The Managing Director of the Lagos Deep Offshore Logistics base (LADOL), Dr. Amy Jadesimi has allayed fears over the execution of the multibillion naira Egina project.
Exxon Mobil has replaced by 104 per cent its 2014 production by adding proved oil and gas reserves totalling 1.5 billion oil-equivalent barrels, including a 162 per cent replacement ratio for crude oil and other liquids.
The Nigerian National Petroleum Corporation (NNPC) has expressed satisfaction with the recovery of oil prices, even if the corporation’s comment is premature.
The House of Representatives Public Accounts Committee (PAC) on Wednesday gave the Coordinating Minister for the Economy and Minister of Finance , Dr Ngozi Okonjo-Iweala, one week to furnish it with the PricewaterhouseCoopers (PwC) forensic audit report on the alleged un-remitted $20 billion by the Nigerian National Petroleum Corporation (NNPC).
In a move to avert a looming scarcity of petroleum products in the country, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, on Monday met with the Chief Executive Officers of Oil Marketing and Trading (OM and T) companies in Lagos.
Six oil and gas exploration and production (E & P) companies that deliver crude oil to the Forcados Export Terminal in Delta State, through the Trans -Forcados Pipeline are seeking an alternative crude oil supply route, following incessant vandalism of the current pipeline networ.
Marginal field operators, whose fields have yet to start producing either oil or gas since they were awarded licences in 2003, are under increasing pressure from the plunge in oil prices and may lose their licences next month, industry analysts have said.
The groups, under the name Co-operative Business Societies of Abuja, in a protest letter signed by its Coordinator, Mrs Maricel Romero, said the increase would ruin business in the city.
A Federal High Court in Lagos will on Monday (today) adjudicate on all pending applications in a suit seeking to resolve the dispute over Oil Mining Lease (OML) 25. Trial judge, Justice Ibrahim Idris had ordered Shell Petroleum Development Company (SPDC) of Nigeria Ltd; Total E & P Nigeria Ltd and Nigeria Agip Oil Company Ltd to preserve their 45 percent participating interests in the said OML 25.
Nigerians have enjoyed relative stability in the supply of Premium Motor Spirit across the country for some time now, but may be in for a difficult time in the coming months due to a combination of factors.
Among other things, the law mandates the electricity power utilities to first give consideration to goods and services of Nigerian origin in the award of contracts
The Nigerian National Petroleum Corporation (NNPC), on Wednesday, said the nation’s refineries would begin to operate optimally up to 90 per cent capacity by 2016. The Group Executive Director (GED), Refining and Petrochemicals, Mr Ian Udoh, stated this in an interview with the News Agency of Nigeria (NAN) in Abuja.
The denial came just as the National 
The House of Representatives has resolved to meet with the Minister of Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala, over the falling crude oil price at the international market.
The chamber said the demand for the audited report which was recently presented to President Goodluck Jonathan by PriceWaterHouseCooper was for “purpose of accountability,” explaining that it was acting in compliance with the Freedom of Information (FOI) Act.
Contrary to the public posturing by some of the oil companies operating in Nigeria that their projects would not be affected by the slump in the price of crude oil, it has been gathered that most of the projects initiated by some of these companies are facing delays or outright cancellation.
Egina-Total Exploration and Production’s $15billion deep water project is the first major oil and gas project to be started under the Nigerian Content Act and it includes an FPSO unit, an oil offloading terminal and subsea production systems such as risers, 52 kilomres of oil and water injection flow lines, 12 flexible jumpers, 20km of gas export pipelines, 80 kilometres of umbilical and subsea manifolds
Shell Petroleum Development Company of Nigeria (SPDC) Ltd;Total E & P Nigeria Ltd (TE&P) and Nigeria Agip Oil Company Ltd (NAOC) have filed an application seeking to stay further proceedings in the suit filed to halt them from transferring their 45 percent participating interests in Oil Minning Lease (OML) 25 at the Federal High Court, Lagos.
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Ernest Nwapa has disclosed that over $1 billion has been invested in the Nigerian oil and gas industry to create capacity and execute the Nigerian Content scopes provided on Total’s Egina deep water project.
The Federal Government is to slam $2 billion (N360 billion) fines on erring oil companies over gas flaring in Nigeria’s oil rich region between January 2012 and January 2014. 
The plant, which is part of its capacity development initiative, was unveiled by the Executive Secretary of the Nigerian Content and Development Monitoring Board NCDMB, Engr. Ernest Nwapa at an impressive event which held in Port Harcourt recently.
Over $1billion has been invested in the Nigerian oil and gas industry to create capacity and execute Nigerian Content scopes provided on the Egina deep water project, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Ernest Nwapa said at the weekend.
The House of Representatives may review downward the oil benchmark in the 2015 Appropriation Bill from $65 to $40 per barrel to reflect the current reality in the global oil market.
