The GPS

    Posted 2019-02-18 15:34:15 by: ENG Team

    The Men Behind GPS Just Won a Prestigious Engineering Prize.   The four winners of the 2019 Queen Elizabeth Prize for Engineering, for innovations that brought GPS to the world. From left: Richard Schwartz, Bradford Parkinson, James Spilker, Hugo Freuhauf   It’s an innovation that allows you to pinpoint your earthly location with just the phone in your pocket; it helps drivers navigate tricky routes, and it can even direct rescuers to stricken people in disaster zones. But Dr. Bradford Parkinson wasn’t able to use his brainchild, GPS, to stop himself getting lost in London, he quipped on Tuesday, as he and three others were named winners of the £1 million ($1.29m) Queen Elizabeth Prize for Engineering. The prestigious prize has been awarded every two years since 2013 to engineers responsible for innovations that benefit all of humanity. This year’s chosen technology, which stands for Global Positioning System, joins other far-reaching winners including the Internet and the cellphone camera. James Spilker, Hugo Fruehauf, and Richard Schwartz were also named for their contributions. For their parts, the recipients of the prize were clear that GPS was not the achievement of four men alone. “It’s a recognition of scores of engineers that actually made it possible,” said Parkinson, the chief architect. “Like so many things in our civilization, it is building on technologies and pieces that are gathered together in a new and exciting way.” GPS is “a pioneering innovation which, for the first time, enabled free, immediate access to accurate position and timing information around the world,” the Prize’s awarding body said in a statement. Parkinson, often called the “Father of GPS,” was joined at the London ceremony by Spilker, Fruehauf, and Schwartz. All expressed a mixture of gratefulness and bafflement that their work from the 1970s and 80s was being awarded a ...

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  • First Fully Automated Offshore Oil and Gas Platform

    Posted 2019-02-13 13:43:51 by: ENG Team

    Oseberg H; Inside the first fully automated offshore platform.   The world’s first fully automated oil and gas platform has been launched in the North Sea by Norwegian energy giant Equinor, previously known as Statoil. The Oseberg H cost £606m, and has no living quarters or even a toilet on it. Is this the future of the industry?   Oseberg H has a predicted volume capacity of 110 million barrels of oil equivalnet, which lies some 110m below sea leavel and is accessed via 11 wells.   Operations on the Norwegian Continental Shelf (NCS) are changing as oil and gas companies embrace technological advancements in an effort to take full advantage of deposits of all sizes.  Recently this drive for innovation hit a new high when the O platform began production. It is the first fully automated oil and gas platform, entirely unmanned and requiring only one or two maintenance visits a year. “With Oseberg H we take a huge technological leap forward. The fully automatic, unmanned and remote-operated platform is digitalisation in practice, and I am proud of Equinor and its partners having chosen this in-house developed solution,” said Equinor’s executive vice president for Technology, Projects and Drilling, Anders Opedal.   The platform was created using the motto “think big, build small”, and as such is designed in the simplest way possible. This is a motto that seems to have paid off, with the platform completed on-time and under-budget, launced on the 14 October 2018. The benefits of automation, which include improving efficiency and safety, seem clear, but an entire unmanned platform prompts some concerns. So do they represent the future of the industry?   More Details on www.equinor.com Copy Link - ...

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