Oil & Gas

Mart Resources provides update on Umusadege field production and other operations

Feb 13, 2014

Mart Resources and its coventurers, Midwestern Oil and Gas Company (Operator of the Umusadege field) and SunTrust Oil Company, have provided the following updates on Umusadege field production for January 2014 and other operations. January 2014 Production Update Umusadege field production during January 2014 averaged 11,563 bopd. Umusadege field downtime during January 2014 was approx.…

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Trading houses to buy oil majors’ $3bn Nigeria assets –Sources

Feb 13, 2014

Major commodity trading houses, Glencore and Mercuria are among the shortlisted consortia expected to make final bids on Nigerian energy assets worth around $3 billion that three oil majors are selling, sources close to the process say. Reuters, which confirmed the development yesterday stated that trading houses have been marketing Nigeria’s crude oil and importing…

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NNPC’s subsidy claims on kerosene hit $3.5bn in 19 months

Feb 13, 2014

As the debate over the Nigerian National Petroleum Corporation’s (NNPC) continued importation and marketing of kerosene at a subsidised price shifts to the National Assembly today, it has emerged that the corporation incurred total subsidy claims of over $3.5 billion or N543.8billion on kerosene in 19 months, from January 2012 to July 2013. A detailed…

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Eland Oil & Gas sees resignations

Feb 12, 2014

Eland Oil & Gas, which recently saw its Nigerian asset begin production, reported that Executive Technical Director, Gilles Krijger, has stepped down from his position. Krijger will remain in the company in a senior technical position. The company also reported that James Ede-Golightly has resigned from his position as a non-executive director of Eland in…

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Shell, Air Force partner on oil infrastructure surveillance

Feb 12, 2014

The Chief of the Air Staff (COAS), Air Vice Marshal Adesola Amosu has said the air force is capable of carrying out periodic surveillance along Shell oil company pipelines to detect causes of vandalism. The Air Force Chief spoke when he received officials of the Shell Petroleum Development Company (SPDC) at the Air force headquarters…

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N1.5bn subsidy scam: Ship in Brazil discharged products in Nigeria – Witness

Feb 12, 2014

Justice Lawal Akapo of the Federal High Court in Ikeja, Lagos, was yesterday told how Ifeanyi Anosike and his company, Anosyke Group of Companies, refused to carry out any Ship-to-Ship transfer of 15,000 metric tonnes of Premium Motor Spirit (PMS) contrary to claims to that effect. A statement by the spokesman of Economic and Financial…

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Shell cites insecurity for loss in earnings, production

Feb 12, 2014

Oil giant Shell Petroleum Development Company (SPDC) has explained that it suffered a loss last year because of insecurity in the Nigeria Delta. In its 2013 report, the Royal Dutch firm claimed that its upstream earnings and oil production as well as liquefied natural gas (LNG) equity sales volumes dropped following the worsening operating environment…

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Total gets first female MD for upstream firms in Nigeria

Feb 12, 2014

Mrs. Elisabeth Proust has emerged the first female Managing Director/Chief Executive Officer of the Total’s upstream companies in Nigeria. Her portfolio includes Total E&P Nigeria Ltd, Total Upstream Nigeria Ltd and several other subsidiaries. Proust has also become Total Group’s representative in Nigeria, with effect from Wednesday. A statement from Total said with her new…

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Power: Gas shortage persists despite pipeline repairs

Feb 12, 2014

Though gas supply to the power plants has improved following the restoration of the Escravos-Lagos Gas Pipeline System, about 2,326.3 megawatts of available power generation capacity is still not utilised due to constraints in the gas supply chain. Power generation statistics obtained by our correspondent on Tuesday revealed that the available installed capacity as of…

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Chevron, Brittania-U to argue objection on oil blocks sale

Feb 11, 2014

A Federal High Court in Lagos on Monday fixed March 10, 2014 for hearing of the preliminary objection filed in respect of the suit brought against Chevron Group by Brittania-U Limited over plans for the sale of Oil Mining Leases (OMLs) 52, 53 and 54. The trial judge, Justice Mohammed Yunusa had, at the last…

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