Oil & Gas

2014 outlook: Crude markets to be shaped by economy, mideast

Dec 24, 2013

The crude oil markets in 2014 are expected to continue along similar lines to this year with no real concerns over overall supply levels and the main influences being the state of the global economy as well as continued concerns over tensions in the Middle East. Undoubtedly, the main impact on the markets will come…

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Fuel depot price rises to N91.50 per litre

Dec 24, 2013

The increased demand for petrol may lead to shortage in some parts of the nation because of the inability of major and independent marketers to embark on commercial importation of the product. A survey over the weekend showed that demand has outpaced supply as transporters and households make more use of petrol to move from…

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Govt to engage labour in privatisation of refineries

Dec 24, 2013

The Bureau of Public Enterprises (BPE) has said that labour and their unions are critical stakeholders in the privatisation process and their views would be sought before the commencement of the privatisation process the refineries in the country. Head, Public Communication, Chigbo Anichebe, said in a media statement yesterday, that the Federal Government would actively…

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AFC underwrites $65m swamp rig acquisition facility

Dec 24, 2013

The Africa Finance Corporation has underwritten $65m of a $100m senior secured term loan facility for Depthwize Nigeria Limited for the acquisition and upgrade of swamp rigs. This, according to a statement by the corporation on Monday, is in line with the Nigerian Content legislation of 2010 aimed at domesticating a significant proportion of the…

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FG sets transparency mark for refineries privatisation

Dec 24, 2013

Pending when a 14-man steering committee set up by the federal government to recommend the eventual transaction structure and timetable for the planned privatisation of Nigeria’s four national refineries convene for deliberation, the Bureau of Public Enterprises (BPE) has given an inkling of the direction that the proposed transaction will take. The BPE in a…

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Stakeholders call for speedy payment of petrol subsidy

Dec 24, 2013

Stakeholders in the downstream sector of the oil and gas industry have called on the Federal Government to ensure speedy payment of petrol subsidy, saying the inability of the government to pay subsidy as and when due has resulted in increased transaction cycles and supply chain shocks. These industry stakeholders, who converged at the recent…

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Oil workers give conditions for sale of refineries

Dec 24, 2013

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas (NUPENG) workers have renewed their threat to shut down the system if the federal government goes ahead with its plan to privatise the refineries. According to them, selling the refineries without their participation would amount…

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Commercial price for gas-to-power to rise in 2014

Dec 24, 2013

The commercial price for gas supply to Nigeria’s power sector under the federal government’s domestic gas supply obligation is expected to rise from its current value of $1.80 million British thermal unit (mBtu) to about $2mBtu in 2014, THISDAY investigation has revealed. The projected increment is expected to equally reflect in the Multi Year Tariff…

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Shell could divest up to $30 billion of assets

Dec 23, 2013

Oil giant Shell is to start a sale of up to $30 billion (GBP18 billion) of assets next year after weak refining margins and oil theft in Nigeria caused a sharp fall in profits, The Daily Telegraph reported Monday. Assets on the chopping block include a $7 billion stake in Woodside Petroleum, Australia’s second largest…

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Oil leases: FG dashes renewal hope of Shell, Agip, others

Dec 23, 2013

Hope that renewal of the 20-yearly oil leases for Shell, Eni (Agip), and other two International Oil Companies (IOCs) operating in Nigeria’s multi-billion dollars oil and gas industry in 2013 has been dashed, five years after they expired. Investigation by Daily Independent, at the weekend, showed that the negotiations between the Federal Government and the…

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