Business
DPR Awards Marginal Field Letters To Qualified Companies
The Department of Petroleum Resources (DPR) says that 50 per cent of shortlisted companies for marginal field oil operations have been awarded letters in different oil locations in the country.
The award letters were presented to the operators in Abuja on Monday by DPR Director/Chief Operating Officer, Mr Auwalu Saki.
A marginal field is an oil field that has been discovered and left unattended for a period of not less than 10 years from the date of first discovery.
Sarki explained that the 57 marginal fields to be explored by the operators are located on land, swamp and offshore terrains in various parts of the country.
He said that the companies presented with their certificates were those that have met all the conditions for the award out of the 161 that were shortlisted.
“A total of 591 Expression of Interest applications were submitted; out of these applications, 540 were successfully prequalified during phase 1 of the exercise.
“At the end of phase two, 482 bids were submitted by 405 applicants. Following the evaluation of the bids, 161 companies were shortlisted as potential awardees out of which 50 per cent have met all conditions and therefore eligible for award today.
“We are set to ensure opportunities are extended to other deserving applications to fill the gap,” Sarki said.
According to the DPR boss, the award marks the end of the bid round process which started on June 1, 2020, but the beginning of the post award phase which is very important.
He said the DPR had developed a strategy to ensure the awarded marginal field operators achieve early development and would continue to follow up and guide the awardees in every step they make.
Sarki noted that a National Oil and Gas Business Opportunity Desk has been established in the DPR.
“This desk synthesises opportunity across the value chain of the industry and creates a platform for investors, financiers, funders, and other intending partners to realise desired objectives,” Sarki said.
He urged the awardees to take advantage of the National Oil and Gas Excellence Centre for the industry recently commissioned by Mr President which offers services in improved oil recovery, alternative dispute resolution, integrated data analysis and competence development.
The Executive Chairman, Vhelbherg Exploration and Production Development Company Limited, one of the companies that secured the licence, Bank-Anthony Okoroafor, commended the DPR for its transparency.
“This is the first most transparent exercise carried out by the DPR since 2003; it was open to everybody and there were publications.
“The job is not completed, and for the DPR to complete their work, it has to assist operators to produce in their various locations and ensure we are not suffocated,” Okoroafor said.
He said the move by the DPR to award letters to the operators of marginal fields was in the right direction as it would help boost the country’s oil reserve.
The Chief Operating Officer, Dutchess Energy Ltd., Mrs Tinubu Ayinde, another awardee, said they were looking forward to a successful business.
“It is a fantastic opportunity for me in the sector as I have been in the downstream and this is an opportunity for me to go into the upstream.
“We are going to increase crude oil production for Nigeria and for the companies themselves, it is an expansion into the upstream sector; we are going to harness and employ people,” Ayinde said.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter