{"id":9198,"date":"2020-09-24T07:52:21","date_gmt":"2020-09-24T07:52:21","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=9198"},"modified":"2020-09-24T07:52:21","modified_gmt":"2020-09-24T07:52:21","slug":"nigeria-canadian-overseas-petroleum-operations-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-canadian-overseas-petroleum-operations-update\/","title":{"rendered":"NIGERIA: Canadian Overseas Petroleum Operations Update"},"content":{"rendered":"<p class=\"bk\"><span class=\"bb\">Canadian Overseas Petroleum Limited has announces that further to the announcement of its second quarter results on 15<sup>th<\/sup>\u00a0September 2020, COPL is giving an update on its drilling licence extension for OPL 226.<\/span><span class=\"bc\">\u00a0<\/span><\/p>\n<p class=\"bk\"><span class=\"bc\">On 4<sup>th<\/sup> August 2020, the Company announced that shareholders of the Nigerian Affiliate had executed definitive agreements to resolve their disputes. Completion of this agreement is subject to the Nigerian National Petroleum Corporation (NNPC) granting an extension of the exploration period under the OPL 226 PSC beyond 30<sup>th<\/sup>\u00a0September 2020. The Nigerian Affiliate applied for this extension in early June 2020 and has subsequently held a number of constructive meetings with the NNPC post application.<\/span><\/p>\n<p class=\"bk\"><span class=\"bc\">COPL is confident that it will receive confirmation of its exploration licence extension during Q4 2020. No notice of termination has been received by COPL&#8217;s Nigerian Affiliate, which under the terms of the PSC would need to be issued sixty days before the 30<sup>th<\/sup>\u00a0September 2020 expiry date. The two previous extensions to the drilling license at OPL 226 were received by the Nigerian Affiliate post the previous expiration dates.<\/span><span class=\"bc\">\u00a0<\/span><\/p>\n<p class=\"bk\"><span class=\"bc\">COPL understands that COVID-19 restrictions are creating delays within the NNPC. Once COPL&#8217;s Nigerian Affiliate has received formal confirmation of PSC extension and its terms, the Affiliate will set out its forward operation schedule. The Company will continue to keep the market up to date with its progress.<\/span><\/p>\n<p class=\"bl\"><span class=\"bc\">Arthur Millholland, President and CEO, commented:\u00a0<\/span><span class=\"bc\">\u00a0<\/span><\/p>\n<p class=\"bk\"><span class=\"bc\">&#8220;We understand that the length of time that has passed since the process for the extension of the OPL 226 PSC started has caused concern among some shareholders and market participants. The COVID-19 situation has caused most governments globally to react to protect their organs of government as well as their citizens through restrictions on meetings or gatherings to air travel. This is true for Canada and the United Kingdom as well as for Nigeria. To date we have only had constructive conversations with NNPC, so we believe this delay is due to COVID-19 bureaucracy pressures. Our Company, through ShoreCan and the other shareholder of the Nigerian Affiliate, continues to be confident in the process and its outcome.&#8221;\u00a0<\/span><\/p>\n<p>COPL is actively pursuing opportunities in Nigeria and sub-Saharan Africa in partnership with Shoreline Energy International Limited (Shoreline) as part of its strategy to generate stable cash flow from secure offshore and onshore assets. The Company and Shoreline, through their jointly held affiliated company Shoreline Canadian Overseas Petroleum Development Corporation (ShoreCan), currently hold 80% of the share capital and have taken over the management of Essar Exploration and Production Limited (Nigeria) . On August 4, 2020 the Company announced that the shareholders of the Nigerian Affiliate had executed definitive agreements to resolve their disputes. Completion is ongoing, and when completed ShoreCan&#8217;s shareholding in the Affiliate will change in accordance to the terms outlined in the Press Release. The Affiliate holds an attractive oil appraisal and development project in shallow to mid-water offshore Nigeria on its 100% holding in OPL 226. In other ventures, ShoreCan has been indicatively awarded an exploration license onshore Mozambique in the 5th Licensing Round adjacent to the producing Pande-Temane Gas and light oil field complex<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian Overseas Petroleum Limited has announces that further to the announcement of its second quarter results on 15th\u00a0September 2020, COPL is giving an update on its drilling licence extension for &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-canadian-overseas-petroleum-operations-update\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9199,"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":[8495,8488,8489,8491,1636,1749,1752,8117,8493,8494,8492,8490],"class_list":["post-9198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-5th-licensing-round","tag-canadian-overseas-petroleum-limited","tag-copl","tag-essar-exploration-and-production-limited","tag-mozambique","tag-nigeria","tag-nigerian-national-petroleum-corporation","tag-nnpc","tag-opl226","tag-pande-temane-gas","tag-shorecan","tag-shoreline-energy-international-limited","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/NIGERIA-opl226.png?fit=720%2C666&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2om","jetpack-related-posts":[{"id":9622,"url":"https:\/\/www.oilnewskenya.com\/index.php\/canadian-overseas-petroleum-limited-announces-6000000-placing\/","url_meta":{"origin":9198,"position":0},"title":"Canadian Overseas Petroleum Limited Announces \u00a36,000,000 Placing","author":"","date":"January 3, 2021","format":false,"excerpt":"Canadian Overseas Petroleum Limited has announced that: \u2022 COPL has closed a non-brokered private placement of Units with institutional investors, family office, high net worth private investors, the Company\u2019s Chief Executive Officer and Directors\u00a0 to raise gross proceeds of \u00a36,000,000 (the \u201cPlacing\u201d) at a price of 0.2 pence per Unit\u00a0\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\/NIGERIA-opl226.png?fit=720%2C666&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/NIGERIA-opl226.png?fit=720%2C666&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/NIGERIA-opl226.png?fit=720%2C666&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/NIGERIA-opl226.png?fit=720%2C666&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":9198,"position":1},"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":9206,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-nnpc-seepco-sign-oml-143-monetization-agreement\/","url_meta":{"origin":9198,"position":2},"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":9168,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-nnpc-records-52-95m-trading-surplus-in-july\/","url_meta":{"origin":9198,"position":3},"title":"NIGERIA: NNPC Records $52.95M Trading Surplus in July","author":"","date":"September 17, 2020","format":false,"excerpt":"The Nigerian National Petroleum Corporation (NNPC) has recorded an increased trading surplus of $52.95M (\u20a620.36 billion) in July 2020 compared to the $5.5M (\u20a62.12 billion) surplus in June 2020 in its operations. Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division of the corporation, in a release in Abuja,\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\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":14756,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-shell-completes-sale-of-spdc-to-focus-its-portfolio-on-deepwater-integrated-gas-positions\/","url_meta":{"origin":9198,"position":4},"title":"NIGERIA: Shell Completes sale of SPDC to focus its portfolio on Deepwater &amp; Integrated Gas Positions","author":"","date":"March 16, 2025","format":false,"excerpt":"Shell has completed the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance,\u00a0as\u00a0announced 16 January 2024 The divestment of SPDC aligns with Shell\u2019s intent to simplify its presence in Nigeria through an exit of onshore oil production in the Niger Delta and a focus of future\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\/09\/Nigeria-Shell-Petroleum-Development-Company.jpg?fit=1200%2C674&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Nigeria-Shell-Petroleum-Development-Company.jpg?fit=1200%2C674&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Nigeria-Shell-Petroleum-Development-Company.jpg?fit=1200%2C674&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Nigeria-Shell-Petroleum-Development-Company.jpg?fit=1200%2C674&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Nigeria-Shell-Petroleum-Development-Company.jpg?fit=1200%2C674&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":14825,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-president-tinubu-reconstitutes-nnpc-limited-board-appoints-new-chairman-group-ceo\/","url_meta":{"origin":9198,"position":5},"title":"NIGERIA: President Tinubu Reconstitutes NNPC Limited Board, Appoints New Chairman, Group CEO","author":"","date":"April 3, 2025","format":false,"excerpt":"President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Chief Pius Akinyelure and the group chief executive officer, Mallam Mele Kolo Kyari. President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023. The\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\/04\/NNPC.jpg?fit=526%2C526&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/04\/NNPC.jpg?fit=526%2C526&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/04\/NNPC.jpg?fit=526%2C526&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\/9198","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=9198"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9198\/revisions"}],"predecessor-version":[{"id":9200,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9198\/revisions\/9200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9199"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=9198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}