Elumelu broadens oil and gas focus, expands into West African offshore services

Aug 29, 2013

Tony O. Elumelu’s pan-African investment vehicle, Heirs Holdings, today announced a substantial investment in Seadrill Mobil Units (Nigeria) Limited, an affiliate of one of the world’s leading offshore deepwater drilling companies, Seadrill. Elumelu has been appointed as chairman of the Board of Seadrill Mobil Units. The investment is further evidence of Elumelu’s strategy of increasing…

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Fairmount Marine delivers world’s first floating, storage and re-gasification unit

Aug 29, 2013

The world’s first offshore-moored floating, storage and re-gasification unit (FSRU), the FSRU Toscana, has been successfully delivered and permanently moored off the coast of Livorno, Italy, where it will be used as a terminal and export point for liquefied natural gas. Two tugs from Rotterdam-based Fairmount Marine delivered the floating ‘gas plant’ from Dubai via…

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10,000 jobs at risk due to pull out by Chevron, Shell from OKLNG

Aug 29, 2013

Nigeria’s unemployment situation is set to worsen, as the fate of about 10,000 workers in the Olokola Liquefied Natural Gas project, OKLNG, is currently on the line, following the pulling out of Chevron and Shell, which threatens the continuation of the project.The workers, currently employed in the construction phase of the project, risk being disengaged,…

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OPEC daily basket price stood at $109.28 a barrel Tuesday, 27 August 2013

Aug 28, 2013

The price of OPEC basket of twelve crudes stood at 109.28 dollars a barrel on Tuesday, compared with $108.36 the previous day, according to OPEC Secretariat calculations . The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light…

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Tanker explosion kills three in Ibadan

Aug 28, 2013

A tanker carrying petroleum product caught fire at Orogun junction along Iwo road-Ojoo expressway in Ibadan, the Oyo State capital on Tuesday, killing three people and injuring five others. The incident happened as the tanker was trying to off-load petroleum into another tanker near a filling station. It exploded after spilling petrol on the main…

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Federal Government, IOCs still at loggerheads over PIB

Aug 28, 2013

Stakeholders in the oil and gas industry were full of optimism when President Goodluck Jonathan presented the repackaged Petroleum Industry Bill, PIB, to the National Assembly in July 2012 at least for some reasons. First, the presentation made it for the nation to have only one authentic copy of the PIB in circulation. Before then,…

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Afren production boosted by Nigerian oil fields

Aug 28, 2013

Some Nigeria’s oil fields have increased Afren Plc oil output by 13 per cent. The latest report of the firm stated that the period witnessed a significant increase in output from the Ebok and Okoro fields, offshore Nigeria. The report stated that: “The Group’s financial results reflect the consolidation of First Hydrocarbon Nigeria Company Limited…

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Oil theft knocks Nigeria’s oil output to four-year low

Aug 28, 2013

Nigeria is suffering the worst wave of oil production disruptions in four years, with output falling to levels last seen before the government’s amnesty programme ended militancy in the Niger Delta, the Financial Times reported on Tuesday. Industrial scale oil theft, sabotage and technical problems, according to the report, have caused crude output to drop…

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NIMASA, NPA plan electronic access system for ports

Aug 28, 2013

The Nigeria Maritime Administration and Safety Agency has said talks have reached an advanced stage with the Nigeria Ports Authority for the strict monitoring of entry and exit into the nation’s ports with the aid of Electronic Access Systems. The Director-General of NIMASA,  Mr. Ziakede Akpobolokemi,  in a statement on Friday, said this was part…

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Dangote’s plans for financing refinery, petrochemical project

Aug 28, 2013

Dangote Industries Limited (DIL) is set to sign a $3.3 billion term loan agreement with a consortium of local and foreign banks on September 4 in Abuja for the construction of a 400,000 barrels per day (b/d) refinery, petrochemical and fertiliser complex that will cost the Nigerian conglomerate $9.05 billion to construct. Confirming this Tuesday,…

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