The Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe explaining the programmes of the Nigerian Content Academy to Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Honourable Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperipe Ekpo, Chairman, Senate Committee on Local Content, Senator Natasha Akpoti-Uduaghan and Chairman, House of Rep. Committee on Local Content, Hon. Boma Goodhead at the unveiling of the Nigerian Content Academy in Yenagoa.

The Nigerian Content performance level in the oil and gas industry has hit 56 percent in 2024, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe announced on Tuesday.

He spoke at the 13th Practical Nigerian Content (PNC) Conference and Exhibition holding at the NCDMB Conference Centre, Yenagoa, Bayelsa State, attended by top government officials including the Deputy Governor of Bayelsa State, Senator Lawrence Ewhrudjakpo, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri and the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo.

Other industry leaders in attendance included the Chairperson, Senate Committee on Local Content, Senator Natasha Akpoti-Uduaghan, chairperson, House of Representatives Committee on Nigerian Content Development and Monitoring, Hon. Boma Goodhead, the Secretary General of the African Petroleum Producers Organisation (APPO), Dr. Umar Farouk Ibrahim and chief executives of international and indigenous oil and gas companies and operating and regulatory agencies in the petroleum sector.

The Nigerian Content performance level is calculated on year-on-year basis by the Monitoring and Evaluation Directorate of the NCDMB and is anchored on the ongoing projects in the upstream, midstream and downstream segments of the oil and gas industry.

Data is aggregated from total amounts expended on projects and the Nigerian Content component of the annual spend. The data is mined from statutory reports submitted by companies and the integrity those data is verified during Nigerian Content performance reviews and workshops and they must sync with the Nigerian Content Compliance Certificates (NCCC) on projects approved by the Board.

The Nigerian Content level stood at 54 percent as at December 2022 and 2023, increasing significantly from 26 percent in 2016 before the introduction of the Nigerian Content 10-year strategic roadmap. The latest increase marks a significant milestone in the Board’s march toward 70 percent Nigerian Content by 2027 as set out in its 10-Year Strategic Road Map (2017-2027).

The NCDMB boss also revealed that 312 Nigerian Content Plans have thus far been approved by the Board and that 402 Nigerian Content Compliance Certificates (NCCCs) were issued. Also, that the new Project Certification and Authorisation Directorate (PCAD) guidelines has reduced the Board’s touchpoints from nine to five, and the contracting cycle cut to six months, he confirmed.

Engr. Ogbe and a representative of the Bank of Industry (BoI) used the PNC Forum to sign an agreement on the Revised Nigerian Content Community Contractors Financing Scheme. The Fund addresses a critical challenge faced by local contractors in accessing much-needed funds for contracts awarded by oil and gas companies.

Under the new product paper for the fund, N15 billion has been earmarked for the fund and “the single obligor limit has been increased from N20 million to N100 million,” Ogbe hinted.

On the Nigerian Content Academy recently established by the Board for training to prepare Nigerians through a range of courses that cover every aspect of the oil and gas industry, from upstream exploration to downstream processing, he said new career paths and economic opportunities are being opened for local communities. The Academy was unveiled by the Ministers as part of activities marking the Forum.

The Executive Secretary gave insight into the Back-to-the-Creeks Initiative which focuses on taking Nigerian Content benefits to local communities, especially developing basic educational facilities in communities and equipping youths in host communities with the skills needed to meet industry demands, and thus directly supporting the local content drive.

In his address, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, commended NCDMB for systematically aligning its local content policy initiatives with Federal Government’s gas development agenda.

The Minister listed the NCDMB’s support for compressed natural gas (CNG) projects, modular gas processing plants, manufacturing plants for liquefied petroleum gas (LPG) cylinders, LPG depots, LPG terminals, LPG storage and bottling plants, gas gathering facilities, smart gas and detector alarm services, as critically important areas where the Board’s strategic intervention has made huge gains for the country.

