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Buhari approves renewal of three oil licences for Seplat till 2038 – Official

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President Muhammadu Buhari has given consent for the renewal of three Oil Mining Licences (OML) belonging to oil and gas firm, Seplat Petroleum Development Company Plc.

A disclosure sent to the Nigerian Stock Exchange (NSE) on Thursday said the president gave consent for the renewal of the three licences––OMLs 4, 38 and 41––to a new expiry date of 21 October 2038. (http://www.nse.com.ng/Financial_NewsDocs/24435_SEPLAT_PETROLEUM_DEVELOPMENT_COMPANY_PLC_CORPORATE_ACTIONS_NOVEMBER_2018.pdf).

Mr Buhari, who is also Nigeria’s petroleum minister granted the approval after the company paid a renewal bonus of $25.9 million, the disclosure said.

Seplat Petroleum Development Company is a Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange.

According to the disclosure, signed by Roger Brown, Seplat’s Chief Financial Officer, the company holds a 45 per cent working interest in OMLs 4, 38 and 41. Mr Brown added that in the first nine months of 2018, production from the licenses accounted for 92 per cent of Seplat’s total oil production and 100 per cent of Seplat’s gas production.

“In connection with the licence renewal Seplat has paid in full a Renewal Bonus of US$25.9 million, thus ensuring all conditions for license renewal have been met,” the disclosure said.

“The Company is now working with the Department of Petroleum Resources to obtain the updated title deeds in connection with the renewal.”

On his part, Austin Avuru, Seplat’s Chief Executive Officer, assured that after the renewal, the company would now invest in the Nigerian oil and gas industry with confidence.

“We are delighted to have concluded the early renewal of our core producing licenses, OMLs 4, 38 and 41,” he was quoted to have said.

“With the extension of the license to 2038 secured, we can now invest with confidence long into the future as we seek to further realise the full oil and gas potential of the licenses and continue to deliver value to all of our stakeholders.”

-Premium Times

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Tribunal sack: Dino Melaye reacts, says no cause for alarm

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The Senator representing Kogi West Senatorial district, Dino Melaye, has reacted to the nullification of his victory in the March 22 election and ordering of a fresh election by the Kogi West National Assembly/State Assembly Election Petitions Tribunal, sitting in Lokoja on Friday.

Melaye, in a statememt, said the judgment is a miscarriage of justice and therefore, no cause of alarm.

The PDP chieftain further said that his legal team was already studying the judgement, adding that he would appeal it.

He said he was confident that the Appeal Court would upturn the judgement of the lower tribunal.

According to him, the judgement was full of importation of information that was alien to the case.

Melaye said, “I, however, commend the courage and moral strength of the chairman of the tribunal for resisting evil and standing on the part of justice?”

“I have confidence in the Appeal Court to right the wrongs as contained in the pronouncements of the judgement.”

He added, “I also want to tell those jubilating that their jubilation will be short-lived while appealing to my teeming supporters to remain calm as their mandate is safe and secure and cannot be taken through any mischievous means.

“However, our legal team is already working on appealing the judgment and I assure all that justice will prevail.”

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BREAKING: Tribunal sacks Dino Melaye as Kogi west senator

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The Kogi State National Assembly/State Assembly Election Petition Tribunal has quashed the victory of Senator Dino Melaye representing Kogi West Senatorial district.

Melaye (PDP) was declared winner in the February election by INEC but Senator Smart Adeyemi (APC) approached the tribunal, challenging INEC declaration on three grounds of irregularities, over voting and non compliance with the electoral acts.

The three man panel led by Justice A. O. Chijioke in a unanimous judgment on Friday accepted Adeyemi’s ground and order for reelection into the senatorial axis.

…More details shortly

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Sylva assumes duty as minister of state for petroleum …As NNPC, others welcome him

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The newly appointed Minister of State for Petroleum Resources, Chief Timipre Sylva, has assumed duties with a pledge to reposition and chart a way forward for the Nigerian petroleum sector.

A press release Wednesday by the NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said Chief Sylva pledged to work with the experts at the Nigerian National Petroleum Corporation (NNPC) and the other departments and agencies under the Ministry to move the sector forward.

In a welcome ceremony for Chief Sylva at the NNPC Towers in Abuja, the new Minister of State for Petroleum Resources who was accompanied by his wife, Alanyingi Sylva, stated that with the calibre of workforce in the Ministry, he was sure that the nation’s oil and gas sector would move to the next level.

Chief Sylva, who is a former Governor of Bayelsa State brings on the job several years of cognate experience in the petroleum sector.

The new Minister of State contributed profoundly to the institution of the Amnesty programme in the Niger Delta region which, over time, has led to restoration of peace in the oil producing areas of Nigeria.

Earlier, the Permanent Secretary of the Ministry of Petroleum Resources, Dr. Folashade Yemi-Esan, reassured Chief Sylva of the readiness of all members of staff in the Ministry to support him to succeed in the onerous task of transforming the Nigerian oil and gas sector for the good of all stakeholders.

On hand to welcome the Minister at the brief ceremony were the Group Managing director of NNPC, Mallam Mele Kyari; Executive Secretary of the Petroleum Training Development Fund (PTDF), Dr. Bello Aliyu Gusau; and the Executive Secretary of the Petroleum Equalisation Fund (PEF), Alhaji Ahmed Bobboi, amongst others.

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