News
Optimum Petroleum Announces Mayfair Assets as Minority Partner on OPL 310
Optimum Petroleum Development Limited, operator of Oil Prospecting License (OPL) 310 in the Federal Republic of Nigeria announces an operations update for activities related to the development of the world class Ogo discovery oil block.
Also, conditional Ministerial consent has been granted to its new minority partner, Mayfair Assets and Trust Limited (“Mayfair”), a subsidiary of Lekoil Limited (“Lekoil”), for a 17.14 per cent economic interest in OPL 310.
The decision was made with the support of the Federal Ministry of Petroleum Resources with consent granted to Mayfair by Dr. Emmanuel Ibe Kachikwu, minister of State for Petroleum Resources on 24 October 2016.
However, the consent will be effective upon Mayfair’s payment of 2.5 per cent of the transaction purse to the Federal Government and the signing of an Agreement with the Operator.
Engr. Yusuf K.J. N’Jie, managing director/CEO,Optimum Petroleum said; “Optimum Petroleum is pleased to announce progress on the resolution of the issues in relation to OPL 310 development and has pledged to continue in its efforts to bring yet another Benin Basin field into production following the successful development of the Aje field on OML 113.
“The forthcoming appraisal and development work on OPL 310 is expected to commence in 2017 and should contribute to the production oil and gas reserves supporting the industrial development and energy needs of Lagos State and the petroleum industry of the Federal Republic of Nigeria.”
In line with the Ministerial guidance on this issue, Optimum Petroleum remains resolute in finalizing the Agreement for the 17.14 per cent assignment and to define the rights and obligations of both parties for the optimal development of OPL 310 without further delay.
The Operator, however, can make no assurances for the successful completion as negotiations have been ongoing since 2013 and plans for a well to be spudded in early 2016 were not completed.
To date Optimum Petroleum has not executed an Agreement nor received payments as detailed in a 24 October 2015 non-binding term sheet.
Optimum Petroleum wishes to appreciate the position of the Ministry of Petroleum Resources as demonstrated by the Department of Petroleum Resources (DPR).
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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