He disclosed that “in the last 12 months, two critical gas projects were completed,” namely, SEPLAT Assa North and Shell Petroleum Development Company (SPDC) Ohaji South, with a combined capacity of 600 million standard cubic feet/day. Also, the 300 MMscfd Kwale Gas Gathering (KGG) Hub and Injection Facility, jointly executed by Xenergy Limited and the NCDMB, were commissioned within the same period.

While reiterating that “gas will be the mainstay of Nigeria’s energy shift” as the world transits to renewables, he stated that Government is “giving local businesses a chance to engage in gas distribution, processing, and power generation.”

With specific reference to the PNC Forum, he said the theme “Defining the Next Frontier for Nigerian Content Implementation” is “a call to action and a reaffirmation of Nigeria’s commitment to leveraging our local capabilities to drive energy security, economic growth, and environment sustainability.”

He charged the organisers of the Forum, namely, NCDMB and DMG Events Limited, to ensure that the event functions as “a spur for practical ideas that move our country closer to a promising and sustainable energy future.”

Also speaking at the event, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, commended the NCDMB for organising the Forum and for significant milestones recorded thus far since its establishment in 2010. He revealed that wherever he has been across Africa for oil and gas-related events, other countries want to come to Nigeria to learn from its local content success story.

On divestments by international oil and gas companies (IOCs) in the country, he said there is no reason to be alarmed as indigenous operating companies have adequately filled the gaps and thus significantly increased the country’s stake in the industry. He said the affected IOCs have not left the country but simply moved their investments and operations from onshore to deep offshore.

The Minister urged industry players to be strategic in their thinking, noting that “quality, standards and capacity developed have to be sustained” if the country is to be able to sustain the gains made so far.

With regard to strategies to deal with the decline in funding of oil and gas projects in Africa, in the wake of the global de-emphasis of fossil fuels, the Secretary General of the African Petroleum Producers Organisation (APPO), Dr. Umar Farouk Ibrahim, said the Africa Energy Bank (AEB) would be taking off in the second quarter of 2025, with the signing and ratification of the Establishment Agreement by the required number of countries. Its headquarters is to be located in Abuja.

In his remarks, the Bayelsa State Deputy Governor, Senator Lawrence Ewhrudjakpo, commended the NCDMB and industry stakeholders for putting together the event, and for the collaboration that has yielded remarkable developments in the petroleum industry.

He, however, reminded the industry captains that Bayelsa State accounts for about 60 per cent of the gas feedstock for the Nigeria Liquefied Natural Gas (NLNG) Project, Bonny, which has now progressed to Train 7, and thus deserves to have a train built within its territory.

In the Organiser’s Welcome Address, Mrs. Wemimo Oyelana, Country Director (Nigeria) and Portfolio Director (Africa), DMG Nigeria Limited, said the theme of the Forum was “designed to spark forward-looking and transformative discussions,” and that “As the Nigerian energy sector continues to evolve, it is critical to address the next steps in advancing Nigerian Content.”

Other speakers included the Chairperson, Senate Committee on Local Content, Senator Natasha Akpoti-Uduaghan, her counterpart in the House of Representatives, Hon. Boma Goodhead, the Minister of Power, Mr Adebayo Adelabu, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, and his Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr Farouk Ahmed.

The PNC continues on Wednesday at the Nigerian Content Tower, Yenagoa and ends on Thursday with a visit to First Marine and Engineering Services Limited base in Swali, Yenagoa.

Savannah Energy Plc, the British independent energy company focused around the delivery of Projects that Matter, today provided a comprehensive update on its operating performance and outlook, while also outlining its FY25 plans for the existing portfolio in Nigeria and Niger.

The update shows that its gross production in Nigeria has averaged 22.7kboe/d (88% gas; flat YoY), generating Total Income of $320 million and Adj. EBITDA (including other operating income) of $257m in the 10-months to end-October, up from $233m and $202m respectively in H1 FY24A.

