NIGERIA’S MONTHLY CRUDE EXPORT TO HIT 35.7M BARRELS IN NOV

The monthly crude loading and exports from Nigeria will be 35.7 million barrels in November, the loading schedule has revealed. Reuters, which gave his hint, had reported earlier that the daily exports in November has reached 1.19 million barrels per day, the highest in 14 months.

Crude exports schedule are done ahead and this makes the November loading programme to be the latest in the global crude market. The schedule revealed that Nigeria would export around 1.91 million barrels per day (bpd) of crude oil in November This is the highest level since September 2013.

Read more @ New Telegraph

NIGERIA LOSES N78BN TO CRUDE THEFT

Nigeria lost N77.87 billion worth of crude oil and other petroleum products in 2013, the Nigerian
National Petroleum Corporation, NNPC, has revealed.

The NNPC, in its Annual Statistics Bulletin 2013, released recently, said 327,480 metric tonnes, MT, of petroleum products were lost, while a total of 2.312 million barrels of crude oil were stolen from pipelines in the period under review.

Read more @ Vanguard

NNPC RETIREES SEEK DISSOLUTION OF BOARD

The Retired Staff Association of the Nigeria National Petroleum Corporation.(NNPC), has asked Federal Government to immediately dissolve  the board of the corporation for lack of competence  and failure to actualise the dream of its founding fathers.

The retirees also cautioned the management of NNPC to, as a matter of urgency, desist from frequent sacking of competent staff and management, stressing that this situation has continued to give room for unqualified hands to take charge of the affairs of the revered industry.

Read more @ Thisday Live

NIGERIAN CONTENT BOARD TRAINS STAFF ON OIL, GAS PARKS’ SCHEME

The Nigerian Content Development and Monitoring Board (NCDMB) at the weekend concluded the training of members of its staff, who would spearhead the design and operation of the Nigerian Oil and Gas Parks Scheme (NOGAPS), with the first phase scheduled to be sited in Bayelsa, Imo and Cross Rivers States.

The training was held in Yenagoa, Bayelsa State across nine weeks with the 45 participants also embarking on field trips to Onne Oil and Gas Free Trade Zone, Rivers State and Utuokein in Ogbia Local Government Area of Bayelsa State

Read more @ Thisday Live 

NIGERIA’S OIL INDUSTRY STAGNATES ON ENDLESS REFORMS

As other countries are experiencing a boom in the oil and gas sector, providing local and international investors with various alternatives for investments, Ejiofor Alike writes that as Nigeria exits the third quarter of 2014, endless reforms in her oil and gas industry has stagnated the sector

Read more @ Thisday Live

SEADRILL, HEIRS HOLDINGS LAUNCH DEEPWATER DRILLSHIP FOR TOTAL

The Chairman of Heirs Holdings, an African investment Company, Tony O. Elumelu, has commissioned the sail away of Seadrill Nigeria Limited’s sixth-generation drill ship christened, ‘West Jupiter.’ 

This initiative is part of the global partnership between Heirs Holdings and Seadrill Nigeria Limited. The West Jupiter is the latest addition to the Total Upstream Nigeria Limited (Total) fleet of ultra-deep water vessels operating in Nigerian waters.

Read more @ The Nation

SENATE COMMITS TO PASSING PIB BEFORE 2015 ELECTION

The Senate President, David Mark, weekend stated that the Petroleum Industrial Bill (PIB) will be passed into law before the 2015 elections.

He said Nigeria must as a matter of urgency pass the bill because oil companies are beginning to get worried, stressing that the situation might drive away investment in the nation's oil and gas industry

Read more @ Thisday Live

FG BEGINS DESIGN OF $5BN TRANS-NIGERIA GAS PIPELINE

The Federal Government has started the design of the nation’s $5bn Trans-Nigeria Gas Pipeline targeted at delivering gas to northern and eastern parts of the country.

Consequently, the contract for the construction of the estimated 1,200 kilometres flagship project would be awarded in the next few months.

