EXXONMOBIL DISCOVERS ONE BILLION BARRELS OF OIL IN NIGERIA

Barely a week after it sold its downstream subsidiary in Nigeria, United States’ oil giant, ExxonMobil Corporation, has announced the discovery of up to one billion barrels of oil reserves in the Owowo field, offshore Nigeria.

The development is a boost to Nigeria’s efforts to increase her crude oil reserves from the current 36 billion barrels to 40 billion barrels target, which was set for 2010 but could not be achieved as a result of lack of investment in exploratory activities

Read more @ Thisdaylive

INVESTORS EARN FIRST INCOME FROM LAGOS OIL SALE

Following the sale of the first oil production from Aje field, partners in the Oil Mining Lease 113 offshore Lagos, where the field is located, have earned their first income.

 

A top official of one of the partners disclosed this in a telephone interview with our correspondent on Wednesday, saying the second sale would be done before the end of the year.

 

Read more @ Punch Online

FG OWES OIL FIRMS $8.1BN IN CASH CALLS

The Federal Government owes oil companies at least a total of $8.06bn in unpaid cash calls, as the Nigerian National Petroleum Corporation failed to pay $3.06bn in the first seven months of the year.

 

The nation’s oil and gas production structure is majorly split between Joint Ventures onshore and in shallow water with foreign and local companies and production sharing contracts in deepwater offshore.

 

Read more @ Punch Online

IOCs KEEN TO BUY CRUDE FROM LAGOS OILFIELD

Several international oil companies and trading houses have expressed interest in purchasing the crude produced from Aje field located in Oil Mining Lease 113 offshore Lagos.

 

One of the partners, Panoro Energy, an independent exploration and production company with assets in Nigeria and Gabon, stated this in an update on the field, which achieved first oil in early May 2016.

 

Read more @ Punch online

EGINA, OTHERS APPROACH FINAL CONSTRUCTION PHASES

Jeremy Beckman, in this report, explained that despite the recent fall in oil price, Total Exploration & Production Nigeria, has forged ahead with the  construction of three giant deep offshore projects in Nigeria, Republic of Congo and Angola. He noted that all three projects have reached final construction phases and will begin operations soon.

The Egina offshore Nigeria is projected to go onstream in 2018, followed by Moho Phase 1b in Republic of Congo in 2017 while Kaombo’s two FPSOs in block 32 offshore Angola will start up in 2017 and 2018. According to Total’s E & P Secretary General for Africa, Abiodun Afolabi, “there has never been any question of suspending activity., and Total will maintain its commitments, while ensuring that all three projects are profitable.”

Read more @ Businessday

TOTAL E&P WORRIES OVER ATTACKS ON FACILITIES

The oil multinational company complained that its facilities were being vandalized daily by unidentified persons. Total disclosed this, yesterday, in Port Harcourt, during a stakeholders’ meeting with offshore communities in the state, adding that the company’s facilities were damaged daily.

Read more @ Vanguard

VP, DICKSON, KACHIKWU MEET OVER RENEWED MILITANT’S ATTACKS ON PIPELINES

Vice President Yemi Osinbajo, yesterday held two separate meetings ‎over the recent blowing up of pipelines conveying crude oil and gas and threatening the operations of two of the nation’s refineries and power plants.

The militants had attacked Chevron’s Okan offshore production platform around Escravos in Warri, Delta State, a development that led to the shutdown of the facility by the oil major.

Read more @ The Guardian

UPSTREAM INVESTORS NEED $630B COMPENSATION FOR DECLINING OIL PRODUCTION

The International Energy Information Administration (IEA) has estimated that a yearly $630 billion worldwide upstream oil and gas investment is required to compensate for declining production at existing fields.

This is coming as the British Petroleum (BP) said yesterday, at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, U.S.A, that it has reduced its $20 billion ‘mad dog’ phase two project in the Gulf of Mexico to $10 billion.

Read more @ The Guardian

NIGERIA LOSES N1.7 TRILLION DEALS TO NON-PASSAGE OF PIB

Nigeria has lost estimated $10 billion (N1.7 trillion) fresh investments to the non-passage of the Petroleum Industry Bill (PIB). The Chairman of Petroleum Technology Association of Nigeria (PETAN), Bank Anthony Okoroafor, who made the disclosure at the on-going Offshore Technology Conference (OTC) in Houston, Texas in the United States (U.S.) said Nigeria lost a huge opportunity by not passing the bill when the oil price was high.

Read more @ The Guardian

$3.8BN EGINAPROJECT: FIRM BEGINS COMMITTAL PROCEEDINGS AGAINSTPROMOTERS

Barely one year after Samsung Heavy Industries (SHI) Nigeria Limited, and Lagos Deep Offshore Logistics (LADOL) settled out- of- court, the legal dispute over the $3.8 billion Egina Floating Production Storage Offshore (FPSO) project, a legal firm of Enitan and Associates has stated that it had commenced committal proceedings against some of the promoters of the Egina project, THISDAY has learnt.

 

Located 130 kilometres offshore in Oil Mining Lease (OML) 130 in deep offshore Nigeria, the Egina field development is a project to build FPSO for Total Upstream Nigeria Limited and the Nigerian National Petroleum Corporation (NNPC).

