Oil & Gas

Nigeria energy usage to rise by 40 per cent between 2010- 2030 – OPEC

Nov 18, 2013

Dr Taher Najah, an Oil Industry Analyst with the Organisation of Petroleum Exporting Countries (OPEC), says Nigeria’s energy usage is expected to rise by 40 per cent between 2010 and 2030. Najah made the projection on Friday in Lagos at the just concluded 31st annual conference of the Nigerian Association of Petroleum Explorationists (NAPE). He…

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DPR moves against erring petrol stations

Nov 18, 2013

The Department of Petroleum Resources (DPR) is said to be considering more stringent measures in its bid to check fraudulent activities in the downstream petroleum sector. The latest measures, THISDAY gathered, will include sealing off erring filling stations that indulge in malpractices for as long as six months; and handing their managers over to the…

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NLNG to pay $1bn as company tax in 2014

Nov 18, 2013

The Nigeria Liquefied Natural Gas  Limited (NLNG) is to pay over $1 billion as Company Income Tax (CIT) to the federal government in 2014, even as it moves to take delivery of six more ships to consolidate its operations. With $1.3 billion already sunk into acquiring six fully-built vessels from Samsung Corporation and Hyundai of…

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DPR tasks private depot owners on high kerosene price

Nov 17, 2013

Department of Petroleum Resources, DPR, has described as unacceptable, the exorbitant price of kerosene, DPK, especially in the Edo/Delta zone, which the members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) had blamed on the private depot owners. The DPR said it was at a loss why the private depot owners were allegedly selling…

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Afren eyes further Ebok expansion offshore

Nov 15, 2013

Ebok field operator Afren expects the central fault block extension platform to be installed in early 2014, and the partners will target additional reservoirs in this area. They are considering further options for the north fault block (NFB), which could mean drilling development wells from an extended WFB platform, with production achieved through Ebok’s existing…

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Chevron concludes asset sale to 3 local firms

Nov 15, 2013

Seplat has won the bid for Chevron’s 40 per cent equity in the gas rich Oil Mining Lease, OML 53, in the eastern onshore Niger Delta basin. Amni Petroleum is the preferred bidder for OML 52 while Belema Oil Company clinched OML 55. These separate victories contest the thesis that Chevron had preferred, all along,…

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Oil traders accused of fraud to sue Swiss NGO

Nov 15, 2013

Local and international oil traders, indicted in a recent report by a Swiss-based Non- Government Organisation (NGO), the Berne Declaration, have commenced moves to institute legal proceedings against the organisation, THISDAY has learnt. The traders were alleged to have colluded with the Nigerian National Petroleum Corporation (NNPC) and defrauded Nigeria of billions of dollars through…

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Siem Offshore enters charter contract for PSV Siem Sasha

Nov 14, 2013

Siem Offshore and Marine Platforms Limited have entered into a contract for the PSV “Siem Sasha” for operations offshore Nigeria. The charter contract will commence in December 2013 and is for a firm period of 1 year. The charterer has an option to extend the charter contract by 1 year. The contract is made on…

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Oil marketers overcome subsidy gloom as profits spike

Nov 14, 2013

Petroleum products importing and marketing firms have overcome the economic difficulties that befell them last year, which saw profits shrink on falling subsidy payments and high finance costs, as third-quarter financial results show most of them returning to profitability. The oil marketers borrowed money from banks at high interest rates to finance the acquisition of…

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Nigeria risks missing 40b barrels oil reserve target by 2020’

Nov 14, 2013

Nigeria risks missing its target of substantially increasing its crude oil reserves to 40 billion barrels of oil, by 2020, unless the country puts together more investor-friendly fiscal terms in its proposed Petroleum Industry Bill (PIB) currently before the National Assembly, a senior official at ExxonMobil said yesterday. Speaking at the on-going NAPE conference in…

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