Read more @ National Mirror

DPR TASKS MARKETERS ON QUALITY OF PETROLEUM PRODUCTS

The Department of Petroleum Resources (DPR) has charged marketers of petroleum products across the country to ensure that the products they received and distributed to the public met the recommended specification.

Speaking at the 2014 annual meeting between the DPR and the petroleum products’ marketers in Lagos at the weekend, the Operations’ Controller for Lagos Zone of the agency, Mrs. Chioma Njoku said it was unacceptable for retail outlets to purchase products from uncertified sellers.


Read more ! Thisday Live

NIGERIA’S OIL EXPORTS TO HIT 14-MONTH HIGH IN NOVEMBER

27 September 2014, Sweetcrude, Abuja - Nigeria’s oil export will climb to a 14 month high of 1.91 million barrels per day (bpd) in November, says international news agency Reuters citing loading programmes.

It is the country’s highest level since September 2013, and is higher than the upwardly revised figure of 1.86 million bpd due to be exported in October.

Read more @ Sweet Crude

WAGPCO STARTS NEGOTIATIONS ON PIPELINE UTILISATION, SECURITY

Apparently concerned over the under-utilisation of the $1 billion West African Gas Pipeline (WAGP) Project, the West African Gas Pipeline Company (WAGPCo), operator of the pipeline system, has commenced negotiations with potential users of the pipeline and other stakeholders in the Economic Community of West African States (ECOWAS) to ensure optimum utilisation and security of the pipeline network.

WAGPCo’s General Manager in charge of Corporate Affairs, Mrs. Harriet Wereko-Brobby, who confirmed this development in Lagos at the weekend, said the company was currently working on the “Open Access” declared a year ago to enable gas producers and shippers have access to the pipeline.

Read more @ Thisday Live

COURT OKAYS SUIT AGAINST DIEZANI

Abuja - A Federal High Court in Abuja has granted leave for the commencement of a suit seeking to compel the Minister of Petroleum Resources, Diezani Alison-Madueke, to make public information regarding certain oil deals including multi-million dollars crude oil sale.


Other aspects of the transactions on which information is being sought are alleged “crude oil swap variant and certification of subsidy for the importation of kerosene and Premium Motor Spirit (petrol)”.

Read more @ Sweet Crude

NAVY INTENSIFIES WAR AGAINST OIL THEFT

PORT HARCOURT—Nigerian Navy has intensified its crusade against oil theft in the Niger Delta region  with an approach  it termed “choke points” strategy.

Flag Officer Commanding Naval Training Command, Rear Admiral Goddy Ayankpele, yesterday, during a facility tour of the Nigeria Navy Basic Training School, Onne, Rivers State, said they were recording huge success with the new strategy.

Read more @ Vanguard

BAYELSA COMMUNITIES CRY OUT OVER IMPACT OF OIL LEAK

THE Kalaba and Ayambele communities in Bayelsa State, affected by the August oil leak from the Nigerian Agip Oil Company (NAOC)’s facility, have expressed concern on its negative impact.

The Chief of Kalaba community, Chief Roman Orukali, who spoke for the two communities, noted that the effect of the leak on the residents was worrisome.

Read more @ Nigerian Tribune

OPEC DELAYS DECISION ON SUPPLY CUTS

Organisation of Petroleum Exporting Countries (OPEC) has yet to decide to cut its production target, the United Arab Emirates (UAE’s)  energy minister said, as crude prices extend a slide since June amid a boom in United States (U.S.)  shale oil and signs of slower demand growth in China.

All 12 members of the oil cartel must agree before any decrease in its official limit of 30 million barrels a day, the U.A.E.’s Suhail Al Mazrouei said,  after OPEC’s Secretary-General said it may lower the ceiling in 2015.

Read more @ The Nation

SENATE TO AMEND OIL, GAS EXPORT BILL

The Senate, yesterday, moved to amend the Oil and Gas Export Free Zone Authority Bill in order to produce a more legally and economic sustainable document for operations of the zone.

