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Rain Oil Boss, Ogbechie, Received Encomiums Over National Honour

Published

12 months ago

October 10, 2022

Rain Oil Boss, Ogbechie, Received Encomiums Over National Honour

Olushola Okunlade Writes

The Executive Assistant on Communications to the Vice Presidential candidate of the Peoples Democratic Party and Governor of Delta State, Dr. Barrister Fred Latimore Oghenesivbe, has described the Group Managing Director of Rainoil Limited, Dr. Gabriel Ogbechie, as an astute businessman, a philanthropist, and patriotic Nigerian.

Oghenesivbe’s assertion was contained in a goodwill message to Ogbechie over his nomination by President Muhammadu Buhari for the national honour of Commander of the Order of the Niger, CON, saying that the Rainoil Boss overcame all hurdles to become one of the main players in the oil and gas sector of the nation’s economy.

He noted that Ogbechie had demonstrated capacity and competence over the years, wherein Rainoil grew consistently to be a major employer of labour, adding that the oil magnate truly deserved the CON honour to be bestowed on him on October 11 by the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, Muhammadu Buhari, at the International Conference Abuja.

“I rejoice with my friend and Group Managing Director of Rainoil Limited, Dr. Gabriel Ogbechie, who has been nominated for the national honour of the Commander of the Order of the Niger, CON.

“Your enviable and inestimable contributions to the growth of the nation’s economy through Rainoil conglomerate cannot be overemphasized.

“You are indeed a core investor in the oil and gas sector, a philanthropist, and a patriotic Nigerian, who had exhibited a considerable measure of integrity, boardroom skills, capacity, and competence.

“It is my prayer that God continues to expand your coast, grant you longevity and good health to enjoy the fruit of your labour,” Oghenesivbe said.

