Oil & Gas

OPEC’s Badri relaxed about impact of US shale oil, notes high costs

Oct 1, 2013

The oil exporting member countries of OPEC are unlikely to be caused problems by the rising production of shale oil in the US, the group’s secretary-general Abdalla el-Badri said Tuesday. Speaking at the annual Oil & Money conference in London, Badri noted that shale oil production, which has risen rapidly in recent years and caused…

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Nigeria’s petroleum sector can fare better – Stakeholders

Oct 1, 2013

Stakeholders have argued that Nigeria’s economic development, which is anchored on the petroleum industry could have been comparable to the western world, but for issues relating to environmental degradation, corruption, crude theft, infrastructure deficiency, and insecurity. Assessing the performance of the industry since 1960, the stakeholders noted that these are further compounded by funding challenges,…

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Energy sector records modest growth 53 years after

Oct 1, 2013

Fifty three years after independence and almost six decades of oil exploration and production, Nigeria, which is currently among the world’s top 10 crude oil exporters still relies heavily on imported refined petroleum products to meet domestic energy needs, writes Chika Amanze-Nwachuku Nigeria’s first oil field, discovered in Oloibiri, Bayelsa State in 1956 by Shell…

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Lekoil provides update on Ogo-1 sidetrack well offshore Nigeria

Sep 30, 2013

AIM-listed Lekoil, the oil and gas company with a focus on Nigeria and West Africa, has reported that further to the announcement on 29 August 2013, the Ogo-1 sidetrack well is drilling ahead and is currently at a depth of approx. 16,000ft, with a proposed total depth of approx. 17,900ft. Testing is expected to commence thereafter.   Information from…

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Over one million barrels lost in three years to crude theft – NNPC

Sep 30, 2013

The Nigerian National Petroleum Corporation (NNPC) has disclosed that it lost as much as 11,753,217 million barrels (mb) of crude oil to activities of illegal crude theft and oil bunkering within the last three years. NNPC in a closed-door presentation to members of the House of Representatives Committee on Petroleum (Upstream), stated that the losses…

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Niger writes Presidency over oil, gas deposits in Bida

Sep 30, 2013

The Niger State government has formally informed the Presidency over the discovery of oil and gas deposits in commercial quantity in the Bida Basin of the state. The message, conveyed to President Goodluck Jonathan was signed by the Niger State Governor, Dr. Muazu Babangida Aliyu, but details of the letter was not immediately known, even…

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Terminal operator slashes charges by 50%

Sep 30, 2013

A terminal operator, Tin-Can Island Container Terminal Limited (TICT), has reduced its terminal charges by 50 per cent and 75 per cent respectively for two categories of overtime cargoes in the port. In what appeared like an Independence Day package for Nigerian importers, the company, in a statement, gave an indication that the decision was…

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Rising crude oil supply from Nigeria, Libya pressures prices in global market

Sep 27, 2013

Nigeria’s oil and gas industry may be disrobing itself of the garb of stagnancy and lethargy which it had assumed in recent times, as crude oil supply from the country, as well as Libya, has been pressuring crude oil prices in the global market, BusinessDay has learnt. Crude oil prices on New York Mercantile Exchange…

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968 oil tankers successfully lift 82.1m mt of crude — Navy

Sep 27, 2013

The Nigerian Navy has declared that following strong surveillance and response capability of the force at sea with regards to ensuring security and safety, over 968 crude oil tankers successfully lifted 82, 122, 452 metric tons of crude oil on behalf of the federal government between January and September 2013, without being attacked by pirates…

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NIMASA pledges Cabotage implementation

Sep 27, 2013

The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Mr. Ziakede Akpobolokemi, has assured all indigenous operators in the maritime sector of the agency’s commitment to protect their rights under the Cabotage regime. He said this in a goodwill message at the launching of two 45,000 metric tonnes sea-going vessels, MT Abiola…

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