Oil & Gas

Dangote urges FG to export petroleum products

Aug 26, 2013

The President/Chief Executive Officer, Dangote Group, Alhaji Aliko Dangote, has urged the government to begin the production of petroleum products for export as part of strategies to diversify the nation’s export base. He made the call in a keynote address he presented at the 9th All Nigerian Editors’ Conference in Asaba, Delta State, on Friday.…

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$940m lost to piracy in Gulf of Guinea – Nigerian Navy

Aug 26, 2013

The Nigeria Navy, NN, authorities say piracy in the Gulf of Guinea, GoF, cost the world economy about $940 million last year, with an expected rise in loss this year. The Flag Officer Commanding, FOC, Western Naval Command, WNC, Rear Admiral Ibok-Ette Ibas, made this disclosure while speaking to journalists about the forthcoming Offshore Patrol…

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Nigeria lost over $100 billion to foreign crude tankers in 5 decades – NCDMB

Aug 25, 2013

The Nigerian economy lost over $100bn in five decades by allowing its crude oil to be carried exclusively by foreign owned tankers, the Executive Secretary of the Nigerian Content Development and Monitoring Board, Engr. Ernest Nwapa has said. Speaking on Friday at the launch of two brand new 45,000 metric tons tanker vessels-MT Abiola and…

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Shell and Chevron pull out of Olokola LNG project

Aug 23, 2013

Four years after BG Group divested from Olokola LNG project, two other International Oil Companies, IOC, Chevron and Shell, have pulled out, a source has said. Both companies have a combined shareholding of 39 per cent in the project, having 19.5 per cent stake each in the company. According to the source, a senior official…

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NIMASA moves to avert U.S. sanction over alleged port insecurity

Aug 23, 2013

The management of Nigerian Maritime Administration and Safety Agency (NIMASA), on Wednesday assured all stakeholders especially the international community of its resolve to ensure port facility owners/operators comply with International Ship and Port Facility Security (ISPS) code. The United States Coast Guard (USCG) recently gave Nigeria 90-day ultimatum, which expires at the end of this…

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‘Nigeria loses $2.5bn to gas flaring yearly’ – HOMEF

Aug 22, 2013

Health of Mother Earth Foundation, HOMEF, said that Nigeria loses more than $2.5 billion through the flaring of associated gas annually. Mr. Nnimmo Bassey, Executive Director of HOMEF, also noted that no fewer than 300 Nigerians were killed and two million others displaced during the unusual heavy flooding in different parts of the country in…

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OPTS disputes Nigeria’s daily crude oil theft figures

Aug 22, 2013

Members of the Oil Producers Trade Section (OPTS) have said the current figures bandied around as Nigeria’s daily crude oil loss to theft, owing to illegal bunkering activities in the Niger Delta region was inaccurate. It said  Wednesday in Abuja that Nigeria’s actual crude oil loss to theft had for a while hovered around 49,000…

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NSC chairman seeks maritime stakeholders’ cooperation to actualise trade facilitation

Aug 22, 2013

The Chairman of the governing board of the Nigerian Shippers’ Council (NSC), General Salisu Inrahim (Rtd.) has called on stakeholders in the maritime sector to collaborate with the management of the Council to help achieve its goal of creating the right environment for trade facilitation in Nigeria. The Shippers’ Council board chairman made the call…

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OAS Helicopters signs MoU with Gulf Helicopters for Nigeria service

Aug 21, 2013

OAS Helicopters signed a MoU with Gulf Helicopters of the Middle East for the provision of services to the upstream oil and gas sector in Nigeria. Under the MoU the two companies will work together in a technical partnership whereby Gulf Helicopters would provide machines and technical expertise to OAS, which has repositioned and equipped…

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Indigenous firms’ annual investments may reach $1.5b by 2014

Aug 21, 2013

The indigenous operators in the nation’s petroleum sector may be bracing up for a big challenge in the next few months, if the legislative framework is institutionalised as expected. However, the operators who were apparently aggrieved with the delay in the passage of the Petroleum Industry Bill (PIB) alleged that some factions of the legislators…

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