00:00relation on the rebranding thank you very much yes so what is really this
00:04rebranding all about well to answer this question I would like to take you back
00:09memory lane how we got here we all know about ITEO Eastern exploration and
00:15production company operators of webmail 29 jointly with an NBC joint venture
00:22company ITEO resumed operatorship of this concession well over ten years ago
00:28and with the challenges were beginning to have any ninja Delta vandalization
00:37through door theft brought us to an all-time low I'm sure you had the
00:42minister in the presentation earlier today where production while we were
00:48producing delivery came to an all-time low of almost zero percent being received at
00:54the terminal this continued for a while and let the company into a total shutdown
01:02because it got to a point where we could not continue to bear the huge losses towards
01:07a survival situation and we thank God for the ingenuity the resilience and the
01:15guidance of our founder and executive vice-chairman Mr. Benedict Peters who
01:20drew his telling vision led us to that very trying period of about 18 months of
01:25non-production in that period we had to come up with a new way of doing things we
01:33could not continue with the old channel accrued to the NCTL had become a disaster for us as a company and with that in
01:41partnership with a third party operator we started what you call an alternative
01:47evacuation system to alternatively evacuate the crew from our facilities all the way to
01:55offshore brass and so in doing that for the first time what had never happened in that area was a
02:01budging process now based on this sequence through the third party operator who partnered with us the president at that time and the
02:11federal government approved what you call the name be crude oil export terminal
02:16which was based located offshore brass for the receipt of our crude at about the
02:24same time towards the launch of what you call the name be crude oil blend as you
02:30recognize our crude used to be part of the former bunny light baskets but with the new
02:35delivery pattern we have set into play we now had the crude going to the name be crude oil export terminal
02:40been produced from nimble fields mostly from nimble fields and the crude was now named nimble crude oil
02:49which has been accepted internationally this could have been launched in Europe have been launched in
02:55Asia launched America and has received international recognition you know having that together it was
03:02only just a natural sequence you have a terminal which is nimble crude oil export terminal you have a crude which is
03:09nimble blend which is produced from the nimble company and in recognition and identify with the host
03:16community you know it was just a sequence that followed and so in the wisdom of the board and the
03:23various stakeholders it was seen as the next move for the company to officially rename our operations as
03:31nimble exploration production production company limited operators of owner 29 joint venture
03:37I think that that that's history gives clarity the security crisis in the northern region that
03:44affects the vibration of food is still one major issue that we still see are we sure that this kind of
03:50situation will not affect the production I mean your production directly and then the level of production we see from across the Niger Delta where we produce our oil
03:59okay I would rather like to speak I would not speak for across the Niger I would like to speak from our own situation
04:06now we were one of those badly hit by the theft and vandalization and for the first time which was not which was novel to us we had to
04:20started with a badging process so what we've been doing for the last almost two years now is badging the crude we load them at a
04:28temporary facilities at nimble in two badges which now go offshore brass to the terminal and for final export so we've been on the badging process and with the badging process for the first time I mean in ten years of being of our
04:48operatorship we are seeing our crude volumes end to end so we see what is produced what leaves dembe and what gets to the terminal have there been other pockets of thefts around yes we do see
05:02other of thefts occasionally we see vandalization on some of our well heads we see some pipeline thefts here and there but I mean where we are now
05:11it's way different you know from where we are coming from for the first time I mean we're able to able to account for what goes into the badge and where it is discharged and the cost of production yes we still see little pockets of thefts around from time to time the government is doing a tremendous
05:31a lot of help and we continue to partner with the host communities as well this is nimble you have party to it you can't afford to let it go down as well you have party to this investment you know that is sensation we continue to share with the host communities and so jointly and collaboratively we are trying to bring this
05:54to an all-time to an all-time to an all-time low for now I cannot tell it to eradicate it but we will be able to bring it to an all-time low in the cost of our production now so one critical challenge is the cost of oil production per se in Nigeria is literally one of the highest you can find in the world at some point we are looking at about $45 to $48 per barrel if what the revenue agencies are putting are really true and then here you are trying to budge your crude
06:24at what cost does it really affect your operation
06:27are you the one that came up with $45 do you have your calculations for this federal inland revenue told the lawmakers did they say that was a value for material from nimble fields it is not directly your organization was in mention yes
06:42I don't think those are figures I don't think those are those companies close to our figures however like I said we are budging to them the budging process is an interim one it's phase one
06:54we've called like I told you is an alternative on an alternate ever question system so the first part is where we are on which is budging we are now going to transition from the budging
07:05to subsea pipeline which we are about commencing the subsea pipeline runs all the way from our facilities through the nembe river through the subsea all the way down to
07:21the brass all the way down to the brass terminal which is the final point of our evacuation process with that of course we expect that costs will drop tremendously tremendously because we will be reverting back to the pipeline system which is of course obviously cheaper than the budging system so it's transitional what we are doing and it's existential
07:47we need to exist the nation is the revenue at all costs there are no options right now if you have a better option I would like you to share it with me
07:54thank you so much for talking to us and I pray that everything works together and we are able to increase Nigeria's production which we are already doing which we are already doing oh that's good yes we are about sixty thousand barrels already
08:08um where where the works we are doing with alternative evacuation as we move into the next phase you know we have a permanent crew treatment coming up shortly as we move to the next phase we are going to grow to about seventy five thousand uh before year end and we are running up to our vision is to take production to a hundred and twenty thousand barrels minimum which is what we believe is a installed capacity and even much more so um
08:37um we are in for the long run we are in partnership with the government we believe in the vision of the government uh my boss the executive vice chairman the founder of the company believes strongly in Nigeria and has committed this all into this project and so in months to come I'm sure you'll be impressed with the things you will hear and you'll be here to see the figures yourself and I'm hoping that you will call for another interview when you see those figures rolling out thank you very much thank you so much thank you
