Oil & Gas

Helicopter services in oil and gas generate N96bn yearly

Nov 8, 2013

Commercial helicopter services in the oil and gas industry generate between $500-$600m (about N80-N96bn) annually. This is as the Federal Government has been called upon to give the Nigerian Civil Aviation Authority, NCAA, true autonomy, warning that without this, the industry will witness more tragedies. Speaking at a seminar organised by the Aeroconsult Ltd at…

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Conoil sets new high on impressive earnings

Nov 8, 2013

Conoil Plc recorded the highest gain at the stock market yesterday as increased demand for the equities of the downstream oil company pushed its market price to a new high of N51.48 per cent. Conoil’s share price rose by 10.24 per cent with the addition of N4.78 to close at N51.48. The upswing yesterday increased…

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Brass LNG may suffer further delay as ConocoPhillips extends exit date

Nov 8, 2013

The Final Investment Decision (FID) of the multi-billion dollar gas project, Brass Liquefied Natural Gas (LNG) Limited, may suffer further haemorrhage as one of its key shareholders, ConocoPhillips (COP), has rescheduled its final exit from the company to Marc  h 2014. An American oil firm, ConocoPhillips, whose global business focus and strategy got some re-engineering…

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Swiss and Nigerian firms indicted in fuel import fraud

Nov 8, 2013

The deep-rooted corruption in the downstream sector of Nigeria’s oil and gas industry has been the subject of an international probe, as a Swiss non-governmental organisation, the Berne Declaration, has released a report that has indicted Nigerian oil marketing companies for widespread subsidy fraud, involving several billion of dollars. The latest report titled “Swiss Traders’…

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Lekoil provides update on proposed acquisition of interest in OML113, offshore Nigeria

Nov 7, 2013

AIM-listed Lekoil, the oil and gas exploration and development company with a focus on Nigeria and West Africa, announces that, further to the announcement on 31 October 2013 (‘Intention to raise approx. US$100 million’), the Company is currently in discussions with Panoro Energy with regards to securing an extension to the deadline of 6 November…

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Achieving reasonable contracting circle still a nightmare

Nov 7, 2013

By now it is thought that Nigeria’s oil and gas would have gone past the issue of long contracting circle thereby creating an enabling environment for investment in the oil and gas industry to thrive. By now, despite the fact that the Petroleum Industry Bill (PIB) has not been passed, a situation which the oil…

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Navy warns pirates against oil theft

Nov 7, 2013

The Flag Officer Commanding Eastern Naval Command, Rear Adm. Joe Aikhomu has warned oil thieves, pipeline vandals and sea pirates to steer clear of the nation’s waters. Aikhomu gave the warning yesterday while inspecting facilities at the Nigerian Navy Ship (NNS) Pathfinder in Port Harcourt as part of operational tour of Navy formations in the…

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NPA workers poised for showdown over petroleum pipeline project

Nov 7, 2013

Workers of the Nigerian Ports Authority, NPA, under the aegis of Senior Staff Association of Communications Transport and Corporation, SSACTAC, are preparing for a showdown with NIPCO Plc, a petroleum marketing firm over a proposed petroleum pipeline contract around the dockyard axis of the Lagos Ports Complex, Apapa. The marketing company, which currently has a…

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Reps probe JV agreements with IOCs

Nov 7, 2013

The House of Representatives has requested from the National Petroleum Investment Management Services (NAPIMS), details of Joint Venture Agreements (JVA) with International Oil Companies (IOCs). House Committee on Petroleum Resources (Upstream) yesterday, gave the management of the agency up till November 18 to appear with the details of its cash call budget performance for 2013.…

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Cooking gas: Breaking cost barrier for indigent citizens

Nov 7, 2013

The socio-economic benefits of switching from kerosene, firewood and charcoal to Liquefied Petroleum Gas (cooking gas) are innumerable, but the cost barrier remains a major setback for poor Nigerians, DAYO OKETOLA writes It has been considered embarrassing that Nigeria, with its huge gas resources, has one of the lowest consumption rates of Liquefied Petroleum Gas…

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