In 2019, the Southern Swamp Associated Gas Solutions project was commissioned, and the SPDC JV is planning to reduce associated gas flaring further through its Forcados Yokri gas-gathering project, of which large parts are set to be completed in 2022. Despite such efforts to reduce continuous flaring, unfortunately flaring intensity (the amount of gas flared for every tonne of oil and gas produced) at both SPDC- and SNEPCo-operated facilities increased in 2021 owing to short-term operational issues. Flaring from SPDC-operated facilities increased by around 5% in 2021 compared with 2020. The increase was primarily because of the extended outage of the gas compression system in SPDC’s shallow-water operations. The system was restored and became operational from January 2022. Flaring at SNEPCo-operated facilities rose by around 160% in 2021 compared with 2020. This was mainly because of an increase in flaring on the Bonga floating production, storage and offloading (FPSO) vessel. Repairs to a flex-joint on the Bonga FPSO’s gas export riser in the second quarter took longer than expected, in part because of weather conditions. While repairs were under way, the FPSO continued to produce oil and therefore flaring was necessary for safety reasons. The repairs were safely concluded in July 2021. Although flaring intensity levels rose in 2021, SPDC and SNEPCo over the last 10 years have almost halved the combined amount of hydrocarbons they flare from 1.5 million tonnes in 2012 to 0.8 million tonnes in 2021. This reduction is the result of a strict flaring reduction management process and both SPDC and SNEPCo will continue to work in close collaboration with joint-venture partners and the government to make progress towards ending routine flaring of associated gas. NIGERIA LNG EXPANSION UNDERWAY Global demand for LNG continues to grow as the world increasingly seeks reliable supplies of lowercarbon energy. Shell’s investment in Nigeria’s gas infrastructure for export is expected to help 6 This is according to a data provided by global research and consultancy business Wood Mackenzie. the country benefit further from revenues. Shell Gas B.V. and its partners took a final investment decision in 2020 on a new LNG processing unit – known as Train 7 -- at NLNG. The expansion is expected to create around 12,000 jobs for Nigerians during construction and stimulate growth of the local oil and gas service sector, with 55% of engineering and procurement of goods and services being sourced in-country. Train 7 is expected to ensure Nigeria’s continued place as a global player in a lower-carbon energy source. Once operational, Train 7 will add around 8 million tonnes per annum of capacity to the Bonny Island LNG facility, taking the total production to around 30 million tonnes per annum. In 2021, NLNG began awarding procurement and construction contracts. Early works started at the site. The first phase of the worker village is expected to be ready for occupancy in 2022 and the new material offloading facility ready for use by the end of 2022. NLNG’s Train 7 is expected to come onstream in the middle of the 2020s. KEY LICENCE RENEWED FOR DEEP-WATER SNEPCo has interests in four deep-water blocks in the Gulf of Guinea, two of which it operates. Today, nearly one-third of Nigeria’s deep-water oil and gas production comes from the Bonga and the nonoperated Erha fields.6 Since production began in 2005, Bonga alone has produced more than 950 million barrels of oil with the 2021 average oil production per day at 105,000 barrels. The Bonga FPSO vessel has a total production capacity of 225,000 barrels of oil per day and 150 standard cubic feet of gas export per day. In 2021, the availability of the FPSO vessel increased to 80% from 70% in 2020. In addition to Bonga, SNEPCo’s exploration activities have led to several significant discoveries of oil and gas over the last two decades, including the Bolia and Doro fields (Shell interest 55%). Nigeria Briefing Notes Helping to power Nigeria’s economy 13 In the right investment climate, SNEPCo believes that there are opportunities to expand. In 2021 the OML 118 (Bonga) production sharing contract was renewed and the lease extended for 20 years. Bonga North and Bonga South West Aparo (BSWA) oil fields are two such potential opportunities. Bonga North is a proposed tie-back project to the existing Bonga FPSO with Phase 1 comprising 14 wells. BSWA is a development of a new FPSO with Phase 1 comprising 23 wells. SUPPORTING RENEWABLE ENERGY STARTUPS Millions of Nigerians are excluded from the country’s power grid and Shell Companies in Nigeria have established and provided substantial funding for a not-for-profit, impact-investing company called All On. Operating as an independent company, All On works to bring reliable electricity – often from renewable energy sources -- to off-grid urban and rural customers. This support aims to build a solid pipeline of viable businesses that can create the scale required to address Nigeria’s access to energy gap. In December 2019, SPDC and SNEPCo made a significant additional 10-year financing commitment of $160 million in All On, bringing the total commitment to $200 million. By the end of 2021, All On had provided investment capital to over 40 renewable energy start-ups in its portfolio – an increase of more than 30% from 2020. One such company is Infibranches Technologies Limited, to which All On has committed $2 million, which is expected to enable the indigenous technology company to expand sales of solar home systems via its more than 13,000 agent banking partners across Nigeria. With the support of the Rockefeller Foundation, the All On Hub was established in 2020 to provide nonfinancial support and build the capabilities of off-grid energy entrepreneurs. In 2021, the hub supported 81 ventures – nearly double the 41 supported in 2020. Also in 2021, All On, Odyssey Energy Solutions and the Global Energy Alliance for People and Planet launched a $10 million equipment financing facility as part of the DART pilot programme in Nigeria. 7 Hydraulic flying leads support the delivery of hydraulic fluid and/or chemicals between subsea equipment. 8 Subsea trees are an assembly of valves and other components used to monitor and control the production of a subsea well. DART will combine demand pooling, aggregated purchasing of solar equipment, and access to affordable finance to unlock economies of scale for solar companies, achieve cost savings for end-users, and accelerate the growth of the renewable energy sector in Nigeria and beyond. DEVELOPING LOCAL CONTENT AND SKILLS Shell Companies in Nigeria contribute to the growth of Nigerian businesses that can provide technical and support services to the industry. This includes the manufacture of tools and technical kits, the operation of helicopter flights in the Niger Delta, and strategic partnerships between foreign and local companies to stimulate technology transfer and capacity development. While there are government-required programmes in some areas, such as the Nigerian and Community Content Strategy embedded in the Assa North/Ohaji South gas development project, Shell Companies in Nigeria deliberately seek to contract local businesses wherever possible. In 2021, Shell Companies in Nigeria awarded $800 million worth of contracts to Nigerian-registered companies. Of these, 92% were companies with at least 51% Nigerian ownership. SNEPCo has awarded major engineering and construction contracts to companies that are indigenous, have local staff, or possess domestic capabilities in the country. At present, the manufacture and rebuild of hydraulic flying leads7 (HFLs) is being carried out in-country by wholly indigenous companies. Pressure Controls Systems Nigeria Limited, another Nigerian company, continues to refurbish old subsea trees.8 Sometimes, a lack of access to capital hinders Nigerian companies from competing for and executing contracts effectively. Shell Companies in Nigeria have provided access to nearly $1.6 billion in loans to 901 Nigerian vendors under the Shell Contractor Support Fund since 2012. These loans help improve their tendering opportunities.

