Oil & Gas

Camac nets more at Oyo

Nov 13, 2013

US independent Camac Energy has struck more hydrocarbons at a well off West Africa that it hopes will produce first oil in the middle of next year. The Houston-based player said it struck a total of 65 feet of net pay between three intervals in the Miocene formation at the Oyo-7 well on offshore Block…

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Heritage Oil enters into strategic alliance with Bayelsa Oil Company

Nov 13, 2013

Heritage Oil has announced that a wholly owned subsidiary has entered into a joint venture agreement with Bayelsa Oil Company, owned by the Bayelsa State government, to establish an indigenous Nigerian oil company called Petrobay Energy. Through Petrobay, Heritage expects to be a significant contributor to the future development of the oil and gas industry in Nigeria.…

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US to become world’s top oil producer in 2015 – IEA

Nov 13, 2013

The United States will stride past Saudi Arabia and Russia to become the world’s top oil producer in 2015, the West’s energy agency said, bringing Washington closer to energy self-sufficiency and reducing the need for OPEC supply. But by 2020, the oilfields of Texas and North Dakota will be past their prime and the Middle…

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US crew kidnapped off Nigeria released

Nov 13, 2013

Two crew members kidnapped by pirates off Nigeria from a US-flagged supply vessel last month have been released, the US State Department confirmed. The captain and chief engineer of the Edison Chouest Offshore-owned platform supply vessel C-Retriever were released unharmed at the weekend and are on their way home, according to reports. They were kidnapped…

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NNPC to increase crude reserves by 500,000bpd – Yakubu

Nov 13, 2013

The NNPC is to add 585,000 barrels of crude per day to the nation’s current reserve of 3.7 billion barrels by the year 2015. The Group Managing Director of NNPC, Mr Andrew Yakubu, made the pledge at the 2013 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). A statement issued by NNPC in Abuja yesterday…

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Tough fiscal terms seen as major threat to IOCs’ exploration activities

Nov 13, 2013

Tough government fiscal terms have been identified as the major challenge facing oil exploration by international oil companies (IOCs). This is against the background of the downturn in exploration activity in the oil and gas industry, especially in the deepwater, coupled with decreasing resource size and uncertain gas terms, according to industry operators. To this…

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DPR threatens to shut erring gas stations

Nov 13, 2013

Gas stations that fail to adhere to regulations guiding the oil and gas industry will be sanctioned, the Directorate of Petroleum Resources (DPR) has said. DPR’s Zonal Director, Alh. Aliyu Alidu said it was imperative to remind marketers of petroleum produce to ensure compliance with guidelines and standards. He spoke during a briefing yesterday ahead of…

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House probes collusion between NNPC, Swiss and Nigerian traders

Nov 13, 2013

The House of Representatives Tuesday mandated its Committees on Petroleum (Upstream and Downstream) and Justice to investigate the alleged swindling of the country of billions of dollars by the Nigerian National Petroleum Company (NNPC) in collusion with Swiss-based oil traders and their Nigerian counterparts. This followed the report of the Berne Declaration, a Swiss non-governmental…

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Joint conclusion of the EU-OPEC energy dialogue

Nov 12, 2013

The tenth Ministerial-level meeting of the energy dialogue between the European Union (EU) and the Organization of the Petroleum Exporting Countries (OPEC) took place in Vienna yesterday. Representatives of OPEC included: Dr Abdel Bari Ali Al-Arousi, Alternate President of the OPEC Conference, Minister of Oil and Gas of Libya; Ms Nawal Al-Fezaia, Kuwaiti Governor for…

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Blame corruption, political sabotage for pipeline vandalism – PPMC

Nov 12, 2013

Area Manager of Pipelines and Products Marketing Company Limited, Kaduna Engineer Anthony Onwuka, at the weekend listed high level corruption, political sabotage and the culture of criminal impunity as some causes of pipeline vandalism in the country over the years. Speaking on “Oil Pipeline Vandalism and Security in Nigeria: Role of Professionals,” at an interactive…

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