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...For a better society... Wednesday, December 08 2004 Vol 13 No.44 News Editorial Politics Opinion Features The Arts Sports Education Business Money/Market Travels/Tourism Property/Environment Columnists View From America Danjuma’s firm clinches Benin oil deal THOMAS IMONIKHE, (Deputy Political Editor) ECONOMIC ties between Nigeria and Benin Republic have received a major boost following the recent allocation of an oil block to a Nigerian oil exploration and production company, South Atlantic Petroleum Limited (SAPETRO) by the Beninois Government. Chairman of SAPETRO and erstwhile Defence Minister, Lt. Gen. Theophilus Danjuma (rtd) at the contract signing ceremony, described the allocation as a landmark in bilateral co-operation between the two countries. A statement by the company’s General Manager Finance and Administartion, Mr. Orji Ajah, said the "offshore oil block, covers a surface area of 551 square kilometres and encompasses the previously produced and currently shut-in Seme oil field" located near the Nigerian border. Being a previously produced asset, it stressed that the original oil in place for the Seme field had been estimated at about 96.07 million barrels. "Out of this quantity, 23 million barrels were recovered before falling crude oil prices forced a shutdown in 1998. Innovative technology and good reservoir management practices will add additional 29.84 million barrels to the estimated reserves," the statement clarified. Located immediately west of the national border with Nigeria, Block 1 lies in the shallow offshore in water depth of less than 200 metres and can be accessed from either an operational base in Benin Republic of Nigeria. Speaking at the ceremony held at Cotonou the Benino’s capital, Gen. Danjuma said both countries were benefitting from a policy, which in 1991 opened the capital intensive and high-risk upstream petroleum industry to indigenous companies participation. Acknowledging the transparent and highly professional manner in which the bidding process was conducted, Dajuma said it ensured that the best qualified company won the contract. Also speaking, the Beninoise Minister of Mines, Energy and Hydraulics, Mr. Kamarou Fassassi said the allocation was made strictly on merit. "We know that your company possesses the necessary expertise and the financial support to meet at the challenges awaiting us. Conclusions of the government (due diligence) mission carried out in your headquarters have attested to it. That is why we are of the opinion that you can carry out all the works within the rule of the contract," he said. � 2004 @ Champion Newspapers Limited (All Right Reserved). Powered By dnetsystems.net dnet�

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