Latest news with #Obodo
TimesLIVE
6 days ago
- Business
- TimesLIVE
Local firms drive new growth phase in Nigeria's oil sector
Nigeria is witnessing a significant shift in its oil and gas landscape as local companies expand their roles, driving a new phase of potential sectoral growth and innovation. Leading the charge are companies which bought onshore and shallow-water assets from oil majors planning billions of dollars of investments to develop abandoned fields. Smaller producers are also pulling their weight, for example Nigeria's first locally developed and operated onshore crude terminal, Otakikpo, began loading operations on Monday. Built by Green Energy Limited and located in the OML 11 block near Port Harcourt, it marks a milestone in local capacity. Shell loaded the first crude cargo through the 360,000 bpd capacity terminal on Monday, opening up potential drilling prospects for over 40 stranded fields in the region. Similarly, Conoil Producing Limited recently shipped the first cargo of its new Obodo crude blend from the onshore OML 150 in the Niger Delta. The cargo was lifted by Oando Trading, a subsidiary of Oando Plc which bought ENI's divested assets. Following this trend, Renaissance Africa Energy — after acquiring Shell's onshore assets — is committing to investing $15bn (R266.77bn) over the next five years in its oil and gas operations. The company aims not only to balance its portfolio by increasing crude oil production but also to double its gas output once a key local gas pipeline is completed. Similarly, Seplat Energy, following its acquisition of ExxonMobil's Nigerian shallow-water assets, recently announced plans to reopen 400 previously shut-in wells. CEO Roger Brown said the company is set to invest up to $320m (R5.69bn) this year in drilling campaigns and infrastructure, with the goal of boosting crude production to around 140,000 barrels per day. "We are focused on reviving existing wells, expanding drilling campaigns, and increasing gas volumes," Brown said during the company's annual general meeting. While these developments show the increasing role local producers are playing amidst government reforms, they are also grappling with challenges. "These operators face higher costs due to security challenges, community disputes, oil theft and ageing infrastructure — a key aspect of reducing costs for operators will be addressing these challenges," said Mikolah Judson, an analyst at global risk consultancy, Control Risk. These local players, signal a new phase for Nigeria's oil and gas sector and could provide support for the government's plan to raise oil output by additional 1 million barrels per day (bpd) next year, head of Nigeria's oil regulator said. They now account for over half of Nigeria's oil production from around 40% before the oil majors completed their divestment programmes according to the regulator's data.
Yahoo
23-02-2025
- Business
- Yahoo
New Las Vegas grocery store, community garden addressing food insecurity in Historic Westside
LAS VEGAS (KLAS) — Saturday the Obodo Collective, a Las Vegas-area nonprofit, brought people together to celebrate their greengrocer and urban farm after five years in the making. Located on the corner of Monroe Avenue and C Street, the grand opening brought out a line of customers wrapped around the block to get some fresh produce, a new option in the Historic Westside. It's also a reason to celebrate for Obodo Collective Executive Director Tameka Henry. 'It means so much because there are so many, health ailments that happen because you don't have access to fresh, locally sourced produce,' she said. 'So, to have that here, readily available transportation isn't a barrier. You can walk right across the street from your home and get fresh food.' Fresh food was available in the building with various fruits and veggies for sale. The greengrocer is not just a place to purchase food. There's also an urban farm where anybody can come by and plant seeds or harvest their own fresh produce. Shoppers, like Keno Walter, are excited about the healthy choices. 'It's going to teach kids how to eat different, teach parents how to cook different, teach people how to farm different, teach people how to live different overall. That's what I think,' Walter said. Many others at the grand opening were thinking the same as Walter. 'That means they can live a healthier quality of life,' Clark County Commissioner William McCurdy II said. Commissioner McCurdy, picked up some celery, tangerines, broccolini and more from the greengrocer. 'They can come and pick their fresh food right here from the community garden and they can shop at the grocery store,' McCurdy said. While the area may have lacked fresh food in the past, Obodo Collective co-founder Erica Vital-Lazare said it was never short of spirit. 'This is a community that's so full of wealth in its own right. The wealth of the people, the wealth of history, the wealth, sweat equity,' she said. The urban farm also serves as a place to learn with the Obodo collective holding gardening classes every Saturday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
