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NNPC Seeks $1bn Alternative Funding for AKK Pipeline, Awaits Chinese Lending


Emmanuel Addeh in Abuja with agency report
The Nigerian National Petroleum Corporation (NNPC) through the federal government is seeking $1 billion to continue work on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, a key project costing about $2.8 billion, after Chinese lenders, which had pledged to offer most of the funds, failed to disburse cash as quickly as expected, three sources privy to the matter told Reuters.
According to the report, it is the latest sign of falling Chinese financial support for infrastructure projects across Africa, after years of major Chinese lending for railway, energy, and other projects.
A spokesman for state oil company, Nigerian National Petroleum Corporation (NNPC), which is building the 614-kilometre (384-mile) pipeline, said it was still negotiating with the Chinese lenders – Bank of China and Sinosure – to cover $1.8 billion of the project cost. ....

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Adnoc awards $318m worth of contracts to sustain output capacity at largest onshore asset


This EPC award demonstrates how Adnoc is leveraging advanced technologies, such as smart wells with state-of-the-art remote capabilities, to drive higher performance from our assets and resources, and to generate additional value, said Adnoc upstream executive director Yaser Saeed Almazrouei.
Bu Hasa is one of Adnoc ’s oldest oil fields located 200 kilometers south of Abu Dhabi city. It has been producing oil since 1965.
In 2018, Adnoc awarded a contract for the Bu Hasa Integrated Field Development Project to increase the production capacity of the asset to 650,000 barrels per day and sustain long-term production as part of its strategy to expand its crude oil production capacity to 5 million bpd by 2030. ....

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Nigeria's PIB nears journey's end [NGW Magazine]


Nigeria‘s PIB nears journey’s end [NGW Magazine]
Feb 18, 2021 7:15:am
Summary
The Nigerian Petroleum Investment Bill is nearing enactment, but there are still differences between the states and the government over sharing the upstream bounty. [NGW Magazine Volume 6, Issue 4]
by: Omono Okonkwo
Over a decade after first mooted, the Petroleum Industry Bill (PIB) is set to become law this spring. The speaker of the lower chamber of Nigeria’s national assembly, Femi Gbajamiamila, said in January that “we intend to pass this bill by April. That is the commitment we have made. Some may call it a tall order, but we will do it and we will do it with every sense of responsibility without compromising the thoroughness of the work that will be done.” ....

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