The company’s midstream subsidiary, Accugas Limited has now drawn NGN279bn under its new NGN340 billion transitional debt facility, with proceeds used to pay down its US$ facility. The facility should be fully drawn by year end, with management requesting an increase in the size of the facility to enable the remaining $225 million balance to be converted into Naira. This process, when complete, will align Accugas’ debt facility with the currency in which gas revenues are received. The company also continues to advance its plans for a potential long-dated domestic bond issuance to ultimately replace the NGN transitional facility.

According to the update, the company’s US$45 million Uquo Central Processing Facility (“Uquo CPF”) compression project in Nigeria is right on track for completion of construction before year-end, with commissioning taking place in Q1 2025, enabling the expansion of gas production in the medium term, with FY25F gas volumes expected to remain broadly flat YoY.

There are also plans to drill an additional Uquo development well and exploration well in H2 FY25. The transaction to increase Savannah’s ownership of the Stubb Creek asset to 100% for $61.5m is now scheduled to complete in Q1 FY25. Savannah has signed a new $60m RBL facility with The Standard Bank of South Africa Limited and Stanbic IBTC Bank Limited to fund the transaction and continues to plan for an expansion of oil production from the field.

In Niger, Savannah continues to seek to progress its 35 MMstb (Gross 2C Resources) R3 East oil development in South-East Niger. During 2024, it sought to optimise the development plan for the R3 East Area and, whilst there is no change to its resources estimate, it now forecasts a peak potential production of approximately 10,000 bopd (vs 5,000 bopd in the previous plan). Savannah’s estimates of the forecast PV10 value of the R3 East development project has also increased from US$150 million to US$210 million.

Savannah’s Renewable Energy Division remains focused on its target of 2GW+ pipeline of renewable energy projects by the end of FY26, up from c.700MW currently. A firm believer in Africa’s transition to renewable energy, Savannah has up to 696 MW of renewable energy projects currently in motion, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon.

Andrew Knott, CEO of Savannah Energy, said:

“I am pleased to provide an operational and financial update which demonstrates the continued progress we have made as a business in 2024. 2025 is clearly going to be an exciting year for our Company: we have a large operational programme in Nigeria which is expected to enhance both our oil and gas production levels and capacity; we intend to progress our R3 East oil development project in Niger; we continue to pursue key acquisitions in the upstream oil and gas space; and we expect to announce plans significantly expanding our renewable energy business. Fundamentally, Savannah remains unequivocally an “AND” company, seeking to deliver strong performance both for the short AND long term across multiple fronts, and pursuing growth opportunities in both the hydrocarbon AND renewable energy sectors.”

Update Highlights

• Average gross daily production of 22.7 Kboepd for 10M 2024, in line with 10M 2023 (22.9 Kboepd);
• US$45 million Uquo Central Processing Facility (“Uquo CPF”) compression project in Nigeria on track for completion of construction before year-end, with commissioning taking place in Q1 2025;
• Three gas contracts with customers agreed and extended in the year-to-date for a total of up to 105 MMscfpd;
• Conversion of both the Uquo Marginal Field (the “Uquo Field”) and the Stubb Creek Marginal Field (the “Stubb Creek Field”) oil mining leases to new 20-year petroleum mining leases, both effective 1 December 2023, in accordance with the Republic of Nigeria’s Petroleum Industry Act 2021;
• Plans underway to commence a two-well drilling campaign on the Uquo Field in H2 2025, with an additional gas development well expected to add up to 80 MMscfpd of incremental production capability and an exploration well targeting an Unrisked Gross gas initially in place (“GIIP”) of 154 Bscf of incremental gas resources.
• Progress continues on the planned acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited, whose principal asset is a 49% non-operated interest in the Stubb Creek Field (the “SIPEC Acquisition”), consolidating our interest in the field, with regulatory approval being targeted in early 2025;
• US$60 million reserve-based lending (“RBL”) facility signed in October 2024 with The Standard Bank of South Africa Limited and Stanbic IBTC Bank Limited to fund the SIPEC Acquisition;
• Up to 696 MW of renewable energy projects currently in motion, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon;
• The Company continues to target a portfolio of up to 2 GW+ of renewable energy projects in motion by end 2026;
• 10M 2024 Total Income1 of US$320.3 million (10M 2023: US$231.0 million) and 10M 2024 cash collections of US$239.8 million (10M 2023: US$189.2 million). As at 31 October 2024, cash balances were US$53.4 million (31 December 2023: US$107.0 million) and net debt stood at US$568.7 million (31 December 2023: US$473.7 million);
• Financial guidance for 2024 is reiterated at:
  • Total Revenues2 ‘greater than US$245 million’;
  • Operating expenses plus administrative expenses3 ‘up to US$75 million’; and
  • Capital expenditure ‘up to US$50 million’; and
• Continuing to progress a potential alternative transaction structure to acquire a material stake in producing oil and gas assets in South Sudan.

