Oil & Gas

Petroleum industry records milestone in local content

Jan 15, 2014

From a very humble beginning in the 1970s, indigenous oil and gas firms in Nigeria are making progress in an industry dominated by foreign firms. SOLA ADEBAYO reports their activities in boosting gas distribution in the country. The International Oil Companies, IOCs such as Shell Petroleum Development Company Limited, Total E&P Limited, Mobil Producing Nigeria…

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Gas projects on hold over non-passage of PIB

Jan 15, 2014

Investments in Nigeria’s gas sub-sector may have suffered several setbacks due to the non-passage of the Petroleum Industry Bill (PIB). Already, International Oil Companies (IOCs) have slowed down investment proposals of over N17.2 trillion due to the fiscal terms and non-passage of the PIB. Besides the non-passage of the bill, the IOCs are said to…

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Oando completes rig refurbishment

Jan 15, 2014

OANDO Energy Services Limited newly upgraded 3,000 HP/10,000 PSI “OES Respect” swamp rig is expected to provide 100 direct jobs in the country. Some of the major activities carried out in the refurbishment, include steel works, upgrades, mud system/ bulk system, electrical and mechanical renewals. Other major repairs carried out on the rig are accommodation…

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ConocoPhillips’ exit delays Brass LNG take-off

Jan 15, 2014

Indications emerged on Tuesday that the Final Investment Decision for the Brass LNG project located in Bayelsa State might suffer a further delay due to the shareholding vacuum created by the exit of ConocoPhillips and low interests from financiers, among other critical challenges. A source close to the project, who pleaded not to be named…

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Ogo oil well makes list of global discovery in 2013

Jan 15, 2014

OGO oil well was the only discovery that was made in Nigeria in 2013, according to Forbes report. Ogo was discovered by Afren/Lekoil in Lagos State. The Ogo – OPL 310 is located in the Upper Cretaceous fairway that runs along the West African Transform Margin. Extending from the shallow water continental shelf to deep…

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FG, IOCs to resume negotiation for 20 year-oil leases renewal

Jan 14, 2014

The Federal Government will resume negotiation with Shell, Chevron, Total and Eni (Agip) for the renewal of 20 year oil leases for each of the international oil companies (IOCs) soon, Daily Independent gathered at the weekend. The newspaper had exclusively reported penultimate Monday, how hope of securing renewal by these oil companies in 2013 was…

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Hope dims on fuel import reduction

Jan 14, 2014

With the initial planned privatisation of the nation’s four refineries, many watchers of the downstream sector, involving refining and distribution of petroleum products had expected a significant reduction in fuel importation. UDEME AKPAN reports that the continuous importation will have adverse effect on the economy following President Goodluck Jonathan’s reversal of the policy. It was…

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OPEC puts Nigeria’s oil reserves at 37.1b barrels

Jan 14, 2014

Nigeria’s crude oil reserves stood at 37.1billion last year, the Organisation of Petroleum Exporting Countries (OPEC) said in a report. The report titled: OPEC Share of World Crude Oil Reserves’’, stated that the figure represented 3.1 per cent of the 1,200billion reserves of the organisation. It said non-OPEC members had 277billion oil reserves, representing 19…

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How to stop gas flaring, by NLNG

Jan 14, 2014

For Nigeria to eliminate gas flaring, the government must put in place adequate security measures for assets and personnel. It must also enforce operational best practices, Senior Business Strategy and Performance Analyst, Nigeria Liquefied and Natural Gas Limited (NLNG), Ezekiel Adesina, said in Lagos. He said there was need for new partnerships in gas flaring…

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Nigeria LNG targets export of 325 cargoes in 2014

Jan 14, 2014

As part of its renewed efforts to maintain its market share of the global supply of Liquefied Natural Gas (LNG) to the international market, the Nigeria LNG Limited targets to export 325 cargoes of LNG to European and Asian customers in 2014. The Head of Gas Supply at NLNG Limited, Mr. Emmanuel Nnabuife, said, at…

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