Oil & Gas

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…

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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…

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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…

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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…

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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…

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Camac nets more at Oyo

Nov 13, 2013

US independent Camac Energy has struck more hydrocarbons at a well off West Africa that it hopes will produce first oil in the middle of next year. The Houston-based player said it struck a total of 65 feet of net pay between three intervals in the Miocene formation at the Oyo-7 well on offshore Block…

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Heritage Oil enters into strategic alliance with Bayelsa Oil Company

Nov 13, 2013

Heritage Oil has announced that a wholly owned subsidiary has entered into a joint venture agreement with Bayelsa Oil Company, owned by the Bayelsa State government, to establish an indigenous Nigerian oil company called Petrobay Energy. Through Petrobay, Heritage expects to be a significant contributor to the future development of the oil and gas industry in Nigeria.…

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US to become world’s top oil producer in 2015 – IEA

Nov 13, 2013

The United States will stride past Saudi Arabia and Russia to become the world’s top oil producer in 2015, the West’s energy agency said, bringing Washington closer to energy self-sufficiency and reducing the need for OPEC supply. But by 2020, the oilfields of Texas and North Dakota will be past their prime and the Middle…

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US crew kidnapped off Nigeria released

Nov 13, 2013

Two crew members kidnapped by pirates off Nigeria from a US-flagged supply vessel last month have been released, the US State Department confirmed. The captain and chief engineer of the Edison Chouest Offshore-owned platform supply vessel C-Retriever were released unharmed at the weekend and are on their way home, according to reports. They were kidnapped…

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NNPC to increase crude reserves by 500,000bpd – Yakubu

Nov 13, 2013

The NNPC is to add 585,000 barrels of crude per day to the nation’s current reserve of 3.7 billion barrels by the year 2015. The Group Managing Director of NNPC, Mr Andrew Yakubu, made the pledge at the 2013 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). A statement issued by NNPC in Abuja yesterday…

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