News Article | May 18, 2017
HOUSTON--(BUSINESS WIRE)--Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE MKT:ERN) (JSE:ERN) announced today the results of the Company’s Annual Meeting of Shareholders held on May 17, 2017 and changes to its board of directors (Board) and management team. “I am honored to be returning to Erin Energy as Chairman and thank John Hofmeister for all his contributions to the Company over his seven years of service. I plan to take a very active role in working with the Erin management team and the Board to efficiently and economically deliver on its development plans. The Company is blessed with world class assets that can deliver value in both the short and long term. I will focus all my efforts on maximizing the value of our portfolio by staying focused on growing production, reserves and thereby significantly growing shareholder value.” Mr. Frank C. Ingriselli replaces John Hofmeister as the Chairman of the Board. Mr. Ingriselli serves as the President and Chief Executive Officer of Blackhawk Energy Ventures Inc., a position he has held since founding the company in 2016, and has more than 36 years of experience in the energy industry with wide ranging oil and natural gas exploration and production company experience in diverse geographies, business climates and political environments. Mr. Ingriselli was the founder in 2011 of PEDEVCO Corp. a NYSE MKT listed company and the founder of Pacific Asia Petroleum Inc. in 2005 (Erin Energy’s predecessor entity). Mr. Ingriselli began his career at Texaco, Inc. (Texaco) in 1979 and held management positions in Texaco’s Producing-Eastern Hemisphere Department and Middle East/Far East Division and Texaco’s International Exploration Company. While at Texaco, Mr. Ingriselli negotiated a successful foreign oil development investment contract in China in 1983. In 1992, Mr. Ingriselli was named President of Texaco International Operations Inc. and over the next several years directed Texaco's global initiatives in exploration and development. Mr. Ingriselli graduated from Boston University in 1975 with a Bachelor of Science degree in Business Administration. He also earned a Master of Business Administration degree from New York University in both Finance and International Finance in 1977 and a Juris Doctor degree from Fordham University School of Law in 1979. Mr. Femi Ayoade, Dr. John Rudley and Mr. Mahmud Yayale Ahmed were elected to fill vacancies resulting from the retirement of Mr. William J. Campbell, Mr. Ira Wayne McConnell and Mr. Segun Omidele. At its meeting, following the Company’s Annual Meeting of Shareholders, the Board elected Mr. Ayoade as Chief Executive Officer of the Company to replace Interim CEO, Jean-Michel Malek. Mr. Ayoade has served as Vice President of Production Operations for the Company since 2016 and the Managing Director of Erin Petroleum Nigeria Limited since 2013. He has more than 20 years’ of experience in the oil and gas industry and possesses in depth knowledge on the regulatory and political environment of Nigeria, and extensive experience on exploration and production operations offshore Nigeria. From 2008 to 2013, he was a Senior Technical Executive at CAMAC Petroleum Limited and Allied Energy Plc Nigeria and from 2006 to 2008, he was a Senior Drilling Engineer at Nigeria Agip Exploration (a subsidiary of ENI). Mr. Ayoade also served as a Senior Petroleum Engineer at Allied Energy Resources Nigeria Limited. Mr. Ayoade earned a Master of Science in petroleum engineering from the University of Houston and a Higher National Diploma from the Petroleum Training Institute and has had extensive training in drilling, completion and subsea engineering. Dr. Rudley served as the President of Texas Southern University from February 2008 to July 2016, where he was responsible for instituting substantive and far-reaching changes via administrative, academic, student and outreach initiatives. From June 2007 to February 2008, Dr. Rudley served as the Interim Chancellor for the University of Houston System and the Interim President for the University of Houston. Dr. Rudley has also held administrative positions for Tennessee Board of Regents, the University of Tennessee at Chattanooga and has served as a Senior Technical Advisor at the U.S. Department of Education. In addition to his experience in education, Dr. Rudley held positions at Arthur Andersen / Arlington McRae and Coopers and Lybrand, Certified Public Accountants. Dr. Rudley served on the board of directors and audit committee of AMSouth Bank. Dr. Rudley is a Certified Public Accountant in Texas, earned a bachelor’s degree in business administration from the University of Toledo and a M.Ed. and Ed.D. from Tennessee State University. Mr. Ahmed has an extensive history of government service on behalf of the Republic of Nigeria and has served at the highest levels of the Nigerian Government. Mr. Ahmed served as the Secretary to the Government of the Federation of Nigeria, a role that involved serving as Secretary to all Councils and bodies chaired by the President of the Republic, such as the Federal Executive Council and the Council of State. Mr. Ahmed served as the Minister of Defense and as the Head of Civil Service, where he was responsible for instituting fundamental reforms. Mr. Ahmed has served on the board of directors of Industrial and General Insurance since 2014 and assumed the role of chairman of the board of Industrial and General Insurance in 2016. Mr. Ahmed holds an undergraduate degree in social science with a specialization in government and a master’s degree in public administration with a specialization in public finance from Ahmadu Bello University. At the meeting, Erin Energy shareholders passed the Company’s proposed resolutions including, appointing PKF as the Company’s auditors for 2017 and approving, on a non-binding advisory basis, the compensation of the Company’s named executive officers as set forth in the Company’s Proxy Statement. The option that received the greatest number of votes for the frequency to hold an advisory vote to approve the Company's executive compensation was three years. Based on the recommendation of the Board of Directors in the Company’s proxy statement and the voting results with respect to the advisory vote on the frequency of future advisory votes on executive compensation, the Company has decided to hold an advisory vote on executive compensation every three years. Erin Energy Corporation is an independent oil and gas exploration and production company focused on energy resources in sub-Saharan Africa. Its asset portfolio consists of 9 licenses across 4 countries covering an area of 19,000 square kilometres (~5 million acres), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana and The Gambia, and onshore Kenya. Erin Energy is headquartered in Houston, Texas, and is listed on the New York and Johannesburg Stock Exchanges under the ticker symbol ERN. For more information about Erin Energy or to request a hard copy of the Company’s most recent complete audited financial statements free of charge, please call +1 713 797 2940 or visit www.erinenergy.com.
