Oil & Gas

Kidnapped offshore crew released

Jun 26, 2013

Four crew members snatched from an offshore vessel off Nigeria almost two weeks ago have been released, Upstream understands. The three Indians and one Pole are understood to be safe and well and have arrived back in Lagos following their abduction from the anchor-handling tug supply vessel MDPL Continental One on 13 June. The master,…

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Shell contractors arrested by JTF for oil theft

Jun 25, 2013

Contractors working for a Royal Dutch Shell Plc (RDSB) unit have been arrested in Nigeria as alleged accomplices in the theft of oil that led to a pipeline fire, according to a report by Dow Jones Newswire. The Shell Petroleum Development Company (SPDC) previously said the Trans-Niger Pipeline, which carries 150,000 barrels a day of…

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NNPC relays fears over US shale oil discovery

Jun 25, 2013

The discovery of shale oil by the United States to meet its domestic crude oil needs may adversely affect Nigeria’s revenue. As a result, the Nigerian National Petroleum Corporation has expressed fears, saying the US might go into territories currently being served by Nigeria’s oil, after satisfying its local crude oil needs. Speaking on the…

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NNPC pledges better management of transferred assets

Jun 24, 2013

NNPC/NPDC has expressed its readiness to professionally and efficiently run the assets and oil mining leases transferred to them by SPDC. NNPC Group Managing Director, Mr. Andrew Yakubu, stated this at the weekend after the board meeting of the NNPC/NPDC in Warri, Delta State. Through the support of the Minister of Petroleum Resources, Mrs. Diezani…

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NIMASA denies existence of court order over dispute with NLNG

Jun 24, 2013

The Nigerian Maritime Administration and Safety Agency (NIMASA) has disputed the claims of the Nigerian Liquefied Natural Gas (NLNG) Limited of a court order against it or any suit brought by the NLNG against the maritime regulator. The clarification came as the operations of the NLNG, which accounts for 10 per cent of global supply…

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Divestment of assets by IOC’s no threat to oil sector – SPE

Jun 24, 2013

The Society of Petroleum Engineers (SPE) has allayed fears that the continuous divestment of assets by International Oil Companies (IOCs) portends grave danger to the sector. Rather, the body said divestment of stakes in oil blocs by IOCs remained a global trend and in line with sound business decisions not capable of threatening the sector…

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Chevron worried over persistent oil theft in Niger Delta

Jun 24, 2013

The continued illegal oil bunkering and other related criminal activities in the Niger-Delta have remained a major headache of oil and gas multi-nationals operating in Nigeria with America oil giant, Chevron, practically raising the alarm over the weekend. According to reports on the incidents by the General Manager, Nigerian National Petroleum Corporation (NNPC)/Chevron Nigeria Limited…

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Total developing new oil field offshore Nigeria

Jun 24, 2013

Total Nigeria is developing a new offshore oil field that it expects to produce 200,000 barrels a day. Friday’s statement from the French oil major says its Nigerian subsidiary in partnership with the national oil companies of Nigeria, China and Brazil expects production to begin in 2017. The Egina field was discovered in 2003, some…

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SPDC sets out its future intent for Nigeria

Jun 22, 2013

The Shell Petroleum Development Company of Nigeria Ltd (SPDC) as operator of the Nigerian National Petroleum Corporation (NNPC)/SPDC joint venture (SPDC JV) today announced that the SPDC JV (NNPC 55%, SPDC 30%, TOTAL 10%, NAOC 5%) has taken final investment decisions for the Trans Niger Pipeline loop-line (TNPL) and the Gbaran-Ubie Phase Two projects, both…

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Oil marketer, cargo surveyor get N2bn bail in subsidy fraud case

Jun 21, 2013

A Federal High Court sitting in Lagos, Thursday, granted bail in the sum of N2 billion to an oil marketer and cargo surveyor, charged with N1.7 billion fuel subsidy fraud. The judge, Justice Ibrahim Buba, however, ordered the accused to be remanded in custody, pending the perfection of their bail. The accused, Samuel Owa and…

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