This, it said, was the major constraint to adequate power supply across the country, stressing that 81 per cent of power being generated in the country was from thermal generation plants, which were dependent on gas.
The Nigerian National Petroleum Corporation on Wednesday said it had engaged the services of in-house engineers to rehabilitate the country’s three ailing refineries at a cost of $550m (N99bn), down from the $1.6bn (N288bn) presented to it by foreign contractors.
The Organization of Petroleum Exporting Countries (OPEC) produced 30.15 million barrels per day in January, representing a decrease of 53,000 bpd from the previous month.
As the conversation continues about the commercial viability of discoveries in East Africa, the nations that will soon join the league of oil producers in Africa continue to fan their optimism. Kenya, Tanzania and Uganda are top of the list among hopefuls. However, the dynamics of East Africa’s geology and geography is somewhat complex. British firm Tullow’s discovery in Kenya is onshore. Despite uncertainties about the economics of production, full production might take many more years. The peculiar challenges presented by the geography of East Africa are best illustrated by juxtaposition with Ghana’s emergence as an oil producing country.
The Organisation of Petroleum Exporting Countries has said the demand for crude oil is expected to rise this year, boosting prices of the product in the international market.
The group which was in the country to explore investment opportunities mainly in renewable energy, said in Abuja that with the reforms in the nation’s power sector concluded, there was more incentive among foreign companies to partner with Nigerians to develop other sources of energy and to boost generation.
As oil and gas industry operators contend with the non-passage of the Petroleum Industry Bill (PIB), which has created uncertainty in the operating environment, the political tension associated with the 2015 general elections is also taking heavy toll on investment in the industry.
Nigeria earned N9.5 trillion from crude oil export trade and N923.5 billion from natural liquefied gas in 2014, according to the National Bureau of Statistics.
Nigeria: February 07, 2015: Seven Energy
International Limited (“Seven Energy”), the indigenous Nigerian oil and
gas development, production and gas distribution Company has emerged as the
winner of the Indigenous Firm of the Year Award, conferred by the Petroleum
Africa magazine. The award is given in recognition of Africa’s indigenous Oil
and Gas Companies for their investment and involvement in upstream, midstream
and downstream operations.
Petroleum
Africa commended Seven Energy for its “well-executed
work program and diversification strategy“ in 2014. The choice of Seven
Energy as the Indigenous Firm of the Year was based on the Company’s
achievements in 2014 which included the production and supply of gas to the
Ibom Power Plant in Akwa Ibom State, the completion of the second train at the
Uquo Gas processing facility, achieving 200 MMcfpd ("million cubic feet per
day") of gas processing capacity, and the formal
commissioning of the Uquo Gas Processing facility by President Goodluck
Jonathan. Other achievements in 2014 included obtaining a $170 million 5.5 year
loan facility to support the acquisition of East Horizon Gas Company Limited,
which owns the 128 km East Horizon gas pipeline and holds a 25 MMcfpd gas sales
agreement with Unicem, one of Nigeria’s largest cement plants; and, the
acquisition of SRL 905 Holdings Limited, which holds a 40% interest in OPL 905.
Financially, Seven Energy completed the placement of $400 million Senior
Secured Notes, and also secured a $255 million new equity capital from Temasek,
the international Finance Corporation (“IFC”) and the IFC African, Latin
American and Caribbean (“ALAC”) fund to further develop gas opportunities in
Nigeria’s domestic gas market.
The Federal Government has deferred the Final Investment Decision (FID) on $12.5 billion Bonga South West Aparo deep-water project to the second quarter of 2015.
Unarguably, Total Exploration and Production Nigeria (TEPNG), has been leading the pack in the oil industry as an adherent of the principles of Corporate Social Responsibility (CSR). 
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has directed the Nigerian National Petroleum Corporation (NNPC) to defray $1.48 billion remittances due to the Federation Account by the Nigerian Petroleum Development Company (NPDC), being signature bonus, taxes and royalties on the assets transferred to the firm.
The Nigerian National Petroleum Corporation, NNPC, on Wednesday deplored the recent increase in attacks on crude oil and gas pipelines, saying it was adversely affecting the nation’s economy.
According to the Nigerian Electricity Regulatory Commission, NERC, the contract-based power market is sequel to its directive to all electricity market participants on the commencement of the transitional market.
The Federal Government has more than halved capital expenditure to less than 10 per cent of the 2015 budget spending, axing badly needed infrastructure investment due to the collapse in the price of oil, the country’s main source of revenue, according to the full budget submitted to the national Assembly.
China’s state-owned companies have increased their imports of Liquefied Natural Gas from Nigeria LNG Limited, with six cargoes delivered to the country’s LNG terminals so far this year 
With the recent announcement of reduction in capital expenditure budgets by International Oil Companies amid lower oil prices, the fate of several oil projects in the Nigerian oil and gas industry now hang in the balance.