Hydrocarbons Division

Nigeria Existing Business

Average gross daily production was 22.7 Kboepd for 10M 2024 (10M 2023: 22.9 Kboepd), of which 88% was gas (10M 2023: 91%).

The US$45 million compression project at the Uquo CPF is progressing on track and on budget with construction anticipated to be completed prior to year-end and commissioning to commence in Q1 2025. Completion of this project will enable us to maintain and grow our gas production levels over the medium and long-term. We would note that, however, for 2025, we do not currently anticipate any material increase in sales volumes delivered to our customers.

We are currently working on a proposed further development programme for the Uquo Field, which is expected to see an additional gas well drilled in H2 2025. The Uquo NE well (“Uquo NE”) is forecast to provide gas volumes of 60-80 MMscfpd to supplement the production capacity of our current Uquo well stock. An additional exploration well in the Uquo Field (“Uquo South”) is also currently under consideration, which may be drilled back-to-back with Uquo NE. Uquo South is a well targeting an Unrisked Gross GIIP of 154 Bscf of incremental prospective gas resources on the Uquo licence area.

During 2024 YTD, three gas contracts have been agreed and extended for a total of up to 105 MMscfpd, including:

• An extension of the agreement with First Independent Power Limited (“FIPL”) was signed, effective January 2024, for an additional 12-month period, whereby our Accugas subsidiary is supplying FIPL’s Afam, Eleme and Trans Amadi power stations with up to 65 MMscfpd of gas;
• A new 24-month agreement was signed in July 2024 by our Accugas subsidiary with Ibom Power Company Limited, owner of the Ibom power station, to supply up to 30 MMscfpd of gas. This follows the expiration of the previous 10-year agreement; and
• An extension of the agreement with Central Horizon Gas Company Limited (“CHGC”) was signed in August 2024 for an additional 12-month period, whereby our Accugas subsidiary is supplying CHGC with up to 10 MMscfpd of gas.

Conversion of the Uquo Field and the Stubb Creek Field to New 20-Year Petroleum Mining Leases

The Uquo Field and the Stubb Creek Field have been converted to petroleum mining leases (“PMLs”) in accordance with the Petroleum Industry Act 2021. Both PMLs have been granted for a 20-year period effective from 1 December 2023.

Nigeria Proposed SIPEC Acquisition

In March 2024, we announced the proposed acquisition (via two separate transactions) of 100% of SIPEC for a total consideration of US$61.5 million. SIPEC’s principal asset is the 49% non-operated interest in the Stubb Creek Field. We are currently targeting receipt of regulatory consent for the acquisition in early 2025, with completion following later in Q1 2025.

In October 2024, our subsidiary, Savannah Energy SC Limited, signed a new 4.5 year, US$60 million RBL facility arranged by The Standard Bank of South Africa.

The RBL is structured along standard terms for a facility of this nature with amortisation commencing 12 months after drawdown and carries an interest rate of SOFR + 8.5% (reducing to 8% once certain milestones have been achieved).

As at year end 2023, SIPEC had an estimated 8.1 MMstb of 2P oil reserves and 227 Bscf of 2C Contingent gas resources.