The Senate President, David Mark, while declaring open a public hearing, yesterday, on the Oil and Gas Free Zone Authority Cap Amendment Bill organised by the Joint Senate Committee on Trade and Establishment and Public Service said the fundamental ideology behind free trade zones were economically viable laws that act as catalyst for economic growth.

Read more @ Leadership

CRUDE OIL THEFT THREATENS GLOBAL PEACE - UDUAGHAN

THE persistence of crude oil theft in the Niger Delta region where over 400,000 barrels per day are stolen may threaten world peace and democracy if concerted action is not taken to curb it, Governor of Delta State, Dr. Emmanuel Eweta Uduaghan, has said.


Speaking at an African Business Roundtable-organized workshop on combating emerging threats held on the sidelines of the ongoing United Nations General Assembly in New York, Uduaghan explained that with 90 per cent of the stolen oil exported, the cash return is enough to empower individuals and organizations engaged in the theft to destabilise democracies in the West African sub-region.

Read more @ The Guardian

AILING REFINERIES DESTABILISE LPG MARKET

The poor state of the country’s refineries has been identified as a major factor causing instability in the Nigerian Liquefied Petroleum Gas (cooking gas) market.

The Port Harcourt, Warri and Kaduna refineries, which are ordinarily supposed to be supplying LPG to the Nigerian market, have been very inconsistent with their quotas. Currently, only Warri Refinery is delivering product to the market.

Read more @ The Punch 

NIGERIA’S SHARE OF CHINA’S LNG IMPORTS UNDER PRESSURE

Nigeria’s share of Chinese Liquefied Natural Gas market is being threatened by new supplies from Australia, potential imports from the United States and the recent gas deal between China and Russia.

China, the world’s biggest energy consumer, traditionally imports its LNG cargoes from Qatar, Australia, Malaysia and Indonesia.

Read more @ The Punch

NUPENG, PENGASSAN THREATEN STRIKE OVER VICTIMISATION

The joint forum of the National Union of Petroleum and Natural Gas (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) yesterday in Enugu threatened to shut down the oil and gas industry in Nigeria if the constant victimisation of its leaders is not stopped forthwith.

The unions specifically lamented the sudden transfer of two of its officials, the Deputy President 2 of NUPENG, Mr. Asuquo Okon who works with AGIP from Lagos to Port-Harcourt and Mrs. Elo Victor Ogbonda, the Port-Harcourt Zonal Secretary of PENGASSAN who was moved to Lagos by Total.

Read more @ Thisday Live

OANDO TO DOUBLE OIL OUTPUT

An indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchanges, Oando Plc, plans to increase its crude oil production capacity to 100,000 barrels per day over the next five years after completing the acquisition of ConocoPhillips’ (COP) Nigerian assets for $1.65 billion in July.

This is coming as Seven Energy International Limited, an indigenous integrated oil and gas development, production and distribution company with interests in Nigeria, and the Nigerian Sovereign Investment Authority (NSIA), better known as the Sovereign Wealth Fund (SWF), yesterday announced a $100 million investment deal.

Read more @ Thisday Live

NATURAL GAS PRODUCTION DROPPED BY 16.13BSCF IN MAY

The nation produced 209.10 billion standard cubic feet, BSCF of natural gas in May this year. The output was lower than the April figure of 192.97 BSCF by 16.13 BSCF.

About 9.43 per cent of the total production was flared while the rest was utilised for production in some sector’s of domestic economy.

The Nigerian National Petroleum Corporation (NNPC) also stated in its latest report that the total NGL produced for May 2014 was 140,780 metric tonnes (MT) out of which Mobil had about 51 per cent (71,798 MT) and NNPC 49 per cent (68,982 MT).

Read more @ The Nigerian Tribune

NIGERIA TO ACCOUNT FOR 31% OF AFRICA GAS LIQUEFACTION CAPACITY BY 2018

The latest released liquefied natural gas report by International Gas Union Report (IGU) shows that Nigeria is to account for 31 percent of Africa's liquefaction capacity by 2018.

African liquefaction capacity stood at 66.8 million tonnes per annum (MTPA) in 2013 and it was projected to rise to 71.5 MTPA in 2018 with the introduction of new capacity in Algeria and Angola. Of the Africa liquefaction capacity for 2018, Nigeria is expected to account for 21.9 MTPA or 31 percent.

