{"id":12548,"date":"2022-08-04T13:49:07","date_gmt":"2022-08-04T13:49:07","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12548"},"modified":"2022-08-04T13:49:07","modified_gmt":"2022-08-04T13:49:07","slug":"nigeria-sirius-petroleum-receives-oml-65-approvals-secured-from-nnpc","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-sirius-petroleum-receives-oml-65-approvals-secured-from-nnpc\/","title":{"rendered":"NIGERIA: Sirius Petroleum Receives OML 65 Approvals Secured from NNPC"},"content":{"rendered":"<p class=\"bi\"><span class=\"az\">Sirius has announce that its JV partner, COPDC, has received the requisite approvals from the Nigerian National Petroleum Corporation (\u201cNNPC\u201d) that enables the company to proceed with the drawdown of financing in order to commence Phase 1 of the Approved Work Programme\u00a0 in respect of OML 65 in Nigeria.<br \/>\n<\/span><\/p>\n<ul>\n<li>Sirius is a 30 per cent shareholder in the joint venture company, COPDC Petroleum Development Company Limited (COPDC), which has executed agreements with NPDC, a subsidiary of NNPC, regarding the development of the OML 65 licence, onshore Nigeria. Under the terms of the FTSA, COPDC will receive immediate cash flow entitlements related to the assumption of operational responsibility for existing production.<\/li>\n<li>Phase 1 of the AWP will focus initially on the further development of the Abura field, involving the drilling and completion of up to nine development wells, intended to produce the remaining 2P reserves of 16.2 MMbbl<sup>1<\/sup>. COPDC will enjoy material cash flow entitlements related to the incremental production generated by the AWP, involving enhanced cost recoveries and a share of the field post-tax net cash flows.<\/li>\n<li>The Abura field is currently averaging production of circa 10,000 bopd and Phase 1 of the drilling programme is estimated to boost production from the Abura field by up to an additional 11,000 bopd.<\/li>\n<li>Sirius has a Master Services Agreement\u00a0 in place with Baker Hughes relating to the development of OML 65, providing a comprehensive range of drilling and related Integrated Well Services under a mutually agreed pricing structure. The MSA with Baker Hughes will ensure best execution of the AWP in a cost efficient manner, benefitting all stakeholders.<\/li>\n<li>As announced on the 27<sup>th<\/sup>\u00a0January 2022, Sirius has agreed a facility of up to US$200m with Trafigura PTE Ltd, a company within the Trafigura Group (\u201cTrafigura\u201d), which will be deployed towards the execution of the AWP. The initial tranche of this facility will be combined with US$15m of subordinated funding, which has been secured from a range of international institutions, including Odey Asset Management as a cornerstone investor.<\/li>\n<\/ul>\n<p class=\"\">Bobo Kuti, CEO of Sirius, said:\u00a0\u201cWe have assembled a world class team of joint venture, financing and operational partners working together with NPDC on the OML 65 project in Nigeria and look forward to commencing the work programme for the first phase of this major development for all stakeholders.<\/p>\n<p class=\"\">\u201cPhase 1 is designed to deliver a substantial uplift in production from the Abura field. In addition, the financial facilities will also support our plans for Phase 2 of the development programme for the block. This is an important asset for the Company, with immediate cash flows and significant upside potential for all stakeholders under the innovative FTSA structure which was developed for this specific project with the NNPC.<\/p>\n<p class=\"\">\u201cIn line with our strategy, we remain focused on building our portfolio of African focused production and development assets. We would like to thank the many stakeholders in this transaction, particularly our shareholders and transaction advisers, for their patience and support throughout the process. We can now look forward to progressing the Company\u2019s Admission process and working towards the listing of the Company\u2019s shares on the London AIM market this year.\u201d<\/p>\n<ul>\n<li><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Sirius has announce that its JV partner, COPDC, has received the requisite approvals from the Nigerian National Petroleum Corporation (\u201cNNPC\u201d) that enables the company to proceed with the drawdown of &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-sirius-petroleum-receives-oml-65-approvals-secured-from-nnpc\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":11426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[10659,10658,9928,1748,1749,1752,8117,9473,10660,10661,9476],"class_list":["post-12548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-abura","tag-copdc","tag-copdc-petroleum-development-company-limited","tag-niger-delta","tag-nigeria","tag-nigerian-national-petroleum-corporation","tag-nnpc","tag-oml-65","tag-osioka","tag-owopele","tag-sirius-petroleum","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/OML-65.jpg?fit=194%2C259&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3go","jetpack-related-posts":[{"id":9206,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-nnpc-seepco-sign-oml-143-monetization-agreement\/","url_meta":{"origin":12548,"position":0},"title":"NIGERIA: NNPC, SEEPCO Sign OML 143 Monetization Agreement","author":"","date":"September 25, 2020","format":false,"excerpt":"The Nigerian National Petroleum Corporation (NNPC) and Sterling Global have signed off on agreements for monetization of its fully operated Oil Mining Lease (OML) 143. According to NNPC this latest development will help increase NNPC's footprints in the downstream gas market and a potential revenue of $500-600m to the country.\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/NNPC-SEEPCO.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/NNPC-SEEPCO.