Oil & Gas

Nigeria files new challenge to P&ID’s $9.6bn gas-deal award

Dec 6, 2019

Nigeria mounted a new challenge in a U.K. court to the multi-billion-dollar award won against it by gas company Process & Industrial Development over a failed 2010 deal for a processing plant. The filing on Friday presents “new evidence that has come to light,” according to a statement emailed by London-based Portland Communications on behalf…

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NNPC says fuel supply not affected by Lagos pipeline fire

Dec 6, 2019

The Nigerian National Petroleum Corporation (NNPC) on Thursday reported an oil pipeline fire outbreak along the Atlas Cove-Mosimi Pipeline, part of the System 2B pipeline in Baruwa Swamp area of Lagos. The corporation said preliminary reports of the incident indicated that the fire outbreak might have been caused by an act of vandalism possibly by…

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Seplat’s non-Nigerian CEO appointment legitimate – NCDMB

Dec 6, 2019

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, said Seplat Petroleum Development Company Plc has not broken any law by its appointment of Mr. Roger Brown as the chief executive officer (CEO) Designate to replace current CEO, Mr. Austin Avuru. He stated this at the just concluded 9th Practical Nigerian…

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OPEC+ mulls additional 500,000bpd oil production cut

Dec 6, 2019

The Organisation of Petroleum Exporting Countries and its allies are considering a recommendation to cut an additional 500,000 barrels per day of crude production through the first quarter of 2020, with an option to extend it for the whole year. OPEC ministers met on Thursday in Vienna, Austria, to discuss their portion of the deal,…

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Shell wins ruling preventing Nigerian spill case enforcement

Dec 5, 2019

Royal Dutch Shell won a UK ruling preventing London courts from enforcing a $516 million Nigerian judgment for damages caused by an oil spill half a century ago. Judge Jason Coppel on Thursday overturned an attempt to carry over a 2010 ruling by a Nigerian court to the UK, saying that those proceedings were unfair…

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Global interest for Nigerian crude oil grades increases

Dec 5, 2019

There is increasing thirst for both lighter and heavier Nigerian barrels in global markets as the country’s grades remain popular, while the export programme for December is already down to its last cargoes. Improved demand has been supported by robust gasoline cracks and price increases in competing grades. This is even as Nigeria restates its…

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PetroNor finalizes agreement to acquire Panoro Energy’s stake in the Aje field off Nigeria

Dec 5, 2019

Further to the announcement dated 21 October 2019, PetroNor E&P has now finalised and entered into the separate investment and shareholders agreement with the OML 113 operator, Yinka Folawiyo Petroleum (‘YFP’). The purpose of the YFP Agreement is to form a partnership and a jointly owned special purpose vehicle (‘SPV’) named Aje Petroleum to focus…

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Russia, S. Arabia recommend deepening oil output cuts by 500,000bpd

Dec 5, 2019

A committee of oil producers led by Saudi Arabia and Russia recommended on Thursday that the group deepen their current oil production cuts by 500,000 barrels a day, The Wall Street Journal reported, citing officials from the Organization of the Petroleum Exporting Countries. The committee is also pushing for improved compliance from countries such as…

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Gas necessary to boost Nigeria, others’ industrialization – Axxela

Dec 5, 2019

Axxela Limited, a gas and power portfolio company, has highlighted the importance of maximising the gas resources in Nigeria and other West African countries to boost industrialisation. The firm reiterated its commitment to the region’s industrialisation at Ghana Gas Forum in Accra, Ghana, saying it would continue to build natural gas infrastructure, according to a…

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Pirates hijack supertanker offshore Nigeria, kidnap 19 crew

Dec 5, 2019

Pirates have kidnapped at least 19 crew members from a fully loaded supertanker off Nigeria, according to reports on Thursday. Bloomberg reported the incident happened late on Tuesday about 77 nautical miles from Bonny Island, a key loading point for Nigerian crude oil. The vessel had only recently collected its cargo. Eighteen of the kidnapped…

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