Following completion of the SIPEC Acquisition, Savannah’s reserve and resource base is, therefore, expected to increase by approximately 46 MMboe from 158 MMboe to 204 MMboe (on a pro-forma basis as at 1 January 2024). SIPEC oil production is estimated at an average of 1.8 Kbopd for 2024.

Following completion of the SIPEC Acquisition, we plan an expansion programme to increase the processing capacity of the Stubb Creek Field facilities. It is anticipated that this will lead to Stubb Creek Field gross production increasing from 2.6 Kbopd (average for 1 January – 31 October 2024) to approximately 4.7 Kbopd. Importantly, the SIPEC Acquisition also secures significant additional feedstock gas available for sale to our Accugas subsidiary.

Niger

We are continuing to seek to progress the 35 MMstb (Gross 2C Resources) R3 East oil development in South-East Niger.

The Niger-Benin oil export pipeline, now fully operational, provides a potential route to international markets for crude oil produced from the R1234 contract area of our subsidiary, Savannah Energy Niger SA, with 90 Kbopd reportedly being transported from the China National Petroleum Corporation-operated Agadem PSC area.

During 2024, we have sought to optimise the development plan for the R3 East Area and, whilst there is no change to our resources estimate, we now forecast a peak potential production of approximately 10,000 bopd (vs 5,000 bopd in the previous plan). Management estimates of the forecast PV10 value of the R3 East development project has also increased from US$150 million4 to US$210 million.

Renewable Energy Division

We are currently seeking to develop a portfolio of up to 696 MW of wind, solar and hydroelectric energy projects across West Africa. Of these projects our principal focus has been on the up to 250 MW Parc Eolien de la Tarka project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon.

Niger Parc Eolien de la Tarka

Located in the Tahoua Region of southern Niger, Savannah’s Parc Eolien de la Tarka wind farm project is anticipated to be the country’s first wind farm and potentially the largest in West Africa, with a total power generation capacity of up to 250 MW.

Our subsidiary, Savannah Energy RN Limited, has signed agreements with two leading international development finance institutions (the International Finance Corporation, which is a member of the World Bank Group, and the US International Development Finance Corporation, which is America’s development finance institution) to fund approximately two-thirds of the pre-construction development costs of the project.

The project has made significant progress in the year-to-date with all key studies now either complete or at an advanced stage. We submitted our Environmental and Social Impact Assessment (ESIA) scoping report to the Government of Niger and have been continuing to progress the ESIA field work additional studies required for the submission of the full ESIA report, expected in 2025.

We are negotiating a term sheet in relation to the project’s proposed power purchase agreement and electricity tariff and anticipate this to be agreed in the coming months.

Parc Eolien de la Tarka is expected to produce up to 800 GWh of electricity per year, representing approximately 24% of Niger’s annual electricity demand, based on the country’s projected energy demand in 2026.

The construction phase is expected to create over 500 jobs, while the project has the potential to reduce the cost of electricity for Nigeriens and avoid an estimated 450,000 tonnes of CO2 emissions annually.

Cameroon Bini a Warak

We continue to progress the Bini a Warak hybrid hydroelectric and solar project in Cameroon, following the approval of the optimisation and proposed redesign of the project given by the Minister of Water and Energy.

The redesigned project, involving the construction of a hydroelectric dam on the Bini River in the Northern Adamawa region of Cameroon, now incorporates photovoltaic solar, raising its installed power generation capacity from up to 75 MW to up to 95 MW. Anticipated sanction for this project is in 2026, with first power targeted in the 2028 to 2029 window.

Other Projects

We continue to seek to progress a large-scale solar project in Niger, comprising two photovoltaic solar power plants of up to 100 MW each, expected to be located within 20 km of the cities of Maradi and Zinder, for which we signed an agreement with the Government of the Republic of Niger in May 2023.

In H1 2024, we presented preliminary commercial and technical proposals to the Government of Niger. This project, if successfully developed, is expected to generate reliable, affordable energy for Niger and supply up to 12% of Niger’s electricity demand, based on 2026 energy demand predictions.

