Oil & Gas

Oil workers’ strike averted as FG reverses decision to sell refineries

Jan 8, 2014

The looming strike by workers in the oil and gas sector has been averted as the federal government has shelved its earlier decision to sell the nation’s four refineries. The government would now work with the unions in the oil sector to formulate workable business models and strategies for the refineries. The Turn Around Maintenance…

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Filling stations defy FG, sell petrol above N100 Per litre in S‘East

Jan 8, 2014

Despite federal government’s assurance last week that it had no plan to increase the pump price of petrol from the current N97 per liter, most filling stations in the South-east and the northern parts of the country have continued to dispense the product at above N100 per litre. THISDAY investigation revealed that many filling stations,…

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Marketers responsible for high cost of cooking gas­ – NLNG

Jan 7, 2014

The Nigeria Liquefied Natural Gas (NLNG) has affirmed its determination to consistently make Liquefied Petroleum Gas (LPG) available in the market, but absolved itself of blame for the high cost of the product. NLNG said the cost of  LPG  otherwise known as cooking gas  is high because marketers  presently determine the unit price of the…

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OPEC’s crude exports to drop amidst winter lull

Jan 7, 2014

The Organisation of Petroleum Exporting Countries will cut crude shipments through mid-January amid a lull in winter demand in the Northern Hemisphere, according to tanker tracker Oil Movements. OPEC, supplier of about 40 percent of the world’s oil, will reduce sailings by 410,000 barrels a day, or 1.7 percent, to 23.65 million barrels in the four…

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Shell works to boost the East Nigeria gas cluster

Jan 7, 2014

Shell is battling to keep the position of largest supplier of gas to Nigeria’s domestic gas market. A major effort is being made in the eastern Niger Delta, where the largest reserves are and the company has a number of projects, including studies, new construction and upgrade. A well has just been completed on Okoloma…

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World oil demand to grow in 2014 says OPEC

Jan 7, 2014

With global economic growth in 2014 projected to increase to 3.5 per cent from 2.9 per cent in 2013, world oil demand is forecast to rise by one million barrels per day, compared with 900,000 b/d last year. In its recently released Monthly Oil Market Report (MOMR), the 12 member organisation, said the increase would…

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Developing bigger acreages through Atlantic Energy’s SAA model

Jan 7, 2014

With the early success recorded in Oil Mining Leases (OMLs) 4, 38 and 41, Ejiofor Alike writes that the Strategic Alliance Agreement (SAA) model of Atlantic Energy with Nigerian Petroleum Development Company (NPDC) in OMLs 26, 30, 34 and 42 will no doubt help Nigerian independent companies grow capacity from the production of marginal assets…

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Dubri Oil loses 200 barrels of oil daily to spill

Jan 7, 2014

Dubril Oil Company Limited Monday lamented the loss of 200 barrels of crude oil per day out of its daily production of 340 barrels, following a rupture on one of its pipelines at Ughoton in Edo State which it said led to a shut-in of the oil well. The company’s Community Relations Officer, Mr. Clement…

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Country loses $2.5bn yearly to delay of train 7 – NLNG

Jan 7, 2014

The Managing Director/Chief Executive Officer of the Nigeria Liquefied Natural Gas (NLNG) Limited, Mr. Babs Omotowa, has stated that Nigeria is losing $2.5 billion revenue yearly  due to the delay in the take-off of the company’s seventh train. Speaking Monday at the celebration of the loading and casting off of the 3,000th LNG cargo from…

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Eland Oil & Gas: Oil expected soon from idled Nigerian field

Jan 6, 2014

Eland Oil & Gas says it expects to start production at a field in Oil Mining Lease 40 in Nigeria using a facility that was shut down for several years. Eland, which has headquarters in Scotland, said Monday it rebuilt a flow station tied to the inland Opuama field and expects to start testing a…

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