Oil & Gas

Dangote’s plans for financing refinery, petrochemical project

Aug 28, 2013

Dangote Industries Limited (DIL) is set to sign a $3.3 billion term loan agreement with a consortium of local and foreign banks on September 4 in Abuja for the construction of a 400,000 barrels per day (b/d) refinery, petrochemical and fertiliser complex that will cost the Nigerian conglomerate $9.05 billion to construct. Confirming this Tuesday,…

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Nigerian Navy kills 6 pirates, injures one

Aug 28, 2013

The Commander, NNS Jubilee, Akwa Ibom, Commodore Isaac Ogbole, on Tuesday said the joint patrol teams of Nigerian Navy – NNS Jubilee and NNS Victory, Calabar,  killed six pirates and injured one . Ogbole said this in Ikot Abasi, Akwa Ibom while briefing newsmen on the activities of the command. He said that local fishermen…

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FG, IOCs negotiations to renew 20 year oil block licences continues to linger

Aug 27, 2013

The negotiations between the Federal Government and each of the four major International Oil Companies (IOCs)-Shell, Chevron, Eni and Total, to renew 20-year oil blocks licenses continues to hit the rock, five years after they expired. The oil majors have been in failed negotiations with the Nigerian government for several years to renew expired licenses…

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Petrofac clinches strategic alliance partnership for OML 119

Aug 27, 2013

Petrofac, in league with local content vehicle Taleveras, has won the strategic alliance partnership of NPDC to fund the operations in the Oil Mining Lease (OML) 119 in Nigeria’s prolific south eastern offshore. State hydrocarbon company NPDC is operator of the acreage, which contains the Okono and Okphoho fields, discovered by the defunct Exploration &…

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NIMASA, NAF sign MoU on maritime domain security

Aug 27, 2013

The Nigerian Maritime Administration and Safety Agency and the Nigerian Air Force have endorsed a Memorandum of Understanding to promote safety and security in the country’s maritime domain. This is in a bid to further secure the nation’s maritime environment and stem the ugly trend of sea-robbery, piracy, illegal bunkering and other sea-based crimes. At…

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FG risks $185bn loss over the next 10 years from PIB – Exxon Mobil boss

Aug 26, 2013

Nigeria risks losing $185bn within 10 years as higher taxes proposed by a new law will deter investments in the country’s oil industry, an association of energy companies including Exxon Mobil, has said. The nation’s oil production may slump by 25 per cent from 2.4 Million barrels a day if the Petroleum Industry Bill is…

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Threat of a powerless OPEC may have dire consequences for Nigeria

Aug 26, 2013

Nigerian leaders seem to be gradually waking up to the rude reality that the preponderance of oil in the nation’s economy truly portends danger for the country’s future if proactive measures are not taken to diversify the economy. The activities of non-members of the Organisation of Petroleum Exporting Countries, OPEC, on global energy supply will…

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Oil majors to stay on in Nigeria despite operational challenges, oil theft

Aug 26, 2013

A wave of planned sales of onshore Nigerian assets by oil majors has prompted speculation that they are finally leaving the Niger Delta because of oil theft, gangsterism and political uncertainty. In reality, though, foreign firms such as Royal Dutch Shell, Chevron, Eni and Total are here to stay, industry sources say. The majors are…

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FG orders shutdown of ports facilities with security challenges, as US Coast Guards arrive

Aug 26, 2013

The Federal Government has ordered that any port and terminal facility across the country having security deficiencies be shut down following the arrival of officials of the United States Coast Guards in Nigeria to carry out security audit exercise on Nigerian ports Vanguard learnt. Disclosing this fact to Vanguard the Senior Special Assistant to the President…

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Dangote urges FG to export petroleum products

Aug 26, 2013

The President/Chief Executive Officer, Dangote Group, Alhaji Aliko Dangote, has urged the government to begin the production of petroleum products for export as part of strategies to diversify the nation’s export base. He made the call in a keynote address he presented at the 9th All Nigerian Editors’ Conference in Asaba, Delta State, on Friday.…

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