Oil & Gas

Nigeria slashes March crude prices as export to China shrinks

Feb 24, 2020

The federal government has slashed price of crude oil export for the month of March as no Nigerian cargoes is sailing to China in February. Nigeria is becoming increasingly dependent on European demand and the Nigerian National Petroleum Corporation, NNPC, has effectuated an across-the-board price cut on its March 2020 official selling prices. Its flagship…

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ADM Energy set to acquire further interest in OML 113 from EER

Feb 24, 2020

AIM-listed ADM Energy has entered into a sale and purchase agreement with EER (Colobus) Nigeria to acquire, subject to satisfaction of certain conditions, a participating interest of 2.25% from EER in oil mining lease OML 113, which includes the Aje field, in which it already has an interest of 2.7%. Consideration for the acquisition is…

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DPR partners NIPCO, Green Fuels on awareness campaign for CNG use

Feb 24, 2020

Having recognised a whopping budgetary allocation of N450 billion voted for under-recovery, otherwise known as subsidy for Premium Motor Spirit (PMS) in the 2020 budget, coupled with the abundance and cost-effectiveness of Compressed Natural Gas (CNG), the Department of Petroleum Resources (DPR) has started awareness campaign on the usage of CNG as an alternative to…

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More Nigerian crude oil programmes emerge

Feb 24, 2020

Nigeria’s preliminary loading programmes for April continued to emerge, after differentials were weighed down in the last trading cycle by sluggish demand in both Eastern and Western markets. Nigeria will export seven cargoes of Bonny Light in April, with volumes set to fall to 228,000 barrels per day (bpd) from 245,000 bpd in March. Exports…

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‘Change in OML 98 ownership won’t hurt production’ – Pan Ocean

Feb 24, 2020

Pan Ocean Oil Corporation (Nigeria) Limited has said it will continue to work with the regulators to ensure that the change in the ownership of Oil Mining Lease 98 does not cause significant disruption in production. The Department of Petroleum Resources, in March 2019, revoked Pan Ocean’s OML 98 licence over issues bordering on royalty…

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DPR sees imminent improvement in Nigeria’s downstream sector

Feb 23, 2020

The Director, Petroleum Resources, Department of Petroleum Resources (DPR), Mr. Sarki Auwalu, has stated that the downstream oil sector will in few years witness changes in view of the Federal Government’s commitment to drive business in the country. Awalu, who spoke at the Nigeria International Petroleum Summit in Abuja, said the downstream industry requires new…

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Regulation is stifling downstream petroleum industry – MOMAN

Feb 22, 2020

The downstream arm of the country’s petroleum industry has been on the downward trend in the past few years due to regulation of petroleum products pricing by the Federal Government. As a result of poor margins on investment in products coupled with inability of players in downstream to import as the refineries owned and controlled…

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Amazon Energy, NAOC, NCDMB boost Nigerian content capacity

Feb 22, 2020

Amazon Energy Limited has completed a training programme for 25 engineers as part of the local content requirements for the Kwale gas flaredown project contracted to it by the Nigeria Agip Oil Company. The programme, called the Nigerian Content Development and Monitoring Board-Human Capital Development training, lasted for 30 months. “For Amazon Energy, this training…

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Canadian Overseas Petroleum secures loan from CEO to move ahead with OPL 226

Feb 21, 2020

Canadian Overseas Petroleum Ltd on Friday said it has obtained a CAD200,000 loan from its chief executive in order to move forward with its OPL 226 project in offshore Nigeria. Shares in Canadian Overseas Petroleum were up 37% at 0.13 pence in London in late morning trading. The oil and gas exploration and development firm…

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Crew kidnapped from oil tanker in transit to Lagos

Feb 21, 2020

Reporting indicates that the Alpine Penelope crude oil tanker has been attacked while in transit towards Lagos, resulting in the kidnap of nine personnel, Dryad Global has revealed on its website. The identities of the kidnapped crew remain unknown, although Dryad highlighted that the vessel is known to have a crew of 24 personnel, consisting…

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