Ogbechie, who is to be conferred with the Officer of the Order of the Niger (OON) for his contribution to Nigeria’s oil and gas sector, has distinguished himself not only as a dynamic business administrator, innovative director, and technocrat but also shown a high degree of integrity and transparency in both private, religious, and public affairs.

Also, Ogbechie seats on the board of a number of companies operating in the financial services, oil, and gas, agro-allied, and real estate sectors, which include Norsworthy Agro Allied Company Limited, Fynefield Ltd, Eterna Plc, etc.

He has over three decades of cognate experience in the Nigerian oil and gas industry and has also made a strong commitment to the development of sports in Nigeria, by sponsoring of annual Rainoil tennis tournament.

Ogbechie is a graduate of Production Engineering from the University of Benin and began his early career as a factory engineer between 1989 and 1991, and subsequently joined PricewaterhouseCoopers, a leading firm of Chartered Accountants and Management Consultants.

Related Topics:#energy #nationalhonour #oil&gas #oilandgascompanies #rainoil

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Akintola Williams’ Legacies Can’t Be Forgotten, Says Sanwo-Olu

Published

1 week ago

September 12, 2023

Business Echo Magazine

SANWO-OLU MOURNS AKINTOLA WILLIAMS, SAYS HIS LEGACIES CAN’T BE FORGOTTEN Lagos State Governor, Mr. Babajide Sanwo-Olu, has mourned the passage of the first indigenous chartered accountant and elder statesman, Akintola Williams, describing his death as colossal loss. The Governor said the legacies of Akintola Williams, who died at the age of 104 in his house in Lagos, on Monday, cannot be forgotten. Governor Sanwo-Olu in a statement issued on Monday by his Chief Press Secretary, Mr. Gboyega Akosile, said Akintola Williams’ record of service as an accountant of repute and a leader of remarkable achievements will remain indelible for generations to come. He said the doyen of accounting in Nigeria, who founded the first indigenous chartered accounting firm in Africa, Akintola Williams & Co. in 1952 in Lagos, has brought many honours and pride to Nigeria and Africa, particularly in the financial sector during his lifetime. Governor Sanwo-Olu also hailed the late centenarian for his pioneering and pacesetting roles in the formation of many institutions in Nigeria, such as the Nigeria Stock Exchange and the Institute of Chartered Accountants of Nigeria (ICAN). He said: “On behalf of the government and people of Lagos State, we celebrate the departure of a great legend and the doyen of Accounting in Nigeria, Akintola Williams, who contributed his quota to the financial sector and the economy of Nigeria during his lifetime. “I commiserate with his family, friends, associates and the entire accountants in Nigeria. I pray for the repose of the soul of the late Akintola Williams and that God grants the financial sector and the deceased family, friends and associates the fortitude to bear the irreparable loss.”

By Moninuola Sulaiman

Lagos State Governor, Mr. Babajide Sanwo-Olu, has mourned the passage of the first indigenous chartered accountant and elder statesman, Akintola Williams, describing his death as colossal loss.

The Governor said the legacies of Akintola Williams, who died at the age of 104 in his house in Lagos, on Monday, cannot be forgotten.

Governor Sanwo-Olu in a statement issued on Monday by his Chief Press Secretary, Mr. Gboyega Akosile, said Akintola Williams’ record of service as an accountant of repute and a leader of remarkable achievements will remain indelible for generations to come.

