Oil & Gas

CAMAC swoops for Allied’s interest in Nigerian offshore blocks. lists on JSE

Nov 20, 2013

CAMAC Energy Inc.  today announced that it has entered into a definitive agreement to acquire the remaining economic interests that it does not currently own in the production sharing contract covering Oil Mining Leases 120 and 121 (the “OMLs”) offshore Nigeria, which include the currently producing Oyo Field, from Allied Energy Plc (“Allied”). Allied is…

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Heritage ramps up OML 30 production

Nov 20, 2013

Heritage Oil Plc yesterday said it had continued its positive momentum into its third quarter with vastly increased production and sales on the ramp-up of its OML 30 licence in Nigeria. The exploration and production oil and gas company said its sales increased to USD49.1 million for the three months ended September 30, compared with…

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Sea Trucks Group wins new contract

Nov 20, 2013

Sea Trucks Group that has West African Ventures, WAV as its indigenous operating company in Nigeria has announced the award of a contract from Daewoo Shipbuilding and Marine Engineering, a leading global offshore services company. The contract involves the provision of an accommodation vessel for the Arkutun- Dagi Project operated by Exxon Neftegas Limited in…

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NRG Drilling plans to employ 10,000 youths

Nov 20, 2013

NRG Drilling recognizes the need for local content development and is fully committed to the Local content Act of the Nigerian Government. The company has developed long term plan for training indigenous personnel who will render efficient and quality services to the industry for national growth. NRG plans to increase our rig fleet in line…

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Senate to boost oil exploration in the North

Nov 20, 2013

A bill for an Act to create the National Frontiers Basins Exploration Agency, yesterday scaled second reading in the Senate. The bill sponsored by Senator Smart Adeyemi, (Kogi West), received unanimous support as senators described the Bill as long over due. The lawmakers believe that the agency, when created, would create an avenue for opening…

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Oil theft drops, navy chief says

Nov 19, 2013

Chief of Naval Staff (NCS) Vice Admiral Dele Ezeoba says there has been a drastic reduction in the activities of crude oil thieves and sea robbers within the nation’s waterways. The CNS who is on a tour of naval facilities in the Lagos area stated that the reduction is as a result of an increased…

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Govt approves construction of rail to link oil depots

Nov 19, 2013

The federal government has approved the construction of additional rail lines to be linked to all oil depots in Apapa, Lagos. The Minister of Transportation, Hon. Idiris Umar disclosed this while speaking at a ceremony to commission twenty pressurized oil tank wagons acquired by the Nigeria Railway Corporation, in Lagos. He said that, “The Federal…

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Afren announces Ogo drilling and resources update

Nov 19, 2013

Afren and Partners Optimum Petroleum Development and Lekoil have announced the suspension of current drilling operations at the Ogo Prospect located on the OPL 310 licence offshore Nigeria and an update on estimated gross mean recoverable resources, significantly ahead of pre-drill expectations. OPL 310 is located in the Upper Cretaceous fairway that runs along the…

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Lekoil terminates OML113 Sale and Purchase Agreement

Nov 19, 2013

AIM-listed Lekoil has announced that, further to the announcement on 7 November 2013, the Company has decided to terminate the binding conditional Sale and Purchase Agreement (SPA) with Pan Petroleum Aje Limited, Pan-Petroleum Nigeria Holding BV and Pan-Petroleum (Holding) Cyprus Limited entered into on 17 June 2013, according to which it proposed to acquire an…

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OPEC pumps 29.9 MBPD of crude in October

Nov 19, 2013

Crude oil production from the Organisation of the Petroleum Exporting Countries (OPEC) was unchanged at 29.93 million barrels per day (mbpd) in October following production of 29.91 million b/d in September, a just-released Platts survey of OPEC and oil industry officials and analysts has revealed. Increased output from Iraq and Libya of 360,000 b/d was…

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