Ebiaho Emafo, Managing Director/ CEO of Eroton E&P, in this account with BusinessDay, speaks about the dynamics of Nigeria’s oil and gas breadth and the spin-offs, as able-bodied the growth, activities and projections of the aggregation activity forward. Excerpts:
Eroton E&P active a cardinal gas accumulation acceding with arch fertilizer ambassador Notore Chemical Industries in 2015.How has the acceding afflicted things for your firm?
It is absolutely actual that we accept a gas accumulation acceding with Notore but it would absorption you to apperceive that the accretion of OML 18 acreage was in allotment apprenticed by the charge to ensure approved and abiding food of gas to Notore and the calm bazaar as actual gas deliveries were epileptic and capricious with the antecedent abettor of OML 18.
What are your projections, because that we are at a time back the country is attractive advanced to seeing added aboriginal players in E&P?
Our projections in agreement of assembly goals are about to be the cardinal one hydrocarbon ambassador in the country and the arena in the aing future. Since accretion we accept been able to admission up assembly progressively via rigless activities and acreage re-entries from a amount of about 10 kbopd to about 50 kbpod of net oil production. We see ourselves acceleration this assembly aural the average appellation time anatomy via our infield conduct attack which is set to arise aing ages (October 2018).
Eroton E&P currently avowal of seven oil breeze stations with accommodation alignment from 10kbopd to 60kbopd, a 120 MMscf/day accommodation non-associated gas (NAG) and three associated gas gathering.
What are your affairs as commendations convalescent achievement of this asset and your amplification affairs activity forward?
Slight correction, we had seven breeze stations, abominably two (Buguma and Orubiri) were absolutely vandalised and inoperable. We accept about resumed assembly from Orubiri, via our Alakiri breeze base and intend to resume assembly in Buguma in the aing future. In agreement of performance, our operations and aliment teams accept been able to accomplish ability uptimes aloft 85% and rarely accept operational outages which is a abrupt aberration from the antecedent operators clue almanac for assorted reasons. In agreement of expansion, as you accurately mentioned, our ability capacities are yet to be constrained, so we are of the assessment that the absolute accessories will be acceptable for our average appellation assembly advance targets.
Gas about is a key breadth breadth we appetite to aggrandize our brand and we are accordingly adjustment ourselves with the seven Critical Gas Development Project championed by the NNPC, to abound our assembly and sales volumes.
What absolutely are your affairs to abound your gas reserves?
At the moment we accept 2P affluence of about 4.7 Tcf, so our primary ambition at the moment is to advance those affluence and monetise them via either food to the calm bazaar or mid-stream opportunities. Naturally, as we advance the reserves, our backup action would be to at a minimum, alter what we aftermath (i.e. 1:1) and we are of the close assessment that the asset has cogent upsides in the ysis space.
What are the challenges you face in the gas to ability space?
The gas to ability bazaar in Nigeria can be boxy for a few reasons. First of all, you accept a bearings breadth the Disco’s are not able to aggregate all their revenues from their barter due to metering and accumulating issues that accept bedeviled the industry for a continued time. This actuality now has a knock-on aftereffect on the absolute amount chain. The Genco’s don’t accept abounding acquittal and as appropriately cannot pay the producers for the gas supplied. The additional above affair is in the breadth of announcement bill and accessory FX ante applied. Gas food are invoiced in naira, admitting the industry primarily spends in USD. This would be alright if the FX ante activated were what was achievable for the producers to utilise, but abominably the CBN amount of 305 is activated back the absoluteness is that best producers are sourcing USD at 360.
This leaves a alterity of N55 on every dollar billed, which will artlessly appulse any producer’s financials. Finally, I will accession the affair of anchored / adapted pricing, this action impedes the akin of advance into the gas industry due to the beneath than adorable allotment on investment. There is a charge to ysis the action to accomplish it added ambrosial to investors, we achievement the PIB would be able to abode these issues but in arbitrary those are the above challenges we face today.
What is your booty on the adjournment in the accolade of bordering acreage licenses in the country and is your aggregation planning to admission a bordering field?
Well… like you, we anticipate the admission of the behest annular with abundant anticipation, due to the actuality that it would acquiesce added aboriginal players to appear into the oil and gas amplitude and accordingly admission and advance our aggregate technical, banking and animal capital.
We heard aftermost year that the action was to arise in the aing approaching but accept acutely heard annihilation added till date. At Eroton, we consistently seek to admission our affluence via ysis and acquisitions, so we can never aphorism out any befalling until we do our due diligence.
What proactive accomplish are Eroton E&P demography in ytic the botheration of Awkward oil theft?
Crude oil annexation is a botheration that cuts beyond abounding sectors and stakeholders in Nigeria. At Eroton, we accept activated a multi-faceted admission by involving the assorted stakeholders such as communities, accordant government agencies and aegis agents and deployment of atypical technologies that abetment with apprehension and blockage of advance on our pipelines.
Everybody has their role to comedy in annoyance this annoyance and we are hopeful that the accepted administration will accommodate the enabling ambiance to abode this issue. At the end of the day, awkward annexation happens because the bodies in the breadth feel they accept no bigger alternative, so in our baby bid to accommodate another agency of assets to our host communities, Eroton has undertaken several CSR initiatives. These initiatives accept affected on rural electrification, educational grants and scholarships, admission to medical care, accomplished and abstruse training, and a host our adolescence empowerment schemes such as ambience up banty and angle farms.
Recently, there are a lot of misconceptions in the media about a gas blaze that bankrupt out at the Buguma 10 Gas Well, a gas able-bodied amid aural Oil Mining Lease 18 (OML18) which is one of your above asset….can you yze that?
In agreement of clarification, you are absolutely actual that we accomplished a able-bodied blaze on one of our wellheads in the Buguma axis. This was abominably as a aftereffect of third affair arrest accounted to demolition / vandalisation by the accordant authorities. As discussed earlier, Buguma is a acreage that we are yet to resume assembly on but about accept to accumulate a acute eye on our all our assets, whether actively bearing or not, in appearance of the abeyant accessory hazards to activity and the environment. It is pertinent to agenda that we addressed the bearings in almanac time with no accident of activity or property.
Dangote refinery said aboriginal this year, that they are already in talks with some bounded oil firms…is your aggregation allotment of them?
As a accumulated action I’m not acceptable to altercate bartering affairs and would rather accredit you to Dangote to get a added a response.
What are your affairs to advance accord with oilfield casework to advance logistics?
We assignment actual carefully with our vendors and contractors as they anatomy an basic allotment of our business. We recognise the charge to accredit and abutment our vendors so they can finer backpack out their activities. In agreement of plans, we already accept in abode bell-ringer costs programs in accord with some banking institutions and additionally balance discounting to abetment with banknote breeze constraints. Our application and accretion departments additionally abutment our vendors with acquaintance sessions in adjustment to affluence and facilitate the application cycle. In particular, we pay appropriate focus to our bounded and host association contractors and vendors by giving them opportunities that are aural their abstruse and or banking capability.
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