Oil & Gas

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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Downstream operators groan under multiple regulations

Sep 24, 2013

Operators in the downstream sector of Nigeria’s oil and gas industry are groaning under conflicting operating requirements imposed by different government agencies, including the Department of Petroleum Resources (DPR), Standards Organisation of Nigeria (SON), Ministry of Environment, Weights and Measures, Nigeria Police and the Town Planning Authority, among others, THISDAY has learnt. These agencies, it…

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FG pays N287bn to oil marketers

Sep 24, 2013

The federal government has paid a total of N287,351,770,696.16 as subsidy on verified claims to marketers this year with subsidy payments expected to decline from N2.2 trillion in 2011 to N971 billion this year. This represents a reduction of over N1.2 trillion or 56 per cent. The latest payment of N46.7 billion was made in…

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NNPC claims 400,000 b/d oil output restored

Sep 24, 2013

The NNPC on Sunday said a daily production of 400,000 barrels per day had been restored to the crude oil output available for export in the country. The corporation’s Acting General Manager (Public Affairs), Miss Tumini Green, stated this in a statement she issued in Abuja on Sunday. “The restoration of the 400,000 barrels to…

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SPDC declares force majeure on 150,000bpd, gas supply to NLNG

Sep 24, 2013

The Shell Petroleum Development Company of Nigeria Limited (SPDC) operated Joint Venture last night, said it had declared force majeure on export of 150,000 barrels per day of Bonny Light grade of crude oil and gas supply to the Nigeria Liquefied Natural Gas (NLNG) Limited. The declaration of force majeure, which took effect yesterday, followed…

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NNPC plans integration into Customs single window platform

Sep 23, 2013

The Nigeria National Petroleum Corporation (NNPC) has expressed interest in being integrated to the Single Window (SW) platform of the Nigeria Customs Information System (NICIS). This was revealed in a memo sighted by Vanguard, which reads in part, “NNPC has expressed its interest in being integrated to the Single Window platform in order to have…

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Faulty concession legal framework hampers port services — ANLCA

Sep 23, 2013

National President, Association of Nigerian Licensed Customs Agents (ANLCA), Alhaji Olayiwola Shittu, has blamed the total concession of Nigerian ports for their poor services. The News Agency of Nigeria (NAN) quoted Shittu as saying, in Lagos, that some stakeholders had pointed out some problem areas in the current arrangement when the port concession began seven…

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