NNPC Urges Indigenous Companies To Bid For 30 Marginal Fields


The Nigerian National Petroleum Corporation (NNPC) has urged members of the Independent Petroleum Producers Group (IPPG) to participate in the forthcoming bid round for about 30 marginal oil fields which would soon be flagged off by the Federal Government.

Dr. Maikanti Baru, the Group Managing Director of the Corporation, gave this charge when he received a delegation of IPPG led by its chairman, Engr. Ademola Adeyemi-Bero, at the NNPC Towers in Abuja; where he also urged them to take advantage of the low crude oil price regime to develop their capacity and acquire technology.

Dr. Baru stated that there were lots of opportunities in the marginal fields which would soon be available, urging the IPPG to work hand-in-hand with the Department of Petroleum Resources (DPR) to ensure that they met the conditions that would be required from bidders.

“The marginal oil field lease renewal is an opportunity for your group. You will need to engage the DPR early in discussion to find out the conditions that the Federal Government is interested in. For example, the supply of gas to power plants and fertilizer plants and I think your group will be successful,” Dr. Baru advised.

The NNPC GMD also tasked the IPPG members to ramp up their collective production from 10 per cent of national production to fifty per cent in the next 10 years in order to increase the footprint of indigenous companies in the upstream sub-sector as is the case in the downstream.

The NNPC helmsman stated that the Corporation was passionate about collaborating with the indigenous producers in order to grow their capacity and participation in the exploration and production sub-sector in line with government’s local content policy.

He said the Corporation was very proud of them and was looking forward to a time when about ninety per cent of upstream operations in the country would be controlled by them.

Dr. Baru applauded members of the group for their productive community engagement which had stemmed the incidence of pipeline sabotage along the Trans Forcados Pipeline and enjoined them to extend similar gesture to the communities around the other crude oil lines to help stabilise national production.

The Chairman of the Group, Engr. Adeyemi-Bero, who made a presentation to the NNPC management, said the group was made up of twenty five active indigenous producers ,and driven by the passion to support the 12 Business Focus Areas of the current management of NNPC and the Seven Big Wins of the Federal Government.

The Chairman praised the Federal Government for initiating the Joint Venture cash call exit programme, stressing that the move would bolster their activities in the upstream sub-sector.

Source : Independent

Mayweather beats McGregor to win epic fight

Floyd Mayweather has beaten Conor McGregor in Las Vegas, claiming his 50th victory and maintaining his unbeaten record.

McGregor had been written off before the fight, but the Irishman surprised many of his critics with a largely professional display, taking the fight to 10 rounds.

He got off to a flying start, throwing a series of punches at the 40-year-old and scoring a few early points. Displaying some theatrics, the Irishman even put his hands behind his back t one stage.

As the first round wore on, Mayweather went on the offensive but failed to connect and it was the Irishman who was ahead as the bell rung.

In the second round, McGregor continued the assault and easily held his own against the undefeated Mayweather.

McGregor received a warning in the third round as he illegally connected with Mayweather on the top of the head. Despite the breaches, it was a largely controlled, professional display from the MMA fighter.

Mayweather, meanwhile, struggled to stamp his authority on the contest, receiving blows to the head and failing to make an impact on the 29-year-old opponent.

The American found himself against the ropes early in the fourth round as McGregor went on the attack. Despite apparently trailing the Irishman, Mayweather had time for a wink to the cameras in a show of confidence.

But Mayweather is known to be patient and started to find his groove in the fifth round. Pushing the Irishman back, Mayweather landed a number of blows to the body and his pressure started to pay off in the sixth as the Irishman seemed to tire.

In the seventh, he finally started exerting serious pressure on McGregor, getting him on the ropes and landing a hard left hook.

In the eighth, Mayweather maintained the pressure but McGregor remained defiant, landing some shots of his own.

McGregor got Mayweather on the ropes early in the ninth, but Mayweather battered McGregor with a hard right. With the Irishman clearly tiring and with his legs wobbling, Mayweather moved in for the kill but the Irishman survived the round.

The American finished McGregor off in the 10th round, with the referee stepping in to stop the fight.