However, the priority of both the Government of Niger and Savannah is to progress the Parc Eolien de le Tarka wind farm project ahead of the solar project.

A wholly owned Savannah subsidiary has also signed an agreement with a development partner whereby an approximate 150 MW wind farm project would be developed on a 70:30 basis (in Savannah’s favour), potentially further expanding the Company’s geographical footprint in West Africa.

This project has completed the key technical and environmental studies and has made substantial progress in negotiating the project’s power purchase agreement.

Savannah’s commitments to invest will start upon signature of a power purchase agreement for the project, the timing of which is yet to be agreed with the country’s Government and considered in the context of its wider power sector development plans, which we understand to currently be under review.

YTD Unaudited Financial Review

The Group has performed in line with expectations YTD and guidance for the full year is reconfirmed.

Highlights

Total Income for 10M 2024 is US$320.3 million (10M 2023: US$231.0 million), comprising Total Revenues of US$207.7 million (10M 2023: US$202.1 million) and Other operating income of US$112.6 million (10M 2023: US$28.9 million). Other operating income primarily relates to the re-billing of foreign exchange losses incurred through the conversion of Naira paid invoices into US dollars.

Cash collections for 10M 2024 were US$239.8 million (10M 2023: US$189.2 million). As at 31 October 2024, cash balances stood at US$53.4 million (31 December 2023: US$107.0 million) and net debt at US$568.7 million (31 December 2023: US$473.7 million).

Adjusted EBITDA including Other operating income was US$257.3 million (10M 2023: US$170.8 million).

Debt Facilities

In January 2024, a new NGN 340 billion four year-term transitional facility was signed by Accugas with a consortium of five Nigerian banks. Year to date, NGN 279 billion of this facility has been drawn down, with the resulting funds being converted to US$, which, along with cash held, has been used to partially prepay the existing Accugas US$ facility.

It is expected that the NGN transitional facility will be fully drawn by end of 2024 and that a balance of approximately US$225 million will remain outstanding at that point under the Accugas US$ facility.

As contemplated in the documentation for the transitional facility, we have requested an increase in the facility to enable the remaining outstanding US$ balance to be converted into Naira, allowing the remainder of the Accugas US$ facility to be fully repaid within H1 2025.

This process, when complete, will align Accugas’ debt facility with the currency in which gas revenues are received.

We also continue to advance plans for a potential long-dated domestic bond issuance to ultimately replace the NGN transitional facility.

Chad Arbitration Update

As previously disclosed in Savannah’s 2023 Annual Report, our wholly owned subsidiary, Savannah Chad Inc, has commenced arbitral proceedings against the Government of the Republic of Chad and its instrumentalities in response to the March 2023 nationalisation of SCI’s rights in the Doba fields in Chad, and other breaches of SCI’s rights.

Another wholly owned subsidiary, Savannah Midstream Investment Limited (“SMIL”), has commenced arbitral proceedings in relation to the nationalisation of its investment in Tchad Oil Transportation Company, the Chadian company which owns and operates the section of the Chad-Cameroon pipeline located in Chad.

SMIL has also commenced arbitral and other legal proceedings for breaches of SMIL’s rights in relation to Cameroon Oil Transportation Company (COTCo), the Cameroon company which owns and operates the section of the Chad-Cameroon pipeline located in Cameroon.

We expect the arbitral proceedings to be concluded in the second half of 2025. SCI and SMIL are claiming in excess of US$840 million for the nationalisation of their rights and assets in Chad, and SMIL has a claim valued at approximately US$380 million for breaches of its rights in relation to COTCo.

Whilst the Government of the Republic of Chad has acknowledged SCI’s and SMIL’s right to compensation, no compensation has been paid or announced by the Government of the Republic of Chad to date.

Savannah remains ready and willing to discuss with the Government of the Republic of Chad an amicable solution to the disputes. However, in the absence of such discussions, the Group intends to vigorously pursue its rights in the arbitrations.

