Oil & Gas

Hope dims on fuel import reduction

Jan 14, 2014

With the initial planned privatisation of the nation’s four refineries, many watchers of the downstream sector, involving refining and distribution of petroleum products had expected a significant reduction in fuel importation. UDEME AKPAN reports that the continuous importation will have adverse effect on the economy following President Goodluck Jonathan’s reversal of the policy. It was…

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OPEC puts Nigeria’s oil reserves at 37.1b barrels

Jan 14, 2014

Nigeria’s crude oil reserves stood at 37.1billion last year, the Organisation of Petroleum Exporting Countries (OPEC) said in a report. The report titled: OPEC Share of World Crude Oil Reserves’’, stated that the figure represented 3.1 per cent of the 1,200billion reserves of the organisation. It said non-OPEC members had 277billion oil reserves, representing 19…

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How to stop gas flaring, by NLNG

Jan 14, 2014

For Nigeria to eliminate gas flaring, the government must put in place adequate security measures for assets and personnel. It must also enforce operational best practices, Senior Business Strategy and Performance Analyst, Nigeria Liquefied and Natural Gas Limited (NLNG), Ezekiel Adesina, said in Lagos. He said there was need for new partnerships in gas flaring…

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Nigeria LNG targets export of 325 cargoes in 2014

Jan 14, 2014

As part of its renewed efforts to maintain its market share of the global supply of Liquefied Natural Gas (LNG) to the international market, the Nigeria LNG Limited targets to export 325 cargoes of LNG to European and Asian customers in 2014. The Head of Gas Supply at NLNG Limited, Mr. Emmanuel Nnabuife, said, at…

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Legal challenges delay Chevron’s $1 bln Nigeria oil block sales

Jan 13, 2014

Chevron faces delays in closing sales of oil blocks in Nigeria worth up to $1 billion because of legal disputes involving potential buyers, industry sources say, highlighting a risk other oil majors could face. Chevron is joining competitors ConocoPhillips, Royal Dutch Shell, France’s Total and Italy’s Eni  in disposing of stakes in onshore and shallow…

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FMC awards Aveon Subsea contract offshore Nigeria

Jan 13, 2014

Aveon Offshore Ltd. has been awarded a sub-contract from FMC Technologies Nigeria Ltd. for the fabrication of subsea structures for the Egina field, offshore Nigeria, Aveon said in a press release. FMC Technologies Ltd. was earlier awarded the engineering procurement construction and commissioning contract for the Egina field subsea production systems by Total Upstream Nigeria…

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No plan for fuel scarcity nationwide –IPMAN

Jan 13, 2014

The Independent Petroleum Marketers Association of Nigeria (IPMAN) at the weekend said it had no plan to cause acute shortage of fuel supply nationwide, refuting claims that some of its members threatened to embark on nationwide strike. National President of IPMAN, Abdulkadri Aminu was quoted in a statement by the National Secretary, Mike Osatuyi, as…

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FG reopens consultations on sale of refineries

Jan 13, 2014

The Federal Government may have tactically reopened consultations on the proposed sale of the country’s refineries as a political strategy to ensure that the planned divestment of government’s equity in the affected facilities sails through. This is contrary to the claims by the government that it had suspended moves to privatise the four refineries, following…

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FG set to review domestic gas price

Jan 13, 2014

In line with the Federal Government’s aspiration to set domestic gas price at parity with export price in order to boost gas supply for power generation and other domestic uses, the government is set to embark on another upward review of domestic price, the fourth in the series, THISDAY has gathered. The plan to continuously…

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Lagos tanker fire – Stakeholders want tank farms relocated

Jan 11, 2014

Victims of last Tuesday’s inferno in Apapa area of Lagos State where 15 people were burnt to death, have called on the government to relocate the fuel tank farms from their present location in Apapa, saying the number of casualties arising from tanker-related accidents in the area was on the increase. Also, the victims want…

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