Oil & Gas

Oil theft may hinder Nigeria’s 2020 oil production, reserves targets

Jul 31, 2013

Nigeria’s aspiration to increase crude oil production to four million barrels per day (mbpd) and grow the reserves to 40 billion barrels by 2020 may be hindered as the activities of oil thieves have continued to retard the country’s oil output. Managing Director/Country Chair of Shell companies in Nigeria, Mr. Mutiu Sunmonu, disclosed this during…

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FG may jettison Bayelsa, Kogi greenfield refinery projects as only Lagos appears viable

Jul 30, 2013

There are indications that the federal government may jettison two of its three Greenfield refinery projects, following the recommendations of the National Refineries Special Task Force (NRST). The 22-member task force headed by former Minister of Finance, Dr. Kalu Idika Kalu, had in a report submitted on August 2, 2012 found that of the three…

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Energia restates commitment to meeting 15,000bpd production target

Jul 30, 2013

An indigenous marginal field producer, Energia Limited and operator of the Energia/Oando, Oil Mining Lease (OML 56) Ebendo/Obodeti marginal field, has restated its commitment to achieve a production target of 15,000 barrels per day (bpd) between 2014/2015. Managing Director/Chief Executive of Energia, Mr. Felix Ofori, made the disclosure in a statement made available to THISDAY.…

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New oil discoveries threaten Nigeria’s revenue, LCCI warns

Jul 30, 2013

The Lagos Chamber of Commerce and Industry (LCCI) has warned that new oil discoveries across various countries pose threats to the nation’s revenue. The President, LCCI, Mr. Goodie Ibru, explained that the United States of America, which is a major importer of Nigeria’s crude oil, is already devising means and methods towards becoming a net…

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OPEC oil export revenue hit $982bn in 2012 – EIA

Jul 30, 2013

Members of the Organisation of Petroleum Exporting Countries (OPEC), excluding Iran, recorded about $982 billion, or five per cent increase in net oil export revenue in 2012, according to recent estimates of the United States Energy Information Administration (EIA). The Western energy watchdog noted that the amount was estimated to be the largest level over…

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OPEC daily basket price close at $105.10/b

Jul 29, 2013

The price of OPEC basket of twelve crudes stood at 105.10 dollars a barrel on Friday, compared with $105.28 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

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FG urged to give licenses for aviation fuel to more independent marketers

Jul 29, 2013

The Federal Government has been urged to give more licenses to independent fuel marketers in the aviation industry to allow them import JET A1 otherwise known as aviation fuel as a fast remedy to the problem of scarcity of the products before it gets out of hand. Out-going Secretary General of the Airline Operators of…

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Slide in Nigeria’s crude oil output persisted in June – IEA

Jul 29, 2013

The International Energy Agency (IEA) has confirmed the downward trend in Nigeria’s crude output for the third month running. The agency’s Oil Market Report for the month of June, which was released at the weekend, showed that for the month of June, the nation’s oil export was down 70 kb/d to 1.88 mb/d. “Damage to…

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LPG scarcity: NLNG injects 250,000MT into domestic market

Jul 29, 2013

Following the removal of blockades of vessels belonging to the Nigerian Liquefied Natural Gas (NLNG) by the Nigerian Maritime Administration and Safety Agency (NIMASA), the NLNG Limited has decided to flood the market with Liquefied Petroleum Gas (LPG) otherwise known as cooking gas, to curb its scarcity. This it plans to achieve by increasing the…

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Nigeria to export 63 cargoes of crude in September

Jul 26, 2013

Nigeria will export 63 cargoes of crude oil, totaling 58.2 million barrels or 1.94 barrels per day for the month of September 2013, according to data obtained from Bloomberg. With cargoes ranging in size from 250,000 to one million barrels, the report said this will keep Nigeria’s daily crude exports for September little changed from…

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