Oil & Gas

Swiss prosecutors to investigate Nigerian oil marketers

Nov 6, 2014

Swiss prosecutors have contacted Nigerian oil commodity traders, including Gunvor Group Limited and Vitol Group in a fresh investigation into an alleged multi-billion dollar scam over subsidies for petroleum product imports, The Punch reports. Gunvor, the fifth-largest independent oil trader, said it was notified in June by Switzerland’s attorney general that it was assisting a probe…

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Nigeria continues to import large volumes of US jet fuel

Nov 6, 2014

According to the latest data from the U.S Energy Information Administration; Nigeria, Africa’s biggest crude oil producer, continued to import a large volume of jet fuel, drawing the highest volume  from the United States in August, The Punch reports. The country imported 1.51 million barrels of US jet fuel in the month, surpassing Canada’s import of…

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Shell to drill eight new deepwater oil wells in Bonga Field

Nov 6, 2014

Nigeria’s oil and gas industry has recorded another major milestone as Shell’s deep-water subsidiary in Nigeria, Shell Nigeria Exploration and Production Company Limited (SNEPCo) on Wednesday unveiled plans to drill eight more wells in the Bonga deepwater oilfield to help maximise deep-water production off the coast of Nigeria. This feat is coming barely two months…

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Downstream sector investment hits over N60bn – PPPRA

Nov 4, 2014

The Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Farouk Ahmed, has said that investment in the downstream sector of the nation’s oil industry has hit over N60bn, adding that the investment has so far generated employment opportunities  for Nigerians, the Daily Trust and Daily Independent report. He assured that his agency is committed to…

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Nigeria LNG market share threatened by Mozambique

Nov 4, 2014

With large offshore gas discoveries, cheaper price and more liquefied natural gas (LNG) projects coming on stream, Mozambique has now become a new competitor on the LNG market to Nigeria, according to a report by the International Energy Agency (IEA), Daily Trust reports. Asian countries have begun finalizing new deals to import LNG from Mozambique,…

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Total to sign confidentiality agreements with Usan field buyers

Oct 30, 2014

In furtherance of the sale of its 20 per cent stake in Nigeria’s Usan deepwater oil field located in the Oil Mining Lease 138, French oil major Total says it is expecting to sign confidentiality agreements with about a dozen prospective buyers, The Punch reports. After signing the agreements, the company will then begin a…

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NNPC, partners take over ConocoPhillips’ shares in BrassLNG

Oct 30, 2014

The Nigerian National Petroleum Corporation (NNPC) and its partners, Total and Eni, have agreed to take over the shares that were left behind by American energy corporation, ConocoPhillips (COP), which recently left the multibillion dollar Brass Liquefied Natural Gas (LNG) project. Chairman of Brass LNG, Dr. Jackson Gaius-Obaseki said on Wednesday in Abuja that NNPC,…

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Petroleum products importation to continue unabated for a while – Alison-Madueke

Oct 29, 2014

The Minister of Petroleum Resources, Mr. Diezani Alison-Madueke, has said that Nigeria and other African countries will continue to be net importers of petroleum products despite the availability of functional and quasi-functional refineries, and plans to build more refineries on the continent, The Punch reports. Alison-Madueke, who was represented by the Deputy Director, Gas, Department…

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$2.5bn, 18,000 Jobs in the balance due to stalled NLNG Train 7 project

Oct 27, 2014

The Managing Director and Chief Executive Officer of Nigeria Liquefied Natural Gas (NLNG) Limited, Mr. Babs Omotowa has stated that the federal government and the company’s shareholders are losing $2.5 billion revenues and 18,000 jobs to the delay in the implementation of the Train 7 of the company This Day reports. Speaking recently at the…

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Total’s $3.3bn Egina project may be set for further delays

Oct 27, 2014

The Nigerian National Petroleum Corporation (NNPC), Samsung Heavy Industries Nigeria Limited and Total Upstream Nigeria (TUPNI) Limited are heading for a collision over the demand by Samsung to raise the cost of the $3.3 billion Egina project according to a This Day report. After a 19-month delay, Samsung recently performed the ground-breaking for the construction…

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