Oil & Gas

Lonestar: Shell blames litigation for delay in liquidating $20m debt

Jun 28, 2013

Shell Petroleum Development Company of Nigeria Limited, SPDC, yesterday, blamed the crisis currently rocking Lonestar Drilling Nigeria Limited for its inability to liquidate its US$20 million (N3.2 billion) indebtedness to the firm. According to a statement by Mr. Precious Okolobo of the Corporate Affairs department of the company, SPDC is aware that Lonestar is presently…

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INTELS wants FG to improve security in Nigerian waters

Jun 28, 2013

One of companies operating at the Oil and Gas Free Zone, Onne, Rivers State, Integrated Logistics Services Limited (INTELS), has called for increased security presence in Nigerian territorial waters. The firm hinged the call on the need to check the rising security challenges in Nigerian waters, particularly in the oil and gas rich Niger Delta…

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Nigerian Navy to organise conference on maritime security

Jun 28, 2013

The African continent is increasingly witnessing a progressive surge in offshore activities across the broad spectrum of maritime trade and business. With such great opportunities amidst immense resources, many observers believe this presents incredible and exciting markets for the future. Undoubtedly, many littoral African countries have considerable oil and gas reserves, bountiful fisheries and viable…

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Lagos soon to become 11th oil producing state in Nigeria

Jun 28, 2013

Nigeria’s commercial capital, Lagos, is on the verge of joining the country’s oil-producing states with the discovery of crude oil in commercial quantities in the coastal state. Two days ago, Afren Plc and its partner, Lekoil Limited, announced significant oil discovery offshore Dahomey Basin in Lagos, according to the London Stock Exchange. In separate announcements,…

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SPE to mobilise stakeholders against oil theft

Jun 27, 2013

The Society of Petroleum Engineers is mobilising stakeholders against crude oil theft, which has become a major challenge to the Nigerian oil and gas industry. SPE said this had become imperative in the face of depleting reserves and dwindling revenues from crude oil sales in the country. In view of this, SPE Nigeria Council Chairman,…

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PPMC puts out Ilado pipeline fire

Jun 27, 2013

Pipeline and Products Marketing Company, PPMC, the marketing arm of the Nigerian National Petroleum Corporation, NNPC, yesterday, confirmed that it had successfully put out a pipeline fire, which occurred while vandals tried to siphon fuel. Attempts by the vandals to steal oil from the Akinbo Jetty, Ilado, Lagos, on Tuesday backfired as their canoe gutted…

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US shale discovery is not a threat to Nigeria – Jonathan

Jun 27, 2013

The Presidency yesterday said Nigeria would not feel the impact of the recent discovery of oil in commercial quantity by the United States. It said the Federal Government was rather adopting appropriate strategies to mitigate the impact of the decline in the purchase of Nigeria’s oil by America, with increased volume of term of contracts…

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Explosion rocks fuel laden cargo vessel at Atlas Cove Jetty in Lagos

Jun 26, 2013

A fuel laden vessel exploded at the Atlas Cove jetty in Lagos at about 7a.m., Wednesday, according to the Nigeria’s National Emergency Management Agency, NEMA. Public Relations Officer of NEMA in the South West, Mr Ibrahim Farinloye, confirmed the explosion to the News Agency of Nigeria, NAN, on telephone. Farinloye said rescue operations were ongoing…

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Optimum, Lekoil and Afren hit significant oil discovery offshore Nigeria

Jun 26, 2013

Nigerian player Optimum Petroleum, along with drilling partners Afren and Lekoil, struck a “significant light oil accumulation” at the Ogo-1 well on the Ogo prospect in OPL 310 off Nigeria. The well was drilled to 3205 metres and threw up a gross hydrocarbons column of 160 metres with 66 metres of net stacked pay. Drilling…

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WorleyParsons wins engineering, project services contract from Addax

Jun 26, 2013

WorleyParsons’ Nigerian joint venture company DeltaAfrik Engineering bagged a three-year contract from Addax Petroleum – a subsidiary of China’s Sinopec Group – to provide engineering and project services for the latter’s capital projects and operating assets in West Africa, comprising Nigeria, Cameroon, and Gabon. WorleyParsons said the contract, which includes a two year extension option,…

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