Nwobi-Okoye C.C.,Anambra State University |
Okiy S.,Petroleum Training Institute |
Igboanugo A.C.,University of Benin
Ain Shams Engineering Journal | Year: 2015
This work reports an improved and novel new method of evaluating the performance of multi input single output (MISO) processes, as exemplified by a brewery. This new method involves the combination of transfer function modeling and fuzzy logic and was used in evaluating the six years performance of a brewery. Of the six years, the period 2010-2011 with a performance rating . λ of 0.810 which corresponds to the linguistic variable 'Good' recorded the best performance while the period 2008-2009 with a performance rating . λ of 0.381 which corresponds to the linguistic variable 'Fair' recorded the worst performance. The result of this study is expected to open new ways of improving maintenance effectiveness, utilization of raw materials and efficiency of multi input single output (MISO) production processes. © 2015.
Onoji S.E.,University of Witwatersrand |
Onoji S.E.,Petroleum Training Institute |
Iyuke S.E.,University of Witwatersrand |
Igbafe A.I.,Afe Babalola University |
Nkazi D.B.,University of Witwatersrand
Energy Conversion and Management | Year: 2016
The global energy demand is currently met by the use of non-renewable fossil fuels. The challenges of non-availability of these fuels in the future, instability in prices of crude oil and its negative environmental impacts, stimulated researchers in the global community in search of renewable energies for replacement of fossil fuels in future. Biodiesel has been identified as a good complement and plausible replacement of fossil diesel because of the overwhelming characteristic properties similar to fossil diesel in addition to its good lubricity, biodegradability, non-toxicity and eco-friendliness when used in diesel engines. The production of biodiesel from edible vegetable oils competes with food consumption and consequently high cost of food and biodiesel. Studies have shown that rubber seed contains 35-45 wt.% oil which portrays a better competitor to other non-edible oil bearing plants in biodiesel production. Biodiesel produced from non-edible rubber seed oil (RSO) is an attractive option for the sustainable development of sub-Saharan Africa (SSA) countries that depend heavily on fossil diesel. The application of abundant plantain (Musa paradisiacal) peels considered as waste in SSA countries as heterogeneous base catalyst in RSO biodiesel production will further reduce the cost of biodiesel. Rubber trees (Hevea brasiliensis) are grown domestically in large plantations solely for latex production in most tropical SSA countries and the seeds fall out as waste to the ground either to germinate or are collected and discarded annually. However, SSA countries have an estimated combined capacity of 717,750 ha of rubber trees equivalent to 251 million trees that can generate on annual basis, about 107,662.5 ton of rubber seed, 17,947.339 ton of rubber seed oil and an equivalent 16,691.025 ton of biodiesel. The cultivation of natural rubber trees will sustain the production of rubber products from latex and seed oils for biodiesel which would create additional financial benefits to the plantation farmers and reinvigorates the economies of the local communities in SSA countries. © 2015 Elsevier Ltd. All rights reserved.
