{"id":429016,"date":"2011-05-23T23:00:52","date_gmt":"2011-05-23T23:00:52","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/23\/nestoil-diversifies-portfolio-to-power-marine-others\/"},"modified":"2011-05-23T23:00:52","modified_gmt":"2011-05-23T23:00:52","slug":"nestoil-diversifies-portfolio-to-power-marine-others","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/23\/nestoil-diversifies-portfolio-to-power-marine-others\/","title":{"rendered":"Nestoil diversifies portfolio to power, marine, others"},"content":{"rendered":"
\n

By Clara Nwachukwu<\/p>\n

As part of efforts to consolidate on the gains of its current business units in the last 20 years, the management of Nestoil Plc has established new business units including power, marine services and a host of others under strategic partnerships.<\/p>\n

Specifically, the group not only wants to generate power to boost Federal Government\u2019s aspirations to increase capacity to 40,000 Mega watts (MW) in the near future, but also participate in distribution services.<\/p>\n

Disclosing this at the just concluded Offshore Technology Conference, OTC, in Houston Texas, USA, at a dinner hosted by the company to mark its 20 years anniversary operating in Nigeria, the President\/Chief Executive Officer, Nestoil, Mr. Ernest Azudialu, disclosed that two new subsidiaries: Time Power Global Dynamics Limited and Century Power Generation Limited, have been established for these purposes.<\/p>\n

He said this was in line with the group\u2019s change in strategy, human resource, financial planning, focus, saying, \u201cWe have refocused our existing strategic business units and established new ones.\u201d<\/p>\n

Other new units include B&Q Dredging Limited, which has 11 dredgers in its fleet; Hammakopp Consortium Limited, the civil construction arm; Energy Works Technology Limited, engaged primarily in process equipment manufacturing and steel structures fabrication.<\/p>\n

Also among them are Gobowen Exploration and Production Limited, the oil exploration and production arm, which recently acquired a 40 percent stake in the Oriri Marginal Field in Oil Mining Lease, OML 88; and Neconde Energy Limited, which acquired 45 percent participating interest in OML 42 belonging to the Shell, Total and Agip Joint Venture as well as Shipside Drydock Limited, which is currently in talks with Damen Shipyards of Holland regarding the construction of a floating dry dock in our facility in Abuloma, Rivers State.<\/p>\n

In retrospect, Azudialu expressed joy in the growth of the group in the past 20 years, saying, \u201cThe sheer magnitude of our enterprise is sufficient proof that it was only possible with divine providence, vision, perseverance.\u201d<\/p>\n

Of particular note, he said, is the Nembe FLB project, which was recently partially commissioned in November 2010, and the first offshore civil project the company handled. \u201cWhilst it came with severe logistics challenges, it also enabled us buy a tug boat and a barge, the first of an avalanche of marine and watercraft equipment, we were to acquire subsequently.\u201d<\/p>\n

He added that the group\u2019s biggest pride is the $1.1billionem Nembe Creek-Cawthorne Channel Trunkline Replacement Project, NCTL, which he said, \u201cis easily the most complicated and technically challenging project we have handled in our 20 years of existence. It practically launched us into the league of top notch pipeline construction companies in Nigeria.\u201d<\/p>\n

\u201cThe entire NCTL Project, which was awarded in July 2007 to Nestoil and Saipem. Our section of the pipeline route, stretched from Nembe Creek through San Bath to Cawthorne Channel, with pipes of varying diameters. Along the route were six major fast flowing rivers, 44 other creek and rivers, crocodile-infested swampy mangrove terrain, five community clusters comprising of about 100 communities and subgroups. It needs to be mentioned here that since December 2005, when oil facilities were initially confronted with militancy in the Niger Delta, similar attacks had become a regular occurrence, forcing undesired shutting-in of oil wells and seriously disrupting activities. Thus, one could understand any level of apprehension that might have been expressed in awarding this contract, particularly to a local company.<\/p>\n

\u201cIt should be noted that our mobilization for this project was facilitated by the uncommon confidence reposed on us by our bankers \u2013 Intercontinental Bank Plc and First Bank Plc\u2026 It is within this delicate and sensitive environment, that we were able to achieve four million man hours without injury. For a local company, owned by Nigerians, managed by Nigerians and financed by Nigerian banks, this is a formidable achievement. It is a perfect illustration of what a local company can achieve if given the opportunity.\u201d<\/p>\n

He argued that this was a major achievement especially, as \u201call non-destructive and other statutory integrity tests carried out on this line confirmed the very high integrity of the work done.\u201d<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

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\nNestoil diversifies portfolio to power, marine, others<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Clara Nwachukwu As part of efforts to consolidate on the gains of its current business units in the last 20 years, the management of Nestoil Plc has established new business units including power, marine services and a host of others under strategic partnerships. 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