Read more @ Businessday Online

NIGERIA EARNS $40BN FROM OIL EXPORTS IN SIX MONTHS

NIGERIA has been estimated to have realised about $40 billion (N6.4 trillion) from crude oil exports in the first half of this year, according to the Organisation of Petroleum Exporting Countries (OPEC). 

The 12-nation member cartel, in its revenue fact sheet, however stated that the Africa’s oil giant has net earnings of about $84 billion in 2013.

Read more @ The Guardian

TOTAL CUTS PRODUCTION TARGET FOR NIGERIA, OTHERS

Oil major, Total, has cut its 2017 output goal to 2.8 million barrels of oil equivalent per day from the previous three million.

The firm, which has struggled with production outages in Libya, Kazakhstan and Nigeria, said on Monday that it would step up asset sales and overhaul exploration after cutting its oil output targets.

Read more @ The Punch

NIGERIA FAILS TO ATTRACT $100BN OIL INVESTMENTS

n spite of a decline in oil reserves and increasing competition for investments from other African countries, Nigeria remains sluggish in attracting new investments estimated at $100bn needed to grow reserves and production.

The country, which aims to ramp up production to four million barrels per day and grow the reserves to 40 billion barrels in 2020, has seen its reserves slump to 35 billion barrels from 37 billion barrels, according to the Department of Petroleum.

Read more @ The Punch

FIVE OIL MAJORS PRE-QUALIFIED FOR KUWAIT DEAL

Kuwait’s state oil operator has pre-qualified five international oil majors to bid for a five-year consultancy contract for a USD-multi-billion project to lift its crude production capacity to 3.65 million bpd by 2020, an oil official was quoted on Sunday as saying.

Royal Dutch Shell, British Petroleum, France’s Total, Exxon Mobil and Chevron of the US have been asked to submit bids by the Kuwait oil company, which runs the Gulf emirate’s massive hydrocarbon sector, KOC’s CEO Hashim Sayed Hashim said, quoted by the Kuwaiti Arabic language daily Al Anba.

Read more @ The Punch

OIL RESERVES REDUCE TO 35BN BARRELS

Nigeria’s oil deposits have depleted to 35 billion barrels, investigation by New Telegraph has revealed. Nigeria, which is targeting 40 billion barrels oil reserves, produces an average of 900 million barrels in 12 months based on its 2.5 million daily production, whereas little is done to replace the volume produced daily due to many factors.

The country, which is Africa’s biggest crude exporter, which had over 37 billion barrels in its reserves in 2012, depends largely on proceeds from crude to service over 85 per cent of its national budget. Director, Department of Petroleum Resources, Mr. George Osahon, had last February declared that Nigeria’s oil reserves had depleted to 36 billion barrels.

Read more @ New Telegraph

N133.5BN PENSION GAP UNSETTLES NNPC

The Federal Government’s hammer may soon come down hard on the board and management of the Nigerian National Petroleum Corporation (NNPC) over their shoddy handling of its N133.56 billion pension liabilities.

The Nation gathered that the industrial action embarked upon last week by petroleum industry workers caught the government unaware.

Read more @ The Nation

CHEVRON GETS ULTIMATUM TO QUIT COMMUNITIES

The Gbaramatu, Egbema and Ogulagha Coastal Communities Front have issued a 21-day ultimatum to Chevron Nigeria Limited to stop all contracts, award/dealings with the Communities’ former Chairman, George Timinimi, or move out of their communities.

In a resolution signed by Barrister Mala, Isaac Gbenewei, Frank Keniye, Profit Omula, Barry Mulade, Tom Abanara, Timi David, Darlignton Agbede, Major Atigba, Cmrd Friday Ugedi, Henry Agediga, Clement Komboye, Capt. Alex Yelemu, Goddy Miebi and Robinson Weimiegbe on behalf of the communities, the oil company was warned to either adhere to the ultimatum or be ready for a disruption of its activities within the three communities

Read more @ National Mirror

DIEZANI, OTHERS SHUN HOUSE SUMMONS

The Minister of Petroleum Resources, Mrs  Diezani Allison-Madueke and leaders of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Nigerian Union of Petroleum and Natural Gas workers (NUPENG)  Thursday refused to honour the invitation of the
joint House of Representatives Committee on Petroleum (Downstream & Upstream) and Gas Resources.