Nwaoha T.C.,Federal University of Petroleum Resources |
John A.,Petroleum Training Institute |
Adumene S.,Rivers State University of Science And Technology
Ships and Offshore Structures | Year: 2015
Complexity of modern and large ships poses a challenge to effective and comprehensive reliability and safety assessment of the propeller operations. The marine propulsion system forms the fundamental of ships' operations. The propeller reliability and safety directly affects the safe operation of the ship including its cost performance. Therefore, focusing this research on examination of safety and reliability of the propeller operations is paramount. In view of this, propeller operations are analysed to facilitate identification of their various failure modes and associated risk implications under uncertainty. Furthermore, advanced algorithms, such as fuzzy logic, evidential reasoning (ER), analytical hierarchical process (AHP) and expected utility theory, are used to develop a robust methodology that can be employed in assessment of safety and reliability of the propeller operations. Application of the developed methodology shows that the safety and reliability of ship propeller operations are not at optimal levels. These results show that a combination of fuzzy logic, ER and AHP algorithms can be used to assess the propeller operations' safety and reliability to a certain degree of confidence, while expected utility theory can reveal the risk implications of the various failure modes. For instance, expected utility theory is used to find out that wake induced forced oscillations of the blades is the riskiest failure mode of the ship propeller operations. © 2015 Taylor & Francis
Nwaoha T.C.,Federal University of Petroleum Resources |
Nwaoha T.C.,Petroleum Training Institute |
John A.,Petroleum Training Institute
Journal of Marine Science and Application | Year: 2016
This study discusses the analysis of various modeling approaches and maintenance techniques applicable to the Liquefied Natural Gas (LNG) carrier operations in the maritime environment. Various novel modeling techniques are discussed; including genetic algorithms, fuzzy logic and evidential reasoning. We also identify the usefulness of these algorithms in the LNG carrier industry in the areas of risk assessment and maintenance modeling. © 2016 Harbin Engineering University and Springer-Verlag Berlin Heidelberg
Adegbite M.A.,Petroleum Training Institute |
Robinson M.J.,Cranfield University |
Impey S.A.,Cranfield University
Society of Petroleum Engineers - SPE Nigeria Annual International Conference and Exhibition | Year: 2016
Preferential weld corrosion (PWC) remains a major operational challenge that jeopardizes the integrity of oil and gas carbon steel pipelines. Corrosion inhibition is conventionally used to mitigate this problem however several indications suggest that some corrosion inhibitors may increase PWC. This work therefore, seeks to assess the suitability of a novel submerged jet impingement technique for the study of flow enhanced preferential weld corrosion and inhibitor evaluation in a typical offshore production system. A novel jet-impingement target was constructed from samples of parent material, heat affected zone and weld metal, and subjected to flowing brine at velocities up to 10 ms-1, to give a range of hydrodynamic conditions from stagnation to high turbulence. The submerged jet-impingement flow loop was used to investigate corrosion control of X65 steel weldment in flowing brine, saturated with carbon dioxide at 1 bar, and containing a typical oilfield corrosion inhibitor. Galvanic currents between the electrodes in each hydrodynamic zone were recorded using zero-resistance ammeters and their selfcorrosion rates were measured using the linear polarisation technique. At low flow rates, the galvanic currents were small and in some cases the weld metal and heat affected zone were partially protected by the sacrificial corrosion of the parent material. However, at higher flow rates the galvanic currents increased but some current reversals were observed, leading to accelerated corrosion of the weld region. The results are explained in terms of the selective removal of the inhibitor film from different regions of the weldment at high flow rates and the corrosion mechanism in the presence of oxygen is discussed. Copyright 2016, Society of Petroleum Engineers.
Raji J.K.,Petroleum Training Institute |
Adebowale A.O.J.,Petroleum Training Institute
Society of Petroleum Engineers - SPE Nigeria Annual International Conference and Exhibition, NAICE 2015 | Year: 2015
Forty six (46) shale samples were collected from borehole, quarry and outcrop in the Northern Benue Trough which consists of Gongola and Yola Basins respectively. The Gongola Basin comprises Bima Formation, the Yolde Formation, Pindiga/Gongila Formation and capped with Gombe Formation whereas the Yola Bain consists of Bima Formation, Yolde Formation, Dukul/Jessu/Numanha Formation and capped with Lamja Formation. The samples were subjected to vitrinite reflectance, Rock Eval pyrolysis and infrared spectroscopy in order to evaluate their organic richness, thermal maturity and petroleum generating potential. The total organic carbon (TOC) values of the Gongola Basin are between 0.20 and 2.46 wt. % averaging 0.70 wt. % while that of Yola Basin range from 0.11 to 12.9 wt. % averaging 1.50 wt. %. The mean random vitrinite reflectance (Rom) values in the Gongola Basin range from 0.48% in the Gombe Formation to 0.65% in the Pindiga Formation and 0.67% in the Gongila Formation. Also, the reflectance values in the Yola Basin increase with stratigraphic age ranging from 0.63 to 0.80% in the Dukul and Yolde Formations respectively. The thermal maturity of the organic matter (Tmax) values from the pyrolysis of shales in the Gongola Basin is between 420 and 440°C while that of Yola Basin range from 435 to 445°C. The plot of hydrogen index (HI) vs Tmax for classification of kerogen in the Gongila and Pindiga Formations reveals prevalence of Type III kerogen while that of Dukul and Yolde Formations shows Type II-III kerogen The results obtained suggest that Gongola Basin source rocks are fair and thermally immature to marginally mature and have potential to generate gas in the deeply buried section whereas the Yola Basin source rock are between fair to good and thermally mature with potential to generate oil and gas in the deeper section. Copyright 2015, Society of Petroleum Engineers.
