Oil & Gas

Poor capacity threatens N2.8tr oil, gas investments

May 14, 2014

If urgent measures are not put in place to deepen capacity  in the country, about N2.8 trillion ($17.5 billion) worth of investment in the nation’s oil and gas sector face the risk of capital flight. The Executive Secretary, Petroleum Technology Development Fund (PTDF), Oluwole Oluleye, who made this disclosure at the just concluded Offshore Technology…

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Gas flaring reduced to 12%, production hits 8.4 bcfpd

May 14, 2014

Indications emerged that the increasing utilisation of the nation’s abundant gas resources have forced its gas flaring down  to about 12 per cent recently. Nigeria was once rated among the highest gas flaring nations after Russia, but recent projects being put up by the International Oil Companies (IOCs) and the Federal Government had ensured that…

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Federal High Court says it has jurisdiction over Chevron asset dispute

May 13, 2014

A Nigerian judge has ruled the Federal High Court should have jurisdiction over Chevron’s asset sale dispute with Nigeria’s Brittania-U, the local firm’s lawyers said, dealing a blow to Chevron which had hoped to have the case dismissed. Chevron and Brittania-U are at loggerheads after the Nigerian firm said it paid a deposit to buy…

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Polarcus completes seismic survey in Nigeria on behalf of Afren

May 13, 2014

Panoro has announced the completion of a 3D seismic survey over OML 113 license in Nigeria. The Polarcus vessel MV Polarcus Nadia began data acquisition on March 24, 2014 and completed shooting on May 9, 2014. The survey was acquired in conjunction with the neighbouring OPL 310 with Afren and covered an area of approximately 1045 km2 in the OML 113…

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Total Egina project to attract $15b FDI investment to Nigeria – NNPC boss

May 13, 2014

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Engineer Andrew Yakubu, estimate that the Egina deep water project operated by Total Upstream company and other stake holders could attract over $15 billion foreign direct investment to Nigeria. Yakubu, who spoke  at a dinner jointly organized  in  Houston, Texas by NNPC and Petroleum Technology…

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Operators predict stability in LPG market

May 13, 2014

Operators in the Liquefied Petroleum Gas (LPG), otherwise called cooking gas, have predicted stability in the supply of the product to the Nigerian market. National President of the Nigerian Association of Liquefied Petroleum Marketers (NALPGAM), Mr. Basil Ogbuanu told THISDAY that with the intervention of the Nigeria Liquefied Natural Gas (NLNG) Limited in the supply…

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Eni appoints new CEO

May 13, 2014

Italian oil major Eni appointed upstream boss Claudio Descalzi as chief executive of the Milan-headquartered explorer. The appointment was made by the explorer’s board of directors after shareholders approved the proposal for Descalzi to take over from Paulo Scaroni after nine years at the helm. The Italian government, which owns 30% of Eni, nominated Descalzi…

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Nigeria loses N133bn as crude production dips by 7.44mb

May 13, 2014

Nigeria lost $828.816 million, about N132.611 billion in one month, as the country’s crude oil production dropped by 7.44 million barrels in February 2014. According to data obtained from the Central Bank of Nigeria, CBN, Economic Report for February 2014, Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at an average…

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Kerosene scam persists despite National Assembly probe

May 13, 2014

Barely few months after the National Assembly concluded the probe of kerosene subsidy, described as a fraud by many Nigerians, the marketers of petroleum products are still conniving with some unscrupulous officials of the Pipeline Products and Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) to perpetrate scam in the sale…

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OPEC, Naimi see oil output flat amid rising supply outside group

May 12, 2014

OPEC should keep pumping crude at about 30 MMbpd in the near term amid rising global supply, according to the group’s Secretary General and Saudi Arabia, its largest member. The Organization of Petroleum Exporting Countries has no reason to change the current output ceiling of 30 MMbpd at its next meeting on June 11 because…

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