The meeting was meant to forestall the planned  nationwide strike by the aforementioned unions.

But the Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Joseph Dawah, who also didn't show up described the lingering crisis is “an internal affair”.

Read more @ Thisday Live

SHELL SAYS NIGERIA’S OIL UNION STRIKE NOT AFFECTING EXPORTS

A strike by Nigeria’s oil unions is not having any immediate impact on crude oil exports from Africa’s top exporter, despite moving into a third day, spokesmen for leading operator Shell and Nigeria LNG said.



Nigerian oil unions say the strike could affect exports if no agreement is reached with the government.


The spokesman for NLNG, the gas exporter which is run jointly by Shell and the government, said he did not foresee any impact from the strike, which began on Tuesday. The dispute is over pensions and a lack of crude supplied to refineries.

Read more @ Businessday

WHY TOTAL E & P KEEPS INVESTING DESPITE NON-PASSAGE OF PIB – PROUST

The Managing Director Total Exploration and Production Nigeria Limited, Elisabeth Proust In this interview with Olusola Bello, speaks on a number of industry issues and the next level she intends for the company while she presides as the Managing Director of Total Exploration and Production Nigeria Limited.

Read more @ Businessday

STRIKE: ELECTRICITY GENERATION DROPS TO 3086MW

Nigeria’s overall electricity generation profile has dropped to about 3,086.10 megawatts (MW), owing to the ongoing strike by workers in the country’s oil and gas sector.

The Minister of Power, Prof. Chinedu Nebo, yesterday confirmed that the industrial action embarked upon by the oil workers across the country was affecting gas supply to key thermal generation plants in the country, hence, the drop in power supply.

Read more @ Thisday Live

BAYELSA GOVT ORDERS AGIP TO SHUT DOWN FACILITY OVER SPILL

Following an oil spillage in its facilities in Ayarabele and Kalaba communities in the Orkordia Clan of Yenagoa Local Government Area of Bayelsa, the state government has ordered the closure of an oil facility belonging to the Nigeria AGIP Oil Company, a subsidiary of the Italian oil giant, ENI Spa.

The state government in a statement by the Commissioner for Environment, Mr. Inuro Wills, stated that the decision to order the closure was based on the need to allow a special investigative team to tackle the spill from the facility

Read more @ Thisday Live

HOW TOTAL ADDED ARSENAL TO THE FIGHT AGAINST EBOLA IN RIVERS

TOTAL E&P, a major oil explorer in Nigeria, has never back-stepped from its Corporate Social Responsibility, CSR. From providing basic infrastructure in its areas of operations to capacity building of the teaching staff in public schools and locales, TOTAL has a record of responding to distress calls. 

With the outbreak of Ebola Virus Disease, EVD, in Nigeria, this multinational has again proved it is committed to the wellbeing of Nigerians. Not eager to sit on the fence and play the ostrich, TOTAL COMPANIES IN NIGERIA have plunged into the fight against the dreaded virus. 

From Lagos to Abuja, Nigeria’s former and current capital, respectively, where it donated equipment to the Ebola Emergency Operation Centre, EEOC, this giant of an oil explorer moved to Port Harcourt, the Rivers State capital, as a worthy and responsible partner, collaborating with the Rivers State Government, Federal Ministry of Health, World Health Organisation, WHO, Medecins san Frontiéres, MSF, UNICEF and the Centre for Disease Control, Atlanta, Georgia, in fight to build a buffer against the dread. 

In Nigeria’s fight against Ebola, TOTAL has proved a worthy ally, a friend in need who is a friend indeed and not only donated mobile facilities, but also cash for the fuelling of the vehicles.