Kareem B.,Federal University of Technology Akurre |
Jewo A.O.,Petroleum Training Institute
Engineering Failure Analysis | Year: 2015
In this study, a mathematical model was developed for failure prediction on critical equipment in petrochemical industry. The model utilized three principal measurements, namely: temperature, vibration and pressure, in developing a framework for determining expected failure periods for each component of the critical equipment. Validation of the model was done using data collected from Warri Refinery and Petrochemical Company, carbon black plant, Ekpan-Warri, Nigeria. Condition monitored data based on the three principal measurements were generated and used to determine expected failure periods for each component of the critical equipment (single-stage centrifugal compressor) in the plant. It was observed that for all the equipment under consideration, the life expectancy for blower casing is longest for all components, while that of gear and gear bearing is least. Hence, special attention should be focused on monitoring the condition of the gear and its bearing components. It was also observed from the plot trends that the deterioration rate of all components is affected by the equipment operating speed condition and functionality. © 2015 Elsevier Ltd.
Olowoyo D.N.,Petroleum Training Institute |
Ajayi O.O.,Federal University of Technology Akurre |
Amoo I.A.,Federal University of Technology Akurre |
Ayeisanmi A.F.,Federal University of Technology Akurre
Pakistan Journal of Nutrition | Year: 2010
The concentrations of Pb, Ni, Fe and Cd were determined using Atomic Absorptio Spectro photo mete r-Varian Spectral AA220 in catfish, blue crab and crayfish from Warri coastal water of Delta state. Of all the heavy metals examined, the line charts presented in Fig. 2, 3 and 4 indicate that Cd and Pb have the highest concentration while Fe and Ni have the least concentration in the three fauna considered for the experiment at both dry and wet seasons of 2008. The mean concentration values for catfish are: 0.002-2.52 mg/kg, 0.22-3.50 mg/kg, 0.002-1.48 mg/kg and 0.009-18.13 mg/kg; blue crab: 0.82-3.40 mg/kg, 0.35-2.50 mg/kg, 0.06-1.61 mg/kg and 1.62-12.88 mg/kg and crayfish: 0.22-8.00 mg/kg, 0.01-2.25 mg/kg, 0.004-0.55 mg/kg and 0.038-18.13 mg/kg for heavy metals of Pb, Ni, Fe and Cd respectively. The concentrations of the metals determined varied from one location to another and from one specie to another. Hence, Egbokodo location has the highest Cd content in catfish while Jeddo and Ughoton locations have highest Cd content in crayfish and blue crab respectively. Lastly, the order of increasing in concentration of the metals is Fe
Fadairo E.A.,Petroleum Training Institute |
Otite-Douglas M.I.,Petroleum Training Institute
Biosciences Biotechnology Research Asia | Year: 2015
This study evaluated the ability of dried calyces of Hibiscus sabdariffa aqueous extract (HSE) to change some selected biochemical and gravimetric parameters in crude oil exposed rabbits. A total of 28 rabbits were used for this study. The rabbits in this study were divided into 4 groups of seven rabbits each. Group I rabbits received neither the crude oil fortified growers mash nor the extract. Group II rabbits received the extract only (100 mg extract/ kg body weight by gavage). Group III rabbits received the crude oil fortified growers mash only. While group IV rabbits received both the crude oil fortified mash and the extract. Each group was given the treatment once daily for 14days. The biochemical indices examined were plasma cholesterol levels, glucose and cortisol while the gravimetric parameters evaluated were body weight gain and organ-body weight ratio. Relative to the control (group I), crude oil fed rabbits showed significant (P 0.05) reduction in body weight gain as well as reduction in heart and liver body weight ratios. Plasma total cholesterol, LDL-cholesterol, were significantly (P0.05) elevated by crude oil fortified mash relative to group I, the control. Crude oil fortified marsh only fed rabbits showed statistically significant (P0.05) increase in plasma cortisol concentration when compared to group I. Prior treatment of rabbits with Hibiscus sabdariffa aqueous extract (HSE) before exposure to the crude oil fortified marsh, caused a significant (P0.05) increase in organ body weight ratios and a reduction in body weight gain relative to the control, extract only and crude oil fortified mash fed only groups. This study has demonstrated that crude oil linked decreases in organ body weight ratios as well as its associated increases in plasma total cholesterol, LDL-cholesterol, were reversed by Hibiscus sabdariffa aqueous extract.