Asian Defense News: The Minister of Petroleum and Natural Gas Murli Deora met Henry Odein Ajumogobia, Minister of State of Petroleum Resources during his visit to Nigeria and held discussions on various issues. Dr. Emannual Egbogah, Special Advisor to the President on Petroleum matters was present. Mr Deora was scheduled to have meetings with Dr. Rilwanu Lukman, Minister of Petroleum in Nigeria; however, because of bereavement in the family of Minister of Petroleum, that meeting could not take place.The Minister was accompanied by Ministry officials and CEOs of ONGC, IOC, GAIL and Oil India Ltd.
On the Nigerian side, senior Ministry officials and Top Management of National Nigerian Petroleum Corporation were present.
During the meeting, the following major issues were discussed:
1. ONGC(Videsh )Ltd through a JV that is OMEL is operating in two exploration blocks namely OPL 279 and OPL 285 which are deep water blocks. It was informed in the meeting to the Nigerians that the exploration is on track and that Govt of India has recently approved OVLs share of investments of USD 359 million. It was also informed that one well has been spudded. OVL sought assistance in resolution of issues relating to repayments in respect of another block. It was informed that the Steering Committee meeting would take place in about two days time to settle outstanding issues.
2. GAIL India Ltd along with its consortium members has been shortlisted as one of the fifteen companies for having qualified in the participation of an ambitious USD 30 billion National Gas Master Development Plan and its implementation. GAILs interest in participation in this huge development plan was reiterated and GAILs strengths and expertise were highlighted to the Nigerian side. GAIL expressed its interest in setting up of petrochemical plants, LPG plants and LPG transportation pipelines in which they have very strong technical and managerial expertise. As Nigeria is embarking on its development of natural gas resources which are currently under utilised, this offer was received with a great deal of interest.
3. Currently India imports about 10% of its crude oil requirement from Nigeria. The interest to procure more crude from Nigeria was reciprocated. Indian Oil Corporation offered to assist in the refinery upgradation, improving operations of refineries by imparting training to the technical personnel, providing consultancy etc. The Nigerian side said that it is a priority area for them and would look forward to cooperation in this sector.
4. Another area of interest of the Indian companies is in LNG liquefaction plants. As Nigeria is planning to have new plants, both IOC and GAIL have expressed interest in participation in such projects.
5. Oil India Limited which is a consortium partner in a block gave an account of its activities and sought assistance in finding a suitable Nigerian partner company to fill in the gap created by exit of one of its partners.
6. The Minister of State mentioned about the new Petroleum Bill which would bring in reforms in the sector. He said that it would bring in a situation of exploration companies to also orient towards bringing about socio-economic developments in the region where they operate.
Minister of Petroleum and Natural Gas expressed the hope that more Indian companies would get opportunities to invest in Nigeria when the new bill becomes an Act. He also mentioned about OVL’s activities. OVL has set up the first Geological and Geo-physical Centre in Nigeria. Special Advisor to the President highlighted the need for providing a stake to the communities. He appreciated the model of Indian companies in this regard.
*Posted On: 26-Jan-2010 06:54:41 By: Ch. Narendra
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