Oil majors still investing in economy despite challenges associated with Nigeria

Aug 6, 2013

For some time now, oil giants, such as Shell, Total, ENI and Chevron, have been complaining about the difficulties of working in the Niger Delta, but as the Associated Press reports, they are sinking more money into the country Nigeria is something of a trouble spot for the oil industry. Though Africa’s largest oil producer,…

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NNPC mulls using floating LNG vessel to access stranded gas resources offshore NDelta

Aug 6, 2013

The Nigerian National Petroleum Corporation (NNPC) has said it is in talks with about six companies including Omega-Butler Nigeria Limited on the use of floating Liquefied Natural Gas (LNG) vessel to access stranded gas resources offshore in the Niger Delta. Already, Omega-Butler was said to have raised the necessary funds of up to $10 billion…

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Chevron’s Escravos gas to liquids project to finally come on stream this year

Aug 6, 2013

The long awaited Escravos-Gas-To-Liquids (EGTL) project, operated by Chevron Nigeria Limited, will come on stream before the end of this year, according to The Guardian Nigeria. The $9.5 billion project has 33,000-barrels per day gas-to-liquids project, designed to process 325 million cubic feet per day of natural gas from the Escravos gas plant expansion, the…

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Local stakeholders seek more involvement in crude oil carriage; call for change to CIF

Aug 6, 2013

Shipping industry stakeholders are calling for reconsideration of the FOB trade terms with foreign partners for CIF terms in crude oil transportation because of the multiplier effects on the economy, reports Francis Ugwoke As the search for ways of maximising potentials of the shipping industry continues, industry stakeholders are calling for a change in the…

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Bureaucracy, contractors delay N2.39tn Ogidigben gas project

Aug 6, 2013

Delayed paper works by the Federal Government, represented by the Nigerian National Petroleum Corporation, and contractors, among other things, are delaying the commencement of the $15bn (N2.39tn) Ogidigben gas-based industrial park. The Federal Government and the private sector are expected to invest $15bn in a 2,700-hectare gas-based industrial park in Ogidigben, Delta State. The contractors…

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Governors snub international oil companies over PIB

Aug 6, 2013

State governors have turned down moves by the International Oil Companies to prevail on them to influence the National Assembly not to pass the Petroleum Industry Bill. Our correspondents gathered on Sunday that the IOCs had stepped up pressure on the governors to reach out to the National Assembly on the need not to pass…

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Kerosene scarcity is national embarrassment – Peterside

Aug 6, 2013

The Chairman, House Committee on Petroleum Downstream, Hon. Dakuku Peterside, has described the lingering kerosene scarcity across the country as a national embarrassment. Dakuku made the statement in Calabar, Cross River State, during his committee’s oversight visit to Pipelines and Products Marketing Company, PPMC, and other private oil facilities in the city. Peterside, who spoke…

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Nigeria, other stakeholders to re-evaluate commercial viability of Trans-Saharan gas project

Aug 6, 2013

  Nigeria and other stakeholders in the multi-billion dollar Trans-Saharan gas pipeline project have decided to re-evaluate the commercial viability of the project, Group Executive Director, Gas and Power, Nigerian National Petroleum Corporation, NNPC, Dr. David Ige, has said. He said this became necessary considering market changes that have taken place since its conception over…

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Total moves financial personnel to London to be closer to financial markets

Aug 5, 2013

French supermajor Total is to move some of its financial management personnel to London in a bid to be closer to international financial markets, according to reports. The Paris-based oil giant is also to send over a team of financial communications personnel in the planned move first unearth by French new outlet Mediapart. A Total…

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Mart Resources to spud UMU-11 development well in August after several delays

Aug 5, 2013

Mart Resources and its co-venturers, Midwestern Oil and Gas Company (Operator of the Umusadege field) and SunTrust Oil Company have provided an update on Umusadege field drilling operations. The UMU-11 well is planned to spud in the third slot of the UMU-9 drilling pad. As previously announced, there were problems cleaning out the 20-inch conductor. Retrieval…

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