Oil & Gas

Indigenous oil firms await marginal fields bid result

Sep 25, 2013

First Exploration and Production, Lekoil and Vertex are among the several Nigerian independent companies awaiting the announcement of the winner of a bid for a 40 per cent stake, as well as technical partnership, in Ubima and Otakikpo fields. They are both two marginal oil fields located in the Eastern Niger Delta basin, onshore Nigeria.…

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Aviation fuel: ‘Passengers may pay higher fares’

Sep 25, 2013

With airline operators still battling to cut costs and stay afloat in the face of rising prices of aviation fuel and operations, air passengers have every reason to worry over likely hike in air fares as the peak travel season draws near. The rising price of aviation fuel is taking its toll on airlines as…

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Nigerian Ports now operate at a world class standard – MD, NPA

Sep 25, 2013

The ongoing reformation of the seaports in Nigeria that led to the standardization of their operations has recorded a drastic increase in the patronage of the ports by foreign ships, Managing Director of the Nigerian Ports Authority (NPA), Malam Habib Abdullahi has said. Malam Abdullahi in an online statement to participants at a two-week training…

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Indigenous firms’ intervention boosts LPG utilisation

Sep 25, 2013

Nigeria is a predominantly gas province with untapped huge expanse of gas reserves in excess of 187trillion cubic feet (tcf) and an average production capacity of over three million Metric Tons (MT) per year. But despite this huge endowment, the nation regrettably, has the lowest per capita Liquefied Petroleum Gas (LPG) consumption of 1.1kg in…

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LCCI warns on return of congestion at ports

Sep 25, 2013

The nation’s premier seaport in Lagos is said to be heading towards a return to the horrible old days when the entire port was overtaken by ships laden with containers begging to be off-loaded. This development, according to the Lagos Chamber of Commerce and Industry (LCCI), is a fall-out of the government’s decision of replacing…

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Pertamina buys Bonny Light, re-issues November tender

Sep 24, 2013

PT Pertamina, Indonesia’s state-run oil company, bought 950,000 barrels of Nigeria’s Bonny Light crude for November delivery to its Cilacap refinery, according to a company official. Pertamina also re-issued a tender for additional November cargoes, said the official, who asked not to identified because he isn’t authorized to speak to the media. Offers are due…

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Portugal to get LNG cargo from Nigeria

Sep 24, 2013

Portugal’s Port of Sines is expected to receive a shipment of liquefied natural gas today, according to the Port of Sines website. The LNG Lagos, with a capacity of 122,000 cubic metres, is sailing from the Bonny terminal in Nigeria. The terminal is held by REN Atlântico and has a nominal send out capacity of 600,000…

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BP sells Forties at 3-month low ; Nigeria boosts Qua oil exports

Sep 24, 2013

BP Plc (BP/) sold North Sea Forties crude at a discount to Dated Brent, the lowest level since June 19. Socar Trading SA offered Azeri Light blend at a smaller premium than yesterday. Nigeria plans to increase November exports of Qua Iboe crude to 11 cargoes, two more than in October, according to loading programs…

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Bids on Chevron’s Nigeria oil blocks due next week

Sep 24, 2013

U.S – based Chevron Corp (CVX.N) will receive bids on September 30 from prospective buyers of three oil blocks in the Niger Delta, with several local Nigerian firms in the running, industry sources told Reuters on Tuesday. Oil industry sources estimate the mean value of the three blocks combined at $500 million to $600 million and…

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Will Nigeria’s share increase as Europe’s gas demand rises?

Sep 24, 2013

Europe’s gas demand is expected to rise by around 20 percent to 580 billion cubic meters (bcm) per year in the next 10 years as economic growth returns and governments plan to switch from coal to gas for power generation. During the same time, supplies to Europe from the North Sea, its most reliable supply…

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