Oil & Gas

OPEC may not adopt new production level

Dec 4, 2013

The Organisation of Petroleum Exporting Countries, OPEC may not adopt a new production level as it begins its crucial meeting today in Vienna, Austria. Bloomberg survey showed that OPEC is poised to keep its oil-production target unchanged at its meeting this week. The agency stated, “Futures earlier rose as much as 0.7 percent in London…

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FG has no business importing petroleum products – Dickson

Dec 4, 2013

Bayelsa State Governor Seriake Dickson yesterday said that the Federal Government has no business importing refined petroleum products into the country. Dickson regretted that the nation is still importing refined products in spite of the magnitude of the barrels of crude oil produced daily in the country. The governor, who spoke in Addis Ababa, Ethiopia,…

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Oando Energy invests $85.8m on wells’ development

Dec 4, 2013

Oando Energy Resources Incorporated has invested $85.8 million (N13.7 billion) from January to October 2013 on the development of oil fields in Nigeria.  The company intended spending additional $17 million before the end of the year. Besides, Oando Energy Resources was a major sponsor of the 20 Africa Oil Week organized by global Pacific and…

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Deep burial method will end attack on pipelines – Group

Dec 3, 2013

Deep burial method for installation of pipelines has been identified as a better way to protect these facilities from attack by oil thieves and sabotage. Making this known at the end of its 9th conference/exhibition in Port Harcourt, Pipelines Association of Nigeria, PLAN also urged government and stakeholders in its communiqué to evolve measures to…

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Nigeria, Saudi Arabia’s output decline behind drop in OPEC crude production

Dec 3, 2013

The decline in crude oil production from Nigeria and Saudi Arabia made crude production from the Organisation of Petroleum Exporting Countries (OPEC) drop to a two-year low in November, according to a Bloomberg survey. Nigeria has continued to be in the league of member countries that are the main drivers behind fall in OPEC output…

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Towards deepening the gas market

Dec 3, 2013

The gas market has not been fully explored to optimise its economic benefits to the nation. Stakeholders in the gas sub-sector are seeking ways to increase its contributions to grow the nation’s gross domestic product (GDP), writes AKINOLA AJIBADE Nigeria, with 187 trillion cubic feet of proven gas reserves and an estimated 600trillion cubic feet…

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Chevron, Agip to contribute 14 fields to marginal bid round

Dec 3, 2013

Chevron Nigeria Limited- a subsidiary of United States oil giant, Chevron Corporation- will contribute 12 fields to the Department of Petroleum Resources (DPR) as part of the 31 marginal fields that would be offered to Nigerian independent companies by the Federal Government. The Nigerian Agip Oil Company (NAOC), a subsidiary of Italian oil company, ENI…

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Total announces load-out of Ofon Phase-2 process platform from Korea

Dec 3, 2013

The Ofon phase-2 process platform (OFP-2) is on its way to the Ofon field located in the Oil Mining Lease (OML) 102, 50 kilometres   off the coast of Nigeria in 40 metres water depth from Ulsan, South Korea, Total Exploration and Production Nigeria (TEPNG) Ltd said Monday. The Ofon field is jointly owned by TEPNG…

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DPR to accommodate hybrid evaluation team in marginal field bids

Dec 3, 2013

Director, Department of Petroleum Resources (DPR), Mr. George Osahon, has said the agency will accommodate a hybrid of oil and gas industry experts including the Joint Venture (JV) partners of the Nigerian National Petroleum Corporation (NNPC) in the committee that will evaluate bids for 31 marginal oil fields that will be up for sale. Osahon…

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NLNG initiates $1bn finance scheme

Dec 2, 2013

The Nigerian Liquefied Natural Gas, NLNG, has initiated a finance scheme that would enable contractors and vendors access $1 billion credit facility from five banks. Managing Director of the gas company, Mr Babs Omotowo, signed, in Port Harcourt over the weekend, a Memorandum of Understanding, MoU, with representatives of Access Bank, First Bank, Standard Chartered…

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