Oil & Gas

Only 232 barrels were added to Nigeria’s oil reserves in 2017 – Report

Dec 15, 2018

As the nation’s oil and gas industry awaits the passage of the Petroleum Industry Bill (PIB), there has been a decline in crude oil exploration as only 232 barrels of oil with condensates were added to the reserves in 2017. International Oil Companies (IOCs) have consistently lamented that the continued delay in passing the PIB…

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Savannah Petroleum’s takeover of Seven Energy’s assets continues to drag

Dec 14, 2018

Savannah Petroleum had not concluded its takeover of Seven Energy’s assets in Nigeria as of December 14, 2018, less than three weeks to the end of the year. After signing off on the deals regarding the gas for oil swap with Frontier Oil Limited and the buy-out of minority shareholders in Universal Energy Resources Limited,…

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Green Energy’s $12m LPG plant in Rivers to be ready by Q2 2019

Dec 14, 2018

A $12m LPG plant being established in Ikuru Town in Rivers State by Green Energy International Limited, operator of Otakikpo Marginal field in OML 11, would be ready for installation by the second quarter of 2019. On the 12 million standard cubic feet per day LPG plant, the Chairman, Green Energy, Prof. Anthony Adegbulugbe, said…

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Nigeria’s LPG consumption grew by 600% in 2 years – FG

Dec 14, 2018

The consumption of Liquefied Petroleum Gas, popularly known as cooking gas, in Nigeria, increased by 600 per cent in the past two years, the Federal Government announced on Thursday. In his address in Abuja, the Minister of State for Petroleum Resources, Ibe Kachikwu, said that the Nigerian Gas Policy had helped in growing the country’s…

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Nigeria owes IOCs $5.1bn in JV cash call debts – NNPC

Dec 14, 2018

The Nigerian National Petroleum Corporation (NNPC) on Thursday told the Senate that the country’s debt to International Oil Companies stood at $5.1 billion. The NNPC said that the $5.1 billion debt was accumulated from the Joint Venture Cash Call (JVC) business arrangement the country has with IOCs on oil exploration.  The Chief Financial Officer (CFO)…

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Nestoil delay shifts OB3 pipeline completion into 2019

Dec 14, 2018

Delays by one of the two contractors constructing the OB3 Pipeline has ensured that the crucial line will not be completed in 2018. The Oben –Obiafu-Obrikom (OB3) pipeline is Nigeria’s largest gas transmission pipeline and its completion will create the first semblance of a gas grid in the country. It will ferry gas from the…

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Burst of spot trade clears Nigerian crude cargoes

Dec 14, 2018

A burst of spot activity on the West African market saw a flurry of buying of Nigerian cargoes, after sellers finally cut their offer prices, while more favourable shipping economics added additional support. Nigerian cargoes have struggled to find buyers in Asia this month, partly because Chinese refiners retreated from the market after a burst…

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Nigeria’s oil production to hit 2.5mbd in 2019 – Kachikwu

Dec 14, 2018

Minister of State for Petroleum Resources, Dr Ibe Kachikwu, yesterday said that Nigeria’s crude oil production is expected to increase from current average of 2 million barrels per day to 2.5 million barrels per day by the end of 2019. He also disclosed that the country intends to further grow it to 3mbd by 2020.…

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OPEC data suggests it may need to make deeper cuts in Q4 2019

Dec 13, 2018

Production cuts agreed by OPEC and its allies are on track to balance global oil markets in the first half of 2019, but more work may be needed after that. If Saudi Arabia, Russia and other countries in the so-called OPEC+ coalition cut production by 1.2 MMbpd as promised for the first six months of…

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Nigeria, W. Africa see higher petroleum product inflows

Dec 13, 2018

Refined oil product arrivals into Nigeria and other West African countries in December so far are 1.19 million metric tonnes as of Wednesday, compared with 1.21 million mt in the whole of November, S&P Global Platts trade flow software cFlow showed. Based on fixtures seen by Platts, of these arrivals, 1.02 million mt were thought…

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