Oil & Gas

NNPC awards fresh oil-for-fuel swap deals

Jul 15, 2019

Nigerian state oil firm NNPC issued award letters on Monday for highly sought-after contracts to exchange crude oil for imported fuel, oil industry sources told Reuters. A total of 15 groupings, with at least 34 companies in total, received award letters, four sources with knowledge of the deals said. The award letters were circulated on…

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Eland Oil & Gas receives regulatory approval for the Gbetiokun field development plan

Jul 15, 2019

Eland Oil & Gas has announced that regulatory approval has been obtained for the Gbetiokun Field Development Plan (‘FDP’) from Nigeria’s Department of Petroleum Resources. The FDP caters for the drilling of an additional five oil production wells during phase 1 of the development, followed by the drilling of a further six oil production wells and a single…

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Court grants NIMASA rights to collect fees from drilling operations

Jul 15, 2019

The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has commended the judgement of the Federal High Court in the case involving Seadrill Mobile Unit Nigeria Limited and the Federal Ministry of Transportation (FMOT), which affirmed NIMASA right to collect fees from drilling operations. NIMASA was later joined as a necessary…

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Total puts an end to gas flaring on Egina field

Jul 15, 2019

Total at the weekend, announced that it has achieved No-Routine-Gas-Flaring in operations on its Egina Floating Production Storage and Offloading(FPSO). The achievement, according to Total’s Country Communications Manager, Mr. Charles Ebereonwu, follows the commissioning of Gas Compression System on the Egina Field. Associated gas from the field is now being compressed, transported via the Akpo/Amenam gas…

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Seplat targets first gas from ANOH project by Q1 2021

Jul 15, 2019

Seplat Development Company Plc has announced that its $700 million Assa North-Ohaji South (ANOH) gas project investment would deliver first gas by first quarter, 2021. Chief executive officer of Seplat, Austin Avuru made this known at the company Capital Markets Day at the Nigerian Stock Exchange (NSE) at the weekend in Lagos. Avuru said the…

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Dangote Refinery to end petroleum products imports to sub-Saharan Africa – ED

Jul 14, 2019

Nigeria and other sub-Saharan African countries would soon heave a sigh of relief from the importation of petroleum products, with the imminent completion of the 650,000 barrels-per-day (bpd) Dangote Refinery at Ibeju-Lekki area of Lagos. Group Executive Director, Strategy, Capital Projects & Portfolio Development, Devakumar Edwin, made this statement on Wednesday, July 10, 2019, during…

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Race to construct Shell’s Bonga South West FPSO heats up as 3 bidders emerge

Jul 13, 2019

After nearly two months extension, contractors have started a renewed race to meet the July 31 deadline to submit their technical and commercial bids aimed at supplying a floating production, storage, and offloading vessel for Shell’s $10 billion Bonga South West Aparo (BSWA) project. People familiar with matter say if bids are submitted this quarter,…

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Conoil sees Q1 profit surge to highest level in 5yrs

Jul 13, 2019

Conoil, a listed oil and gas company, has announced a 53.9 percent increase in its profit for the first quarter of 2019. This increase pushed the company’s net profit to the highest level in the last five years. The company on Wednesday reported that it made N325.18 million as profit in the first quarter, up…

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Ogun state won’t allow Benin Republic to take oil rich Tongeji Island – Governor

Jul 13, 2019

Ogun State Governor, Dapo Abiodun, has declared that his administration would not allow the oil rich Tongeji Island that shares boundary with the Republic of Benin, to be taken away by Nigeria’s neighbouring country. Abiodun said his administration is determined to do all in its power to make life meaningful for the citizens of the…

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OPEC sees oil production drop in June on new supply outages

Jul 12, 2019

OPEC’s oil production dropped by another 68,000 bpd to 29.83 million bpd in June, as output from Iran and Libya—exempt from the production cut pact—and other members offset large increases in Saudi Arabia and Nigeria. According to secondary sources in OPEC’s closely watched Monthly Oil Market Report published on Thursday, the cartel’s output hit a new…

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