Oil & Gas

Why private refineries are not built — Avuru

Feb 11, 2014

Unfavourable government policy, harsh economic environment and lack of adequate fund have been identified as some of the impediments to private sector participation in the refinery business. The Chief Executive Officer, CEO, Seplat Petroleum Development Company Limited, Mr. Austin Avuru, stated this at the just concluded Nigerian Marginal Field workshop, held in Lagos. According to…

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Gas: Companies produce N428m, flare N81m

Feb 11, 2014

Oil companies in Nigeria produced about 592.220 million Standard Cubic Feet (SCF) of gas in three months, valued at about  $2.676 million or N428 million, between July and August 2013, according to data by the Nigerian National Petroleum Corporation, NNPC. This represents an increase of 9.33 per cent over the total gas production of 541.68…

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Brass LNG’s long road to fruition

Feb 11, 2014

The protracted delay in signing the final investment decision on the Brass LNG project is robbing the nation of revenue. Ejiofor Alike writes that without the intervention of the federal government and the international oil companies, the project may remain a pipe dream. The Brass Liquefied Natural Gas (LNG) project located in Brass Island of…

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Kerosene subsidy: Absence of Minister, NNPC, PPMC stall probe

Feb 10, 2014

The absence of the Minister of Petroleum Resources, Mrs Deziani Allison-Madueke, NNPC and Pipeline, Products Marketing Company (PPMC), on Monday stalled a probe on kerosene subsidy. The hearing was at the instance of the House of Representatives Committee on Petroleum Resources (Downstream). The News Agency of Nigeria (NAN) reports that the house through a resolution mandated…

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Northern governors meet to revive oil exploration

Feb 10, 2014

Governors of the 13 northern states which fall within the region’s sedimentary base collectively known as the Association of Petroleum Inland Basin States of Northern Nigeria (APIBONN) are expected to meet in Minna, Niger State today to explore avenues of beginning oil and gas exploration activities in the area referred to as inland basin states.…

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Eleven vessels berth Lagos ports with petroleum products

Feb 10, 2014

The Nigerian Ports Authority (NPA) says 11 vessels have arrived in the ports in Lagos with petroleum products. According to ‘Shipping Position;’ a daily publication of the NPA, the 11 vessels would discharge their products at the Atlas Cove Jetty, New Oil Jetty, Petroleum Wharf and Bulk Oil Plant. NPA said that apart from the…

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NPDC to invest N288b yearly on capital projects

Feb 10, 2014

The Nigerian Petroleum Development Company (NPDC), the upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), has unfolded plans to invest $1.8 billion (N288 billion) yearly as capital expenditure in the next two years. Besides, the company is expected to drill over 40 oil wells in the next four years. The Managing Director of the…

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Hope dims for Nigeria, Cameroun cross border oil wells exploration

Feb 10, 2014

Hopes that Nigeria and Cameroon would jointly exploit hydrocarbons deposits found in their common borders may have been dashed as the two countries are yet to implement an agreement to that effect, entered three years ago at a meeting of a joint commission set up by the United Nations. Nigeria and Cameroun, in March 2011,…

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Oil majors sell Nigerian stakes worth $6.5bn in 2013

Feb 10, 2014

International oil companies (IOCs) are divesting their stake in Nigerian oil fields. Shell, Total and Chevron are among the companies which have sold their stake in shallow water assets in Nigeria. The three major companies have sold stakes worth $6.5 billion in 2013. Oando Energy Resources will soon take over ConocoPhillips energy business in the…

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Gas shortage stalls operations of NIPP plants

Feb 10, 2014

As the Nigerian National Petroleum Corporation (NNPC) battles to address the acute gas supply challenges facing the newly-privatised power stations of the defunct Power Holding Company of Nigeria (PHCN), inadequate supply of gas has also stalled the smooth operations of the new power stations built under the National Integrated Power Project (NIPP), which are currently…

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