South Sudan

As previously announced, Savannah continues discussions with the various stakeholders around an alternative transaction structure in relation to the proposed acquisition of the ex-PETRONAS assets in South Sudan.

Savannah management believe that any transaction which would ultimately be completed would be on significantly different terms to that envisioned when the transaction was initially announced in December 2022 with the likely involvement of multiple acquiring parties.

We continue to believe that a transaction could be potentially accretive to the Company and expect to provide a further update on progress made by mid to late December 2024.

The assets themselves are estimated to have produced an average of 81 Kbopd on a gross basis in 2024 to end October, reduced from approximately 150 Kbopd in FY 2023, given the prolonged downtime experienced by the Bashayer Pipeline Company (BAPCO) pipeline, which exports a significant portion of the country’s oil production.

A long list of oil industry leaders, ministers of the federal republic, national assembly members, as well as oil and gas stakeholders are confirmed to attend the 2024 edition of the Practical Nigerian Content Conference and Exhibition slated for the first week of December at the magnificent Nigerian Content Tower, Yenagoa, Bayelsa State.

The theme of the event is “Deepening the Next Frontier for Nigerian Content Implementation” and it will be the 13^th edition of the annual conference and exhibition, a signature event hosted by the Nigerian Content Development and Monitoring Board (NCDMB) in partnership with DMG Events.

According to the programme, PNC 2024 will start on Monday, December 2, 2024, with a golf tourney at the Henry Seriake Golf and Country Club, Yenagoa and a welcome reception in the evening to be hosted by Coleman Wires and Cables at the newly opened Best Western Hotel, Swali, Yenagoa.

The formal opening ceremony will begin at 9am on Tuesday with speeches by the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe and goodwill messages by the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Engr. Gbenga Komolafe, the Chief Executive, Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed, and the Group Chief Executive Officer, Nigerian National Petroleum Company Ltd, Mr. Mele Kolo Kyari

Other top officials slated to speak at the 2024 PNC opening ceremony are the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, and their counterpart from the Ministry of Power, Mr. Adebayo Adelabu.

The Chairman, Senate Committee on Local Content, Senator Natasha Akpoti-Uduaghan and the Chairman, House of Representatives Committee on Nigerian Content Development and Monitoring, Honourable Boma Goodhead are also billed to speak at the opening day.

The first panel discussion will analyse “The Next Frontier for Nigerian Content: Divestments and Offshore Opportunities” and the cast will include the Director Project Certification and Authorisation, NCDMB, Engr. Abayomi Bamidele, alongside the Chairman, Chevron Nigeria, Mr. Jim Swartz, the Executive Director, TotalEnergies E&P Nigeria, Mr. Obi Imemba, the Group Chief Executive, Oando PLC, Mr. Wale Tinubu and the Managing Director, Aradel Holdings, Engr. Adegbite Falade.

The second panel will discuss “Evaluating Financial Strategies for Increased Local Content Implementation” and some of the discussants will include the Secretary General, African Petroleum Producers’ Organisation (APPO), Dr. Omar Farouk Ibrahim, the Managing Director, Bank of Industry (BOI), Dr. Olasupo Olusi and the Director, Finance & Personnel Management, NCDMB, Ifeanyi Ukoha.

The second day of the conference will also feature panel discussions on topical industry issues like “Nigerian Content Beyond Borders,” “Nigerian Content from the Grass Roots: Community Capacity Development” and “From Policy to Practice: Strengthening Domestication for Economic Development.”

Major highlights of the 2024 PNC will include the unveiling of new operational policies by the NCDMB and exhibition of projects and capacities by international and indigenous operating and service oil and gas companies.

Delegates attending this year’s event can equally look forward to the gala dinners to be hosted by the Bayelsa State Government on Tuesday and by the Nigeria LNG Ltd on Wednesday, in addition to the site visit on Thursday morning to the logistics base of First Marine and Engineering Services Ltd located at Swali, Yenagoa.