Oil & Gas

IOCs’ Pipelines protection contracts lack transparency – Kuku

Jul 22, 2013

The Special Adviser to the President on Niger Delta and Chairman of the Presidential Amnesty Programme (PAP), Hon. Kingsley Kuku, has accused the international oil companies (IOCs) in the Niger Delta of not showing enough transparency in the process of award of their pipeline surveillance contracts. Kuku said such contracts tended to emasculate the communities…

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Lawmakers want Shell, Eni oil block award revoked

Jul 22, 2013

Nigeria should revoke oil rights for which Royal Dutch Shell Plc and Eni SpA paid $1.1 billion, a parliamentary committee said, alleging that the acquisition process was “highly flawed.” Shell and Eni jointly bought Oil Prospecting License 245 from Malabu Oil & Gas Ltd., controlled by Dan Etete, a former oil minister, in 2011. Located…

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IPMAN ready to snap up NNPC’s refineries

Jul 22, 2013

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has indicated its interest in the three Nigeria’s refineries, if government is serious in privatizing them. Speaking at a presentation to the Senate Joint Committee on Petroleum Industry Bill, PIB, National President of IPMAN, Alhaji Aminu Abdulkadir called for refurbishment of the refineries in order to have…

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Nigeria will no longer release foreign vessels involved in oil theft – Minister

Jul 20, 2013

Foreign Affairs Minister Olugbenga Ashiru says the ministry will no longer entertain appeals from foreign missions to release the crew or ships, involved in illegal activities on Nigeria’s territorial waters. Ashiru issued the warning on Friday in Abuja at a briefing with members of the diplomatic corps in Nigeria. He also cautioned the diplomats against…

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Total seeks forties crude; Nigeria cuts Qua Iboe crude exports

Jul 20, 2013

Total SA (FP) failed to buy North Sea Forties blend at the same price as its last bid. Vitol Group sought to sell Russian Urals crudes without success. Nigeria raised its August official selling price for benchmark Bonny Light and Qua Iboe crudes by 10 cents to a premium of $2.35 a barrel to Dated…

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Crude oil theft: FG sets up task force to prosecute offenders

Jul 19, 2013

The Federal Government has set up a legal task force to prosecute persons found culpable in crude oil theft. Crude oil theft has been on the rise in recent months with the Finance Minister, Ngozi Okonjo-Iweala, recently announcing that Nigeria loses about N150 billion monthly to crude oil theft, thus reducing revenue available to the…

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Lagos, Chinese firms sign offshore development pact

Jul 19, 2013

The Federal Government has brokered a major partnership between the Lagos Deep Offshore Logistics services provider and the Chinese Offshore Oil Engineering Company Limited for offshore development in Nigeria. The agreement between LADOL and COOEC, according to a statement on Wednesday, is for a long-term collaboration in jointly planning and developing strategic infrastructure in key…

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NIMASA steps up capacity building

Jul 19, 2013

Nigeria’s apex maritime regulatory authority, the Nigerian Maritime Administration and Safety Agency (NIMASA), has stepped up capacity building to ensure that Nigeria meet its manpower needs in the shipping sector of the economy. Apart from meeting the manpower needs of the country, the agency said it would also help in meetings the provisions of the…

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Energia Ebendo field hits 5,700 barrels per day

Jul 19, 2013

An indigenous exploration and production company, Energia has achieved a milestone daily production of 5,700 barrels of oil per day in her Ebendo field operation (OML 56) located onshore of the country. Energia is the operator of the Energia/Oando joint venture assets of Ebendo Obodeti fields. The Managing Director/Chief Executive Officer of the company, Mr.…

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PEF blacklists 12 marketers for alleged fraudulent practice

Jul 19, 2013

The Petroleum Equalisation Fund (Management) Board (PEF) said that it has blacklisted 12 petroleum marketers for seeking underserved bridging payments through fraudulent means. The PEF General Manger, Corporate Services, Mr Goddy Nnadi, said this in an interview with the News Agency of Nigeria (NAN) in Abuja yesterday. Goddy, who declined to give the names of…

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