FG SUSPENDS WEST AFRICAN VENTURES FROM NIGERIA’S OIL AND GAS INDUSTRY

The federal government has suspended West African Ventures (WAV) from participating in ongoing and future tenders in Nigeria’s oil and gas industry for violating the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, better known as the Nigerian Content Act.

 

The government has also directed ExxonMobil Companies in Nigeria, Chevron Nigeria Limited, Total E&P, Addax Petroleum and Nigerian Agip Oil Company (NAOC) to stop doing business with the company because of their frequent and flagrant disregard of the provisions of the NOGICD Act

 

Read more @ Thisdaylive

NIGERIA’S CRUDE OIL EXPLORATION, PRODUCTION HIT RECORD LOW

The nation’s crude oil exploration and production activities may have hit a record low, going by the latest report from the Nigerian National Petroleum Corporation (NNPC).

Specifically, only Shell Petroleum Development Company (SPDC) and Addax carried out exploration/drilling activities during the month of March, according to available data from NNPC’s monthly report.
 
Read more @ The Guardian 

EXPLORATION, DRILLING ACTIVITIES IN PETROLEUM SECTOR HIT RECORD LOW

Nigeria’s oil and gas sector is facing low exploration and drilling activities as only two companies are currently engaged in activities in the industry, according to the Nigerian National Petroleum Corporation (NNPC).

This may be as a result of the non-passage of the Petroleum Industry Bill (PIB) and the uncertainty in the crude oil market. Specifically, as at November and December last year, only Shell Petroleum Development Company (SPDC) and Addax carried out exploration/drilling activities during the months under review.

Read more @ The Guardian

OIL FIRMS FACE PROJECT DELAYS, LAYOFFS OVER SLUMP IN OIL PRICE

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.

This is coming as Addax Petroleum Development Company, last Monday, sacked over 90 per cent of the contract staff without prior notice, fuelling concern that the slump in oil price is taking its tolls on the company.

 

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ADDAX EXTENDS CHARTER OF FPSO VESSEL IN NIGERIA FOR $39 MILLION

Malaysia’s Yinson Holdings Berhad (Yinson, the Group) reported that its FPSO (floating production, storage and offloading) vessel, Knock Adoon has secured a contract extension with Addax Petroleum Development (Nigeria) Limited (ADDAX) with a total contract value of approximately $39million. Knock Adoon original contract awarded October 17, 2006 was for a firm eight year period with an extension option of up to eight years.

Read more @ Businessday