Oil & Gas

Shell targets 600 MMcf/day gas output from new project in South East Nigeria

May 14, 2019

The ongoing Assa North/Ohaji South gas development project in Imo State, South-East Nigeria, will produce 600 million standard cubic feet of gas per day, energy equivalent of about 2,400 Megawatts which is enough to provide uninterrupted electricity to about 2.4 million homes, Managing Director, the Shell Petroleum Development Company of Nigeria Limited (SPDC) and Country…

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Fossil fuel to account for 53% of global energy demand up to 2040 – Seplat boss

May 13, 2019

With the global energy transformation defining the energy landscape and world economies, fossil fuel will still account for 53 per cent of the world energy demand even up to 2040. This was made known by the Chief Executive Officer, Seplat Petroleum Development Company Plc, Austin Avuru, while speaking at a panel session at the 2019…

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OB3 gas pipeline to be completed by September – Oilserv

May 13, 2019

The Chairman and Chief Executive Officer of Oilserv Group, Mr. Emeka Okwuosa, has said that efforts were being put in place to ensure that the Obiafu-Obrikom-Oben (OB3) ‘LOT B’ gas pipeline being handled by his company was completed by September 2019. Okwuosa gave the assurance at a session with journalists recently, noting that the project…

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Nigeria dominates crude production outlook from greenfield projects – Global Data

May 13, 2019

Nigeria will contribute 46% of sub-Saharan Africa’s total crude production from planned and announced projects (greenfield projects) in 2025, according to GlobalData, a leading data and analytics company. The company’s report: ‘H1 2019 Production and Capital Expenditure Outlook for Key Planned and Announced Upstream Projects in Sub-Saharan Africa – Nigeria Dominates Crude Production and Capex Outlook’ reveals…

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NLNG approves list of 120 workers to be disengaged

May 12, 2019

Despite denying plans to embark on a mass retrenchment of its workers, the top management of the Nigerian Liquefied Natural Gas company has met to ratify the list of no fewer than 120 employees to be eased out of the company soon. Specifically, the Talent Council of the gas company, made up of the Managing…

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Nigeria’s April oil production level below budget benchmark

May 11, 2019

Notwithstanding its increased production output of 1.95 million barrels daily (mbd) for April, according to the latest S&P Global Platts survey, Nigeria’s output remains below the 2019 budget benchmark of 2.3mbpd at $60 per barrel. Although OPEC and 10 non-OPEC partners had in December, agreed on a new supply accord, which runs from January-June, which…

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Nigerian crude differentials steady amid strong demand

May 10, 2019

Offer prices for West African grades remained high but have not ramped up significantly despite tightened U.S. sanctions on Iranian oil, which will leave top buyers India and China looking for replacement barrels. Shell confirmed that force majeure remains in place on exports of Bonny Light after the Nembe Creek Trunkline was closed because of…

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FEC okays N2.5bn for pipeline installation

May 10, 2019

A pipeline installation to transport dry gas through the North and South corridors to the West corridor has been approved by the Federal Executive Council at the cost of N2.5bn. The 30-kilometre project, which is operated by Shell and Seplat, has a dollar component of $32m. It is designed to transport dry gas through the…

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Attractive fiscal policies key to exploiting Nigeria’s deepwater fields – DPR

May 9, 2019

With about 13 billion oil reserves in Nigeria’s deepwater and only two billion barrels so far explored, the Director, Department of Petroleum Resources (DPR), Mordecai Ladan has made a case for more attractive fiscal and regulatory regime in order to attract  investment to the natural resources, Represented by Deputy Director, Upstream, Mr. Enorese Amadasu at…

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Aviation fuel price rises to N270 per litre

May 9, 2019

The pump price of aviation fuel (better knows as Jet A1) yesterday sold for over N270 per litre in some airports across the country from a previous average price of N230-250 per litre, forcing most local airlines to consider an upward review of air tickets to match the current fuel price cost. A top official of…

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