Oil & Gas

NLNG to pay $1bn as company tax in 2014

Nov 18, 2013

The Nigeria Liquefied Natural Gas  Limited (NLNG) is to pay over $1 billion as Company Income Tax (CIT) to the federal government in 2014, even as it moves to take delivery of six more ships to consolidate its operations. With $1.3 billion already sunk into acquiring six fully-built vessels from Samsung Corporation and Hyundai of…

Read More

DPR tasks private depot owners on high kerosene price

Nov 17, 2013

Department of Petroleum Resources, DPR, has described as unacceptable, the exorbitant price of kerosene, DPK, especially in the Edo/Delta zone, which the members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) had blamed on the private depot owners. The DPR said it was at a loss why the private depot owners were allegedly selling…

Read More

Afren eyes further Ebok expansion offshore

Nov 15, 2013

Ebok field operator Afren expects the central fault block extension platform to be installed in early 2014, and the partners will target additional reservoirs in this area. They are considering further options for the north fault block (NFB), which could mean drilling development wells from an extended WFB platform, with production achieved through Ebok’s existing…

Read More

Chevron concludes asset sale to 3 local firms

Nov 15, 2013

Seplat has won the bid for Chevron’s 40 per cent equity in the gas rich Oil Mining Lease, OML 53, in the eastern onshore Niger Delta basin. Amni Petroleum is the preferred bidder for OML 52 while Belema Oil Company clinched OML 55. These separate victories contest the thesis that Chevron had preferred, all along,…

Read More

Oil traders accused of fraud to sue Swiss NGO

Nov 15, 2013

Local and international oil traders, indicted in a recent report by a Swiss-based Non- Government Organisation (NGO), the Berne Declaration, have commenced moves to institute legal proceedings against the organisation, THISDAY has learnt. The traders were alleged to have colluded with the Nigerian National Petroleum Corporation (NNPC) and defrauded Nigeria of billions of dollars through…

Read More

Siem Offshore enters charter contract for PSV Siem Sasha

Nov 14, 2013

Siem Offshore and Marine Platforms Limited have entered into a contract for the PSV “Siem Sasha” for operations offshore Nigeria. The charter contract will commence in December 2013 and is for a firm period of 1 year. The charterer has an option to extend the charter contract by 1 year. The contract is made on…

Read More

Oil marketers overcome subsidy gloom as profits spike

Nov 14, 2013

Petroleum products importing and marketing firms have overcome the economic difficulties that befell them last year, which saw profits shrink on falling subsidy payments and high finance costs, as third-quarter financial results show most of them returning to profitability. The oil marketers borrowed money from banks at high interest rates to finance the acquisition of…

Read More

Nigeria risks missing 40b barrels oil reserve target by 2020’

Nov 14, 2013

Nigeria risks missing its target of substantially increasing its crude oil reserves to 40 billion barrels of oil, by 2020, unless the country puts together more investor-friendly fiscal terms in its proposed Petroleum Industry Bill (PIB) currently before the National Assembly, a senior official at ExxonMobil said yesterday. Speaking at the on-going NAPE conference in…

Read More

Oando moves to acquire $1.22 bn Conoco Phillips’ assets

Nov 14, 2013

Oando Energy Resources, OER, an affiliate company of Oando Plc, focused on oil exploration and production in Nigeria, has expressed confidence in concluding the acquisition of the Nigerian oil and gas business of ConocoPhillips, COP. OER had paid COP an initial deposit of $435 million deposit, and the net purchase price payable to complete the…

Read More

Firm harps on LPG utilisation

Nov 14, 2013

An indigenous player in the gas sector, Banner Gas has tasked stakeholders and Lagosians on utilisation of the Liquefied Petroleum Gas (LPG,) otherwise known as cooking gas. According to the company, about N300 million has so far been injected by the Lagos State government into acquisition of cylinders, cooking gas stoves, which would be shared…

Read More

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...