Oil & Gas

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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Brent holds above $107 on weak dollar, supply cuts

Jul 26, 2013

Brent crude held steady above $107 a barrel on Friday as a weak dollar and supply disruptions at some Middle Eastern and African oil producers offset worries about China’s economic slowdown and decades-high oil output in the United States. The dollar hovered near a more than one-month low against a basket of major currencies, encouraging…

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Technip awarded more Egina contracts

Jul 26, 2013

French company Technip has been awarded two contracts on the Egina field, off the coast of Nigeria, which is operated by compatriot Total. The contracts will see Technip supply 12 dynamic flexible jumpers for oil production, gas lift, water injection and gas export, to connect the single top tension risers to the floating production storage…

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Innovation and change in Nigeria’s petroleum industry – Minister of Petroleum Resources

Jul 26, 2013

The Ministry of Petroleum Resources has in the last two years vigorously pursued the Transformation Agenda of President Jonathan’s administration. Oil and gas which is the mainstay of government revenues and expenditure in Nigeria is critical to supporting various policies and programs of government. The Ministry through its parastatals gives effect to government’s aspirations in…

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Senate probes Malabu oil deal

Jul 26, 2013

The Senate Thursday mandated its committees on finance and upstream petroleum to investigate the $1.092 billion Malabu oil deal. While explaining the necessity to look into the matter, Senate President, David Mark, insisted that investigation be conducted into the matter with the aim of unravelling the circumstances revolving around the Malabu saga. The House of…

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Full deregulation of downstream sector only solution to refinery problem in Nigeria – Alison Madueke

Jul 25, 2013

The minister of petroleum resources Diezani Alison- Madueke said only full deregulation of downstream oil sector can solve the problems of fuel refining in the country. Speaking at the ministerial platform in Abuja the minister said Nigerians will continue to agitate for refining of fuel within but without deregulation nothing tangible will happen. “We can’t…

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9 ships to discharge petroleum products at ports

Jul 25, 2013

  Nine ships are waiting to discharge petroleum products at the various oil terminals within the Lagos ports, the Nigerian Ports Authority (NPA) has said. The “Shipping Position’’, a daily publication of the NPA, made available to newsmen yesterday, reported that eight of the ships were laden with petrol, while one will discharge diesel. The…

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UK investigates Shell, ENI Nigerian oil block deal

Jul 25, 2013

British police are investigating a money-laundering allegation related to a big oil field bought by Shell and ENI spa from Nigeria for $1.3 billion, after most of the cash they paid ended up in a company linked to a former Nigerian petroleum minister. The probe concerns offshore block OPL 245, which industry sources say contains…

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Lagos oil discovery may boost nation’s reserve by 856mboe

Jul 25, 2013

The recent discovery of crude oil in the Lagos area may boost the country’s oil reserve by 856 million barrels of oil equivalent. Oil was discovered at the Aje field located at Oil Mining Lease 113 and Ogo-1 well located at Oil Prospecting Lease 310. The gross contingent resources of the Aje field are estimated…

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No indicted marketer can import fuel – PPPRA

Jul 25, 2013

The Petroleum Products Pricing Regulatory Agency has dismissed reports published on Tuesday by Reuters that indicted marketers were listed among the 40 companies that got allocations for the importation of petrol into the country for the third quarter of the year. The Executive Secretary, PPPRA, Mr. Reginald Stanley, who spoke with journalists on Wednesday, described…

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