Oil & Gas

FG refuses bailout for marginal fields operators

Jun 20, 2013

The Federal Government has ruled out any intervention in form of provision of bailout funds for marginal oil fields operators in Nigeria. Speaking at the Ministerial Platform in Abuja, Dr. Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister for the Economy, said this is in view of the fact that the government cannot afford to…

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Pirates attack oil vessel, abduct 4 Indians, Polish crew members

Jun 20, 2013

Pirates in speedboats attacked an oil supply vessel and kidnapped four Indians and Polish crew members in the Niger Delta, last week, two security sources said, yesterday. This was even as a French sailor was freed, Tuesday, after being captured by pirates on June 13 from an oil products tanker, Adour on June 13, about…

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Afren Plc hits 42,000 bpd, boosts nation’s production capacity

Jun 20, 2013

Afren, a major oil and gas producing firm in Nigeria has realised a daily production of 42,000 barrels per day, bpd. The Chairman, Mr. Egbert Imomoh who disclosed this at the Annual General Meeting in London stated that year 2012 witnessed a lot of milestones for the company. For instance, He said that Group production…

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Execute LNG projects quickly, says expert

Jun 20, 2013

Senior Business Strategy and Performance Analyst, Nigeria Liquefied and Natural Gas (NLNG), Ezekiel Adesina, has stressed the need to expedite action on the implementation of the impending Liquefied Natural Gas (LNG) projects in the country. Also included are the NLNG Train 7, Brass LNG, and Ok LNG, for long term export contract and other economic…

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WorleyParsons shares rise on Nigerian oil deal

Jun 19, 2013

Shares in mining engineer WorleyParsons are up three per cent after a South Korean shipbuilding giant awarded it a $US100 million ($A105.97 million) offshore oil and gas contract in Nigeria. The news comes a month after a profit downgrade saw its shares plunge to a four-year low. Samsung Heavy Industries (SHI) awarded WorleyParsons a design…

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NLNG Sues NIMASA over disputed levies

Jun 19, 2013

The Nigeria Liquefied Natural Gas (LNG) Limited (NLNG) Tuesday dragged the Nigerian Maritime Administration and Safety Agency (NIMASA) to a Federal High Court in Lagos, seeking judicial clarity and interpretation on the legality or otherwise of the various levies imposed on it by the maritime regulator. This is coming as the NLNG said it was…

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Committee will submit PIB report by July 11 —Tambuwal

Jun 19, 2013

The Speaker of the House of Representatives, Aminu Tambuwal, said on Tuesday the House Committee on the Petroleum Industry Bill would submit its report on July 11. Tambuwal said at a business lecture organised by the Island Club in Lagos that the committee had concluded hearings on the bill in all the regions except Abuja.…

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Clarke Energy to harness flared gas for power in Nigeria

Jun 18, 2013

The quest by the Federal Government to end gas flaring would soon yield better results, as Clarke Energy, said it has employed containerised gas engines for the production of power using the flared gas. Clarke Energy is an independent company which specialises in engineering, installation and maintenance of power plants utilising gas engines. The company…

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Chevron to offload more Nigeria blocks

Jun 18, 2013

Chevron is reportedly putting up for sale interests in three more Nigerian oil blocks, taking to five the number of assets to be auctioned by the US giant in the troubled West African country. The company intends to dispose of its 40% stakes in OMLs 52, 53 and 55 in the Niger Delta, the company…

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Lekoil plots offshore OML 113 acquisition

Jun 18, 2013

Junior explorer Lekoil announced Tuesday that it is planning to acquire a 6.5-percent participating interest in the OML 113 block, offshore Nigeria, for $30 million. The OML 113 block is located in the Benin Embayment along the West African Transform Margin adjacent to the OPL 310 block, in which Lekoil has a 30-percent economic interest.…

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