Oil & Gas

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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Umusadege numbers are in for Mart Resources

Jan 6, 2014

Mart Resources and its co-venture partners in Nigeria, Midwestern Oil and Gas Co. and SunTrust Oil, have reported their latest production numbers and loss percentages at the Umusadege field for November. Production at Umusadege field averaged 10,263 bpd in November; based on actual producing days the field saw rates of 12,801 bpd. Output was attributed…

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CNPP commends oil workers for resisting sale of Nigeria’s refineries

Jan 6, 2014

The Conference of Nigerian Political Parties, CNPP, has commended the oil workers unions for stopping President Goodluck Jonathan from selling Nigeria’s four refineries – the Port Harcourt Refining Company I&II, Kaduna, and Warri Refining and Petrochemical Ltd. The CNPP in a statement by its spokesperson, Osita Okechukwu, on Friday, however, urged the oil workers not…

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PEF bans unregistered truck from loading petroleum products

Jan 6, 2014

The Petroleum Equalisation Fund (PEF) Management Board has implemented a five–pronged strategy to quicken the now compulsory registration and tagging of trucks used in moving products under the acclaimed Project Aquila, starting this month. Under this strategy, trucks not tagged will not be allowed to bridge products in any depot. According to PEF, under the…

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Corporation, PPPRA explain availability of fuel supply

Jan 6, 2014

The Nigerian National Petroleum Corporation (NNPC) and the Petroleum Products Pricing Regulatory Agency (PPPRA) have explained the circumstances surrounding the adequate supply of petrol experienced during the recent Christmas and New Year celebrations. The acting Group General Manager in charge of Group Public Affairs Division of the NNPC, Dr. Omar Farouk Ibrahim, told THISDAY at…

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Nigeria LNG plans to boost capacity by 40%

Jan 4, 2014

Nigeria LNG Limited (NLNG) is looking to boost plant capacity by 40 percent by building a new production line at a cost of around $15 billion, reports local financial daily Business Day. By refurbishing existing plants, investing in new ships the company aims to produce 40 million tons of LNG each year. As per Business Day, six ships…

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LNG carrier fleet poised for resurgent trade growth

Jan 4, 2014

Preliminary figures show that 2013 was, like 2012, a year of stagnation in terms of LNG trade growth. Although two new liquefaction plants came on stream, in Angola and Algeria, output from several existing facilities slumped and worldwide movements of LNG in 2013 dropped a few percentage points from the 236.8 million tonnes (mt) traded…

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