Oil & Gas

Oil sector reform: Challenges of curbing gas flaring

Jun 17, 2013

The ongoing reforms in the oil and gas industry have afforded the country, for the first time, to focus on gas. Until recently, there was no specific legal or organisational framework for the exploitation and development of natural gas reserves in the country. Petroleum experts believe that gas is going to be the fuel of…

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Italian parliament debates govt response to Eni’s acquisition of OPL 245 in Nigeria

Jun 17, 2013

Italy’s Parliament Friday debated the Government’s response to questions put to it about Italian oil company ENI’s conduct in acquiring Nigerian oil block OPL245. On 10th May Simon Taylor, director of Global Witness, attended the ENI shareholders meeting to put a series of specific questions to ENI’s board regarding OPL245. ENI failed utterly to respond…

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Navy boss promises to stamp out oil theft

Jun 17, 2013

The Flag Officer Commanding, FOC, Nigerian Navy Logistic Command, Oghara, Delta State, Rear Admiral Abdu Shettima, says the Federal Government will continue to renew its onslaught against oil thieves and all acts of sabotage, pervading Nigerian waterways. Speaking at a ceremony to mark the 57th anniversary of the Nigerian Navy at the Nigerian Naval Logistics…

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Pipeline explosion rocks Ibadan again, farmlands ruined

Jun 17, 2013

Two weeks after a pipeline explosion in Apata Area of Ibadan, another explosion has rocked Alapata community area in Ido Local government area of Oyo State. According to an impeccable source, the vandalised pipeline went up in flames Saturday night. Though, there was no casualty reported, it was gathered that many farmlands were destroyed by…

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IEA downplays Nigeria’s plans to export refined products

Jun 14, 2013

Projections that Nigeria will begin to export refined petroleum products by 2016 may not materialize after all, as the International Energy Agency, IEA, yesterday, said it expects a significant increase in oil processing with the coming on stream of new refineries in Asia and Middle East. The IEA in its monthly report said it expects…

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Nigeria’s oil output down to 1.96mbd – IEA

Jun 14, 2013

Nigeria’s crude oil output declined to a six-month low of 1.96 million barrels per day, mbd, according to the International Energy Agency, IEA. This means that the country is already losing about 600,000 barrels of its daily production benchmark of 2.567mbd in the 2013 budget. The agency attributed the decline to oil theft and pipeline…

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Nigerian oil and gas deposits to deplete within 40 years

Jun 14, 2013

A professor of Medicine and sustainable environment advocate, Prof. Vincent Idemyor, has predicted that Nigerian oil and gas deposits, particularly in the Niger Delta region will not last beyond the next 40 years. The US-based Idemyor, currently visiting the University of Port Harcourt, Rivers State, gave the prediction in a lecture at a one-day workshop…

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Samsung Heavy wins $3bn FPSO platform order from Nigeria

Jun 13, 2013

South Korean shipbuilder Samsung Heavy Industries said Thursday it had won a $3.0 billion order to build a giant offshore oil storage platform in Nigeria. Under the deal, the shipbuilder will construct the floating platform used to store and process oil, which will begin operations in 2017, Samsung said in a statement. The Floating Production…

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Nigeria needs robust policy to be able to harness gas potential – UK

Jun 13, 2013

The United Kingdom has advised Nigeria to develop a robust policy with strong legal framework to harness its huge gas reserves. The British Deputy High Commissioner in Nigeria, Mr. Peter Carter, said only a robust gas policy with strong legal framework could help the country harness its abundant gas deposits. Speaking during a Climate Change…

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Nigeria’s OML 30 back producing over 35,000b/d according to Heritage Oil

Jun 12, 2013

Heritage Oil reported Wednesday its Oil Mining Lease, OML, 30 concession in Nigeria is back to producing more than 35,000 barrels of oil per day now that the firm has resolved the problems that affected production during the first quarter of the year. Heritage said that work is underway that has the objective of optimising…

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