Read more @ The Neighbourhood

NNPC WORKERS’ STRIKE MAY AFFECT OIL EXPORTS

The strike embarked upon Tuesday by workers of the Nigerian National Petroleum Corporation (NNPC) over unresolved pension issues and problems with the refineries may affect crude oil exports.

Spokesman for the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Mr. Babatunde Oke, said all junior and senior workers of NNPC are on strike over a disagreement with the government on pensions and problems with the refineries.

Read more @ Thisday Live

JAPAN, SOUTH KOREA AND SPAIN ACCOUNT FOR 53 PERCENT OF NIGERIA LNG EXPORT

Japan, South Korea and Spain accounted for 53 percent of Nigeria Liquefied Natural Gas (NLNG) exported in 2013 as shown by International Gas Union (IGU) report, which was made public recently.

Nigeria exported a total of 16.89 million tonnes of LNG from six trains of projects in 2013 about 15 percent less than 19.95 million tonnes recorded in 2012.

Read more @ Businessday

NIGERIA LOSES N31.8BN TO GAS FLARING – NGO

Nigeria lost about N31.8billion through gas flaring in February this year alone, the Social Development Integrated Centre (Social Action), a non-governmental organisation (NGO), has said.

The NGO according to its Communications Officer,Lillian Akhigbe, described gas flaring as the bane of the nation’s gas sector

Read more @ the Sun

CRISIS LOOMS AS NNPC, DPR WORKERS BEGIN STRIKE OVER PENSION ISSUES

Nigeria’s oil and gas industry may face unprecedented disruptions of both its downstream and upstream activities as workers of the Nigerian National Petroleum Corporation (NNPC) and the Department of Petroleum Resources (DPR) yesterday embarked on industrial action to protest the demand by the National Pension Commission (PenCom) for the two organisations to stop in-house pension fund management system and adopt the open pension system.


Other demands include immediate steps to carry out turn around maintenance (TAM) on the four refineries as agreed between government and the two unions and  restore crude supply to the refineries.

Read more @ Thisday Live

TOTAL RESUMES $2.5BN USAN DEEPWATER OIL BLOCK SALE

France’s Total SA, Europe’s second largest oil company, has put one of its offshore Nigerian oil fields up for sale for the second time, the company said, after a 2012 deal with Sinopec Corp of China failed.

Total has hired BNP Paribas to find buyers for its Usan deepwater oil field located in Oil Mining Lease (OML) 138, which could be worth about $2.5 billion, according to sources familiar with the matter.

Read more @ Thisday Live

MONTHLY OIL REVENUE DECLINES TO N601.64BN

Again, production challenges including a force majeure declared by Shell and series of shutdown of trunk lines and pipelines at various terminals impacted negatively on monthly receipts as gross revenue for August further dropped by about N28.67 billion to about N601.64 billion compared to about N630.3 billion in July.

The situation becomes worrisome in view of the huge monetary interventions and other initiatives by the federal government to check pipeline vandalism, illegal oil bunkering and other hiccups in order to improve revenue generation in the treasury.

Read more @ Thisday Live

IJAW YOUTHS INVADE CHEVRON’S OIL FACILITY IN BAYELSA, SHUT DOWN OPERATIONS

In a commando-like operation, Ijaw youths from Koluama community in Southern Ijaw Local Government Area of Bayelsa State yesterday invaded an oil facility belonging to the nation’s second largest oil producing company, Chevron Nigeria Limited, and successfully short down its operations.

The irate youths who were said to be protesting the attitude of the company to their welfare  are said to be embittered by how issues concerning them had  been handled, in the operations of the North Apoi Oil Platform, located over 10 kilometres offshore into the Atlantic Ocean, forcing the security operatives to surrender.

Read more @ Thisday Live

DURATION OF APPROVALS FOR OIL, GAS PROJECTS IN NIGERIA IS LONGEST GLOBALLY, SAYS PROUST

Having operated in Nigeria for the past 60 years, the French oil giant, has made giant investment strides in the nation’s oil and gas sector. In this interview with SULAIMON SALAU, the first female Managing Director of Total Upstream Companies in Nigeria, Mrs Elisabeth Proust, identifies the challenges in the industry and suggests possible ways to overcome the shale oil threat. Excerpts.   

