Seplat Petroleum Development Company

Seplat Petroleum Development Company (Seplat) is a Nigerian oil company based in Lagos.[1] The company was formed in 2009 by a merger of Platform Petroleum and Shebah Exploration and Production, both small Nigerian based companies.[2] Maurel & Prom, a French oil exploration company, purchased a 45% share in the newly formed company.

Seplat acquired several oil blocks from Royal Dutch Shell in the Niger delta.[3] The company was able to expand production to 43,000 barrels per day, which was doubled from when Seplat acquired the blocks.[2]

In January 2014, Seplat became the preferred bidder on Chevron’s OML53 off shore block, after indigenous oil company Britannia-U did not show evidence that it could raise the US$ 1.2bn it had bid for blocks OML52, 53 and 55, estimated to contain proven oil and gas reserves of 555 million barrels of oil equivalent (MMBOE).[4]

Seplat was bidding to acquire OML53, but was outbid by Brittania-U.

Chevron has been seeking to liquidate its 40 percent stake in blocs OMLs 52, 53, 55, 83 and 85 since June 2013, listing them for sale to local operators. Other international oil majors ConocoPhillips, Royal Dutch Shell, Total and Eni are also disposing of stakes in onshore and shallow water offshore fields in the Niger Delta region.

However legal challenges have emerged that have slowed down Chevron’s Nigerian disposal programme and despite then agreeing to sell its biggest block, OML53 to Seplat, a Nigerian federal high court issued an interim injunction in December 2013 stopping the company from selling the blocks to Seplat and others after Brittania-U brought action against the U.S. major saying it had already agreed a deal to buy the assets.

It was also agreed to dispose of OML 52 to local firm Amni Petroleum and the smallest, OML 55, to Belema Oil, run by a local Delta community.[5]

On 27 January 2014 Justice Mohammed Yunusa of the Federal High Court in Lagos extended an interim junction restraining Chevron and its Nigerian subsidiary from negotiating the sale of OML52, 53 and 54, with Seplat or any other bidder, apart from Brittania-U Limited.

The judge also extended the injunction restraining Chevron declaring Seplat as preferred bidder for the oil blocks, over Brittania-U Limited. Yunusa adjourned the case to 10 February. .[6]

On February 8, 2015, it was announced the Seplat had purchased stakes in two onshore Nigeria blocks Thursday from Chevron Nigeria for a combined $391.6 million.[7]

Elders Council of Ugborhen Community Introduced Newly Elected Executives,[8] To Seplat Petroleum Development Company Limited

The Elders Council of Ugborhen Community on Tuesday February 18 introduced members of the newly elected executive to Seplat Petroleum Development Company Limited to pilot its affairs within the next three years.

In a letter signed by the Okpako-amua (most eldest man) of the community, Pa.David Ikprukpru, Okuoghara Leader, Pa.Jacob Ekpekpe, Okuikoro Leader, Pa.Moses Idama, Chairman Ugborhen District, Pa.Ukpmueyi Edota, Okuekpoghor Leader, Mr.Matthew Abaigbodi, Udumugbaku Leader, Mr.Moses Okagbare, Secretary, Mr.Romafuru Biadoyo and Spokesman, Mr.Michael Esiyede.

The elders enjoined Seplat to carry out all transactions concerns Ugborhen Community with newly elected executive led by Chief Anthony Amitaye as President. Others are Mr.Friday Okokoro,Vice President, Comrade Peter Awe, Secretary, Hon.Lawrence Ladun, Assistant Secretary, Mr.Moses Omadud,Treasurer, Mr.Robert Abayigbodi, Spokesman, Mr.Gulf Okpigben, Public Relations Officer, Mr.Peter Ikprukpru, Financial Secretary, Mr.Felix Alomere, Member, Mr.Henry Ekuajemi, Member, Mr.Peter Umukoro, Member, Mr.Peter Erikefe Ukuegbuwa, Member, Mr.Raphael Okologo, Member, Mr.Obaro Lucky Adjohwoemu, Member, Mr.Daniel Ekpekpe, Member, Mr.George Okologo, Member, Mr.Stephen Umukoro, Member, Mr.Francis Umukoro, Member, Mr.Sylvester Ekpekpe, Member and Mr.Henry Eyarefe, Adviser.

Base & Logistics Manager, Seplat Petroleum Development Company Limited, Prince Chuks Igeleyan sue for harmonious relationship between Seplat and the newly elected executive of Ugborhen Community pointing out that Seplat had enjoyed good relationship with the immediate past executive led by Mr.Henry Eyarefe.

Responding, Chief Anthony Amitaye summed it thus" in as much as we lay them down, discuss them and agreed on them, i can assure you this executive will be better than the past executive".

References

  1. ↑ "History of Seplat". Seplat. Retrieved 20 August 2012.
  2. 1 2 Chazan, Guy (July 22, 2012). "Indigenisation: Legislation suggests better prospects for local groups - FT.com". Financial Times. Retrieved 20 August 2012.
  3. ↑ Burgis, Tom (January 30, 2010). "Shell to sell oil licenses in Nigeria - FT.com". Financial Times. Retrieved 20 August 2012.
  4. ↑ Okpamen, Ehidiamhen (17 October 2013). "Britannia-U Offers $1.2bn for Chevron oil blocks in Nigeria – ‘’Ventures Africa’’". Ventures Africa. Retrieved 17 January 2014.
  5. ↑ Brock, Joe (13 January 2014). "Legal challenges delay Chevron's $1 bln Nigeria oil block sales – ‘’Reuters’’". Reuters. Retrieved 17 January 2014.
  6. ↑ Iriekpen, Joe (28 January 2014). "Court Extends Order against Chevron over Sale of Three Oil Blocks". This Day. Retrieved 28 January 2014.
  7. ↑ "Chevron sells $390 million Nigeria block stakes to Seplat". Petro Global News. Retrieved 18 February 2015.
  8. ↑ Naija, Tafia (19 February 2014). "Newly Elected Executives" (Naija Tafia). Retrieved 19 February 2014.
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