Double explosions rock oil depot in Lagos

A twin explosion involving two petrol tankers yesterday rocked Ibafon Oil depot. Though no life was lost in the incident Daily Trust learnt that the explosion which was followed by a huge fire outbreak consumed property worth millions of Naira.

The explosions reportedly occurred around 7.30 pm yesterday during a trans-loading of petrol between two trucks.

The explosions sent both staffs of the various tank farms scampering for safety.

The fire was later put out by fire service men from the various tank farms who quickly deployed their equipment.

The South West Public Relations Officer (PRO) of the National Emergency Management Agency (NEMA) Ibrahim Farinloye confirmed the explosion to Daily Trust on phone.

He said both trucks involved in the Trans-loading of petrol were completely burnt down.

He added that that the fire was contained by the joint effort of fire men from Isheri fire station tank farm owners within the Ibafon axis.

SEPLAT Petroleum raises $500 million in Initial Public Offer

Foremost independent Nigerian oil and gas company with a strategic focus on Nigeria, SEPLAT Petroleum Development Company, said Wednesday that it raised 300.9 million pounds, or about $500 million, in its initial public offering, a dual listing in London and in Nigerian Stock Exchanges.

The company priced its offering at 210 pence a share on the London Stock Exchange and N576, or about $3.52, a share on the Nigerian Stock Exchange in Lagos, giving it a market capitalisation of £1.14 billion, according to The New York Times.

Shares were down about 2.4 percent to 205 pence in conditional trading in London yesterday morning, while unconditional trading of the company’s shares in London and trading in Nigeria is expected to begin on Monday.

Seplat is the first Nigerian company to have a dual listing in London and in Nigeria, having listed 26.4 percent of its share capital as part of the offering.

The New York Times quoted the Chief Executive Officer of the company, Mr. Austin Avuru, as saying that the money from the offering would put the company in a strong position to make further acquisitions as international oil companies divest their onshore assets in the Niger Delta.

Part of the proceeds, according to Avuru, will also be used to reduce the company’s debt.

“We are already a leading indigenous independent in our home market but the opportunities opening up in Nigeria for companies like ours are significant,” Avuru said in a statement.

SEPLAT was formed by two Nigerian Exploration and Production (E & P) companies – Shebah E & P and Platform Petroleum Limited for the acquisition of 45 per cent stake in Oil Mining Leases (OMLs) 4, 38 and 41.

BNP Paribas, Standard Bank, Renaissance Securities, Citigroup and the Royal Bank of Scotland served as joint bookrunners on the flotation.

The company recently unveiled plans to proceed with an initial public offer of its ordinary shares to raise $500 million.

It also planned to apply for admission of its ordinary shares to the standard listing segment of the official list of the Financial Conduct Authority (FCA) and to trading on the London Stock Exchange’s (LSE) main market as well as the official trading list of the Nigerian Stock Exchange (NSE).

Upon listing, SEPLAT will be the first Nigerian company to have its ordinary shares dual listed on both the LSE and the NSE, according to a statement issued by the company Wednesday.

OML sales: Shell management In dilemma, June deadline unrealistic

The plan by the Anglo-Dutch energy giant, Shell Petroleum Development Company (SPDC) to offer seven oil fields for sale in the Niger Delta might have run into a hitch, Leadership has learnt.

Already, LEADERSHIP gathered that the management of SPDC was miffed with the prices being offered by prospective buyers of the seven onshore and offshore oil mining licenses located in the region.

It was gathered that the sale of the oil mining licences- OMLs 18, 24, 25, 29, 71, 72 and 74, which produces 120,000 barrels of crude oil per day, was being frustrated as prospective buyers offered prices considered below the benchmark and target of the managment of the oil conglomerate.

The oil blocks were floated in joint venture with the Nigerian National Petroleum Corporation, (NNPC), as the state-owned oil corporation owns 55 per cent, Shell 30 per cent, Total 10 per cent and Eni, having the remaining five per cent.

It was gathered that Total and Eni had sold their shares in previous deals.

The oil fields were offered for sale by SPDC due to increasing crude oil theft, pipeline vandalism, oil spills, community unrest and refusal of the Federal Government to renew the operating licenses of some of the fields.