Oilserve incorporates new gas, power companies
The Group Managing Director, Oilserv Limited, Emeka Okwuosa, who made this disclosure to journalists at the just concluded Offshore Technology conference in Houston Texas, said that the establishment of the new companies was to bridge gas and power supply gap in the country.
Besides, the oilserve boss has called for the speedy passage of the Petroleum Industry Bill (PIB).
Speaking on the new companies he stated: “The Oilserv Group is a proponent of the Nigerian Gas Master Plan. Oilserv Limited & Frazimex Engineering are actively partaking in the NGMP in several projects including the roll-out of the OB3 Project (Obiafun to Obrikom and ends at Oben Node). However we acknowledge that implementation of the N.G.M.P. will require a generous amount of time to scale all financial and construction hurdles.
“In the mean time the Nigerian populace are faced with enormous power and fuel gaps. To mitigate this, the Oilserv Group has incorporated two new companies, namely: FrazOil Limited (Exploration & Production Company) and FrazPower Limited (Gas-To-Power Company).
He explained that FrazOil, is engaged in exploration and development of high return, low risk mineral assets and will capture and monetize upwards of 90 per cent of its Associated Natural gas.
He added that FrazPower is a Gas-To-Commodities & Gas-To-Power company, midstream, downstream company focused on the monetization of oil and gas derivatives as well as the erection and maintenance of power equipment that utilize those derivatives as feedstock.
He disclosed that the company has expanded into gas delivery. “By this, the first thing is owing the molecules and delivering the molecules. It means we are taking positions in gas asset and at the same time we are growing our capability in the Engineering Procurement and Construction (EPC) of pipelines. But we are also working on what we called virtual pipeline methods.
“This covers from CNG to mini LNG to micro LNG to main LNG. The whole idea of this virtual pipeline methods is to be able to deliver gas to places and uses for which it doesn’t make economic sense .
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