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WorleyParsons shares rise on Nigerian oil deal

Jun 19, 2013

Shares in mining engineer WorleyParsons are up three per cent after a South Korean shipbuilding giant awarded it a $US100 million ($A105.97 million) offshore oil and gas contract in Nigeria. The news comes a month after a profit downgrade saw its shares plunge to a four-year low. Samsung Heavy Industries (SHI) awarded WorleyParsons a design…

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FG inaugurates GE’s $1bn power facility in Cross River

Jun 19, 2013

The Federal Government, Tuesday, flagged-off the construction of the General Electric’s (GE’s) $1 billion (about N160 billion) multi-model power manufacturing and services facility in Calabar, Cross River State. Specifically, the investment, which involved $250 million capital expenditure and over $800 million incremental spending on local sourcing of goods and services, would create 2,300 jobs and…

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NLNG Sues NIMASA over disputed levies

Jun 19, 2013

The Nigeria Liquefied Natural Gas (LNG) Limited (NLNG) Tuesday dragged the Nigerian Maritime Administration and Safety Agency (NIMASA) to a Federal High Court in Lagos, seeking judicial clarity and interpretation on the legality or otherwise of the various levies imposed on it by the maritime regulator. This is coming as the NLNG said it was…

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Committee will submit PIB report by July 11 —Tambuwal

Jun 19, 2013

The Speaker of the House of Representatives, Aminu Tambuwal, said on Tuesday the House Committee on the Petroleum Industry Bill would submit its report on July 11. Tambuwal said at a business lecture organised by the Island Club in Lagos that the committee had concluded hearings on the bill in all the regions except Abuja.…

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Kidnapped French sailor freed in Nigeria

Jun 19, 2013

A French sailor kidnapped from a tanker in Togo when attackers sought to use him as a shield said Tuesday he has been freed in the oil-producing region of Nigeria. Benjamin Elman told reporters he was taken as a shield when naval patrol sought to free the French-flagged vessel on Thursday. “The navy officers negotiated…

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Increase of piracy in West Africa mainly a Nigerian problem

Jun 19, 2013

The piracy problem off the coast of West Africa highlighted by an International Maritime Bureau (IMB) report is, overwhelmingly, a Nigerian problem. The IMB report said maritime piracy was now more prevalent off the coast of West Africa than around Somalia. This is partly because an international naval task force has been patrolling the coast…

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Clarke Energy to harness flared gas for power in Nigeria

Jun 18, 2013

The quest by the Federal Government to end gas flaring would soon yield better results, as Clarke Energy, said it has employed containerised gas engines for the production of power using the flared gas. Clarke Energy is an independent company which specialises in engineering, installation and maintenance of power plants utilising gas engines. The company…

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Lekoil plots offshore OML 113 acquisition

Jun 18, 2013

Junior explorer Lekoil announced Tuesday that it is planning to acquire a 6.5-percent participating interest in the OML 113 block, offshore Nigeria, for $30 million. The OML 113 block is located in the Benin Embayment along the West African Transform Margin adjacent to the OPL 310 block, in which Lekoil has a 30-percent economic interest.…

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FG to make oil spillage a criminal offence

Jun 18, 2013

In a bid to protect the nation’s environment, the Federal Government has commenced moves to make oil spillage a criminal offence, the Minister of the Environment, Mrs. Hadiza Mailafia, has said. Mailafia said in Abuja that the National Oil Spill Detection and Response Agency, a parastatal under the Ministry of the Environment, had presented the…

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Edo blames boundary commission on decline in oil revenue

Jun 17, 2013

The Edo Government has attributed the decline in its oil revenue to the ceding of its oil wells to Ondo and Delta by the Federal Government. The Commissioner for Special Duties, Oil and Gas, Mr Orobosa Omo-Ojo, said in Benin. Omo-Ojo said that the ceding of its oil wells had continued to deny the state of…

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