Oil & Gas

Nigeria’s LNG export prospects threatened as competition looms

Dec 11, 2013

Nigeria’s growing presence in Asia, the top destination for liquefied natural gas (LNG), is being threatened by the increasing LNG export potential of the United States and East Africa, as well as Singapore’s aspiration to become the region’s LNG trading hub. Activity in the high-demand Asian markets is expected to ramp up as the increasing…

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OPEC cuts output, upbeat on economy

Dec 11, 2013

The Organisation of Petroleum Exporting Countries (OPEC) has trimmed its crude oil output towards next year’s global requirement, further whittling away a supply surplus that could weigh on prices. The monthly report from OPEC also sounded an upbeat note on the prospects for the world economy in 2014. “Signs of a recovery are already visible…

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Crude oil export may dip in 2014 over political tension, oil theft

Dec 10, 2013

Insecurity and brazen oil theft in the Niger Delta region remain the biggest threats to Nigeria’s economy next year, as these may affect the export of crude, which is the mainstay of the economy. Government’s efforts at curbing oil theft are not having much impact on the activities of the thieves who see the act…

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Sirius announces significant increase in recoverable resources estimate for its Ororo field

Dec 10, 2013

AIM-listed Sirius Petroleum, the Company focused on oil and gas development and production opportunities in Nigeria, has announced that Schlumberger, the world’s largest petro-technical services company, has completed an independent Field Evaluation Study on the Ororo field in OML 95 which confirms significant recoverable resources in the field that are higher than the Company’s original…

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PPMC adopts measures to deepen LPG market

Dec 10, 2013

The Pipelines and Product Marketing Company, PPMC said it has adopted strategic measures to deepen the Liquefied Petroleum Gas, LPG or cooking gas market and promote the use of the product across the country. PPMC, a subsidiary of the Nigeria National Petroleum Company, NNPC, said one of the measures is to provide LPG skids in…

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Shell whittles down bidders list for Eastern Nigerian assets

Dec 10, 2013

Shell has cut down, from 100 to 25, the number of companies bidding to buy its stake in four producing acreages located onshore Eastern Niger Delta. Shell, TOTAL and ENI are selling the combined 45% stake they hold in Oil Mining Leases (OMLs) 18, 24, 25, 29 in Nigeria’s Rivers State. As operator of the…

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How to boost consumption of cooking gas –NLNG

Dec 10, 2013

The Managing Director of Nigeria Liquefied Natural Gas Limited, Mr Babs Omotowa, has urged the federal government to remove value added tax on liquefied petroleum gas to boost the consumption of the product in the country. Omotowa, who spoke in Lagos at the 3rd annual conference of the  Nigeria Liquefied Petroleum Gas Association(NLPGA),regretted that consumption…

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Kaduna refinery to undergo TAM in 2014

Dec 10, 2013

The Federal Government will commence the Turn Around Maintenance (TAM) of the Kaduna refinery by the third quarter of next year. The Acting Managing Director of Kaduna Refining and Petrochemical Company (KRPC), Dr. Bafred Enjugu, said the turn around maintenance, when completed, would help the refinery would operate at 90 per cent installed capacity and…

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Oando, German firm sign €5m LPG deal

Dec 10, 2013

Oando Marketing Plc has signed an agreement with KFW, a German government-owned development bank based in Frankfurt, to invest €5m (over N1bn) in the cooking gas market in Nigeria. The company, in a statement on Monday, said the agreement was signed in Frankfurt last week by KFW’s Director of the Department for Africa Regional Programmes,…

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Substandard cylinders deters genuine investors — NLPGA

Dec 10, 2013

The importation of substandard gas cylinders into the country is deterring genuine investors in the business, the Nigeria Liquefied Petroleum Gas Association, NLPGA has said. Mr Dayo Adeshina, the President of the Association, said that the trend was also discouraging the use of cooking gas at homes.According to him, the LPG market was dominated by…

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