Oil & Gas

IPMAN president pledges unity, sanity of downstream sector

May 12, 2014

The new president of the Independent Petroleum Marketers Association of Nigeria (IPMAN) Elder Chinedu Okoronkwo has pledged to bring together all aggrieved members of the union and sanitise the downstream oil sector. In his inaugural speech at the weekend, in Abuja after the successful election of the national executive committee members of the association, Elder…

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Firms to stake $3b on five new oil blocks – Wood Mackenzie

May 12, 2014

The anticipated growth in the participation of indigenous firms in the petroleum sector may be close to realisation as the capital expenditure of the companies on five new divested oil blocks are estimated to hit about $3 billion (N504 billion) by 2020. Although, the firms have been groaning under poor access financial facilities, it is…

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SacOil to seek approval for Nigeria license farm-in with Transcorp

May 11, 2014

Sacoil Holdings Ltd, Friday, said it would now push ahead with seeking approval for taking a 20% stake in an oil prospecting license in Nigeria, after a key hurdle delaying the deal that was signed in 2010 fell. Under the farm-in deal signed in October 2010, SacOil was to acquire a 20% interest in the…

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NPDC to expend $3bn on 5 divested oil blocks in 6 years

May 11, 2014

The Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), is Nigeria’s midsize flagship upstream exploration company. The company which made its first entry into the domestic gas market with the commissioning of the 100mscf per day has grown to become the biggest producer and supplier of gas in the…

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NNPC warns against ongoing illegal contract scheme

May 9, 2014

The Nigerian National Petroleum Corporation (NNPC) yesterday raised the alarm over what it termed desperate attempt by some internet fraudsters to desecrate the character and persona of its Group Managing Director (GMD),  Andrew Yakubu. NNPC in a statement signed by the Group General Manager, Public Affairs, Ohi Alegbe, in Abuja said hackers and internet scam…

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Concerns mount over contract cost inflation by oil majors

May 9, 2014

The allegation of contract inflation in the oil and gas industry by oil firms, particularly, international oil companies (IOCs) operating in Nigeria is generating ripples in the sector, THISDAY investigations have revealed. Presidency sources hinted that top officials of multinational oil companies use their connections in the presidency to secure oil and gas contracts at…

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IOCs to divest U.S.$11 billion worth oil blocks

May 8, 2014

In a continuous divestment spree which began in 2010, the international oil companies (IOCs) are expected to divest over 20 oil blocks with not less than 4 billion barrels of oil equivalent (boe) per day and a monetary value of about $11.5 billion before the end of 2014. This was disclosed yesterday by the minister…

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Nigerian Gas Master Plan slows as PIB gets stuck

May 8, 2014

The much-talked about Petroleum Industry Bill (PIB) – which is expected to overhaul the beleaguered Nigerian oil and gas sector, but has been in the works for the past six years – is putting the brakes on the Nigerian Gas Master Plan (NGMP).  The NGMP, which was approved in February 2008, was designed to optimise…

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Shell opens $12bn Bonga SW-Aparo vessel contracts

May 8, 2014

Royal Dutch Shell says it has started awarding contracts for the construction of the Floating Production Storage and Offloading for its $12bn Bonga South West-Aparo development. The Shell’s General Manager for Deepwater Nigeria, Mr. Jerry Jackson, restated the oil major’s commitment to taking the Final Investments Decision in the field before December, 2014. This is…

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Techno Oil boosts downstream operations with depot automation

May 8, 2014

An indigenous downstream operator, Techno Oil, says it has installed process automation, control system and automated tank gauging system at its 45,000 metric tonnes fuel terminal facility in its bid to ensure utmost safety, innovation, operational efficiency and security. The Executive Vice-Chairman of the company, Mrs. Nkechi Obi, said Techno Oil’s investment in technologically advanced…

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