Shale oil has been described as an energy changer and so far we have been seeing the implications manifest. What do you think Nigeria can do to tackle the threat of shale?

Read more @ The Guardian

DAWHA TO FOCUS ON THREE-POINT AGENDA

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Joseph Dawha, has said that he is going to channel efforts and resources available to him in achieving three key programmes while he lasts at the helm of affairs of NNPC.

Dawha said yesterday in Abuja that the NNPC under his watch would in the short term focus on ramping up the crude oil production capacity of its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC) to 250,000 barrels of crude oil per day (bpd), boost gas supply and expand gas infrastructure to enhance availability of gas for power generation and feedstock for gas-based industries

Read more @ Thisday

U.S FIRMS BATTLE NNPC, CAC OVER OWNERSHIP OF PAN OCEAN OIL

Interocean entities, comprising Interocean Oil Development Company (Nigeria) and Interocean Oil Exploration Company (Nigeria), companies incorporated under the laws of Delaware in the United States, have dragged the Nigerian National Petroleum Corporation (NNPC), Corporate Affairs Commission (CAC) and one Dr. Festus Fadeyi to both the Federal High Court in Lagos and the Court of Appeal, also in Lagos, over the ownership of Pan Ocean Oil Corporation of Nigeria (Panocean).

Read more @ Thisday

$3.8BN EGINA PROJECT TAKES OFF IN APAPA

The $3.8 billion Egina floating production storage and offloading  (FPSO) situated at Lagos Deep Offshore Logistics (LADOL) base, Apapa has commenced operation.
This is sequel to a renewed pact between the technical facilitators, LADOL and Samsung Heavy Industries (SHI).

The two companies are expected to inject not less than $300 million into the creation of the new facility, which is expected to provide employment opportunities to many unemployed Nigerians.

Read more @ Thisday

‘IOCS UNDERMINING LOCAL CONTENT ACT’

THE Federal Government’s drive to involve local oil firms in the oil and gas sector is being thwarted by some oil majors that are bent on maintaining the status quo and denying indigenous companies their place as enshrined in the Nigerian Local Content Law, The Nation has gathered.

The  Act, which became operational in 2010, gave Nigerian oil companies the leverage to be given first consideration in the award of contracts in virtually every area in the sector, including oil blocks, oil field licences, oil lifting licences,  in addition to being considered for award of contracts in all projects for which they have demonstrable competences and proven capability  in the oil and gas industry

Read more @ The Nation

OPEC CUTS DEMAND OUTLOOK

OPEC reduced forecasts for the amount of crude it will need to supply by the most in at least three years as surging North American shale output reduces reliance on the group’s supplies, reports Bloomberg.

The forecast by the OPEC means that officials in Nigeria can no longer live in denial of the seismic shift in the country’s oil fortunes in the midst of the shale revolution and Nigeria must now begin to admit that it will have to become more market-friendly in managing its oil assets.

Read more @ Businessday

NATIONAL ASSEMBLY MOVES TO PASS PIB

There are fresh hopes that the troubled Petroleum Industry Bill may eventually be passed by both chambers of the National Assembly before the end of this year.

Stakeholders in the oil and gas industry are full of expectations that the bill will this time around be given accelerated consideration and subsequently passed into law when the legislators reconvene next Tuesday after their seven-week annual recess, which began on July 26, 2014.

Read more @ The Punch

WILL ZERO GAS FLARE BE ACHIEVED EVEN BY 2020?

Africa’s biggest crude exporter, Nigeria has been making frenetic efforts, setting and shifting deadlines to end gas flaring over the years. The country’s unsuccessful attempts to end the hazard, despite deadlines, dates back to 1969, when General Yakubu Gowon ordered oil companies to end gas flaring by 1974. After four decades, records from the Department of Petroleum Resources (DPR) indicate that the country is still flaring about 24 per cent of its 7.8 billion cubic feet gas wells production per day, worth an estimated $2.5 billion annually, due to lack of infrastructure to harness the gas.


