Oil & Gas
By Moses Akaigwe
ONE of Nigeria’s fastest-growing conglomerates, IVM Innoson Group of Companies, has confirmed the award of 11 offshore oil wells to the newest member of the family – Innoson Oil & Gas Limited by the government of Sierra Leone.
Innoson was awarded the oil wells during a highly competitive bid process that featured other companies from different countries, including Nigeria.
A close aide of Innocent Chukwuma, the IVM Innoson Group chairman, informed Daily Sun that the Innoson Oil & Gas team of experts in the industry had months ago presented a bid that was technically impressive and was warmly acknowledged by the authorities in the West Africa country.
During the licensing round, Innoson Oil & Gas was provisionally awarded offshore blocks 96, 97, 114, 115, 116, 117, 133, 134 and 135, while 15 went to Cluff Energy Africa, a joint venture between British oil tycoon, Algy Cluff, and billionaire, Michael Spencer.
“I believe they must have also looked at our trajectory of growth and achievements, from a small trading firm to the first indigenous manufacturer of motorcycles and automobiles, with interests in many other sectors of the economy,” the top manager in the group said.
He further disclosed that a couple of big Nigerian oil and gas companies operating locally and abroad participated in the bid exercise in Sierra Leone.
An official statement from the Sierra Leonean Presidency announcing Innoson and Cluff Energy as the successful bidders stated that there were a total of six applications for offshore concessions in the round, which was opened two years earlier.
It also stated that Sierra Leone carried out a detailed assessment of companies whose applications were shortlisted, particularly their capacity to operate in the local environment and commitment to local content development.
With the successful berthing on the oil and gas industry, Innoson has further expanded the group’s areas of operation which currently includes automobile, motorcycle, plastics, tyres and tubes, wood processing, and others.
Innoson’s growth trajectory has been very remarkable: It has been a journey that started modestly for the parts trading shop in the 80s, and graduated to a motorcycle importer that later became the first indigenous assembler of the products. The Group later diversified its businesses to include a plastics manufacturer in Nnewi, which is one of the industry’s largest; and in 2010 officially opened Nigeria’s first indigenous auto manufacturing plant in Nnewi.
By breaking new grounds, this time in the oil and gas sector, Innoson has become one of the fastest-growing groups of firms in the country. – Sunnewsonline
– Jun. 16, 2020 @ 10:05 GMT |
Tags: Innoson confirms winning 11 oil wells in Sierra Leone
