Oil & Gas

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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FG dares NUPENG over sale of refineries

Dec 2, 2013

In apparent disregard of calls by oil workers’ unions to halt the planned sale of Nigeria’s four refineries, the Federal Government at the weekend began execution of the privatisation timetable. The oil workers say the plan is another ploy to hand over the assets to fronts and cronies of the Presidency, and have threatened strong…

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Stakeholders want kerosene subsidy removed

Dec 2, 2013

Stakeholders in the oil and gas sector have called on the federal government to remove kerosene subsidy to allow for massive investment in the sector. They argued that currently, subsidy regime festers corruption rather than allow for investment in the sector. The industry players raised the concern at the annual conference of the Nigerian Liquefied…

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‘Inject $600m capital into gas sector’

Dec 2, 2013

About $600million new capital investment is required to grow the Nigerian liquefied natural gas value chain to an enviable height, the Managing Director, Rivers Bank Capital, Mr Akinyemi Osinubi has said. Speaking to The Nation, Osinubi said the industry’s growth has been hampered by poor funding, occasioned by the refusal of local and international financial institutions…

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Nigeria faces stiff competition from African oil producers

Dec 2, 2013

Nigeria is on the verge of being outstaged as the biggest crude oil producer in Africa as many other countries in the region are developing new initiatives to increase production, organise licensing rounds and tapping into shale oil resource. Nigeria was said to have lost over $100 billion worth of investments due to uncertainty in…

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Alison-Madueke: Proceeds from oil theft are stashed abroad

Dec 2, 2013

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has said revenues from the sale of Nigerian crude oil that is constantly stolen by oil thieves are not laundered through African banks but through entities that are far away from home and in strange environment. Alison-Madueke stated this in Abuja when she gave updates on burning…

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Oando provides an update on the acquisition of ConocoPhillips Nigerian business

Nov 29, 2013

Oando Energy Resources has announced that it has entered into an amendment agreement with ConocoPhillips in relation to the proposed acquisition by the Company of the Nigerian upstream oil and gas business of ConocoPhillips, comprising the indirect acquisition of all of the shares of Phillips Oil Company Nigeria Limited (‘POCNL’), Phillips Deepwater Exploration Nigeria Limited…

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Crude oil producers unperturbed by US shale boom

Nov 29, 2013

Despite the significant exploration and production of shale oil in the United States, some stakeholders in the oil and gas industry have allayed fears over prospects of   crude oil export in West Africa. The Chief Executive Officers of Oyster Oil and Gas, Michael Wood, Vanoil Energy Limited, Canada, Sam Malin, and South Atlantic Petroleum Limited,…

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