OIL FIRMS COUNT LOSSES AS MILITANTS WORSEN WOES

Chevron and Eni, two of the global oil majors operating in Nigeria, and their local counterparts such as Seplat and Oando may have been worst hit by the production disruptions occasioned by militant attacks in the Niger Delta, their financial results have shown.

 

Chevron Corporation, the second largest United States-based oil producer, lost $1.47bn in the second quarter of this year, its largest since 2001, compared with a net profit of $571m in the same period of 2015.

 

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OANDO INCREASES GAS FOOTPRINT VIA AJAOKUTA LNG PROJECT

Oando Gas and Power Limited (OGP), the foremost indigenous developer and provider of gas and power solutions, and a fully-owned entity of Oando Plc, has commenced development of a mini Liquefied Natural Gas (LNG) facility through its Transit Gas Nigeria Limited (“TGNL”) subsidiary in Ajaokuta, Kogi State.

 

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GAS PRODUCERS SEEK BETTER PRICING, IMPROVED REGULATION

Amid growing demand for natural gas in the country, especially for power generation, gas producers have said that the current gas pricing in the country remains a significant drawback to investment.

 

The gas producers including Shell, Frontier Oil Limited, Seven Energy and Oando Plc also stressed the need for stable regulatory, legal and fiscal framework to encourage more gas projects in the country.

 

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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.

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