Port concessionaire acquires more equipment to enhance operations

Aug 16, 2013

One of the concessionaires in the nation’s seaports, Ports and Cargo Limited, has acquired more equipment to enhance its operations. The firm, which is one of the subsidiaries of Sifax Group and operator of Terminal C, Tin Can Island Port (TCIP), Apapa, Lagos, also said it was upgrading its facilities to aid effective service delivery.…

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Nigeria loses N24bn annually to vessel delay – Report

Aug 16, 2013

The cost of doing business at the nation’s ports remains high despite the reduction in the number of security agencies operating there from 14 to eight about two years ago. For instance, the Chief Executive Officer, Ships and Ports, Mr. Bolaji Akinola, said on Wednesday that Nigeria was losing about N24bn annually due to the…

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Oando provides updates on its Nigerian upstream activities

Aug 16, 2013

Oando Energy Resources (OER) submitted its operational highlights out of Nigeria on August 14. During Q2 the company saw 2,500 bpd, 1,069 net to OER, in additional production capacity from the Ebendo Marginal Field following the successful completion of the Ebendo-5 well. For the six months ending June 30 the company was averaging 3,924 bopd…

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Mart Resources commences drilling operations on UMU-11

Aug 16, 2013

Mart Resources, Inc. and its co-venturers, Midwestern Oil and Gas Company Plc. (operator of the Umusadege field in Nigeria) and SunTrust Oil Company Ltd. have commenced drilling operations on the UMU-11. Drilling started on August 14 and is currently at a depth of 1,100 ft in the 16-inch upper hole section which will be drilled…

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Major oil theft occurs at terminals – CNS

Aug 16, 2013

The Chief of Naval Staff (CNS), Vice Admiral Dele Joseph Ezeoba, has disclosed that the bulk of Nigeria’s crude oil is stolen from the crude export terminals as the security agencies have no access to metres installed at export terminals to determine the volume of crude exported. Ezeoba, who made the observation Thursday at a…

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Pan Ocean loses $4.96bn to oil theft

Aug 16, 2013

Pan Ocean Oil Corporation, an indigenous independent oil company said it lost more than $4.96 billion to crude oil theft and pipeline vandalism in its area of operation in four years. Mr. Toni Ezeukwu, General Manager of the company said at the just concluded Society of Petroleum Engineers, SPE – organized Nigeria Annual International Conference…

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DPR underfunded, supported by oil majors – Expert

Aug 15, 2013

Due to serious underfunding of the Department of Petroleum Resources, DPR, by federal government, the agency has for long been assisted by international oil companies and other operators to discharge its regulatory functions, an industry expert has said. Chief George Owarieta, former NNPC top official and Managing Consultant, Independent Mediation Consultancy Services, who disclosed this,…

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FG assembles experts to investigate gas to power challenge

Aug 15, 2013

The federal government is currently assembling a team of experts across the oil industry to investigate in particular the cause of the severe leaks in the gas supply channels in the Eastern part of the country and determine measures to be taken to ameliorate the situation. This according to a recent statement from the Special…

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Petron secures N16bn for acqusition of drilling rigs

Aug 15, 2013

An indigenous oil and natural gas drilling company, Petron Drilling Fields Nigeria Limited, said the US$100 million (N16 billion) financing deal it secured from the United States’ Export Import Bank is being utilized for acquiring a land drilling rig to be used in launching its operations in the Nigerian oil and gas sector. In a…

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Offshore supply vessel operations face increased piracy threats off Nigeria

Aug 15, 2013

Offshore supply vessel operations off Nigeria will continue to face increased threats from maritime criminals engaged in cargo theft, robbery and kidnapping in the years to come according to a report by a security consultancy firm, Bergen Risk Solutions. The report, which covered a 12-month period ending on August 1, revealed that  Offshore Supply Vessels…

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