He said the doyen of accounting in Nigeria, who founded the first indigenous chartered accounting firm in Africa, Akintola Williams & Co. in 1952 in Lagos, has brought many honours and pride to Nigeria and Africa, particularly in the financial sector during his lifetime.

Governor Sanwo-Olu also hailed the late centenarian for his pioneering and pacesetting roles in the formation of many institutions in Nigeria, such as the Nigeria Stock Exchange and the Institute of Chartered Accountants of Nigeria (ICAN).

He said: “On behalf of the government and people of Lagos State, we celebrate the departure of a great legend and the doyen of Accounting in Nigeria, Akintola Williams, who contributed his quota to the financial sector and the economy of Nigeria during his lifetime.

“I commiserate with his family, friends, associates and the entire accountants in Nigeria. I pray for the repose of the soul of the late Akintola Williams and that God grants the financial sector and the deceased family, friends, and associates the fortitude to bear the irreparable loss.”

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Full Movie: Watch Mercy Johnson-Okojie And Daughters In The Comedy “The Birthday”

Published

2 weeks ago

September 9, 2023

Business Echo Magazine

Watch Mercy Johnson-Okojie And Daughters In The Comedy "The Birthday"

Rashidat Okunlade Writes

The Comedy “The Birthday” featuring the Beautiful Nollywood Superstar Mercy Johnson-Okojie and her daughters shows the struggles of a pregnant woman who discovered she was expecting on her birthday, her hilarious and unbelievable demands from her husband, and much more.

“The Birthday” is a Mercy Johnson Okojie Production, produced by Solomon Apete, directed by Nonso Uzozie, and Edited by Chikezie Prince Ukaegbu.

Starring Mercy Johnson-Okojie, Purity Okojie, Angel Okojie, Onny Michael and Stancey Danjuma.

Watch the fun-filled comedy on Mercy Johnson Okojie TV on YouTube.

https://youtu.be/mFe1JNCY_jY

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Purity, Angel Okojie Star Alongside Mum, Mercy Johnson-Okojie In Comedy “The Birthday”

Published

2 weeks ago

September 7, 2023

Business Echo Magazine

PURITY AND ANGEL OKOJIE STAR ALONGSIDE MUM, MERCY JOHNSON- OKOJIE IN THE COMEDY "THE BIRTHDAY " The Comedy "The Birthday" which features the Beautiful Nollywood Superstar Mercy Johnson- Okojie and her daughters shows the struggles of a pregnant woman who discovered she was expecting on her birthday, her hilarious and unbelievable demands from her husband and lots more. "The Birthday" is a Mercy Johnson Okojie Production, produced by Solomon Apete, directed by Nonso Uzozie and Edited by Chikezie Prince Ukaegbu. Starring Mercy Johnson-Okojie, Purity Okojie, Angel Okojie, Onny Michael and Stancey Danjuma. The Comedy is set to premiere this Friday, the 8th of September 2023 on Mercy Johnson Okojie TV on YouTube. Keep an eye out for this fun-filled comedy! and expect more content for the family such as drama, hilarious comedy and lots more on Mercy Johnson Okojie TV! Watch: https://youtu.be/M65qwvjtGiw

Rashidat Okunlade Writes

The Comedy “The Birthday” which features the Beautiful Nollywood Superstar Mercy Johnson-Okojie and her daughters shows the struggles of a pregnant woman who discovered she was expecting on her birthday, her hilarious and unbelievable demands from her husband, and lots more.

“The Birthday” is a Mercy Johnson Okojie Production, produced by Solomon Apete, directed by Nonso Uzozie, and Edited by Chikezie Prince Ukaegbu.

Starring Mercy Johnson-Okojie, Purity Okojie, Angel Okojie, Onny Michael and Stancey Danjuma.

The Comedy is set to premiere this Friday, the 8th of September 2023 on Mercy Johnson Okojie TV on YouTube.

Keep an eye out for this fun-filled comedy! and expect more content for the family such as drama, hilarious comedy, and lots more on Mercy Johnson Okojie TV!

Watch: https://youtu.be/M65qwvjtGiw