Oil & Gas

Dangote seals 20 year gas supply deal with NGC

Jun 11, 2013

A move aimed at conserving energy through cost saving measures was yesterday realized as Dangote is set to convert 5,000 of its trucks from diesel powered to Compressed Natural Gas through a 20 year deal with the Nigerian Gas Company (NGC). The latest move to boost industralization was unveiled by the Managing Director of NGC,…

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Federal Government set to tackle Aturu’s deregulation suit

Jun 11, 2013

Having been caught unaware at the lower court, the federal government has fortified its legal team to challenge the decision of Justice Adamu Bello of the Federal High Court to nullify its powers to deregulate downstream sector of the oil industry. Davidson Iriekpen examines the appeal When human rights lawyer, Mr. Bamidele Aturu, filed a…

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EIA estimates 345bn barrels of shale oil worldwide

Jun 11, 2013

The US Energy Administration, EIA, has issued its first estimate of technically recoverable shale and tight oil worldwide, a sum of 345 billion barrels. The agency also upped its projection of shale gas reserves to 7299 Trillion cubic feet, up 10% from 2011. The report covered 41 countries, 95 basins and 137 formations. The last…

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Nigerian authorities approve JBR’s acquisition of 47% direct interest in Marginal Field

Jun 11, 2013

James Bay Resources Limited now has its Joint Operating Agreement and Deed of Assignment with Bicta Energy, the Nigerian holder of Ogedeh marginal field, approved by the Nigerian authorities. The approval was given by the Minister of Petroleum a few weeks ago. The Canadian minnow had waited for about a year. James Bay had planned to reenter…

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Chevron mulls divestment of its stake in two OMLs

Jun 10, 2013

Chevron has unveiled plans to auction its stake in Oil Mining Leases (OMLs) 83 and 85 offshore Nigeria. The oil fields are situated in shallow water offshore Bayelsa State in the Niger Delta and have reserves of about 250 million barrels of oil and 14.1billion cubic metres of gas. The General Manager (Policy, Government and…

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Shale Oil Rattles OPEC, may have significant implications for Nigeria in the future

Jun 10, 2013

There is, frequently, a debate on whether the world could, one day, find a replacement for sweat crude. What is, however, not disputable is that the discovery of streams of non-conventional fuel will have enormous impact on the demand for oil and gas and, perhaps, the price. Sooner than earlier expected, there is jittery over…

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Consumer spending on petrol to hit N672.39bn in June

Jun 10, 2013

Nigerians spend a huge amount on petrol monthly and the figure is likely to grow further because of uncertainties surrounding the importation of the product due to the non-payment of subsidy claims to marketers. Consumer spending on petrol in the country will hit N672.39bn by the end of June. The Petroleum Products Pricing Regulatory Agency…

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PENGASSAN propose PEF Merger with DPRA under PIB

Jun 10, 2013

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has proposed that the Petroleum Equalisation Fund (PEF) should be merged with the Downstream Petroleum Regulatory Agency (DPRA) after the passage of Petroleum Industry Bill (PIB). This position was presented to the Nigerian National Petroleum Corporation (NNPC) during one of its engagements with the…

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Federal Government yet to pay petroleum marketers 2013 subsidy claims

Jun 10, 2013

The Nigerian government has failed to pay oil marketers their subsidy claims for the 2013 fiscal year, executive secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Mr Reginald Stanley said at a meeting with the Senate Committee on Petroleum Resources, Downstream. The PPPRA boss traced the delay to the marketers’ inability to sort out…

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NNPC resumes pumping of petroleum products to Ibadan after pipeline explosion

Jun 10, 2013

The Management of the Nigerian National Petroleum Corporation, NNPC, Sunday said it had successfully clamped the ruptured point along the Mosimi–Ibadan line and resumed fuel supply operation to Ibadan and its environs. The repairs came less than 24 hours after men suspected to be oil thieves ruptured the Mosimi–Ibadan fuel supply pipeline along the crucial…

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