Oil & Gas

Firm strikes oil in Northern Niger Delta

Oct 23, 2013

Newcross Petroleum Limited, the Operator of OPL 283 (formerly OML56) under a Production Sharing Contract with Nigeria National Petroleum Corporation (NNPC) (as the concessionaire), has announced a new oil discovery in its Efe oil field with the support of the corporation and the Department of Petroleum Resources (DPR). Efe First well is located in the…

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‘Why Nigerian ports enjoy more patronage’

Oct 23, 2013

Despite the high cost of cargo clearance, Nigeria’s ports are busier than those in neighbouring countries because of the viability of the economy, Senior Special Assistant to the President on Maritime, Olugbenga Leke Oyewole. He said this in Lagos while responding to allegations by shippers that the cost of cargo clearance is higher at the…

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Explosion rocks Warri Refinery, MEND claims responsibility

Oct 23, 2013

The Movement for the Emancipation of the Niger Delta (MEND) Tuesday claimed responsibility for the explosion that rocked the Warri Refinery and Petrochemical Company (WRPC) in Delta State. MEND in a statement signed by its spokesman, Jomo Gbomo, said the attack on the oil facility was an indication that ‘Hurricane Exodus’ was on course. The…

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Debate on Shell, Chevron blocks’ sale on Nigeria’s oil industry

Oct 22, 2013

The Federal Government last Wednesday broke its silence on the sale of stakes in oil blocks by International Oil Companies in Nigeria. The Nigerian National Petroleum Corporation (NNPC), which represents the government in the ventures dismissed the threat posed by this recent spate of divestments from certain onshore oil blocks by Shell, Chevron and other…

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Shale oil: ‘Nigeria should focus more on agric, manufacturing, power’

Oct 22, 2013

Against the backdrop of continued drop of United States’ (US) imports of crude oil from Nigeria as a result of the US shale oil boom, an analyst at PricewaterhouseCoopers (PwC) has urged the government and stakeholders to give more priority attention to the development of the agricultural, manufacturing and power sectors. Andrew Nevin, partner and…

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Baro River Port to be ready in 2014, says minister

Oct 22, 2013

The Minister of Transport, Malam Idris Umar, in Abuja on Friday said the Baro River Port in Niger would be completed and inaugurated in the first quarter of 2014. Umar made the statement at the inauguration of the boards of National Inland Waterways Authority (NIWA) and the Nigerian Institute of Transport Technology (NITT). The NITT…

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Nipco to open more fuel outlets

Oct 22, 2013

Nipco plc, one of the nation’s indigenous major oil companies has concluded plans to ensure that petroleum products get to the consumer through the acquisition of retail outlets in strategic locations across the country in two separate schemes. The company will achieve that through schemes such as, Dealer Owned-Dealer Operated (DODO) which are on long…

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Crude output: local operators account for 10 %

Oct 22, 2013

Indigenous oil firms account for 10 per cent of the nation’s total oil production, the Chairman, Seplat Petroleum Development Company, A.B.C. Orjiako, has said. Orjiako, who spoke during an oil & gas leadership conference in Accra, Ghana, at the weekend, said indigenous firms contribute would rise to 20 per cent of the nation’s oil output,…

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FG’ll meet 40bn barrels oil reserves by 2020, says NAPE

Oct 22, 2013

The Nigerian Association of Petroleum Explorationists (NAPE) says the country has the capacity to meet the 40 billion barrels oil reserves as projected by the Federal Government. The President of the association, Mr George Osahon, said while briefing newsmen on the association’s 31st Annual International Conference scheduled for between Nov. 10 and Nov. 14 in Lagos. Osahon, who is also the Director,…

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Awash in oil, U.S. reshapes Mideast role 40 years after OPEC embargo

Oct 21, 2013

Forty years after an Arab oil embargo throttled the U.S. economy, surging North American energy production has brought the United States closer to a long-dreamed “energy independence” that is reshaping its goals and role in the Middle East. On October 17, 1973, OPEC announced an oil embargo against the United States and any other country…

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