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Market Report: NNPC And Tecnimont Sign $1.5 Billion Port Harcourt Rehabilitation Contract


The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) Alhaji Mele Kyari was at the historic sign-off of the engineering procurement and construction (EPC) contract for the $1.5 billion rehabilitation of the Port Harcourt refinery. NNPC and Tecnimont SpA, an Italian engineering company signed the EPC contract. The Managing Director of Port Harcourt refinery company (PHRC), Mr Ahmed Dikko signed for the refinery and Mr David Pellizola VP, Sub-Saharan Africa signed for Tecnimont SpA. The GMD confirmed it is following the operation of Transparency Accountability and Performance Excellence. The timeline for the first phase is to be completed in 18 months which will take the refinery to 90% capacity. The Minister of State of Petroleum Resources, Chief Timipre Sylva said the challenges causing underdevelopment in the Nigerian Oil and Gas sector are set to be resolved by the passage of the Petroleum Industry Bill (PIB), which is expected to be passed in a few months. Chief Sylva said he believes that getting gas pricing right is one thing that can enable growth in the sector as the country focuses on gas. Once the PIB is passed, the NNPC will be charged to conclude project development agreements with PSC contractors within two months to unlock PSC gas to the domestic market.


Maersk Drilling has extended its contract with Tullow Oil for its Maersk Venturer drillship off Ghana. The contract came after the previously agreed upon conditional letter of award and includes the provision of the ultra-deepwater drillship and additional services for a development drilling campaign at the TEN and Jubilee fields, offshore Ghana. The contract began in April 2021 with an estimated duration of around four years. Maersk announced three days after Tullow reported it had started a multi-well drilling campaign using the Maersk Venturer. Maersk Venturer is a seventh generation drillship delivered in 2014. It is currently operating at the Jubilee field offshore Ghana. The estimated contract value for Maersk Drilling is approximately $370 million, excluding additional services provided and potential performance bonuses.

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Source: AfricaOilandPower

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