Oil & Gas

GE, Seplat, Oando and Accugas profer solution for gas to power challenge

Apr 21, 2014

General Electric, along with some Nigerian companies in the power and gas sector, is devising a solution that could improve power supply by stepping up gas deliveries to generating plants in the country. Explaining the process,  Lazarus Angbazo, president  and  chief executive officer  of General Electric  in Nigeria, said it entailed the collection of gas …

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67 marketers to import 1.8MT of petrol in first and second qtr

Apr 21, 2014

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has reeled out measures to ensure round-the-clock availability of petrol across the country in a deft move aimed at sanitising the nation’s fuel supply and distribution system. Under the arrangement which the Nigerian National Petroleum Corporation (NNPC) stated in a statement yesterday, the minister  had approved the…

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FG’s N151bn debt threatens fuel importation— Marketers

Apr 21, 2014

Indications have emerged that the current fuel scarcity across the country will not come to an end soon, following the Federal Government’s N151 billion indebtedness to oil marketers. While the Independent Petroleum Marketers’ Association of Nigeria, IPMAN, said that the Federal Government still owes oil marketers N151 billion outstanding fuel subsidy claims, the executive secretary…

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Oando pays increased deposit for ConocoPhillips deal

Apr 18, 2014

Oando Energy Resources Inc. , a company focused on oil and gas exploration and production in Nigeria,  has paid a previously agreed upon deposit of $25 million for the extension of the outside completion date for the acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips. The $25 million deposit was required to…

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NNPC injects 293m litres of petrol into market

Apr 18, 2014

The Nigerian National Petroleum Corporation, NNPC, and its downstream subsidiary, the Pipelines and Products Marketing Company, PPMC, have injected 293, 326, 011 litres of premium motor spirit, otherwise called petrol, into filling stations across the country . The Corporation explained this was part of measures put in place to ensure a hitch free Easter celebration…

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Nigeria to stop flaring most gas within 5 years – Seplat

Apr 17, 2014

Seplat Petroleum Development Co., a Nigerian oil producer that raised about $500 million in initial share sale this month, expects the African nation to almost stop burning natural gas at oil fields within five years as the domestic fuel market becomes more profitable. Seplat, which flares or burns off about 26 MMcf of gas a…

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Africa’s first deepwater simulation theatre opens in Port Harcourt

Apr 17, 2014

The celebration of the 4th anniversary of Nigerian Content Act took off on a remarkable note on Monday as an indigenous oil servicing company, Tolmann Allied Services, opened a Deepwater Simulation Theatre (DST) at its new office complex in Port Harcourt, Rivers State. The DST – the first in Africa and third in the world…

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Marketers promise fuel at Easter

Apr 17, 2014

Major Oil Marketers Association of Nigeria (MOMAN) has dispelled fears of possible fuel scarcity during the Easter period, saying it has made arrangements to provide adequate fuel for the public. Its Executive Secretary, MOMAN, Mr. Obafemi Olawore, told reporters in Lagos yesterday that the association and the Nigerian National Petroleum Corporation (NNPC), would ensure that…

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U.S. overtakes Nigeria in crude oil production

Apr 17, 2014

The United States of America’s crude oil production has increased dramatically in the past few years, from less than one million barrels per day (mbd) in 2010 to more than three mbpd in the second half of 2013, the U.S Energy Information Administration (IEA) has said. The IEA expects the U.S production to reach 9.1mbpd…

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Jonathan to inaugurate $16bn gas city project soon – Uduaghan

Apr 17, 2014

Speculations in some quarters that the first industrial gas city might be relocated from its present location in Delta State was yesterday laid to rest as President Goodluck Jonathan is expected to perform the groundbreaking ceremony in no distant future. Governor Emmanuel Uduaghan disclosed this yesterday while inspecting the site of the $16 billion Gas…

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