Court orders arrest of 2 oil marketers over N979.6m subsidy fraud

Jun 26, 2013

An Ikeja High Court on Tuesday issued a bench warrant on two oil marketers, Oluwaseun Ogunbambo and Habila Theck, for failing to attend their trial without cogent reasons. The warrant was issued by Justice Adeniyi Onigbanjo on the marketers who are standing trial for an alleged N979.6 million fuel subsidy fraud. The  judge also revoked…

Read More

NIMASA further delays NLNG ships over dispute on freight levies

Jun 26, 2013

Exports of Liquefied Natural Gas, LNG, from Nigeria’s LNG plant located on Bonny Island, Rivers State, were delayed for the fourth day after the state-run maritime security agency blocked ships from accessing the Bonny terminal over disputes on freight levies, Nigeria LNG Ltd said. The Nigerian Maritime Administration and Safety Agency, NIMASA, has barred ships…

Read More

Total awards Egina contracts to Saipem, FMC

Jun 26, 2013

Total S.A. subsidiary Total Upstream Nigeria Ltd. awarded contracts to Saipem S.p.A. and FMC Technologies for the subsea Egina field development Tuesday. Under a contract valued at $3 billion, Saipem will provide engineering, procurement, fabrication, installation and pre-commissioning of 32 miles of oil production and water injection flow lines, 12 flexible jumpers, 12.4 miles of natural…

Read More

Kidnapped offshore crew released

Jun 26, 2013

Four crew members snatched from an offshore vessel off Nigeria almost two weeks ago have been released, Upstream understands. The three Indians and one Pole are understood to be safe and well and have arrived back in Lagos following their abduction from the anchor-handling tug supply vessel MDPL Continental One on 13 June. The master,…

Read More

Shell contractors arrested by JTF for oil theft

Jun 25, 2013

Contractors working for a Royal Dutch Shell Plc (RDSB) unit have been arrested in Nigeria as alleged accomplices in the theft of oil that led to a pipeline fire, according to a report by Dow Jones Newswire. The Shell Petroleum Development Company (SPDC) previously said the Trans-Niger Pipeline, which carries 150,000 barrels a day of…

Read More

NNPC relays fears over US shale oil discovery

Jun 25, 2013

The discovery of shale oil by the United States to meet its domestic crude oil needs may adversely affect Nigeria’s revenue. As a result, the Nigerian National Petroleum Corporation has expressed fears, saying the US might go into territories currently being served by Nigeria’s oil, after satisfying its local crude oil needs. Speaking on the…

Read More

NNPC pledges better management of transferred assets

Jun 24, 2013

NNPC/NPDC has expressed its readiness to professionally and efficiently run the assets and oil mining leases transferred to them by SPDC. NNPC Group Managing Director, Mr. Andrew Yakubu, stated this at the weekend after the board meeting of the NNPC/NPDC in Warri, Delta State. Through the support of the Minister of Petroleum Resources, Mrs. Diezani…

Read More

NIMASA denies existence of court order over dispute with NLNG

Jun 24, 2013

The Nigerian Maritime Administration and Safety Agency (NIMASA) has disputed the claims of the Nigerian Liquefied Natural Gas (NLNG) Limited of a court order against it or any suit brought by the NLNG against the maritime regulator. The clarification came as the operations of the NLNG, which accounts for 10 per cent of global supply…

Read More

Divestment of assets by IOC’s no threat to oil sector – SPE

Jun 24, 2013

The Society of Petroleum Engineers (SPE) has allayed fears that the continuous divestment of assets by International Oil Companies (IOCs) portends grave danger to the sector. Rather, the body said divestment of stakes in oil blocs by IOCs remained a global trend and in line with sound business decisions not capable of threatening the sector…

Read More

Chevron worried over persistent oil theft in Niger Delta

Jun 24, 2013

The continued illegal oil bunkering and other related criminal activities in the Niger-Delta have remained a major headache of oil and gas multi-nationals operating in Nigeria with America oil giant, Chevron, practically raising the alarm over the weekend. According to reports on the incidents by the General Manager, Nigerian National Petroleum Corporation (NNPC)/Chevron Nigeria Limited…

Read More