Oil & Gas

Govt advised to seek more oil, gas buyers

Sep 3, 2013

The Federal Government has been advised to look for buyers for its crude, following the discovery of Shale Gas in the United States. The President, Divcon Engineering Group, Andy Ikekhide spoke during the company’s Annual General Meeting (AGM) in Lagos. He said Shale Gas was a game changer that would result in prosperity for some…

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N100b subsidy claims outstanding, say operators

Sep 3, 2013

The Major Oil Marketers Association of Nigeria (MOMAN) said over N100billion subsidy’s claims, excluding interest are outstanding. Its Secretary, Femi Olawore told The Nation that the amount would be higher when the cost of obtaining loans is factored in. He said operators borrow to finance the importation of petroleum products, adding that they are expected…

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Corruption and challenge of speedy cargo clearance

Sep 3, 2013

When the Federal Government decided to reform the seaports through a concession scheme, it did not mince words in telling the whole world that one of the core objectives of the exercise was to bring about efficiency to the port system, among several others. Government had believed that the exercise will not only make ports…

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Crude oil theft occurs at well heads – NNPC

Sep 3, 2013

The Nigerian National Petroleum Corporation (NNPC) has said there was no recorded incident of crude oil theft at the export terminals, stressing that all the reported cases of crude oil theft occurred at the well-heads. Speaking recently in Lagos during an interactive session with oil and gas operators, the Group Executive Director (GED) in charge…

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Ports reform: Govt cedes 60% equity to investors

Sep 3, 2013

The Federal Government has ceded 60 per cent equity to investors interested in developing new ports in partnership with it. The General Manager, Public Affairs of the Nigerian Ports authority (NPA), Captain Iheanacho Ebubeogu, said the arrangement would boost investors’morale and confidence in the sector. Ebubeogu, who spoke on the ongoing reforms at the seaports,…

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DPR moves to release data on 76 non-producing oil blocks

Sep 3, 2013

Apparently worried that local and foreign companies that won 76 of the 77 oil blocks put on offer during the licensing rounds conducted by the federal government in 2005, 2006 and 2007 are sourcing for data on those blocks in the open market, the Department of Petroleum Resources (DPR) has pledged to make those data…

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Chevron, Shell’s withdrawal from OKLNG will not affect gas agenda – NNPC

Sep 2, 2013

The Nigerian National Petroleum Corporation (NNPC) has allayed the fears that the recent decision of Shell and Chevron Nigeria Limited to withdraw from the Olokola Liquefied Natural Gas Project (OKLNG), may derail the President Goodluck Jonathan’s Gas Revolution Agenda launched in March 2011. In a statement by the acting Group General Manager, Group Public Affairs…

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FG urged to reduce cost of aviation fuel

Aug 30, 2013

Managing Director, Med View Airlines, Mr. Munir Bankole, has called on the Federal Government to intervene in the scarcity and high cost of aviation fuel in Nigeria which is arguably the highest in any country that is in peace in the world. Bankole, who made the call in Lagos when he took delivery of an…

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Chevron’s sale of OMLs 83, 85 to be a one day auction affair

Aug 30, 2013

Chevron’s sale of its 40% stakes in Oil Mining Leases (OMLs) 83 and 85, in Nigeria’s shallow offshore, will be a one day auction. It is planned not to be as complicated as the company’s sale of its equity in OMLs 52, 53, 55, three onshore leases in the east of the country. Sometime between…

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Lekoil provides update on Afren-operated Ogo-1 sidetrack well in OPL 310

Aug 30, 2013

AIM-listed Lekoil, the oil and gas company with a focus on Nigeria and West Africa, has announced that, further to the announcement of 26 June 2013, drilling of the Ogo-1 sidetrack well is still ongoing with completion now expected during September. Well testing, as appropriate, will occur thereafter. In its June 26 announcement, Lekoil announced…

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