Oil & Gas

FG to release subsidy payment today, adopts new accounting principle for 2014 budget

Sep 19, 2013

The Federal Government on Wednesday said it would continue to block loopholes in the fuel subsidy regime, adding that marketers with genuine claims would be paid on Thursday (today). The Minister of Finance, Dr. Ngozi Okonjo-Iweala, said the government had worked so hard to clean up the mess in the payment of fuel subsidy and…

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Eland Oil doubles losses, remains on track for Nigerian production

Sep 19, 2013

West Africa-focused Scottish firm, Eland Oil and Gas Plc,  Wednesday said its loss before taxation doubled in the first half of 2013 as it invested in staff and conducted seismic studies in preparation for crude oil production at its Opuama Field in Nigeria’s Oil Mining Lease (OML) 40. In its interim results for the six…

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Indigenous oil companies boost production as majors retreat

Sep 19, 2013

Nigerian-owned oil companies are boosting their share of the country’s crude output by taking up fields in restive areas as international energy companies retreat, according to a study by Ecobank Research. For more than five decades, Royal Dutch Shell, Exxon Mobil Corporation, Chevron Corporation, Total SA and Eni SpA pumped about 97 per cent of…

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Refinery, petrochemical projects to be established soon in Ogun – Amosun

Sep 18, 2013

Ogun State Governor, Senator Ibikunle Amosun, has disclosed that refinery and petrochemical projects will be set up soon in the state. Amosun also disclosed that other investors, including Jim Ovia, are planning to build fertilizer and amonia plants, explaining that by October, the refinery and petrochemical projects would commence in earnests. Amosun spoke with journalists…

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Consortium floats N80bn facility to aid gas-to-power agenda

Sep 18, 2013

Succour may have come the way of the power producers who have been severely hit by gas shortage, as a consortium of oil firms floats a new gas processing facility in Eket, Akwa Ibom state. The multi-billion naira gas processing facility, built by  Seven Energy and Frontier Oil Limited Joint Venture (JV), is estimated at…

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September fuel subsidy remains high at N1.9bn per day

Sep 18, 2013

The Federal Government’s fuel subsidy for the month of September 2013 remains high at over N1.9 billion based on the estimated daily consumption of 36 million litres of petrol per day. The latest Petroleum Products Pricing Regulatory Agency, PPPRA, statistics showed that government’s subsidy, which stood N55.21 in August has fallen slightly to N53.53 per…

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Chevron’s withdrawal from OKLNG will discourage investment in gas –TUC

Sep 18, 2013

The Trade Union Congress of Nigeria (TUC) says the recent withdrawal of Shell and Chevron Nigeria Limited from OKLNG project will discourage investments in the nation’s gas sector. Rivers State chairman of the union, Comrade Chika Uneagbu, told our correspondent on Monday that if government does not change its approach, the gas revolution may end…

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Vandalism: FG deploys vessels to supply crude to refineries

Sep 18, 2013

Worried by the worsening crude oil theft and the attendant revenue loss, the Federal Government has adopted a policy framework that will reduce the carriage of crude to local refineries through the pipelines to mitigate the losses incurred through pipeline vandalism. The government is therefore working on a scheme that would create an enabling environment…

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Asia to lead in oil demand, economic development – El-Badri

Sep 18, 2013

Asia, a major importer of Nigeria’s oil has been tipped to lead the world in many areas, especially global oil consumption and economic development. The Secretary General of the Organisation of Petroleum Exporting Countries, OPEC, Dr. Abdalla S. El-Badri who spoke at the 5th Asian Ministerial Energy Roundtable in Seoul, South Korea a few days…

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FG loses N1.45 trillion oil revenues in nine months

Sep 17, 2013

The federal government has lost no less than N1.45 trillion in revenues from exportation of crude oil to the international market in the last nine months, recent data from the National Bureau of Statistics have shown. Data on external trade for the second quarter 2013 shows that estimated revenues from the sale of crude oil…

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