Oil & Gas

Adulterated fuel, diesel flood markets, DPR admits

Sep 27, 2013

The nation’s petroleum products market is currently flooded with adulterated products, Department of Petroleum Resources (DPR), admitted on Thursday. Products like Premium Motor Spirit (PMS), also known as petrol, and Automobile Gas Oil (AGO), or diesel, are commonly used for domestic and automobile, and their adulteration usually causes explosion that result in social and economic…

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‘Nigerian ports handle 2,427 vessels in six months’

Sep 27, 2013

Besides crude oil terminals, 2,427 ocean going vessels with a total Gross Registered Tonnage (GRT) of 60,096,179 gross tons called at Nigerian Ports in the first half of this year (2013). Gross Registered Tonnage (GRT) is a ship’s total internal volume expressed in “register tons”, one of which equals to a volume of 100 cubic…

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DPR laments non-production by marginal fields

Sep 27, 2013

The aspiration of the Federal Government to grow the country’s oil reserves to 40 billion barrels has suffered a major setback as over 80 per cent of the oil blocks awarded between 2003 and 2007 have failed to commence production. The Director, DPR, Mr. George Osahon, who addressed a gathering of marginal field operators in…

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Nigerian ship owners decry Govt neglect

Sep 27, 2013

Nigerian ship owners have raised the alarm over government neglect of the shipping sector of the economy. The ship owners, under the aegis of Indigenous Shipowners Association of Nigeria (ISAN), said the government’s inability to match words with action was the main reason why the huge potential of the maritime sector of the economy has…

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Wright’s Well Control Services provides fluid delivery system for Chevron

Sep 26, 2013

Wright’s Well Control Services was contracted by Marine Platform Limited and Chevron Nigeria to provide a means of supplying a fluid delivery system for deepwater intervention. Using Wrights’ proprietary coiled tubing system, an existing unit was modified to meet the requirements of the contract. The system was tested to verify pressure and line pull rating.…

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Stakeholders advocate abolition of kerosene subsidy

Sep 26, 2013

Stakeholders in the downstream sector of the oil industry have called on the federal government to abolish payment of subsidy on kerosene and utilise the N345 billion spent yearly on kerosene subsidy for the provision of critical infrastructure. The stakeholders, under the aegis of Liquefied Petroleum Gas (LPG) Marketers, also suggested that the federal government…

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‘3% benchmark freight levy review can’t crash shipping cost’

Sep 26, 2013

High expectations by stakeholders that the October 1, 2013 takeoff of the downward reviewed three percent benchmark freight levy on imports and exports in the country would crash the cost of shipping in Nigeria might be a ruse, as experts say the review was only designed to favour multinational shipping companies operating in Nigeria. Section 15…

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Gas demand by power sector to rise to 2,200mmcfd by 2015 – NNPC

Sep 26, 2013

The Nigerian National Petroleum Corporation (NNPC) Wednesday said it expects gas demand by Nigeria’s power sector to grow to about 2200 Million Standard Cubic Feet per Day (mmscf/d) by 2015. The corporation said gas supply to the power sector had grown from 620mmscf/d to about 920mmscfd between 2010 and 2013 and that steady and sustainable…

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NNPC invites investors for $15bn Ogidigben gas project

Sep 26, 2013

The Nigerian National Petroleum Corporation is calling on more investors to participate in the Ogidigben Industrial Park project in Delta State. The Group Managing Director, NNPC, Mr. Andrew Yakubu, who made this call during a panel discussion on power at the Nigeria Investment Summit in New York, said the gas-based industrial park offered investment opportunities…

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NARTO gives PEF ultimatum to review Project Aquila

Sep 26, 2013

The National Executive Council of the Nigerian Association of Road Transport Owners has given the Petroleum Equalisation Fund a two week ultimatum to correct all the anomalies associated with the implementation of Project Aquila. Project Aquila is an electronic business solution meant to confirm loading and delivery of petroleum products at all depots. NARTO in…

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