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/NNPC-SEEPCO.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/NNPC-SEEPCO.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/NNPC-SEEPCO.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":10634,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-baker-hughes-appointed-onshore-approved-services-provider-of-the-oml-65-licence\/","url_meta":{"origin":12548,"position":1},"title":"NIGERIA: Baker Hughes Appointed Onshore Approved Services Provider of the OML 65 Licence","author":"","date":"July 26, 2021","format":false,"excerpt":"Sirius Petroleum has signed a Memorandum of Understanding (\u2018MOU\u2019) with Baker Hughes Company Limited. The MOU appoints Baker Hughes as the approved services provider to Phase 1 of the approved work programme (AWP) of the OML 65 Licence, a large onshore block in the western Niger Delta, Nigeria.\u00a0\u00a0Baker Hughes will\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/nigeria-oil-blocks-oml-83-and-oml-85.jpg?fit=900%2C900&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/nigeria-oil-blocks-oml-83-and-oml-85.jpg?fit=900%2C900&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/nigeria-oil-blocks-oml-83-and-oml-85.jpg?fit=900%2C900&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/nigeria-oil-blocks-oml-83-and-oml-85.jpg?fit=900%2C900&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8793,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nnpc-reaches-deal-with-sapetro-cnooc-ending-oml-130-dispute\/","url_meta":{"origin":12548,"position":2},"title":"NIGERIA: NNPC Reaches Deal with Sapetro, CNOOC Ending OML 130 Dispute","author":"","date":"August 10, 2020","format":false,"excerpt":"In its bid to meet the target of revving up production to three million barrels per day and unlock gas revenues to the tune of about $225 million in the short term and\u00a0 $510million\u00a0 in the long run for the Federation,\u00a0 the Nigerian National Petroleum Corporation (NNPC) has reached an\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"NNPC Signs Pact with CNOOC and SAPETRO to Resolve OML 130 Dispute","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-CNOOC-SAPETRO.jpg?fit=680%2C453&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-CNOOC-SAPETRO.jpg?fit=680%2C453&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-CNOOC-SAPETRO.jpg?fit=680%2C453&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11425,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-sirius-energy-executes-master-services-agreement-with-baker-hughes-in-oml-65\/","url_meta":{"origin":12548,"position":3},"title":"NIGERIA: Sirius Petroleum Executes Master Services Agreement with Baker Hughes in OML 65","author":"","date":"December 20, 2021","format":false,"excerpt":"Sirius has now executed a legally binding Master Services Agreement with Baker Hughes relating to the development of OML 65. This follows the Memorandum of Understanding (MOU) signed with Baker Hughes Company Limited earlier this year. The MSA formalizes the terms of the appointment of Baker Hughes as the approved\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/nigeria-oil-blocks-oml-83-and-oml-85.jpg?fit=900%2C900&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/nigeria-oil-blocks-oml-83-and-oml-85.jpg?fit=900%2C900&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/nigeria-oil-blocks-oml-83-and-oml-85.jpg?fit=900%2C900&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/nigeria-oil-blocks-oml-83-and-oml-85.jpg?fit=900%2C900&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9707,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-heirs-holdings-acquires-45-of-oml-17-from-shell-total-and-eni\/","url_meta":{"origin":12548,"position":4},"title":"NIGERIA: Heirs Holdings Acquires 45% of OML 17 from Shell, Total and ENI","author":"","date":"January 17, 2021","format":false,"excerpt":"Heirs Holdings \u00a0the leading African strategic investor, in partnership with affiliated company\u00a0Transnational Corporation of Nigeria Plc (Transcorp), Nigeria\u2019s largest publicly listed conglomerate, announced today the unconditional acquisition of a 45% participating interest in Nigerian oil licence OML 17 and related assets, through\u00a0TNOG Oil and Gas Limited (a related company of\u2026","rel":"","context":"In \"Afam Power Plc\"","block_context":{"text":"Afam Power Plc","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/afam-power-plc\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/01\/NIGERIA-OPL-281.jpg?fit=412%2C324&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14748,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-first-ep-reports-significant-hydrocarbon-discovery-in-the-songhai-field-oml-85\/","url_meta":{"origin":12548,"position":5},"title":"NIGERIA: First E&amp;P Reports Significant hydrocarbon Discovery in the Songhai Field, OML 85","author":"","date":"March 11, 2025","format":false,"excerpt":"The Nigerian National Petroleum Company Limited (NNPC Limited) and FIRST Exploration & Petroleum Development Company Limited (FIRST E&P) Joint Venture (JV) have confirmed a significant hydrocarbon discovery in the Songhai Field, located in OML 85 in the shallow offshore region of Bayelsa. The well was spudded on November 18, 2024,\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/03\/Nigeria-OML-83-85.png?fit=602%2C384&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/03\/Nigeria-OML-83-85.png?fit=602%2C384&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/03\/Nigeria-OML-83-85.png?fit=602%2C384&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=12548"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12548\/revisions"}],"predecessor-version":[{"id":12549,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12548\/revisions\/12549"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/11426"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}