 

Read more @ Thisdaylive

TOTAL FPSO WILL BOOST LOCAL CONTENT DEVT.

The fabrication of the Floating Production Storage Off-loading, FPSO, for Total E&P Egina oilfield project is estimated to boost local content development up from current levels of 10 percent to about 15 percent.

The Managing Director, Lagos Deep Offshore Logistics, LADOL Base, Dr. Amy Jadesimi, who disclosed this in Lagos, said upon the completion of the facility, other FPSO’s can berth there.

 Read more @ Vanguard

101 Oil Traders Submit Bids for Offshore Processing Contracts

The Nigerian National Petroleum Corporation (NNPC) on Thursday received 101 bids from oil traders seeking offshore processing agreements (OPAs) with the state-run oil firm under its crude-for-petroleum products' exchange programme.

Results from the public bid opening, which was coordinated by NNPC’s General Manager, Supply Chain Management, Sophia Mbakwe, in Abuja, showed that some of the bidders included Emirates National Oil Company Singapore Private Ltd, Sahara Energy Limited, Oando Plc, Rain Oil Ltd, Petraco Ltd, Eni Trading and Shipping, and Ene Gas.

 

Read more @ Thisday Online

 

 

NIGERIA OIL CONTRACTS REVIEW ADDS TO INDUSTRY UNCERTAINTY

Plans by Nigeria, Africa’s biggest oil producer, to review offshore production contracts signed with international oil companies two decades ago, have added to uncertainty in an industry already lacking regulatory clarity, said analysts including Philippe de Pontet of Eurasia Group. 

Read more @ Businessday Online 

WORLDWIDE OFFSHORE OIL RIGS DROP TO 304

The numbers of active offshore rigs worldwide have declined from 377 to 304 due to the plummeting crude oil prices since 2014, according to the United States Energy Information Administration (EIA).

 

In Nigeria, the number of active crude oil rigs in Nigeria plunged to 28 in April from the 38 it recorded in January this year, mostly triggered by the slump in global crude oil prices.
 
Read more @ The Guardian

NNPC SECURES $1.2BN ALTERNATIVE FUNDING FOR 36 JV OIL WELLS

The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that it had secured a $1.2 billion multi-year crude oil drilling financing package to enable it drill 36 offshore and onshore oil wells under the NNPC/Chevron Nigeria Limited Joint Venture arrangement.

NNPC, in a statement from its Group General Manager Public Affairs, Ohi Alegbe, in Abuja, described the development as a landmark deal designed to supplement the federal government’s cash call commitment to its various joint venture operations

 

Read more @ Thisday

EXXONMOBIL BEGINS CRUDE OIL PRODUCTION IN ERHA NORTH PHASE 2

United States oil giant, ExxonMobil Corporation, Wednesday announced that its subsidiary, Esso Exploration and Production Nigeria Limited (EEPNL), has started oil production five months ahead of schedule at the Erha North Phase two project offshore Nigeria.

The world’s largest publicly traded international oil and gas company also noted that Erha North Phase two came on stream $400 million below the budget estimate, with Nigerian contractors accounting for more than $2 billion of project investment for goods and services, including subsea equipment, facilities and offshore installation.

 

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STAKEHOLDERS SEEK ABOLITION OF OIL SWAP DEALS

Stakeholders in the energy industry have endorsed the cancellation of crude oil swap contracts, as well as Offshore Processing Contracts (OPA), which the Nigerian National Petroleum Corporation (NNPC) entered with traders, under the previous administration of President Goodluck Jonathan.

The cancellation was however scripted to replace the former contractors as the corporation had invited seven firms to bid for the scheme.

Read more @ The Guardian

NIGERIA TO SAVE $13.8 MILLION DAILY FROM SCRAPPING OF OIL SWAP DEAL

Moves by the President Muhammadu Buhari administration to terminate the controversial offshore dispensation and oil swap agreements may save the country an average of 230,000 barrels a day.

At a market price of an average of $60 per barrel, the country would be saving about $13.8 million of crude oil daily.Nigerian National Petroleum Corporation (NNPC) data show that the corporation allocated just over 79 million barrels (or roughly 218,000 barrels a day) to swaps in 2011 alone.

Read more @ The Guardian

KACHIKWU INVITES TRADERS ON OIL SWAPS, OPAS, FUNDS RECOVERY

Following the carte blanche given by President Muhammadu Buhari to clean up the Nigerian National Petroleum Corporation (NNPC) and plug the leakages in the state-run oil firm, its new Group Managing Director, Dr. Emmanuel Kachikwu, will from this week start inviting oil traders who were awarded crude oil swaps and offshore processing contracts by NNPC during the administration of President Goodluck Jonathan.

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TOTAL BEGINS PRODUCTION FROM DALIA FIELD

Total said it has started production from Dalia Phase 1A, a new development on the offshore operated Block 17, located 83 miles off the coast of Angola.

The Dalia Phase 1A project involves the drilling of seven infill wells tied back to the Dalia Floating Production Storage and Offloading (FPSO) unit. The project will develop additional reserves of 51 million barrels and will contribute 30,000 barrels per day to the Block’s production, according to Total.

Read more @ The Nation