Oil & Gas

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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Conoil targets 65% fuel retailing, revenue growth

Jul 18, 2013

An indigenous petroleum product marketing company, Conoil, has said it hopes to grow sales and revenue by over 65 per cent with its seven new mega filling stations to be inaugurated in the last quarter of the year. The company, in a statement on Wednesday, said a new wave of investment had culminated in the…

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Terminal operators, agents trade blames over operating cost

Jul 18, 2013

  Terminal operators under the aegis of Seaport Terminal Operators Association of Nigeria (STOAN) and freight forwarders in the country are at war over who is responsible for high cost of doing business at the nation’s ports. While STOAN through its chairman, Princess (Dr.) Vicky Haastrup, recently called on the Federal Government to beam its searchlight…

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Pipeline closure: Shell lost N14.5bn in six days

Jul 18, 2013

Shell Petroleum Development Company Joint Venture has lost $90m (N14.6bn) in six days following the closure of Trans Niger Pipeline. The Manager, Corporate Media Relations, SPDC, Mr.  Tony Okonedo, on Tuesday, confirmed that the total daily loss from the TNP shutdown was $15m (N2.4bn). This, analysts said, amounted to $90m (N14.6bn) from June 12 to…

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Brent slips below $108

Jul 18, 2013

Brent crude oil slipped below $108 a barrel on Wednesday as the dollar gained ahead of eagerly awaited word from chairman Ben Bernanke on the US Federal Reserve’s plan to roll back its monetary stimulus. Oil, particularly the US benchmark, is also under pressure after an industry report showed a build-up in US gasoline stocks…

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52% of Nigerians still buy petrol above N97/litre – NOI Poll

Jul 17, 2013

Despite the huge subsidy and petroleum equalisation paid by the Federal Government to enable Nigerians buy petrol at regulated price of N97/litre, the reality is that more than half of Nigerians still buy the product above the prescribed amount. A survey released Tuesday in Abuja, by the Finance Minister’s private agency, Ngozi Okonjo-Iweala, NOI Polls…

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Addax inks extension for FPSO with BW Offshore

Jul 17, 2013

BW Offshore has agreed an extension for FPSO Sendje Berge with Addax Petroleum Exploration Ltd until the end of Q1 2014. The extension has been agreed to secure operational continuity while joint work to detail longer term program for investment and production is completed. BW Offshore is a leading global provider of floating production services…

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Further delay for US duo’s Oyo probe

Jul 16, 2013

US independents Allied Energy and Camac Energy have admitted their deep-water well planned for the first quarter on the under-performing Oyo field off Nigeria will have to wait a further three weeks. The exploration pair had initially vowed last October to spud the probe on blocks OML 120 and 121 in the first three months…

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