FG, STATES, IOCS TO ADOPT COLLABORATIVE APPROACH FOR DEVT OF N’DELTA

In furtherance of efforts to entrench peace in the Niger Delta, the federal government, international oil companies (IOCs) and other stakeholders have kicked off a collaborative approach aimed at maximising resources for the sustainable development of the region.

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WHY WE SPONSOR QUIZ CONTESTS, BY MOBIL

Mobil Producing Nigeria (MPN) has said that it sponsors quiz competitions amongst secondary schools in Bonny, Rivers State, because “it is a key strategy for enhancing reading and learning culture amongst students in the locality.” The General Manager, Public and Government Affairs of MPN, Mr Paul Arinze, who said this during the seventh edition of the competition organised for secondary schools in Bonny by NNPC/Mobil Joint Venture, expressed hope that the programme would continue to provide a platform for interaction and healthy competition amongst the students.

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NNPC LACKS OIL TRADING SKILLS, SAYS GMD

The Group Managing of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, on Wednesday said the firm lacked international oil trading skills. According to him, several attempts made by the national oil firm’s management in the past to have a stronghold on oil trading have not yielded the expected dividend.

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TOTAL RETURNS TO THE “CAPE OF STORMS” IN LATE 2017

Total will return to drilling in the ‘Cape Of Storms’ in late 2017, a full year and several months after the original planned date. The French major halted drilling in Block 11B/12B in South Africa’s offshore Outeniqua Basin in November 2014 because of mechanical problems on the rig, caused by the challenging environment in the Agulhas, with its chaotic combination of currents, waves and winds, which contrasts sharply with the mild metocean conditions of the West African deepwater.

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NIGERIA SEES OIL HITTING MID-$60S IN COMING MONTHS AS OPEC BITES

Crude oil prices hovering around $55 a barrel since early December, will climb by about $10 in the coming months, as OPEC-led measures to curb a glut take hold, Nigeria’s oil minister said. “Ultimately, the effects over the next few months will get us to where we want to be, which is in the mid-$60s.”

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INDIGENOUS FIRMS NEARING COMPLETION OF STRUCTURES FOR $16B EGINA FPSO PROJECT

Indigenous oil firms have demonstrated local capacity in the execution of the over $16 billion worth Floating Production Storage and Offloading (FPSO) facility for Total’s Egina oil field project. The Egina field, when completed, is expected to add 200,000 barrels per day to the national oil production by 2018, while the project will be completed in 2017.

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UPSTREAM ASSETS ACQUISITION TRIPLED TO $31BN IN DECEMBER – REPORT

Total acquisitions of oil and gas fields, known as upstream assets, tripled to $31 billion in December, according to data from consultancy Energy Market Square. Deals in the last month of 2016 alone accounted for nearly a quarter of total activity during the year, the report added.

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