Sirius Petroleum agrees Ororo financing with BP

first_imgInvestment company Sirius Petroleum has entered into a $10 million revolving pre-payment facility and commercial offtake agreement for the sales of crude oil produced from Nigeria’s Ororo offshore field with BP.Sirius entered discussions with BP regarding an offtake and pre-payment facility to support the financing of the company’s proposed drilling program on the Ororo field in mid-June.The investment company said on Monday that the deal has now been signed with BP Oil International, a subsidiary of oil major BP.The agreement enables Sirius to draw down up to $10 million, in pre-payment finance following the beginning of production from the Ororo field. The company said that the interest rate on any pre-payment amount drawn down would be charged at Libor +9 percent per annum and will be repaid from crude oil sales.Sirius added in Monday’s statement that it could request that BP provides pre-payment finance for either or both of the first two cargoes of crude oil, each for up to $10 million, scheduled to be lifted in 500,000 barrel parcels or more.The pre-payment facility will be conditional upon the Ororo field achieving certain daily production levels, which are lower than the flow rates previously achieved by Chevron on Ororo 1, which have been underpinned by the recent competent persons report.Bobo Kuti, CEO of Sirius, said: “The revolving prepayment facility and offtake agreement with BP supports the multi-well campaign on the Ororo field. It underpins our strategy to develop Ororo along with our world class oil field service partners COSL, Schlumberger, and Add Energy. In addition, the relationship with BP will enhance our development programs in Nigeria going forward.”The Ororo field, discovered in 1986, is located within OML 95 in shallow waters offshore Ondo State. The field lies in water depths ranging between 23ft and 27 ft.Guarantee Petroleum has a 55% participating equity interest in the Ororo field with Owena Oil & Gas as its partner holding the remaining 45% interest. Sirius Petroleum acts as the technical and financing partner in the development of the field.last_img read more

Norway opens two offshore wind areas, 4.5 GW available

first_imgThe applications for the Utsira Nord and Sørlige Nordsjø II areas will launch on 1 January 2021, and limits have been set on the amount of wind power that can be developed. The second area, Sørlige Nordsjø II, borders the Danish sector in the North Sea, and is relevant for direct export of electricity. Norway has opened two areas for offshore wind development, which are said to together have a capacity of 4,500 MW. The area takes up 2,591km2, has depths which makes it possible to develop bottom-fixed projects, but floating foundations could also be relevant, the government said. In 2019, the Ministry of Petroleum and Energy issued the proposal for opening the areas for public consultations, as well as a draft regulation. “Combined, the two areas allow for the development of 4,500 MW of wind power, which provides ample opportunity for development. At the same time, we are putting in place to ensure room for other activities and the environment,” said Tina Bru, Minister for Petroleum and Energy. Source: Norwegian Ministry of Petroleum and Energy Utsira Nord is a 1,010km2 area located to the west of Haugesund. It is suited for floating wind power, is close to shore and provides opportunities for demonstration and larger projects. The ministry had also suggested opening the Sandskallen-Sørøya Nord, however the fisheries industry showed resistance.last_img read more

Spanish prosecutors drag Ancelotti to court over tax fraud

first_imgSpanish prosecutors announced on Monday that they had filed a tax fraud suit against Carlo Ancelotti, accusing the former Real Madrid coach of having hidden a seven-figure sum from the country’s tax authorities. Ancelotti is accused of hiding over one million euros of secondary earnings from the Spanish tax authorities Prosecutors said the suit had been filed against Ancelotti, the current Everton manager, for two alleged incidences of tax fraud in 2014 and 2015 totalling 1.062 million euros ($1.19 million). In order for a prosecution to go ahead a judge will have to accept the case before eventually summoning Ancelotti, who won the 2014 Champions League and Club World Cup for Real in his two seasons in the Spanish capital. According to prosecutors Ancelotti declared his salary earnings from his time at Real but not “earnings from image rights, as well as those deriving from his relationship with the club and related contracts from other brands”. Prosecutors also claim that he did so in order to “avoid his obligations with the public treasury”, accusing him of relying on a “complex network of shell companies” in an attempt to hide the identity of the beneficiary of those earnings from the tax authorities. Loading… In recent years Spain has pursued some of the country’s biggest football stars, including Barcelona’s Lionel Messi and Cristiano Ronaldo, formerly of Real Madrid. Messi paid a two-million-euro fine in 2016 in his own tax wrangle and received a 21-month jail term. Read Also: La Liga: Barcelona boss Setien questions use of VAR Last year Ronaldo, now at Italian side Juventus, was handed a suspended two-year prison sentence for committing tax fraud while he was in Madrid. The Portugal forward also agreed to pay 18.8 million euros in fines and back taxes to settle the case, according to judicial sources. FacebookTwitterWhatsAppEmail分享 last_img read more

NIS Set for First Convocation Ceremony after 25 Years

first_imgFemi SolajaThe National Institute for Sports (NIS), a leading sports training institution in the country is set to celebrate its 25th anniversary and the maiden convocation ceremony scheduled to hold on January 17th, 2019.The Director General of the Institution, Dr. Kingdom Chukwudi Eke, disclosed at a media session yesterday. He said the elaborate Programme will accommodate all the12 sets that had graduated from the institution since its establishment in 1992 when it was fully upgraded to a full-fledged parastatal.He said over 1,500 students that have graduated from the institution will be part of the ceremony although most of them have been using their certificates over the years.“The anniversary is a unique one and we have sent invitations out to all the former students who had completed their respective programme from this institution to celebrate together with the present crop of graduates.“To be a first class institute transforming Nigeria and sustaining it as a world leader in sports was the vision of the institution must be protected at all time and this explains why the 25 anniversary must be well celebrated,” he affirmed.Some of the plans of the Institute include; anniversary lecture/gala and dinner, NIS awards of sporting excellence, convocation/lecture and investiture of honorary fellows of the institute as well as recognition awards for sports journalism.The Director General further explained that the institute had over the years remained committed to delivering on its statutory mandate as it has produced over 15,000 manpower in sports who have continued to place Nigeria on the global sports map, winning laurels.“NIS graduates are prominently engaged in services at national, states and local government levels as well as at club levels and in patriotic effort to take stock and celebrate the past 25 years, we have put together a number of very exciting programmes and events to mark this epoch and document for posterity,” he explained.He said the reason behind the elaborate programme is also aimed at repositioning and rebranding NIS.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more