Source : SunOnline

Equities, NSE, turnover

Equities Market Turnover Hits N24.218bn In One Week

Equities, NSE, turnover

A total turnover of 1.538 billion shares worth N24.218 billion in 19,187 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.394 billion shares valued at N25.037 billion that exchanged hands in the previous week in 23,133 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.209 billion shares valued at N14.210 billion traded in 10,692 deals; thus contributing 78.65% and 58.68% to the total equity turnover volume and value respectively.

The Agriculture Industry followed with 109.646 million shares worth N154.438 million in 321 deals. The third place was occupied by Consumer Goods Industry with a turnover of 83.608 million shares worth N6.247 billion in 3,726 deals.

During the week, the last of Tier-1 lenders was yet to release half year 2017 scorecards; Access Bank, Ecobank Transnational Incorporated and United Bank for Africa submitted audited financials with better than expected performance reported across earnings metrics.

Nonetheless the impressive results from the Tier-1 banks, the All Share Index ended the week in the red, down 0.7 per cent week-on-week, while year-to-date gain moderated to 36.4 per cent. Also, market capitalisation fell by N94.5 billion to settle at N12.6 trillion.

The negative close was against the backdrop of sell-offs in large cap stocks including Dangote Cement (-4.0%), Lafarge Cement WAPCO (-3.4%), Zenith Bank (-5.8%), Total Nigeria (-5.0%) and Unilever Nigeria (-9.2%).

Activity level was, however, mixed as average traded volume rose 10.3 per cent to 307.5 million units, while average traded value fell 3.3% to N4.8 billion week-on-weeks.

Overall sector performance was mixed as three of five sector indices declined against two. The Oil & Gas index declined the most with a loss of 3.7 per cent  on the back of sell-offs in Mobil Nigeria  (-14.5%), Conoil (-14.2%) and Total Nigeria (-5.0%).

The industrial goods index followed with a decline of 3.3 per cent due to profit-taking in Dangote Cement (-4.0%) and Lafarge Cement WAPCO (-3.4%).

Likewise, the Insurance index closed the week 1.8 per cent lower on account of price depreciations in Mansard Insurance (-7.3%) and LINKASSURE (-6.5%).

On the gainers chart, the consumer goods index led with a 2.4 per cent week-on-week return owing to buy interest in Nigerian Breweries  (+5.0%), Dangote Flour Mills (+10.3%) and Dangote Sugar Refinery  (+6.6%), while the banking index closed 0.3 per cent higher due to upticks in Guaranty Trust Bank  (+2.3%), United Bank for Africa  (+3.7%) and Access Bank (+2.9%).

Source : Independent

Barcelona complete €105M Dembele signing from Borussia Dortmund

The 20-year-old sealed his dream move to the Catalan side after the clubs reached an agreement, making him the second most expensive player in history
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Barcelona have completed the signing of Ousmane Dembele from Borussia Dortmund in a deal potentially worth €147 million.

According to Goal, the 20-year-old attacker was on his way to Camp Nou on a five-year contract after the sides reached an agreement.

Barca have confirmed a €105m initial fee for Dembele, with Dortmund to receive a further €42m in bonuses. The forward’s release clause has been set at €400m.

The €222m received from Paris Saint-Germain for Neymar sparked the Liga side’s pursuit of Dembele and Liverpool’s Philippe Coutinho in the close season, but they saw bids for each rejected.

While Liverpool have stood firm on their insistence that Coutinho is not for sale, Dortmund have surrendered to Dembele’s wishes and allowed him to leave.

The France international had made clear his desire to join Ernesto Valverde’s side by skipping training, resulting in him being indefinitely suspended by Dortmund.

Dembele spent just one season in Germany after joining from Rennes for €15m in July 2016, scoring 10 goals in 50 games in all competitions for BVB.

He will arrive in Spain over the weekend to undergo a medical and sign his contract ahead of his official unveiling at Camp Nou on Monday.

He is the fifth signing Barca have made in the current window, joining Marlon, Nelson Semedo, Paulinho and Gerard Deulofeu in moving to Camp Nou.

Source : SunOnline