Oil & Gas

Marginal oil field bidders uncomfortable with guidelines

Feb 5, 2014

Interested bidders who are uncomfortable with the marginal field bid guidelines are piling pressure on the Presidency to prevail on the Department of Petroleum Resources, which is overseeing the exercise on behalf of the government, to review them. The investors are said to be uncomfortable with portions of the guidelines which reduced the tenure of…

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IOCs’ earnings slide on lower oil outputs

Feb 5, 2014

This is not the best of time for International Oil Companies (IOCs) as they continue to experience drop in quarterly profits despite increase in their respective investment profiles. For instance, Chevron, Exxon Mobil and Shell spent more than $120 billion in 2013 to boost oil and gas output, but production has been declining, thereby compromising…

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PEF plans to pay marketers within one week

Feb 5, 2014

The Management Board of Petroleum Equalisation Fund, PEF, said it has put in place adequate measures to pay oil marketers one week after submission of their claims. Executive Secretary of Petroleum Equalisation, Management, Board, Mrs. Adefunke Kasali, said the board paid marketers within four weeks Kasali, who spoke  while receiving members of the House of…

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16 days crude sales enough to build a refinery – PENGASSAN

Feb 4, 2014

Oil workers, under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, have expressed concern over the inability of the Federal Government to build additional refineries over the years, saying Nigeria’s crude output for 16 days is capable of building a refinery. “To build a refinery today is about US$4 billion…

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FG, IPMAN in fresh move to avert fuel crisis

Feb 4, 2014

The federal government appeared not to be sleeping over the warning by the Major Oil Marketers Association (MOMAM) that fuel crises was imminent, as it has taken fresh measures to nip the problem in the bud. Following its determination to make petroleum products available across the country, government has engaged the Independent Petroleum Marketers Association…

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Forte Oil to acquire marginal fields

Feb 4, 2014

Forte Oil Plc, one of the nation’s petroleum marketing company, said it would continue to participate in Nigeria’s upstream oil and gas sector. This development, according to the company’s boss, Mr. Akin Akinfemiwa, will see Forte Oil participating in government bids rounds and in the process of acquisition of marginal fields from International Oil companies(IOCs)n…

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Pipeline vandalism remains key challenge for fuel distribution

Feb 4, 2014

Cases of pipeline vandalism, with subsequent disruptions to fuel distribution and serious implications for the environment have become recurring decimal within the polity. Udeme Akpan reports that the inability of the authorities to repair Ijegun pipeline while the cleanup of the environment was yet to begin barely two weeks after the incident, underlines the problematic nature…

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PPPRA, marketers keep mum on import allocation

Feb 4, 2014

For marketers, mum is the word on the non-release of import allocation for the first quarter of the year by the Petroleum Products Pricing Regulatory Agency (PPPRA). The non-release of allocation and non-payment of over N220billion subsidy to major oil marketers has been causing concerns in the industry. The Chairman, Independent Petroleum Marketers Association of…

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‘Marginal fields critical to oil production growth’

Feb 4, 2014

Adequate development of marginal fields across the country would help the nation to achieve substantial growth in its oil and gas resources, the Managing Director of Seplat Petrolum, Austin Avuru, has said. Avuru said that marginal fields should be seen as the first step to achieving meaningful indigenous operators participation in the oil and gas sector.…

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Paucity of funds, others hindering marginal fields devt — Operators

Feb 4, 2014

Marginal field operators in the nation’s oil and gas industry have bemoaned their challenges and handicaps since they got their fields in the aftermath of the bid round held in 2003. Their concern emanated from the fact that out of the 24 oil fields awarded in 2003, only 7 fields are producing (averaging an aggregate…

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