Of concern, is the revelation by the international oil companies (IOCs), that they may continue to flare substantial amount of the gas resources in the country until 2020 which, according to them, is the feasible year for the flare out deadline.  The IOCs argue that it takes money to utilize this gas and the government needs to pay its own share of it since they are in joint ventures with government.

Read more @ Businessday

ANGOLA OVERTAKES NIGERIA AS TOP CRUDE EXPORTER TO U.S.

INDICATIONS have emerged that the crash in crude oil imports by the United States (U.S.) has begun to favour Angola more than Nigeria, which had maintained its major import market before the advent of Shale oil.

Specifically, recent data by the Energy Information Administration  (EIA) showed that Angolan deliveries to the U.S. have averaged around 116,000 barrels per day (bpd) recently, compared with just 75,000 bpd for Nigeria crude.

Read more @ The Guardian

TOTAL E&P NIGERIA LTD NOT IN DISPUTE WITH IYC

Against the Back drop of the protest by Ijaw Youth Council on Monday, which disrupted the business activities of Total E&P Nigeria Ltd (TEPNG) Port Harcourt office, on a purportedly peaceful demonstration in support of one Mr. Steve Aralu a former staff of Maple Leaf Ventures.

According to a statement signed by Charles Ogan, Deputy General Manager – Policy, Media & Coordination of TEPNG, Maple Leaf Ventures is a contractor to Total E&P Nigeria Ltd (TEPNG).

Read more @ Businessday

TOTAL TARGETS 1,000MW SOLAR POWER PROJECT IN NIGERIA

French oil giant, Total targets to build solar power plants that will generate 1,000 megawatts in Nigeria as part of the company’s efforts to address the power supply challenges in the country.

The Managing Director of Total Upstream Companies in Nigeria, Mrs. Elisabeth Proust told THISDAY in a recent interview that Total had decided to focus on one type of alternative energy in Nigeria, which is Solar.

According to her, the company started in many countries in West Africa, Asia and the Middle East by providing energy to the people with no electricity.

Read more @ Thisday Live

NIGERIA’S Q2 CRUDE PRODUCTION HITS ONE-YEAR HIGH

The Nigeria’s crude production has hit 2.21 million barrels per day in the second quarter of this year, the highest level in one year.

The statistics office, which gave this new production data said that this new oil production high has also contributed to the 6.54 per cent growth, which the country’s economy recorded in the same quarter. It also said crude oil production hit 2.21 million barrels per day in the second quarter, up from 2.11 million barrels per day in the corresponding period a year ago.”

Read more @ New telegraph

GENCOS TO GET MORE GAS TO BOOST POWER SUPPLY

There is promise of another bout of improved power generation across the country as more gas is expected to be deployed to the power sector by the end of this month when the Nigerian National Petroleum Corporation (NNPC) is expected to have concluded all its gas infrastructure maintenance work.

Informed industry sources say some of the gas infrastructure that would have undergone thorough maintenance work include Utorogu gas plant, Ecravos-Lagos pipeline, Oben-Ajaokuta-Geregu Gas Pipeline System, Obigbo gas plant, Itoikin-Olorunsogo pipelines, Ajaokuta-Calabar pipeline and QIT ExxonMobil.

Read more @ Businessday

ELAND OIL RESUMES PRODUCTION ON NIGERIA’S OPUAMA FIELD

Eland Oil and Gas Plc, the oil and gas exploration and development company with a focus on Nigeria and West Africa, has resumed production on the Opuama field in Oil Mining Lease (OML) 40, after a number of production interruptions, including a prolonged shutdown of the Forcados Export Terminal and pipeline ruptures due to corrosion and illegal bunkering.

The company had resumed production on the field in February 2014, exactly seven years after Shell Petroleum Development Company (SPDC) undertook a controlled shut down of its oil and gas facilities, including OML 40, due to militant attacks on oil workers and infrastructure in the Niger Delta.

Read more @ Thisday Live