Worried by incidents of subsea pipeline leaks, experts have reiterated the need to deploy autonomous subsea robotic technologies to mitigate the challenge.
Robotic solutions are designed to perform inspection, repair and maintenance tasks on subsea pipelines, with the distinct advantage of being able to assess and repair subsea pipes in a single operation without divers and other conventional vessels supported equipment.
The General Manager, Kongsberg Ferrotech, Christopher Carlsen, stressed this during the introduction of a range of autonomous subsea robotic technologies to Nigeria, in Lagos.
The initiative is a partnership between Nigerian integrated oilfield services provider, RusselSmith, and Kongsberg Ferrotech, a Norwegian subsea robotics company.
The partnership will ensure that RusselSmith further improves its subsea monitoring, repair and lifetime extension service offerings for rigid and flexible pipes, umbilical and ancillaries.
Carlsen noted that such technologies would have positive impact on asset integrity management operations in Nigeria.
On his part, the Divisional Chief Executive for RusselSmith, Effiong Okwong, said the development was a game changer operation.
“We have a growing number of ageing assets in the country that require focused maintenance and life extension efforts. Such maintenance efforts can now be further optimised for efficiency and made more cost-effective by adopting robotic solutions,” he said.
On the environmental front, he said there would be reduction in pollution due to pipeline leaks, as operators will be better equipped to maintain pipelines, and respond quickly to such incidents.
Edo targets $125m yearly from modular refinery’s naphtha export
The Edo Modular Refinery being developed by Edo Refinery and Petrochemical Company Limited (ERPC) with support from the Edo State Government is set to earn about $125million foreign exchange from the exportation of naphtha, which is one of the major products from the facility.
Chairman of ERPC, Michael Osime, who disclosed this in a statement, said the refinery benefits from the federal government’s ease of doing business programme through which it granted fiscal incentives such as duty waiver on importation of equipment.
According to the statement, the refinery has reached 90 per cent mechanical completion and efforts are in top gear to beat a September 2020 inauguration deadline, with a team of over 250 locally-recruited engineers, fabricators and other workers engaged on the project.
On expansion, Osime said the company would “meet 18 per cent of local demand for diesel and earn in excess of $125million from export of Naphtha per annum,” noting that the refinery would r-ejig the state’s economy by attracting feeder industries.
He added that the Edo State Government provided a N700-million project support fund that accelerated the establishment of the company in the state, after signing a Memorandum of Understanding (MoU) with a Chinese Consortium led by Peiyang Chemical and Equipment Company of China (PCC), and its Nigerian partners, Africa Infrastructure Partners Limited (AIPL).
He said: “The Edo Refinery and Petrochemical Company is a beneficiary of the Edo State Government’s policy of attracting investment to the state. The state government supported the refinery with a project support fund of N700 million, which will be paid back to Edo State Government when production commences. This was a catalyst to the project to ensure quick take-off.
“We are also a beneficiary of Edo State Government’s incentive programme to attract manufacturing companies to locate in Edo State. The incentives gave birth to a Nigerian-Chinese joint venture company, AIPCC Energy Limited.”
He noted that the company secured its licence to establish a refinery (LTE) on December 10, 2018, and approval to construct (ATC), on March 11, 2019, from the Department of Petroleum Resources (DPR), noting that DPR has been extremely helpful in guiding the process of the establishment of the facility.
How Leveraging core assets, focus on renewable energy distribution lift firm’s full year profit
Ardova Plc has attributed the increase in profit in its audited result for the full year ended December 31, 2019 to a strategic focus on improving operational efficiencies through leveraging existing core assets and renewable energy distribution.
Specifically, the company’s revenue rose from N134.706 at 2018 to N176.551 billion at 2019, signaling a 31.1% increase while Profit After Tax (PAT) rose from N631.471 million at in 2018 to N3.915 billion in 2019.
The Earnings Per Share (EPS) of Ardova Plc grew from N0.48 at FY2018 to N3 at FY2019, implying a 525 increase.
Addressing shareholders at the 2019 virtual yearly general meeting held at the weekend, the chairman of the company, AbdulWasiu Sowami, said the change made by the management to turn around the company is yielding a positive result.
He said: “On behalf of the board, I am pleased to inform our shareholders that the change in strategy introduced by our new management has begun to yield returns.
He said shareholders’ funds rose by15.6% year-on-year, to N17.5 billion in 2019 from N15.1 billion in 2015 as a result of a 38% growth in retained earnings.
The company also improved its operational efficiency and increased its volumes and margins for all its products, resulting in total volume growth of 37.4% from N804.7 million in 2018 to N1.1billion in 2019.
“Despite what was a challenging economic environment, the evolution of our business model to one focused on improving operational efficiencies, leveraging existing core assets and positioning the company to be at the forefront of renewable energy distribution in Nigeria has led to significant improvement in our top and bottom line.
“We will continue to focus on delivering value to our shareholders as we continue to drive the growth and profitability of our business”
The Chief Executive Officer of AP, Olumide Adeosun, said with the emergence of the new management in 2019, the vision was to create an energy firm that will become the brand of choice for consumers.
To this effect, the company, according to him, focused on increasing operational efficiency and leveraging core assets to maximise growth.
Furthermore, the firm also divested from non-core subsidiaries, a strategic move that resulted in an improved performance in 2019.
“It is against this backdrop that we delivered a 31% year-on-year growth in revenue and a 520% year-on-year growth in profitability.”
Adeosun said: “Our 2019 financial results mark the start of our repositioning plan. We will continue to be deliberate about building an energy company designed for the future and our performance over the latter half of 2019, shows that moving forward on this course will set us on the right path to our long-term goals.
“We remain committed to delivering improved profitability and value for shareholders in 2020, as this remains a core component of our transformation.”
He added that the company would continue to execute on its transformation strategy by leveraging new opportunities, innovation and partnerships that would enable the company to become Nigeria’s energy provider of choice.
Other resolutions voted for by the shareholders at the meeting was the election of members of the Statutory Audit Committee and amendments to the Articles of Association to allow the meeting of the Board of Directors to hold via conference call, video call or other digital or electronic means.
