RUSSIA TO NAME LNG CARRIER AFTER DE MARGERIE

03 October 2014, News Wires – Novatek has proposed naming a liquefied natural gas carrier new-build set to serve the giant Yamal LNG terminal in Russia after the late Total chief executive Christophe de Margerie, according to a report.

Russian President Vladimir Putin has also given his approval to the idea proposed by Novatek chairman, Leonid Mikhelson, according to a report from Russian news agency Itar-TASS

Read More @ Sweet Crude

NIGERIA’S $20BN GAS SUPPLY TO EUROPE THREATENED

The $20 billion Trans-Sahara project through which the Nigerian gas will be supplied to Europe is facing a new threat occasioned by the growing investments’ draught for gas exploration in the country. Although the Federal Government has promised to invest $700 million on the project, this newspaper gathered at the weekend that the growing demands for gas locally, which are produced from associated sources, has made government to rethink its commitment to supply the commodity to other countries.

Read More @ The Telegraph

NUPENG, PENGASSAN MAY PROTEST NON-PASSAGE OF PIB

THE Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have threatened to embark on mass rally if the National Assembly upon resumption of legislative duties does not pass the Petroleum Industry Bill (PIB).

Read more @ The Guradian

OIL COMPANIES SUSPEND BIG PROJECTS AMID FALLING PRICES

The jitters being sent by the continuing slide in the prices of crude oil in the international are being felt not only by the government but by the oil majors, which are unwilling to commit resource into big deepwater projects, ‘FEMI ASU writes


With a number of international oil companies choosing to maintain a disciplined and selective approach to capital spending this year after earnings slumped in 2013, a continued decline in global oil prices could stall some deepwater projects in the country

Read more @ The Punch

NEW TWIST IN TROUBLED CHEVRON’S NIGERIAN ASSET SALE

The prolonged and troubled Nigeria asset sale by American international oil company, Chevron, appears to have taken a new twist, as it has  emerged that the oil major surreptitiously wrote separate letters on.

Read more @ Businessday

FG URGED TO PREVENT LEAKAGES IN OIL PRODUCTION

In view of the effects of dwindling crude oil price on the Nigerian economy, the federal government has been advised to intensify efforts at preventing leakages and pipeline vandalism, which disrupt oil production.

This, according to analysts at the Financial Derivatives Company Limited (FDC), would help increase the Nigeria‘s oil production and in turn, minimise the impact of falling oil prices on revenues and external reserves.

Read more @ Thisday Live

CRUDE OIL RESERVES DECLINE TO 31.81 BILLION BARRELS

Nigeria's crude oil reserves have declined from the 37.2 billion barrels it recorded in 2011 to 31.81 billion barrels as at Wednesday last week, according to data from the Pipelines and Product Marketing Company (PPMC).

The nation’s oil reserves slumped from 38.5 billion barrels in 2008 to 37.5 billion barrels in 2010. In 2011, the reserves further dropped to 37.2 billion barrels, raising concerns among industry stakeholders.

Read more @ The Guardian