Total e & p nigeria limited interview update

‘Falling oil price may not affect $3.8bn Egina project’

on February 24, 2015 / in Energy 12:49 am / Comments

By Godwin Oritse

THE current economic impact of global downtrend in the prices of oil that is already taking its toll on key sectors of the Nigerian economy may not have adverse effect on the country’s Egina oil platform project valued at $3.8 billion. The project was awarded by Total E&P Nigeria to Samsung Heavy Industries, with a mandate to integrate a Floating Production Storage and Offloading, FPSO platform at the LADOL base in Lagos, as the local content partner.

Engineers at drilling rig

The Managing Director of the Lagos Deep Offshore Logistics, LADOL base, Dr. Amy Jadesimi, said that although the oil price fall portends worry for the economy, Nigeria’s fledging logistics sector may not be affected. According to her, “There are two sides to this. terms of our business and local content, the falling oil prices actually play in our favour. The premise of LADOL and the lots of new entrants coming into the market is that we are actually creating value.

We are lowering costs and we are making it easier for foreign companies to do business in Nigeria both by lowering their costs and increasing the efficiency of their operations.” She described logistics support bases as small industrial villages with full services offering which significantly lower the cost of activities in the oil and gas sector.

“Obviously we have created jobs. With the project we are doing now, we have created 5000 jobs directly and 50,000 indirectly. Now, the investment in our free zone is up to $450million. Going forward, the investment that would be attracted not just to LADOL but related facilities is in the $10billion range and it comes back to capacity development.”

Jadesimi pointed out that due to oil price fall oil companies will embark on portfolio management. “When they are looking at the West African market, you can’t ignore Nigeria. Now we have a big project coming up for Shell, Bonga South-West that many people have been watching and counting on. They were supposed to spend $40billion in Nigeria over the next decade.”

Referring to recent announcement of project cancellation by the Shell Group, Jadesimi noted that there are fears that the oil conglomerate may extend such project cuts to Nigeria due to the price fall. “Shell is committed to Nigeria, the oil reserves that Shell has in Nigeria make up a significant proportion of the company’s total reserves and now that Shell has divested some of their onshore assets, development of Bonga becomes more important.”

The situation, she said, portends positive trend for local content development in Nigeria because such huge projects are under significant price pressure and cost pressure. “So for those companies to continue to make the decision to go ahead with these projects, we have to continue to lower our costs and increase our efficiency. That is what LADOL is all about and that is what many local content companies are all about.

They are about local people making investments and by us making certain investments in infrastructure, in service provision to enable these oil companies to continue to work in Nigeria.” She however warned against the over-dependence on oil proceeds for the sustenance of the nation’s economy. “What we have to worry about is the future. Our government has made a good point that we have to diversify the economy.


- See more at: http://www.vanguardngr.com/2015/02/f....EtofpVtv.dpuf

hmmmmm. its well

Inormation reaching me now is that 80% of contract staff have been sack and the rest staff have embark on strike

Quote:

---

Originally Posted by Goodluck82

Inormation reaching me now is that 80% of contract staff have been sack and the rest staff have embark on strike

---

Very true.....strike been on for over a week; abuja office to be shut down....cost slashing!

Heard Total has suspended all recruitment, pls lets confirm this statement. God will torch their heart.

Quote:

---

Originally Posted by Goodluck82

Heard Total has suspended all recruitment, pls lets confirm this statement. God will torch their heart.

---

It's confirmed, people.....Lets hope for the best....

They can still revisit the recruitment later in the year. Lets hope for the best

Quote:

---

Originally Posted by Goodluck82

Heard Total has suspended all recruitment, pls lets confirm this statement. God will torch their heart.

---

This is certainly due to the fact that the budget was not approved. But we all know that oil price will bounce up again.Hence, to me ,this has little relevance. Recruitment for 2011 and 2012 candidates has already being concluded.

Quote:

---

Originally Posted by coolguy

This is certainly due to the fact that the budget was not approved. But we all know that oil price will bounce up again.Hence, to me ,this has little relevance. Recruitment for 2011 and 2012 candidates has already being concluded.

---

But some of us havent been contacted for medical, why did you now say it has been concluded?.

Quote:

---

Originally Posted by Goodluck82

But some of us havent been contacted for medical, why did you now say it has been concluded?.

---

FPI and medicals for 2011 and 2012 was done between Sept. to Dec. 2014. You should understand calling you for medicals makes no difference since TEPNG hardly sent rejection mails that's the problem. The only way to know for sure is to ask from recruitment.

NIGERIA: TOTAL COMPLETES $1 BILLION OF ONSHORE DIVESTMENTS

• 
  
• zoomin
• zoomout

March 30, 2015


Paris - Total has completed the divestment of its stake in onshore Oil Mining Lease (OML) 29 to Aiteo Eastern E&P, a Nigerian company, for $569 million. Together with the recently completed divestments of OML 24 and OML 18, Total’s share of sale proceeds from these three onshore Nigerian blocks amounts to over $1 billion.

“The sale of these non-operated onshore blocks in Nigeria is yet another example of our strategy of dynamic portfolio management, achieved at attractive valuations,” said Patrick de La Chevardière, Chief Financial Officer at Total. “These transactions also reduce our exposure to non-operated blocks onshore Nigeria, and allow us to focus on our core, operated developments, such as the Egina project.”

Total holds a 10% stake in several onshore blocks in Nigeria via the Shell Petroleum Development Company (SPDC) Joint Venture alongside the Nigerian National Petroleum Corporation (55%), SPDC (30%, operator) and Nigerian Agip Oil Company Limited (5%). Since 2010, Total has divested its interests in eleven onshore blocks to Nigerian companies, in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the sector.


http://www.total.com/en/media/news/p...re-divestments

Rent A House fast anywhere in Nigeria! Go to www.house-nigeria.com
Also advertise your house there.

Still hopeful, total will call us soon