Oil & Gas

Divestment of assets by IOC’s no threat to oil sector – SPE

Jun 24, 2013

The Society of Petroleum Engineers (SPE) has allayed fears that the continuous divestment of assets by International Oil Companies (IOCs) portends grave danger to the sector. Rather, the body said divestment of stakes in oil blocs by IOCs remained a global trend and in line with sound business decisions not capable of threatening the sector…

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Chevron worried over persistent oil theft in Niger Delta

Jun 24, 2013

The continued illegal oil bunkering and other related criminal activities in the Niger-Delta have remained a major headache of oil and gas multi-nationals operating in Nigeria with America oil giant, Chevron, practically raising the alarm over the weekend. According to reports on the incidents by the General Manager, Nigerian National Petroleum Corporation (NNPC)/Chevron Nigeria Limited…

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Total developing new oil field offshore Nigeria

Jun 24, 2013

Total Nigeria is developing a new offshore oil field that it expects to produce 200,000 barrels a day. Friday’s statement from the French oil major says its Nigerian subsidiary in partnership with the national oil companies of Nigeria, China and Brazil expects production to begin in 2017. The Egina field was discovered in 2003, some…

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SPDC sets out its future intent for Nigeria

Jun 22, 2013

The Shell Petroleum Development Company of Nigeria Ltd (SPDC) as operator of the Nigerian National Petroleum Corporation (NNPC)/SPDC joint venture (SPDC JV) today announced that the SPDC JV (NNPC 55%, SPDC 30%, TOTAL 10%, NAOC 5%) has taken final investment decisions for the Trans Niger Pipeline loop-line (TNPL) and the Gbaran-Ubie Phase Two projects, both…

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Oil marketer, cargo surveyor get N2bn bail in subsidy fraud case

Jun 21, 2013

A Federal High Court sitting in Lagos, Thursday, granted bail in the sum of N2 billion to an oil marketer and cargo surveyor, charged with N1.7 billion fuel subsidy fraud. The judge, Justice Ibrahim Buba, however, ordered the accused to be remanded in custody, pending the perfection of their bail. The accused, Samuel Owa and…

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Oil production drops by 150,000 barrels, as Shell shuts Trans Niger Pipeline

Jun 21, 2013

Nigeria faces a serious credit crunch in the months ahead as crude oil production has dropped further by 150,000 barrels per day due to continuing theft and vandalism of crude pipelines. The Shell Petroleum Development Company of Nigeria Limited said on Thursday that it shut the Trans Niger Pipeline on Wednesday following an explosion and…

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FEC approves N420bn contract for development of Onne Port

Jun 21, 2013

The Federal Executive Council (FEC) has approved a 2.8 billion dollars (about N420 billion) contract for the development of the Onne Oil and Gas Free Zone in Port Harcourt, through concession. The Minister of Information, Labaran Maku, made this known when he briefed State House correspondents on the outcome of the Council’s meeting presided over…

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FG refuses bailout for marginal fields operators

Jun 20, 2013

The Federal Government has ruled out any intervention in form of provision of bailout funds for marginal oil fields operators in Nigeria. Speaking at the Ministerial Platform in Abuja, Dr. Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister for the Economy, said this is in view of the fact that the government cannot afford to…

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Pirates attack oil vessel, abduct 4 Indians, Polish crew members

Jun 20, 2013

Pirates in speedboats attacked an oil supply vessel and kidnapped four Indians and Polish crew members in the Niger Delta, last week, two security sources said, yesterday. This was even as a French sailor was freed, Tuesday, after being captured by pirates on June 13 from an oil products tanker, Adour on June 13, about…

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Afren Plc hits 42,000 bpd, boosts nation’s production capacity

Jun 20, 2013

Afren, a major oil and gas producing firm in Nigeria has realised a daily production of 42,000 barrels per day, bpd. The Chairman, Mr. Egbert Imomoh who disclosed this at the Annual General Meeting in London stated that year 2012 witnessed a lot of milestones for the company. For instance, He said that Group production…

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